nick
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Post by nick on Jul 25, 2017 17:28:45 GMT
Paul64 , savingstream , Lendy Support Further to twoheads query, please can you confirm that the new bonus accrual feature only applies to the 'Tolerance Period' and ceases to apply when the loan is in default as implied in the FAQ (https://support.lendy.co.uk/hc/en-us/articles/115004162069-Can-you-tell-me-more-about-the-new-bonus-accrual-scheme-). Thanks. : Are you suggesting that you think bonus interest accrues through the Tolerance period until it reaches 3% when the loan is reclassified DEF -- and then it evaporates/disappears? No, my read is that the bonus caps out at 3% and does not increase further once the loan defaults. That is how its written in the FAQ which states that the bonus accrues over the tolerance period which is defined elsewhere as the period between contracted loan end date and default (or repayment). It would make sense as once the loan is classified as defaulted it will no longer be tradeable and thus any further bonus accrual would be wasted (from's SS's objective of promoting SM liquidity).
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 25, 2017 18:05:29 GMT
The bonus on the two recovered loans is 4.5% as displayed on the repaid tab now.
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jfm
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Post by jfm on Jul 25, 2017 20:14:03 GMT
Do we think that the repaid tab should now be expanded to show interest and/or bonus yet to be recovered as nothing currently indicates that it hasn't?
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sildenafil
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Post by sildenafil on Jul 25, 2017 20:29:20 GMT
Are Lendy going to backdate the bonus payments? In my repaid loans section it is showing up that PBL82 has a 0.5% bonus on it. I haven't received any bonus payment for the loan parts I held in it when it got repaid though...
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mickj
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Post by mickj on Jul 25, 2017 20:55:22 GMT
Are Lendy going to backdate the bonus payments? In my repaid loans section it is showing up that PBL82 has a 0.5% bonus on it. I haven't received any bonus payment for the loan parts I held in it when it got repaid though... Looking down the repaid loans list I can see a few with bonus payments including the garden centre PBL20 with 7%
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mickj
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Post by mickj on Jul 25, 2017 21:02:18 GMT
The bonus on the two recovered loans is 4.5% as displayed on the repaid tab now. Both of these with 60% LTV's combined asset value of £1.7M combined loans £1.02M - wonder what the sale price was?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 25, 2017 21:14:46 GMT
Are Lendy going to backdate the bonus payments? In my repaid loans section it is showing up that PBL82 has a 0.5% bonus on it. I haven't received any bonus payment for the loan parts I held in it when it got repaid though... Looking down the repaid loans list I can see a few with bonus payments including the garden centre PBL20 with 7% I think that field just generates a figure based on number of days overdue. However, where the loan was repaid after the policy was launched it gives a clear indication of the amount that should be paid.
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twoheads
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Post by twoheads on Jul 26, 2017 8:35:13 GMT
The bonus on the two recovered loans is 4.5% as displayed on the repaid tab now. I had £1 in each of PBLs 066 and 067. I got my £1 back but no interest or bonus (as stated in the repayment e-mail).
And while the bonus is 4.5% on the 'master repaid loans' list, in 'my repaid loans' list the bonus reads 0%. Presumably, this may change in the event of a successful enforcement action being taken against the borrower and/or valuer.
However, that the bonus is 4.5% in the 'master repaid loans' list shows categorically that the accrual goes on beyond the tolerance period and into the default period.
I will earn no interest as I bought my £1 shares only four days ago.
I am waiting in hope for my 9p (or possibly, with two roundings up, 10p) bonus.
I wish good luck to all those who were properly invested in these two.
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n
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Yet another Nick
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Post by n on Jul 26, 2017 9:24:08 GMT
The bonus on the two recovered loans is 4.5% as displayed on the repaid tab now. I had £1 in each of PBLs 066 and 067. I got my £1 back but no interest or bonus (as stated in the repayment e-mail).
And while the bonus is 4.5% on the 'master repaid loans' list, in 'my repaid loans' list the bonus reads 0%. Presumably, this may change in the event of a successful enforcement action being taken against the borrower and/or valuer.
However, that the bonus is 4.5% in the 'master repaid loans' list shows categorically that the accrual goes on beyond the tolerance period and into the default period.
I will earn no interest as I bought my £1 shares only four days ago.
I am waiting in hope for my 9p (or possibly, with two roundings up, 10p) bonus.
I wish good luck to all those who were properly invested in these two.
I have had my £1 in each forever - it will be (slightly) interesting to compare notes if anything happens.
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star dust
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Post by star dust on Jul 26, 2017 9:45:33 GMT
I am not so confident that this rule has been implemented yet. As a test, I put a loan part up for sale a week ago, and cancelled the sale the next day. That loan part is now back in my loan parts list with an age of 8 months looking as if it had never been put up for sale. If the change had been implemented I would have expected to see a new loan part start the day I cancelled the loan. Unfortunately I will need to wait until until the month end interest run to see for sure whether a day's worth of interest has been subtracted. I completely agree with david42 .
I've done exactly the same trick, with exactly the same result: expecting a new loan part with a new 'start date' and another sold loan part with an 'end date' equal to the start of sale. I had exactly the same result as david42 : the original selling loan part was reinstated as if the sale had never been attempted.
I wonder if Paul64 actually knows whether this 'change' is really going to happen, and also when the change will take effect. It could be that it will be rolled out in September for the August interest. I have my doubts as to whether it will apply to the July interest on August 1st.
As always with the Lendy information guessing game... we will have to wait and see.
Apologies if this has already been mentioned somewhere else, but I finally got around to trying my 'cancelling loan part sale' experiment yesterday. Put something up for sale, and have just canceled it - result, interest was re-instated, i.e. overnight interest added back to the loan part, but that loan part now has a new row "Total duration for sale: 16 hours, 53 minutes " I await to see what interest I will be paid on this on the 1 August, and I think it is possible that even if I get paid for the up for sale period this time, doing the same next month I may not. In addition it wasn't actually on sale for a full 24 hours when the behaviour might be different. So it seems to me they are laying the ground work for this even though it may not be live yet.
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SteveT
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Post by SteveT on Jul 26, 2017 10:54:32 GMT
Yup, sounds like the approach will be to deduct interest for the period an existing loan part was listed for sale, rather than creating a new part number each time a "for sale" part gets cancelled.
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Post by GSV3MIaC on Jul 27, 2017 10:22:08 GMT
The interesting question is what the granularity will be -- will 12 hours of listing lose you a day .. will 2x12 hours a week apart lose you a day? How about listing for 1 hour a day for 3 months?
Oh and the other interesting Q is 'what chance is there Ly can implement this correctly**' .. looking at today's interest calculation figures the answer is round (possibly, for continentals, with a slash through it).
** Assuming there is ever a definition of what 'correctly' looks like.
Unimpressed? Moi??
8>.
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twoheads
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Post by twoheads on Aug 3, 2017 10:48:30 GMT
This has probably been mentioned elsewhere, but the 'bonus accrual' column has reappeared for default loans.
The current DEFs all have zero accrued bonus.
Presumably, those IA loans will keep their bonus as they inevitably  slip into DEF. We assume (but cannot be sure) that even in DEF, bonus accrual will continue at 0.5% per month.
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n
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Yet another Nick
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Post by n on Aug 3, 2017 11:39:16 GMT
This has probably been mentioned elsewhere, but the 'bonus accrual' column has reappeared for default loans.
The current DEFs all have zero accrued bonus.
Presumably, those IA loans will keep their bonus as they inevitably slip into DEF. We assume (but cannot be sure) that even in DEF, bonus accrual will continue at 0.5% per month. We should find out tomorrow when Stoke Poges tips -180 days.
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n
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Yet another Nick
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Post by n on Aug 4, 2017 8:58:47 GMT
Stoke Poges has arrived in defaults and is showing -179 days and 2.5% bonus accrual at the moment. When will it tick over to 3% if it ever does? And if it does how long will it take for my £1 stake to accrue a million? [rubs hands together with glee]
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slip into DEF. We assume (but cannot be sure) that even in DEF, bonus accrual will continue at 0.5% per month.