twoheads
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Programming
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Post by twoheads on Aug 4, 2017 11:01:08 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] The bonus accrual ticks over at midnight and seems to be incremented by 0.5% for each whole calendar month overdue.
PBL123 is currently -180 and it may tick to -181 today (I don't know the tick-over time for this loan). This means it reached zero sometime on either Feb 4th or Feb 5th. So, either today or tomorrow it is, or will be, precisely six calendar months overdue.
Therefore, I expect at either midnight tonight or tomorrow, its bonus will increase to 3%.
By Sunday morning we should have our answer.
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twoheads
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Programming
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Post by twoheads on Aug 5, 2017 9:42:14 GMT
10:26 05/08 flipped to -181 days, with BA rate still at 2.5%. Maybe that will flip to 3% at midnight. I was just about to post almost exactly the same thing.
So far, all bonus changes have occurred at midnight. I think that the bonus accrual updates are another thing that is part of their mid-nightly process (as is moving loans from the live page to the default page).
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twoheads
Member of DD Central
Programming
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Post by twoheads on Aug 7, 2017 9:09:01 GMT
The new rules now disallow purchasing of DEF loans.
However, there are still more than £568k of DEF loan parts for sale.
I would expect everyone to de-list their DEF loan parts in order to make sure they have a chance of receiving their interest after recovery.
More than that: I would expect Lendy to advise investors with DEF loan parts for sale and automatically delist them after the advice has been sent out.
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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 Aug 8, 2017 17:33:50 GMT
Interesting update / addition to the ' When do you consider a loan to have ‘defaulted’?' article: At least, I think it's an addition - I don't recall seeing it before. Maybe I've just been thinking too much about how Lendy are going to reduce the DEFs list and potentially dig loans like DFL001 from out of a hole. Problem with the DFL001 scenario is that the existing loan is already at 70% LTV, so I'd have to revert back to my previous comment about the rate being greater than the 'standard rate' mentioned in the article, which would in turn necessitate a two tier loan structure. Additionally, I think I'd only be interested if an extension loan in some way improved the value of the asset / security. So, again taking DFL001 as an example, if the project needed funds to complete (and parking the reasons why), I'd be interested. Just to pay out monies to fund interest payments back seems nonsensical to me. Think thats be increased from 30 days
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twoheads
Member of DD Central
Programming
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Post by twoheads on Aug 10, 2017 10:38:32 GMT
Regarding the bonus of 2.5% on PBL123... Still 2.5% - I've emailed Support. Handily, I was able to cite the example given in their own support article. Any news from support? I've been waiting two weeks for a response to my support request..........
Wondering if the support desk is manned similarly to the Carlsberg Complaints Department.
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nick
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Post by nick on Oct 4, 2017 22:12:21 GMT
I'm trying to understand who has the entitlement to cashback payments. The FAQ states "At the end of the month cash back will be paid along with interest to whoever is holding the fully paid for loan part at the time.". It is not completely clear whether "at the time" refers to a stroke after midnight at the end of the month, or the time of payment. I assume it must be whoever is holding the loan a strike after midnight but can anyone confirm this from experience?
Obviously not particularly relevant with DFL005 as I think you will lose more interest queuing to sell (and will be lucky to sell at all) than the 1% bonus, but it has made me realise that I still don't fully understand when you need to be holding the loan to be eligible to receive cashback.
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gustapher
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Post by gustapher on Oct 5, 2017 3:45:16 GMT
I'm trying to understand who has the entitlement to cashback payments. The FAQ states "At the end of the month cash back will be paid along with interest to whoever is holding the fully paid for loan part at the time.". It is not completely clear whether "at the time" refers to a stroke after midnight at the end of the month, or the time of payment. I assume it must be whoever is holding the loan a strike after midnight but can anyone confirm this from experience? Obviously not particularly relevant with DFL005 as I think you will lose more interest queuing to sell (and will be lucky to sell at all) than the 1% bonus, but it has made me realise that I still don't fully understand when you need to be holding the loan to be eligible to receive cashback. Hi nick I can't confirm for definite but I'm 99% sure it is stroke of midnight. I agree it could be interpreted both ways but "month end" is definitely stroke of midnight and interest payments would be calculated to that point. I think on DFL005 you have to look at it as a bonus to invest and hold to term. If everything goes smoothly it is a great return but if not you are unlikely to be able to exit.
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