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Post by Paul64 on Jul 13, 2017 20:49:41 GMT
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mikes1531
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Post by mikes1531 on Jul 13, 2017 20:50:29 GMT
The updated FAQ now includes: So if someone buys a 'cashback' part on the SM they get the cashback payable for that month? That seems inconsistent with the idea that cashback is supposed to be an incentive for investing in DFL tranches when they first are offered. Do they get a whole month's worth of cashback even if they've bought part-way through the month? Or do they receive cashback calculated as 1/12th of the part-month's interest they've earned? If the latter, what happens to the cashback associated with the interest due to the previous owner(s)? Does it augment the Lendy party fund? Methinks the FAQ needs further updating/clarification, Paul64, Lendy Support !
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Post by justdabbling on Jul 13, 2017 22:29:12 GMT
I understand that but it does seem that lenders lent the money on the basis of an expectation that there was a very high likelihood of receiving interest for the loan period plus 90 days and, if this is changed for currently held loans, then that seems to be a breach of contract, although I am not a lawyer. Perhaps the terms and conditions specified how changes were to be handled and what notice period is given etc. and, if that was part of the contract, then that would have made a difference. I haven't looked for 'changes to terms and conditions'. The almost certain payment of the loan term plus 90 days interest was a factor that influenced my decisions to invest with Lendy rather than, say, FS, where the rates are higher but no interest is paid until the end and there is/was no mention of 90 days. As the sub 90 day loans still have the annotation 'SBL' I had actually thought that this change was not being introduced for loans in which lenders have invested under the 'old' terms and conditions. It would be good if the situation could be confirmed.
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izigor
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Post by izigor on Jul 13, 2017 23:12:32 GMT
Paul64 , with a couple of your posts in this thread, I'm therefore guessing you are reading this. Can you please please please answer cooling_dude's question below. Thanks in advance. Paul64 Could you clarify something for me please - if you cancel a loan part on the SM, do we still get the Interest for the duration it was listed (up to months end), or has that feature been removed The "Reminder that interest is not paid when loan parts are put up for sale" makes me think that the above may have been removed... but I can't work it out 
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Post by Paul64 on Jul 14, 2017 5:30:38 GMT
Hi, thanks for the question c_d. The FAQ is correct. Interest will not be paid. It was never meant to. There was a small technical anomaly that has been corrected. Paul
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jul 14, 2017 7:14:31 GMT
Hi, thanks for the question c_d. The FAQ is correct. Interest will not be paid. It was never meant to. There was a small technical anomaly that has been corrected. Paul I always suspected that it was an unintended bug. I voiced that thought on here somewhere at the outset IIRC.
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ilmoro
Member of DD Central
'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 14, 2017 7:29:34 GMT
Hi, thanks for the question c_d. The FAQ is correct. Interest will not be paid. It was never meant to. There was a small technical anomaly that has been corrected. Paul Think youre going to need a bigger compliants department I suspect a lot of lenders have not grasped this point that interest will not be paid on SM loans even if cancelled. The email announcing the changes makes no reference to this specific point and is clearly amibigious; the promoted news article doesnt link to the FAQ on cancelling loan parts, nor is that FAQ in the promoted articles section and, above all, that FAQ continued to state interest would be paid on cancelled loan parts until 2 days ago... several days after the changes were communicated. What the changes communicated say is that loan parts will cease to earn interest from point of listing which is exactly the same as before. What it doesnt say is that interest will not be reinstated when the sale is cancelled, that is the change and that has not been communicated.
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Post by Paul64 on Jul 14, 2017 7:37:56 GMT
Hi, thanks for your message. There has been no change. It has always been the case. See lendy.co.uk/terms. Paul |
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Post by robberbaron on Jul 14, 2017 8:00:09 GMT
Hi, thanks for your message. There has been no change. It has always been the case. See lendy.co.uk/terms. Paul It might be time to reconsider this policy. Right now the reasons to not invest with Lendy are pilling up: no IFISA, no interest on SM or late loans, illiquid SM, no willingness to admit losses on defaulted loans instead of extend and pretend.
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ilmoro
Member of DD Central
'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 14, 2017 8:05:25 GMT
Hi, thanks for your message. There has been no change. It has always been the case. See lendy.co.uk/terms. Paul Assuming that was aimed at me. Utter rubbish. You cant rewrite history. It may well have always supposed to have been the case but in practice a glitch has meant interest has been paid. That is people's experience and that is what is what they will expect to happen unless you clearly tell them otherwise Edit... especially as your FAQ clearly stated interest would be reinstated on cancellation ... clear statement which didnt contradict the T&Cs ...
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r1200gs
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Post by r1200gs on Jul 14, 2017 8:08:08 GMT
Sorry - yes, getting confused with bonuses! You're confused? I can assure you, as one who loved SS for the supreme simplicity of use (by necessity, I was always bottom in class) I am absolutely baffled now. I can't help but wonder if this bonus and cash back game is going to alienate as many as it seduces.
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mickj
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Post by mickj on Jul 14, 2017 8:26:07 GMT
Hi, thanks for your message. There has been no change. It has always been the case. See lendy.co.uk/terms. Paul Can do better, a quick short reply to a well put question. Is that supposed to be helpful ?
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awk
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Post by awk on Jul 14, 2017 9:26:04 GMT
alienate as many as it seduces. absolutely. Keen on increased returns and love a bit of cashback. Only been with Lendy 10 months and the number of changes with little or no warning, and it now seems, deliberate obfuscation compounding lack of clarity in the changes (hence I did not partake of the recent tranche), and lack of warning re the defacto situation change re selling loan parts has alienated me. Just as well I am in a space where no-one can hear me scream! Mm ... obfuscation ... I'm always confused what that word actually means 
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n
Member of DD Central
Yet another Nick
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Post by n on Jul 14, 2017 9:29:57 GMT
alienate as many as it seduces. absolutely. Keen on increased returns and love a bit of cashback. Only been with Lendy 10 months and the number of changes with little or no warning, and it now seems, deliberate obfuscation compounding lack of clarity in the changes (hence I did not partake of the recent tranche), and lack of warning re the defacto situation change re selling loan parts has alienated me. Just as well I am in a space where no-one can hear me scream!Classic! 
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Post by Deleted on Jul 14, 2017 9:54:24 GMT
Dear Paul64 and all at Lendy I have no reason to believe you will listen to me anymore than the already existing myriad of opinion regarding your recent changes but take a minute to consider things ...... This forum is full of educated, smart, well payed individuals who actively invest their money beyond the society average, YET ..... I haven't stumbled across a single person who can figure out with clarity how this **CASHBACK** system operates, I don't mean to be crass but I'd have been crushed at school level for such a vague description. - Initially confusion reigned over 1/12 of investment or 1/12 of interest (pleased to see this has been cleared up) - Does the cashback cover one year or the term of the investment? - We had no idea if it would be launched within the existing loan or a new tranche (only became clear when it happened and seemed to surprise many who invested) - No one seems to know if the cashback will be paid as a single lump this month, an ongoing payment with every interest run, an ongoing payment for 1yr - What happens if you sell this part, again depending on what happens with the above point .... but does it transfer to the buyer or disappear? - Will it always remain a separate tranche or be swallowed up within the existing loan once cashback is paid, unless payment continues ad infinitum of course? I doubt I've covered half of it but how can this all be left in the air for investors to discover if they are brave enough to GIVE IT A TRY AND SEE WHAT HAPPENS, as this is about as much certainty as we can muster from the vague musing that is the update. Regards, a reasonably intelligent yet utterly confused investor |
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