nick
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Post by nick on Aug 28, 2017 10:33:35 GMT
Lendy Support Paul64I'm in the same boat. Its been over 4 weeks since my original query of the same issues and just under 3 weeks after being told that my query was being directed to the IT/accounts team for further investigation after an initial brush off. I would have thought that resolving material issues in reporting earned interest would be a priority as it undermines confidence in their systems and internal control environment. It would be some comfort if they recognised that there is an issue and gave some assurance that appropriate resources are being directed to resolve it.....
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twoheads
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Post by twoheads on Sept 1, 2017 11:24:43 GMT
Today I received an e-mail from support stating (amongst other things):
A number of changes were made to our policy on representing interest under guidance from our regulators and this gave rise to a number of platform changes, some of which were briefly out of sync. I am told these issues should all be fixed now and wondered if you could confirm you find everything in order?
I have replied via e-mail to support.
Here also I can confirm that everything is not in order. In fact, there has been no change whatsoever!
The 'doubly deducted sale period' issue:
Some of my sold loan parts which took days to sell have their sale period doubly deducted. This does not apply to all such parts, only to some.
The 'less than 24 hours old' issue:
* All sold loan parts which are less than 24 hours old but which were sold on the calendar day after they were bought should show a day of interest but show zero.
* All live loan parts of less than 24 hours still show zero interest even though they were bought yesterday and therefore should show a day of interest.
* Somewhere in your system (as I pointed out five weeks ago) there is a check on the age of a loan being under 24 hours and setting its interest to zero.
I expect these issues apply to all users, not just me.
Come on Lendy Support , Paul64 , get a grip. I've given you all the loan part IDs. I have told you what to look for in your software. This is not rocket science, not even remotely tricky.
Would you like a couple of days free support from a decent software guy? Let me know.
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twoheads
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Post by twoheads on Sept 13, 2017 16:09:48 GMT
Hello again Paul64 , Lendy Support ,
Just bumping this thread up again and letting you know that it's not going away and nor am I.
Please note that on 21/07, these issues did not exist - I have downloaded data from that date which shows that the figures then were correct.
Then on 26/07, 42 49 days ago, I first noticed the problems and I alerted you to these issues with the interest shown on loan parts. Four weeks ago my support request was supposedly escalated.
Below are specific examples and also lists of all my loan part IDs which exhibit the problem.
EDITED: A week ago, after 42 days, I would have expected an ultimate answer - do I have to wait for seven and a half million years?
[Note to self: create a bot to keep hassling you long after my demise.]
EDIT - Second note to self - Remember that 7 x 7 is 49 and not 42!
1. Any loan part less than 24 hours old shows zero interest.
This applies to all live and sold loan parts. As you know, a loan part bought Monday at 11pm and sold Tuesday at 1am will earn one day of interest. We do receive this interest at the end of the month. The web site used to show this interest correctly. Since around 26/07, it now shows zero. This is happening to everyone, not just me.
Example:
Loan part ID
| 1385735
| Asset
| DFL025
| Loan part value
| £5000
| PA
| 12%
| Date bought
| 23/05/2017
| Date put up for sale
| 24/05/2017
| Date finally sold
| 24/05/2017
| Total duration for sale
| Unknown
| Interest shown on Lendy web site
| £0.00
| Correct amount of interest
| £1.64
|
I owned this loan part for a day and I received the correct amount of interest: £1.64. On 21/07 my downloaded data had the interest figure correct; now when I download it is wrong.
In all I have 18 loan parts (IDs 687470, 688115, 694033, 694103, 694166, 696828, 699707, 699898, 709794, 713344, 713365, 713435, 713679, 714192, 774694, 774720, 777421 and 1385735) which have this problem. The total discrepancy in interest for these loan parts is £3.11.
2. Many sold loan parts have their sales period doubly deducted.
This is still happening - I sold a part last week (ID 1497298) which has this problem when I look at its earned interest.
Example:
Loan part ID
| 1089684
| Asset
| PBL157
| Loan part value
| £1500
| PA
| 12%
| Date bought
| 13/02/2017
| Date put up for sale
| 03/07/2017
| Date finally sold
| 26/07/2017
| Total duration for sale
| 23 days, 7 hours
| Interest shown on Lendy web site
| £57.70
| Correct amount of interest
| £69.04
|
The total time for which I owned the loan part above is 163 days (corresponding to the period 13/02 to 26/07).
The number of days for which interest should be paid is 140 (corresponding to the period 13/02 to 03/07); this calculates to £69.04 in interest (and I have received this amount). The amount of interest shown on the web site is incorrect at £57.70 and this corresponds to exactly 117 days. The 23 day sale period has been wrongly deducted from the 140 days for which I should receive the interest. On 21/07 my downloaded data had the interest figure correct; now when I download it is wrong.
In all I have 18 loan parts (IDs 962643, 989966, 1006782, 1010875, 1011824, 1015100, 1067438, 1072129, 1089684, 1092583, 1099678, 1102476, 1108991, 1154202, 1160838, 1298589, 1361833 and 1497298) which have this problem. The total discrepancy in interest for these loan parts is £73.17.
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username
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Post by username on Sept 13, 2017 18:23:10 GMT
Great research twoheads, and all very troubling. Confidence in the infrastructure is so important. Makes me wonder what other gremlins are hidden away behind the scenes.
Do we even know if there is a robust backup / disaster recovery plan in place? If the database becomes corrupted will anyone know who is owed what?!
Not to mention penetration testing...
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Post by loftankerman on Sept 13, 2017 20:18:08 GMT
Not to mention penetration testing... Seems to be enough evidence to show penetration is working...
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twoheads
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Post by twoheads on Sept 14, 2017 9:38:17 GMT
Hi Paul64 , Lendy Support ,
It's me again with some further examples; this time, live loans instead of historic sold loans.
Yesterday (13/09) I bought ten loan parts at various times (times are from the time stamp of the confirmation e-mail but seem to be correct to the minute).
Loan part ID | Time purchased (BST) | 1522420
| 09:44
| 1522432
| 10:19
| 1522438
| 10:21
| 1522445
| 10:22
| 1522450
| 10:23
| 1522461
| 10:40
| 1522464
| 10:41
| 1522477
| 10:49
| 1522610
| 14:54
| 1522673
| 17:00
|
Today at 9am, all of these showed zero interest which is incorrect as I have been pointing out for 50 days now. The total interest for these parts (combined value £3495, all at 12% PA) should have been £1.14 after the usual rounding.
It is now 10:36 (14/09) and the first five in the list now show the correct interest. The later ones still show zero. And yes... each one's interest appeared at exactly 24 hours old... I have been checking.
I expect that if you check right now all live loan parts between IDs 1522610 and 1522673 (for all users) then they will all show zero interest. But do the check before 14:54 this afternoon as the interest will start to show correctly as each becomes 24 hours old.
Get to it... chop chop old boy.
EDIT - one day on (15/09/2017):
At 09:55, Friday (15/09/2017) all of these ten loan parts now correctly show two days of interest.
At this time, nine out of ten of these loan parts are less than 48 hours old. This shows (again) that loans older than 24 hours behave correctly. Loans under 24 hours are incorrectly singled out.
Somewhere in Lendy's buggy code is a simple check on a loan being less than 24 hours old with the consequence that it will always have zero interest.
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username
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Post by username on Sept 14, 2017 11:10:45 GMT
Is it me or has Lendy's community engagement really dropped off?
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Post by GSV3MIaC on Sept 14, 2017 16:47:35 GMT
twoheads .. I suspect Ly have just failed to tell us that we no longer get interest at midnight, we get it for each total 24 hour period we hold the part (hence the 'it was on sale for 1 day 3 hour 14 minutes and 11 seconds', so deduct that much interest. Which month do we deduct it in? Hmm... can I phone a friend, or how about 'ask the audience'?).
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twoheads
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Post by twoheads on Sept 14, 2017 17:20:48 GMT
I suspect Ly have just failed to tell us that we no longer get interest at midnight, we get it for each total 24 hour period we hold the part (hence the 'it was on sale for 1 day 3 hour 14 minutes and 11 seconds', so deduct that much interest. Which month do we deduct it in? Hmm... can I phone a friend, or how about 'ask the audience'?). Not so! Once loans reach 24 hours then they behave as they used to and each extra day's interest accrues at midnight.
As for the Total duration for sale: as far as I can tell, a day's interest is deducted for each complete 24 hours. Apparently, the normal interest is paid and then a second, negative, interest amount is deducted (a separate entry in your account, also called 'Interest'). The deducted interest presumably corrects for the total time on sale during the month. These negative interest payments were confirmed by... in a post here... can't remember right now... I'll find out later. EDIT - post by mattie, here.
There is a problem in that the end date of a loan part is the date at which it was put up for its final, completed sale. The loan's duration is (end date minus start date), therefore the final sale period (for the completed sale) should not be included in the total duration for sale. In some of my loan parts the final sale is included in the total duration for sale so the shown interest comes up short by the final sale period; in other loan parts, the final sale period is correctly not included in the total duration for sale and so the shown interest is correct.
I cannot determine why some loan parts are correct and some are wrong but the behaviour does seem to be consistent among loan parts from one asset.
That being said, my actual interest paid each month has been correct. This stuff only applies to the interest for my loan parts shown online and downloaded.
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twoheads
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Post by twoheads on Sept 15, 2017 9:27:41 GMT
In addition to this post from yesterday (four back in this thread):
At 09:55 today (Friday 15/09/2017) all of the ten loan parts I bought at various times on Wednesday 13/09 now correctly show two days of interest.
Nine out of ten of those loans are less than 48 hours old.
Somewhere in Lendy's buggy code is a simple check on a loan being less than 24 hours old with the consequence that it will always have zero interest.
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invester
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Post by invester on Sept 15, 2017 9:37:27 GMT
I feel for you twoheads, doesn't look like an answer coming any time soon.
It seems that the level of platform engagement has an direct inverse proportional relationship to the number of difficult questions asked.
I've got a fair wedge in Lendy, but have stopped lending now. If I may be so bold to make a prediction I can easily see them going the same way as Funding Circle, first turning off any type of customer engagement, then just simply switching to a 'lend us your money, we allocate it automatically and will disguise it as an improvement' model which would save them all the grief of answering questions.
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Post by GSV3MIaC on Sept 15, 2017 16:38:49 GMT
I bet they'd like that, but they're going to need a much larger number of loans, and lenders, to make that fly .. look how much momentum Flying Camels needed before attempting this tricky manoeuvre. The 20+ huge, multi-tranche, DFLs are nowhere near enough to spread lenders' money across with a statistical hope of avoiding the odd catastrophe.... if they have the same loan value spread around in sub-£1m chunks, I expect they'd try it tomorrow.
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nick
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Post by nick on Oct 27, 2017 22:03:40 GMT
twoheads have you received any further response from Lendy on this issue? It's been 3 months since I raised a support ticket and to date I have only received one holding email telling me that their technical team were looking at it. Meanwhile the same issues persist. I suppose we should be thankful that the reporting issues do not appear to be affecting the actual accuracy of interest payments being made.........
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twoheads
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Post by twoheads on Oct 28, 2017 9:11:23 GMT
twoheads have you received any further response from Lendy on this issue? It's been 3 months since I raised a support ticket and to date I have only received one holding email telling me that their technical team were looking at it. Meanwhile the same issues persist. I suppose we should be thankful that the reporting issues do not appear to be affecting the actual accuracy of interest payments being made......... No change I'm afraid. The live data on the site still has these issues: * Still missing interest on all loan parts with less than 24 hours duration. * Still double deducted 'for sale' time on many sold parts. * Still nothing of PBL133 in 'my loans' data although I held enough to earn £27.73 in interest. My PBL133 transactions still appear in my transaction history but all the details are gone. The total discrepancy: My actual interest received is around £190 more than that shown in 'my loans'. I've sold out so have stopped hassling Lendy; They didn't listen when I was invested and now, to save banging my heads even more against the brick wall, I've stopped trying.
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nick
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Post by nick on Dec 14, 2017 10:33:06 GMT
I never got a meaningful response despite several follow-up emails. There are hundreds of discrepancies in interest shown in 'my loan' pages across all categories (live, repaid, sold). I've given-up trying to reconcile these paid & accrued interest totals and now just check that the actual monthly interest payments tie-up with the underlying loan records, which to date, they have. It is concerning that they have not fixed the issue of mis-stated accrued/paid interest amount under 'my loans' and continue to knowingly report inaccurate figures. It now has been nearly 5 months since the dependencies first appeared and I can only assume it not very high on their priority list of fixes. It makes it all the more harder to properly reconcile your account on a ongoing basis.
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