southport
Member of DD Central
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Likes: 88
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Post by southport on Sept 6, 2017 14:59:53 GMT
Ah, bids were cancelled. Didn't get that email....  |
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Post by Lendy Support on Sept 6, 2017 16:30:03 GMT
660 lenders did read the email and re-set their pre-funding amount. The max allocation was very high at £6,145, didn't expect that much. EDIT: Actually, I suspect most of those 660 had set group pre-funding for all 12% loans. high allocation because the others had their bids cancelled! The email I received didn't say anything about resetting pre-funded amount. Hi IFISAcava, are you able to please copy the email you received and send to support@lendy.co.uk as all Advance Notices should remind investors to 'PLEASE ENSURE YOUR PRE-FUNDING LEVEL IS ACCURATE FOR THE ABOVE LOAN(S). If a loan's status changes, as it did in this case, all investors need to reset. Thanks Lendy Support
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Post by Lendy Support on Sept 6, 2017 16:36:03 GMT
Hi all, in response to the general thread on the forum, DFL030 was indeed withdrawn from the pipeline yesterday and any pre-funding was therefore cancelled for this loan. We then launched PBL191 as a new loan with standard pre-funding applied. We sent an advance go-live notice yesterday notifying investors that PBL191 was due to go live today (06/09/2017). Please note that we could not roll the pre-funding from one loan to another, as was the case here, as there are material differences between DFL30 and the new PBL191 loan. This is in the spirit of ensuring investors know exactly what they’re investing in. However, where we are launching a loan where we have stated our intention to convert the loan, then no further consent will be requested and investors in the original loan will automatically switch to the new loan. PBL191 is a good example of this, as it will convert to a DFL and all investors from this loan will be automatically switched into the DFL. This was stated in the loan particulars, and in the go-live notice of yesterday’s date. We hope this provides a sufficient explanation of this loan. Paul64 Lendy Support |
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Post by Lendy Support on Sept 6, 2017 16:45:14 GMT
Ah, bids were cancelled. Didn't get that email.... Hi southport, there may be a few reasons why you are not receiving Lendy’s email notifications. You may have unsubscribed from our mailing list. If you wish to be re-subscribed to our mailing list, please contact support@lendy.co.uk Our emails may be appearing in your junk mailbox, so please also check your junk mailbox. You can see all Lendy’s email campaigns here. bit.ly/2xNwiV0 Lendy Support
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IFISAcava
Member of DD Central
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Post by IFISAcava on Sept 6, 2017 16:46:56 GMT
high allocation because the others had their bids cancelled! The email I received didn't say anything about resetting pre-funded amount. Hi IFISAcava , are you able to please copy the email you received and send to support@lendy.co.uk as all Advance Notices should remind investors to 'PLEASE ENSURE YOUR PRE-FUNDING LEVEL IS ACCURATE FOR THE ABOVE LOAN(S). If a loan's status changes, as it did in this case, all investors need to reset. Thanks Lendy Support The email said what they always say - which was as you said 'PLEASE ENSURE YOUR PRE-FUNDING LEVEL IS ACCURATE FOR THE ABOVE LOAN(S)' As I had already checked the prefund levels on all pipeline loans that very day, I didn't check it again; there was no reason to and I don't have OCD. It definitely did not say that the amounts had been reset or anything like that; if it had I would have checked again. Obviously in hindsight I had prefunded a DFL loan that no longer existed rather than PBL191 even though they are one and the same. It just would have been better communication to make a specific reference to the need to reset the pre-funding with the change in loan name, rather than using the same wording that always goes out with prefund notices.
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ianj
Member of DD Central
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Post by ianj on Sept 6, 2017 16:49:33 GMT
high allocation because the others had their bids cancelled! The email I received didn't say anything about resetting pre-funded amount. Hi IFISAcava , are you able to please copy the email you received and send to support@lendy.co.uk as all Advance Notices should remind investors to 'PLEASE ENSURE YOUR PRE-FUNDING LEVEL IS ACCURATE FOR THE ABOVE LOAN(S). If a loan's status changes, as it did in this case, all investors need to reset. Thanks Lendy Support If someone, anyone, with an ounce of commonsense had just paused to give consideration to to the potential effect of of their actions then this could have been avoided. But nobody thought to include.... .... in the email. So simple. So little effort required. Should have realised that with their communications track record..........  And now, just to rub salt into the wound, not even a hint of an appology....'cause it's all our own fault, apparently!
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twoheads
Member of DD Central
Programming
Posts: 1,089
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Post by twoheads on Sept 6, 2017 17:06:41 GMT
On a different subject... This loan's just been drawn down... fast work.
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fp
Posts: 1,008
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Post by fp on Sept 6, 2017 18:24:01 GMT
I logged in to find I didn't get any either, which pleases me a lot  |
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Post by lendyman on Sept 6, 2017 18:48:16 GMT
high allocation because the others had their bids cancelled! The email I received didn't say anything about resetting pre-funded amount. Hi IFISAcava , are you able to please copy the email you received and send to support@lendy.co.uk as all Advance Notices should remind investors to 'PLEASE ENSURE YOUR PRE-FUNDING LEVEL IS ACCURATE FOR THE ABOVE LOAN(S). If a loan's status changes, as it did in this case, all investors need to reset. Thanks Lendy Support Paul, this is not acceptable. You need to swallow your pride and apologise to everyone who you've failed here. On the 4th of September I received one of your lovely emails warning me to ensure my funding levels were correct for DFL030 as it was due to go live that day. I waited... and nothing. Nevermind I thought, as has happened in the past, you sent the advance go-live notice a bit early and it usually goes live the next day. Instead you did an about turn on that, converted it into a PBL and told absolutely no-one with any forewarning. The next email I received from Lendy was subject: advanced go-live warning for a range of PBL's (including the renamed PBL191). As I knew didn't have any pre-funding set for any PBL's I ignored it. So I'll reiterate the fact that we had no warning. Just remember you guys at Lendy are learning the sector yourself, you've messed up and that happens every so often, but you need to say sorry, learn from these errors and move on hopefully retaining some good faith along the way.
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TonyL
Posts: 53
Likes: 98
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Post by TonyL on Sept 6, 2017 19:06:50 GMT
Hi all, in response to the general thread on the forum, DFL030 was indeed withdrawn from the pipeline yesterday and any pre-funding was therefore cancelled for this loan. We then launched PBL191 as a new loan with standard pre-funding applied. We sent an advance go-live notice yesterday notifying investors that PBL191 was due to go live today (06/09/2017). Please note that we could not roll the pre-funding from one loan to another, as was the case here, as there are material differences between DFL30 and the new PBL191 loan. This is in the spirit of ensuring investors know exactly what they’re investing in. However, where we are launching a loan where we have stated our intention to convert the loan, then no further consent will be requested and investors in the original loan will automatically switch to the new loan. PBL191 is a good example of this, as it will convert to a DFL and all investors from this loan will be automatically switched into the DFL. This was stated in the loan particulars, and in the go-live notice of yesterday’s date. We hope this provides a sufficient explanation of this loan. Paul64 Lendy Support The mistake you made here was in not providing a suitable notice period. Sending an email out after 8pm and making the loan live before 10am the next morning only gives about 3 hours warning to most people as they are asleep for the rest of the time. As you pointed out "there are material differences between DFL30 and the new PBL191 loan" and so I suggest you should have offered a minimum of 24 hours notice which would be "in the spirit of ensuring investors know exactly what they're investing in". You can't hide behind these two quotes...they work both ways. You have made a big mistake here and you should at least apologise and ensure that your policies and procedures give investors a fair chance. I fail to see how your office can consider this morning's action to be fair and in the spirit of things.
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twoheads
Member of DD Central
Programming
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Post by twoheads on Sept 6, 2017 20:09:03 GMT
Hi IFISAcava , are you able to please copy the email you received and send to support@lendy.co.uk as all Advance Notices should remind investors to 'PLEASE ENSURE YOUR PRE-FUNDING LEVEL IS ACCURATE FOR THE ABOVE LOAN(S). If a loan's status changes, as it did in this case, all investors need to reset. Thanks Lendy Support It's quite important in your reply to close the quotation - which should have occurred after the capitalized section - the remainder is not in the e-mail.
Also, the response above appears to imply that the informational quip 'If a loan's status changes, as it did in this case, all investors need to reset.' is somehow common knowledge. It is not common knowledge as has been clearly revealed by this incident.
I was lucky enough to spot the prefunding cancellation so I'm not as annoyed as some.
I'm not asking for an apology but I do suggest that one would be a good move.
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seeingred
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Post by seeingred on Sept 6, 2017 20:54:54 GMT
Does more than one person honestly think that this is 'one of the finest loans on the platform?'
The lack of a straightforward apology from lendy is remarkable if they take customer relations seriously. They rather messed up, so say sorry, learn from the mistake and move on.
What I find more remarkable is that anyone actually bought heavily into this loan.
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GeorgeT
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Post by GeorgeT on Sept 6, 2017 21:31:52 GMT
I take your point about one of the finest - when you miss out on something it immediately seems to have a higher value than it did before. I was reacting to being annoyed I hadn't got any - despite setting my pre-fund days ago and being so excited by the loan that I started this thread about it.
The email I got did include, as LY state, the usual check your prefunding but it did not state that pre-funds already set had been cancelled. I read the email last night and deemed no action required by me. In fact I had checked my prefunds on all the new loans in the previous few hours.
As far as I'm concerned this is a mess up by LY - poor, unclear comms, and while I will now have to hope some appears on the SM and learn from this experience, I would have thought an apology was in order. My confidence in LY was on the up - now it's been knocked back down again.
The low number of investors in this new 12% loan and the very high allocation speaks volumes - i.e. hundreds of investors have missed out. Today we had 1,300 ish investors in PBL192 and only 600 ish in PBL191. Both new 12%ers. 'Nuff said. That there are grounds for an apology and the acceptance of some culpability is obvious I would have thought.
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twoheads
Member of DD Central
Programming
Posts: 1,089
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Post by twoheads on Sept 6, 2017 21:33:04 GMT
Does more than one person honestly think that this is 'one of the finest loans on the platform?' The lack of a straightforward apology from lendy is remarkable if they take customer relations seriously. They rather messed up, so say sorry, learn from the mistake and move on. What I find more remarkable is that anyone actually bought heavily into this loan. Agreed: the VR is one of the more 'entertaining' missives from Lendy.
I think we also agree that there is another issue here which is unrelated to the actual quality (or lack thereof) in the loan itself.
I have to say I have invested a small amount, and like GeorgeT (when you get your share) I will not hold anywhere near to term.
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Post by GSV3MIaC on Sept 7, 2017 7:41:38 GMT
Actually some (quite a few?) of us wanted 192 but not 191, so don't rush to conclusions about investor numbers. 8>. Not everyone buys and hopes the SM will let them out later.
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