twoheads
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Post by twoheads on Sept 10, 2017 8:59:26 GMT
I don't like this new procedure. My sales queue position as showing in my account is clearly a bit misleading as when people buy into the loan my sales queue figure doesn't change. This needs to be sorted out to give greater clarity to investors/sellers as it now seems impossible for me to know when I might sell. You can see your real position in the queue by viewing the details of your selling loan part. [At least, I believe this to be the real position.]
As far as I know, this view is not reachable from links on the website. It can however be reached by entering the correct address in your browser:
lendy.co.uk/my-loans/part/1517558 (substituting the correct loan part ID in the address).
Obviously, you can only view loan parts which you own.
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username
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Post by username on Sept 10, 2017 15:51:39 GMT
I don't like this new procedure. My sales queue position as showing in my account is clearly a bit misleading as when people buy into the loan my sales queue figure doesn't change. This needs to be sorted out to give greater clarity to investors/sellers as it now seems impossible for me to know when I might sell. You can see your real position in the queue by viewing the details of your selling loan part. [At least, I believe this to be the real position.]
As far as I know, this view is not reachable from links on the website. It can however be reached by entering the correct address in your browser:
lendy.co.uk/my-loans/part/1517558 (substituting the correct loan part ID in the address).
Obviously, you can only view loan parts which you own.
Jesus Christ, first loan I looked at (DFL004) - selling tab indicates 59k in front, using your direct link shows 226k! Surely this can't be right?!
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Post by mindful on Sept 10, 2017 17:25:28 GMT
I don't like this new procedure. My sales queue position as showing in my account is clearly a bit misleading as when people buy into the loan my sales queue figure doesn't change. This needs to be sorted out to give greater clarity to investors/sellers as it now seems impossible for me to know when I might sell. You can see your real position in the queue by viewing the details of your selling loan part. [At least, I believe this to be the real position.]
As far as I know, this view is not reachable from links on the website. It can however be reached by entering the correct address in your browser:
lendy.co.uk/my-loans/part/1517558 (substituting the correct loan part ID in the address).
Obviously, you can only view loan parts which you own.
Thanks for that information, I was wondering how to work out how much Lendy had dumped infront of my shares in the queue. Two things: 1. Lendy need to be honest and update the loan queue figure (my DFL005 queue figure reads 95K but is actually 292K), preferably stating how much of the queue is their dumped share. 2. For any loans where they have dumped their share in front of others they should reinstate interest payments for those shares in the queue (and preferably all shares in all queues - it is their pure greed that they deprive us of interest payments whilst we are carrying all the risk).
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twoheads
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Post by twoheads on Sept 10, 2017 17:44:45 GMT
username username, mindful ,
I have to say I agree with your points (as you will have deduced from my previous posts in this thread).
I believe that Lendy will very soon change the sales queue figure shown in the 'My Loans -> Selling Loanparts' details so that it reveals the correct figure - a figure they can readily calculate but choose not to make easily accessible.
The cynics amongst us may suggest that Lendy are not showing the 'new' sales queue figures because it will annoy a lot of sellers... I don't subscribe to that view; I just think that their IT trainee is in need of help - and lots of it.
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GeorgeT
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Post by GeorgeT on Sept 11, 2017 21:22:10 GMT
I don't like this new procedure. My sales queue position as showing in my account is clearly a bit misleading as when people buy into the loan my sales queue figure doesn't change. This needs to be sorted out to give greater clarity to investors/sellers as it now seems impossible for me to know when I might sell. You can see your real position in the queue by viewing the details of your selling loan part. [At least, I believe this to be the real position.]
As far as I know, this view is not reachable from links on the website. It can however be reached by entering the correct address in your browser:
lendy.co.uk/my-loans/part/1517558 (substituting the correct loan part ID in the address).
Obviously, you can only view loan parts which you own.
Thanks. Most helpful. And very disheartening. When I log in to my account and go to my selling loan parts it tells me I am £17k from the front of the queue. When I do it your way I find there is actually £183k in front of me. This is the complete opposite of clear, transparent information about my investment. I'm too scared to check my actual, real world position in my DFL005 loan parts. This destroys my investment strategy which involves a lot of selling and buying. How can I maintain a top quality, low risk portfolio on LY when the sales queue numbers are miles out. This means I will have no option but to ignore all but the smallest DFLs and become a small player specialising only in PBLs. Result my LY investment will reduce further. I don't know what it is about LY - they started off with a brilliant business model and over the last year or so have done endless tinkering with it to the point it is now becoming second rate compared to others and driving me (an SS/LY pioneer who has been with them since the boaty days) away to newer and more investor friendly pastures. So far as big DFLs are concerned it's becoming a case of only invest if you are certain you can and want to hold to term. Perosnally I don't see how anyone can make that decision at the start of a project and with pretty sketchy interim reports. The SM is becoming a static monster - apart from for high class PBLs which still sell in minutes.
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username
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Post by username on Sept 11, 2017 22:38:20 GMT
Same, I don't like feeling like a mug. I'm pulling out.
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Post by portlandbill on Sept 12, 2017 8:57:22 GMT
Yesterday, there was ca. £220k ahead of me in the sales queue for DFL005. Today, there's £392K (out of a total SM queue of £421K)
And no interest being earned whilst it's sat there.
I'm out (when/if I can get out).
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twoheads
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Post by twoheads on Sept 12, 2017 10:03:56 GMT
A check on sales queues today indicates that the sales queue figures shown on 'My Loans -> Selling Loans' overview have been corrected so that they match the figures on the loan details.
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twoheads
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Post by twoheads on Sept 12, 2017 10:15:24 GMT
I've updated the thread title and added a comment in the OP:
EDIT (12/09/2017): The sales queue figures shown in 'My Loans -> Selling Loans' overview appear now to be the correct figures: they now include the 'Lendy' owned sales parts which have recently been given priority over the regular investors sales parts.
This may come as a shock to some as they will see, in some cases, very large increases in their sales queue positions.
ALSO: At least some of the so called 'black holes' in the sales queues for some loans have been cleared. I do not know if all 'black holes' have been cleared and I also do not know if the bug(s) in the software which caused them have been fixed - let's hope they have.
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GeorgeT
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Post by GeorgeT on Sept 12, 2017 23:12:12 GMT
Yes, it's been 'fixed' today.
Not good though is it.
I knew the rules were changing but the way it's been implemented stinks.
I listed some stuff for sale because the sales queues were shortish. After losing x days interest I find out the real sales queue position. In a way I feel I've been diddled out of interest. The sales queues/software should have been sorted in advance of this policy change so that people were making selling decisions based on true / real information - not based on wrong sales queue information because LY hadn't done the IT side of things.
Pretty poor.
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spyrogyra
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Post by spyrogyra on Sept 13, 2017 10:10:55 GMT
And I thought that Lendy would jump in front of the queue only when new tranches are not filled up. With no new tranche for dfl001 it's simply not fair.
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twoheads
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Post by twoheads on Sept 13, 2017 10:33:17 GMT
And I thought that Lendy would jump in front of the queue only when new tranches are not filled up. With no new tranche for dfl001 it's simply not fair. I think that many of us hoped it would only apply to new unfilled tranches.
However, they've applied it retrospectively to all previous unfilled chunks which Lendy or underwriters have had to subsidise (EDIT: and this clearly included some of DFL001).
I listed some stuff for sale because the sales queues were shortish. After losing x days interest I find out the real sales queue position. In a way I feel I've been diddled out of interest. The sales queues/software should have been sorted in advance of this policy change so that people were making selling decisions based on true / real information - not based on wrong sales queue information because LY hadn't done the IT side of things. True: the software should have been prepared for September 1st. However, the same argument would apply to loan parts put up for sale in the last few days of August; you would still argue that the sales queue figures given then were misleading even though, at that time, they were accurate.
We were warned that this would happen. The real issue for me is that for 12 days, the wrong sales queue figures were displayed making almost everyone assume that the change applied only to new tranches and had not been retrospectively applied to existing underwritten loan value.
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