Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Apr 15, 2019 8:29:22 GMT
Check my poll 75% made profit. Risks were explained no P2P platform made a overall loss this year. You can’t say that for the stock market Publicly traded companies have to declare losses, bad investments have to be written off. You can't say that for the P2P market. Losses can pile on for years without being recognized then suddenly they are all realised at once (see last credit bubble) I made a fair bit of money with SS/Lendy but only because I invested and got out early not because it was a wise investment. Even with pyramid schemes early investors make a killing. I always advocate getting out before funds are locked in. Generally there is little downside to this strategy.
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adrianc
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Post by adrianc on Apr 15, 2019 8:32:57 GMT
I agree with your point that platforms are typically hiding losses. But the public companies do the same, until the moment the new boss takes over then they write off everything the least bit bad, blaming the old boss, so the new boss doesn't have to worry about any skeletons in the cupboard Quite right I got compensation Form Tesco when they hid their true trading figures and were found out. home.kpmg/uk/en/home/services/advisory/tesco-scheme.htmlwww.bbc.co.uk/news/business-39415681Roughly 10% compensation for "certain" buyers of equities over a three week period... At a time when the share price fell by about 40%. And only that because the company came to "an agreement" with the Serious Fraud Office rather than be taken to court in a criminal prosecution.
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IFISAcava
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Post by IFISAcava on Apr 15, 2019 9:00:35 GMT
Publicly traded companies have to declare losses, bad investments have to be written off. You can't say that for the P2P market. Losses can pile on for years without being recognized then suddenly they are all realised at once (see last credit bubble) I made a fair bit of money with SS/Lendy but only because I invested and got out early not because it was a wise investment. Even with pyramid schemes early investors make a killing. I always advocate getting out before funds are locked in. Generally there is little downside to this strategy. until it collapses
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Post by robberbaron on Apr 15, 2019 12:35:45 GMT
I agree with your point that platforms are typically hiding losses. But the public companies do the same, until the moment the new boss takes over then they write off everything the least bit bad, blaming the old boss, so the new boss doesn't have to worry about any skeletons in the cupboard Publicly traded companies have very strict regular filling requirements especially in the US. They can't hide losses unless they rely on fraudulent accounting for which the penalties are very severe. There is no such requirements or penalties in the P2P market. Distressed loans can be put in purgatory indefinitely.
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Post by robberbaron on Apr 15, 2019 12:37:48 GMT
I always advocate getting out before funds are locked in. Generally there is little downside to this strategy. Yes there is when liquidity on the SM dries up which usually happens when you need it the most because everybody thought they could just pass the parcel to the next idiot.
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revvy
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Post by revvy on Apr 15, 2019 13:36:44 GMT
Am I missing something here? So if the borrower has given up and folded and has no access to funds, how will Lendy recover their own legal costs (must be over £500k by now). In any normal situation the costs are paid by the claimant but given that she is 21 years old and wasn’t able to pay costs into court you have to think she will be unable to pay Lendys legal costs. On top of that you have Lendys own recovery costs. Then you have the costs of disposing off the asset. On top of that you have Lendys interest charged throughout all this mess. We really think we are going to get a meaningful sum back against what we lent?
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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 Apr 15, 2019 13:36:57 GMT
I agree with your point that platforms are typically hiding losses. But the public companies do the same, until the moment the new boss takes over then they write off everything the least bit bad, blaming the old boss, so the new boss doesn't have to worry about any skeletons in the cupboard Publicly traded companies have very strict regular filling requirements especially in the US. They can't hide losses unless they rely on fraudulent accounting for which the penalties are very severe. There is no such requirements or penalties in the P2P market. Distressed loans can be put in purgatory indefinitely. Plenty of examples of listed companies whose accounting policies have been on the 'colourful' side. Note the spate of auditors being fined recently for failing to spot accounting issues. The penalties may be severe but that, of course. is dependent on regulators proving the case which the SFO, FCA etc have proved somewhat incapable of doing.
Besides even if companies arent hiding losses they can still turn out to be a spectacular disaster eg Carillion
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wuzimu
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Post by wuzimu on Apr 15, 2019 15:19:23 GMT
Am I missing something here? So if the borrower has given up and folded and has no access to funds, how will Lendy recover their own legal costs (must be over £500k by now). In any normal situation the costs are paid by the claimant but given that she is 21 years old and wasn’t able to pay costs into court you have to think she will be unable to pay Lendys legal costs. On top of that you have Lendys own recovery costs. Then you have the costs of disposing off the asset. On top of that you have Lendys interest charged throughout all this mess. We really think we are going to get a meaningful sum back against what we lent? And there's the nub. Lendy have taken most of the proceeds of the Newmarket farm and Dereham hotel without bothering to provide any account.
Those are small loans with few lenders -maybe why so few on this forum seem bothered
But when Lendy try this trick with a big default like the London one ... I think the brown stuff will hit the fan.
I want FCA to replace Liam as Director of Lendy BEFORE this process goes further... conflicts of interest and breaches of trust between Liam and lenders all over the place
it is a disgrace things have got this far
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sl75
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Post by sl75 on Apr 15, 2019 15:46:05 GMT
Lendy have taken most of the proceeds of the Newmarket farm and Dereham hotel without bothering to provide any account. Where have you found the detailed accounting record that shows this?
... or is it merely your supposition based on the limited information we currently have available?
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wuzimu
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Post by wuzimu on Apr 15, 2019 16:33:30 GMT
Lendy have taken most of the proceeds of the Newmarket farm and Dereham hotel without bothering to provide any account. Where have you found the detailed accounting record that shows this?
... or is it merely your supposition based on the limited information we currently have available?
Lendy returned 45% / 43% of the proceeds of Dereham / Newmarket security realizations to lenders .
Of the balance Lendy presuambly paid sales costs, legal costs and Lendy costs, fees, interest etc, but who knows? Or if any payment was justified.
Lendy acted as lenders Agent in the retention of realized funds.
It is trite law that any Agent must account for their actions and for costs arising to those who they act as Agent for.
Lendy have refused to account for their actions and costs. Well they have refused my request.
In that case Lendy are breaching regulatory and legal requirements of their Agency.
It is only a matter of time before FCA and / or lender complaints through FOS or the Courts catch up with Lendy
And I say the sooner the better, for the sake of ultimate lender returns from the defaulted loanbook.
The way Liam conducts this business is an affront to the trust and integrity that is central to fair markets, FCA must act for that reason alone.
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sl75
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Post by sl75 on Apr 15, 2019 16:53:09 GMT
Where have you found the detailed accounting record that shows this?
... or is it merely your supposition based on the limited information we currently have available?
... Lendy have refused to account for actions and costs. Well they have refused my request. ...
That was my experience too... so your other specific claim (that Lendy themselves have "taken" the supposed proceeds) are based on supposition rather than hard evidence, correct?
The other threads seem to suggest that Lendy are currently operating in conditions where the FCA have to approve all payments of any significance... so one can only assume that any payment made other than to us was already approved by the FCA... which would seem rather odd if the payment was, as you suppose, directly into Liam's back pocket!
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wuzimu
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Post by wuzimu on Apr 15, 2019 16:59:56 GMT
SL75 I have not said all the retained proceeds have gone directly into Liams back pocket.
I have said 'who knows?'
I have asked for an account of these large retentions by Lendy and Lendy have refused.
You may be content with that position.
I am not.
And while I am happy FCA are supposedly LOOKING , FCA need to be DOING, the Lendy situation being as it is. Otherwise it will be stable door / horse bolted.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Apr 15, 2019 17:57:55 GMT
I always advocate getting out before funds are locked in. Generally there is little downside to this strategy. until it collapses And How many have done that oh wise one. ?
Nothing is without risk.
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IFISAcava
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Post by IFISAcava on Apr 15, 2019 22:38:28 GMT
And How many have done that oh wise one. ?
Nothing is without risk.
In terms of the selling before term strategy suddenly becoming untenable: Collateral, Lendy Plus on some loans: MT, FS I am not that wise, I am just adding a note of caution that liquidity can turn suddenly and then you are stuck. It is a bit pyramid-like at times and that is indeed the risk with that strategy.
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quidco
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Post by quidco on Apr 16, 2019 6:49:17 GMT
Am I missing something here? So if the borrower has given up and folded and has no access to funds, how will Lendy recover their own legal costs (must be over £500k by now). In any normal situation the costs are paid by the claimant but given that she is 21 years old and wasn’t able to pay costs into court you have to think she will be unable to pay Lendys legal costs. On top of that you have Lendys own recovery costs. Then you have the costs of disposing off the asset. On top of that you have Lendys interest charged throughout all this mess. We really think we are going to get a meaningful sum back against what we lent? How do you arrive at 500k?
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