revvy
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Post by revvy on Mar 26, 2019 19:16:45 GMT
Article in this evenings Telegraph (well online at least) that Lendy are under a requirement from the FCA to approve all their payments above a certain amount. It also mentions the 3 directors that joined Lendy to help with recoveries and are no longer there. To be fair that was quite evident looking at their Linked In profiles.
Im afraid you need to subscribe to the Telegraph to read it but well worth doing so just for this article.
I happen to think its good news as it stops Liam from spending any money that isn’t business related so that’s a positive. The fact that there is only one director is clearly a negative and must be of concern to the FCA?
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Post by mrclondon on Mar 26, 2019 19:25:08 GMT
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Post by df on Mar 26, 2019 19:44:16 GMT
Article in this evenings Telegraph (well online at least) that Lendy are under a requirement from the FCA to approve all their payments above a certain amount. It also mentions the 3 directors that joined Lendy to help with recoveries and are no longer there. To be fair that was quite evident looking at their Linked In profiles. Im afraid you need to subscribe to the Telegraph to read it but well worth doing so just for this article. I happen to think its good news as it stops Liam from spending any money that isn’t business related so that’s a positive. The fact that there is only one director is clearly a negative and must be of concern to the FCA? So I guess there will be no more "Cowes Weeks". What a shame 
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Monetus
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Post by Monetus on Mar 26, 2019 19:50:28 GMT
<text removed by mod as breaches Telegraph copyright>
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Godanubis
Member of DD Central
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 Mar 26, 2019 20:41:37 GMT
Dear FCA please allow Lendy to pay out my £20000 +interest tomorrow. Thank you |
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Post by Ton ⓉⓞⓃ on Mar 26, 2019 20:54:00 GMT
Having read the telegraph article, two things that strike me.
It would be very incorrect for Lendy to talk about this matter behind the FCA's back they could not comment rather than wouldn't to my mind.
the other point being that Lendy has been under the VREG for the last "5months", so I need to go back through the other stories over the last few months and see how this changes them.
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Post by mrclondon on Mar 26, 2019 21:16:14 GMT
Another bit that was news to me was in connection with the departure of the three new senior managers Erm ... a Manchester office ??
EDIT: Actually on a closer look at their LinkedIn profiles, a promise of a northern office might have attracted them
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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 Mar 26, 2019 22:04:53 GMT
Another bit that was news to me was in connection with the departure of the three new senior managers Erm ... a Manchester office ??
EDIT: Actually on a closer look at their LinkedIn profiles, a promise of a northern office might have attracted them
Im sure Liam was looking forward to his weekends sailing ... on the Ship Canal 
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Post by tedbob on Mar 27, 2019 1:11:57 GMT
If all new directors hired recently to help out on recoveries have left, then it can't be good news for us.
I guess all the loans will be purchased by another platform soon, at a significant discount, like 20% off. Hopefully, we won't lose all of our capital.
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Post by charliebrown on Mar 27, 2019 6:43:32 GMT
If all new directors hired recently to help out on recoveries have left, then it can't be good news for us. I guess all the loans will be purchased by another platform soon, at a significant discount, like 20% off. Hopefully, we won't lose all of our capital. I think 20% capital loss across the entire loan book is wishful thinking. There was a vote on how much capital Lenders expect to see returned but unrealistically (probably based on principle rather than actual expectations) most Lenders said 100%. My Guess would be something like a 70% loss of capital across all loans. The Lendy saga worsens at every turn, I don’t expect Lendy to be around long enough to be the party recovering the loans. Liam is hardly fighting for his own financial security and I’d guess at this stage he couldn’t care less what happens, he’s achieved what HE set out to achieve.
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Balder
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Post by Balder on Mar 27, 2019 7:45:04 GMT
I must tag Liam as a future steer clear in anything he may surface in.
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Post by p2plender on Mar 27, 2019 9:51:04 GMT
He's got his country pile. Nice one Lendy 'investors' lol!
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Post by andygod1 on Mar 27, 2019 10:46:16 GMT
Whilst i agree that the valuation were very optimistic in some cases, for those that were negligent the surveyor should be pursued For redress. Being optimistic though is sometimes part of business, and it is also the duty of nvestors to see through the optimism.
this all seemed to start with the property slowdown. Thats not lendys fault. Valuations for some properties were drastically reduced because of the slowdown. Big estates become impossible to sell. Thats not lendys fault.
not defending lendy. But this isnt all because if lendy. Investors need to take some responsibility too.
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Mucho P2P
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Post by Mucho P2P on Mar 27, 2019 11:06:46 GMT
If all new directors hired recently to help out on recoveries have left, then it can't be good news for us. I guess all the loans will be purchased by another platform soon, at a significant discount, like 20% off. Hopefully, we won't lose all of our capital. Looking at real-life [not high fluted RICS] valuations, if we were to receive back 20% I would consider that good going! As for Mr. LB, last time I saw him was 2 months ago in Court, he looked well haggard (not like in his spritely Cowes Week or LinkedIn pics). I can not see him left with any energy, nor resolve to bring the defaults to a conclusion that will be even partly satisfactory to the lenders. The issue all along appears to be that he has hired "yes" Directors/Upper Management. Not how a regulated business should be run. Hire effective Directors and let them run the business. His ability to recruit and keep effective Directors is highly questionable. What is also questionable is why the FCA authorised Lendy with such a shambles already in the making.
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Mucho P2P
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Post by Mucho P2P on Mar 27, 2019 11:27:53 GMT
Since the VREQ was imposed on Nov 6th 2018, why did Lendy not bother to inform us, nor the FCA inform us [via their site which shows the registration status of Lendy], as such an order makes a material difference to a lenders consideration if they should continue lending through Lendy. Oh I get it, we have no option other than to continue, as the majority of our loans are locked-in, some for 2 years + already.
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