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Post by p2plender on May 27, 2019 13:12:47 GMT
have lost money?
Ok, impossible to know numbers but It would be interesting to know roughly a figure.
I know some got out unscathed. Those becoming involved 12-18 months ago probably bear much of the brunt, though wealth clients probably hit the hardest I'd have thought.
This isn't some macabre post btw. More interested in the amount of financial pain inflicted (by certain individuals), and more importantly, the outcome for said certain individual(s).
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mj
Posts: 37 
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Post by mj on May 27, 2019 13:20:45 GMT
I haven't lost any money yet but expect to. I feel I invested cautiously and showed due diligence but was overly influenced by ambitious LTVs.
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Mousey
Member of DD Central
Posts: 1,569
Likes: 6,558
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Post by Mousey on May 27, 2019 13:31:48 GMT
How many of the 22,000 investors are aware it's gone into administration?
I've yet to receive any direct notifications from the platform.
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cwah
Member of DD Central
Posts: 949
Likes: 468
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Post by cwah on May 27, 2019 13:57:52 GMT
I've lost lot of ££. So any group action available I'd want to participate.
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zlb
Member of DD Central
Posts: 1,412
Likes: 331
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Post by zlb on May 27, 2019 14:17:57 GMT
Perhaps do a poll with value bracketing. Can people who aren't platform members tick a poll? Might be better if they could. Or could it be clicked with a bot in that case? Are polls entirely confidential?
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duck
Member of DD Central
Posts: 2,584
Likes: 5,723
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Post by duck on May 27, 2019 14:59:13 GMT
How many of the 22,000 investors are aware it's gone into administration?
I've yet to receive any direct notifications from the platform.
What's more if you go to the FCA register you will see that Lendy is still authorised. Since the FCA have been involved as shown in their statement " These appointments have been made by the firms, in respect of Lendy Ltd, with the consent of the FCA." their 'errors' wrt Col and their admission (FOI) that they instructed Col to inform investors (the Email we all got) you might have expected that the FCA might have made a better attempt this time.
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Post by chrisuk on May 27, 2019 15:05:53 GMT
How many of the 22,000 investors are aware it's gone into administration?
I've yet to receive any direct notifications from the platform.
What's more if you go to the FCA register you will see that Lendy is still authorised. Since the FCA have been involved as shown in their statement " These appointments have been made by the firms, in respect of Lendy Ltd, with the consent of the FCA." their 'errors' wrt Col and their admission (FOI) that they instructed Col to inform investors (the Email we all got) you might have expected that the FCA might have made a better attempt this time. I have had experience with the FCA in the past. I wouldn't have too much faith in them. They are very good at shutting the proverbial stable door after the horse has bolted.
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Post by mot on May 27, 2019 15:10:06 GMT
At the present time approx £17k but got fingers crossed that maybe get some H********** TOWER back soon  ? |
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Post by chrisuk on May 27, 2019 15:13:47 GMT
have lost money? Ok, impossible to know numbers but It would be interesting to know roughly a figure. I know some got out unscathed. Those becoming involved 12-18 months ago probably bear much of the brunt, though wealth clients probably hit the hardest I'd have thought. This isn't some macabre post btw. More interested in the amount of financial pain inflicted (by certain individuals), and more importantly, the outcome for said certain individual(s). I was lucky enough to sell most of my loans some time ago when I started to hear alarm bells. I have £615 stuck in defaulted loans. I'm assuming I can kiss goodbye to most of that. But I guess I am fortunate compared to a lot of other investors.
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duck
Member of DD Central
Posts: 2,584
Likes: 5,723
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Post by duck on May 27, 2019 15:43:16 GMT
I have had experience with the FCA in the past. I wouldn't have too much faith in them. They are very good at shutting the proverbial stable door after the horse has bolted.  me, faith, FCA, they are never failing to amaze me wrt Col.
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Post by robberbaron on May 27, 2019 17:14:23 GMT
Luckily I invested very early in boaty SS and took my money out over a year ago. I still have a low 3 digit sum stuck in defaulted loans but I have made many times that amount over the early years.
I don't think investing in SS initially was a bad idea but bad incentives have caused the quality of loans to really deteriorate over the years especially around the time when available loans were drying up and Lendy became desperate to satisfy demand and keep volume up by providing anything regardless of quality, even going as far as lowering interest rates for very risky development loans.
The FCA needs to realize that telling P2P platform to be paid upfront and have no skin in the game is a recipe for disaster.
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miky7
New Member
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Post by miky7 on May 27, 2019 18:21:31 GMT
I have £755 stuck (without interest) in defaulted and suspended loans. I tried to sell them 40 days before due date, but it was too late for me...My highest amount in Lendy was £2,3k.
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chunkie
Member of DD Central
Posts: 121
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Post by chunkie on May 27, 2019 20:31:58 GMT
I was only in for 18 months and maxed out at about £20k invested. Then I saw the warning signs and got out. I’ve got less than £100 stuck in one loan. Same story with FS!
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on May 27, 2019 20:47:54 GMT
I haven't lost any money yet but expect to. I feel I invested cautiously and showed due diligence but was overly influenced by ambitious LTVs. tbh you shouldn't have been, there have been countless warnings about laughable Valuations and LTVs on here for years.Just read my postings alone. Funniest thing is, back in the day, no-one saw the dodgy valuations as any big deal!
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daveb
Member of DD Central
Posts: 236
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Post by daveb on May 27, 2019 20:48:08 GMT
The annoying thing for me is that tax relief on defaults appears to carry forward but not back. So for a few years I made a reasonable amount from Lendy and other P2P, and paid tax on it. As I run down my P2P saving, defaults are far out weighing interest, so I no longer pay tax on P2P income. At least i didn't waste any of my ISA allowance on P2P.
Answering the question, if recoveries reach 50% then adding interest from the good old days will just about break even for me.
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me, faith, FCA, they are never failing to amaze me wrt Col. 
