mikes1531
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Post by mikes1531 on Mar 11, 2019 15:52:05 GMT
What loans did the lenders not get 100% paid to them that are compleated ?? I’d say any where the asset has been sold. PBL068 for example. Unless you are saying you have faith in “claims underway” to address the shortfall, which I think is extremely optimistic. They haven’t even explained what claims underway even means. "Claims underway" means Lendy are trying to sue someone to compensate for Lendy's failures. It allows Lendy to claim that their investors haven't lost any money yet. By the time Lendy concede that a loss has been made, we won't have any Lendy income to offset with those losses. Which brings up a related question...
Does anyone know whether losses at Lendy can be used to offset P2P income earned at another platform?
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mikes1531
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Post by mikes1531 on Mar 11, 2019 12:09:46 GMT
We will need to wait and see if they actually ever are stupid enough to take their money before investors. It has not as yet happened and also current loans that are years old were under the old conditions. Godanubis: How can you be so certain this hasn't happened yet if Lendy haven't disclosed how recovery proceeds were calculated in the situations where lenders didn't receive 100% of their capital back?
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mikes1531
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Post by mikes1531 on Apr 5, 2018 12:08:40 GMT
If your money is sat in the purple cash account, but has been swept into the QAA (Invest all Idle Funds), are we still entitled to the bonus. (Say's so on the total eligible for the bonus. matches the money in the cash account) Should be. If it shows in the purple cash account it hasn't been swept (yet). It won't show in both. oldgrumpy: My account is working as it should -- and that isn't as you describe. On my PC, if I hover my cursor over the balance in my purple cash account, a pop-up shows me that the balance is in the QAA. That balance also shows up in the reddish QAA section of my Dashboard. I transferred in some funds earlier this week, and put them in my Cash account because I'm going to move them into my ISA as soon as the new tax year starts. Since the funds were automatically swept into the QAA, they also appear in my 1% bonus amount.
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mikes1531
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Post by mikes1531 on Apr 5, 2018 11:38:49 GMT
Finally we have signs of life.... MLA buying has resumed. Not for me. I have funds available and active buying orders for a number of loans that are showing as having parts available for sale yet my orders are not being processed. Some of those situations have existed since at least yesterday evening. It's as if some loans have been suspended without any obvious signs of being suspended. chris?
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mikes1531
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Post by mikes1531 on Mar 27, 2018 19:51:50 GMT
The borrower's name is W****m G****e B****r of Bunter Court. Slap on the wrist for oldgrumpy -- he's identified the borrower!!
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mikes1531
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Post by mikes1531 on Mar 27, 2018 19:48:44 GMT
I must have missed this renewal and increase. I'm pretty pissed about it TBH. I have a chunk of tranche 2 (4339507471). I bought when total lending was 240K, total lending has now increased to 266K. I wasn't offered an out at the point of the increase so my investment is now much riskier. All the numbers on my tranche have been updated to show the new LTV, with no update note explaining that FS chose to erode my stake in the security. All a bit sly and underhand. Sorry, aj, but I don't think you really have any cause for complaint. FS stated from the beginning that the borrower had a facility of £266k, so you were told that at the time you invested. And FS haven't lent any more than that to the borrower. The value of the property has increased as the work has been done, and that meant FS could make a further advance to the borrower without exceeding the LTV they said they wouldn't exceed at the time you invested. The LTV might have been lower at some point(s) during the development, but it should have been clear from the beginning that FS could lend up to £266k on a development that was expected to be be worth £380k when complete -- for a LTV of 70% -- and that's just what they have done.
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mikes1531
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Post by mikes1531 on Mar 27, 2018 18:33:02 GMT
i.e. 24.05.18 - well another interesting one to watch... I don't have a lot of faith in the quote above. This is a renewal of an earlier loan. The description of that loan, due 14/Nov/2017, included... I rest my case m'lud.
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mikes1531
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Post by mikes1531 on Mar 27, 2018 18:26:23 GMT
Perhaps when a platform takes a loan especially where any guarantee is involved they should require documentary evidence of the assets purportedly owned and supporting it? That might give a bit of comfort, but it could be misplaced. When things start to go pear-shaped, guarantors' assets have a tendency to disappear in a hurry.
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mikes1531
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Post by mikes1531 on Mar 27, 2018 17:39:30 GMT
Newark loan: 6712822859 26/02: We have been advised that the borrower has passed away. Our charge on the property remains in place - we are now awaiting confirmation and contact from the executor of the estate, after which a further update will be posted.
22/03: Unfortunately, the previous update was incorrect - an error apparently caused by a third party confusing the borrower with someone with a similar name. The borrower has been in contact and will shortly be paying the outstanding interest to renew the loan.
FS's language skills do seem to be rather inadequate. I have difficulty believing that anyone else would write a news report about someone who was believed to have died but actually turned out to be alive and well -- and start it with "Unfortunately..."?
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mikes1531
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Post by mikes1531 on Mar 27, 2018 17:28:50 GMT
and the photos relate to Jan 17 foundation stage, updates say build has progressed further but no photos; whole thing does not feel right so I will give it a miss Aye..only had a small nibble in this but 6 months of idleness means I will give this a thwack with a certain stick..au revoir Oldbury I've given this one a miss as well. My concern is that the partially-built project has been exposed to the weather for six months or more. That can't have done it a lot of good, so FS's decision to presume the valuation hasn't changed may well be being overly optimistic.
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mikes1531
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Post by mikes1531 on Mar 27, 2018 16:23:17 GMT
...BH or no BH I'd feel distinctly uncomfortable with £100k sat in a client account awaiting a loan that may never arrive. I'd guess that BHs don't have to do that -- as long as they could transfer the £100k to FS upon demand.
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mikes1531
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Post by mikes1531 on Mar 27, 2018 15:34:21 GMT
Well you cant and neither can I and if you don't believe valuation reports anymore I'm wondering what you base your judgement on. That's not to say I agree with this, or any other valuation..on loans such as this, my simple rule of thumb is always take the lowest value and lop some more off for good measure. The valuation report is by all accounts, from a valuer of some standing and no little experience so one expects she has more of an understanding of the market place than most but at the end of the day 'our' judgement or rather my judgement is still based on gut feeling These clocks, in an auction, distressed sale situation, after costs , could sell for any number. I assume the worst, that the loan defaults, that the asset will be sold in auction, that a bad outcome will happen at auction. Property(not development loans) is quite a stable asset, antiques and art is a bit of a lottery. The problem I have with this collection is its size. The values estimated for the individual items might be perfectly reasonable if the clocks were being sold individually, but that won't be the situation if this loan defaults. If FS needed to sell a clock or two, the prices achieved might not be too different from the VR values. If they need to sell 70+ clocks, they'll flood the market and the prices achieved will be significantly below those in the VR. But that's JMHO. My feeling is that this is a large contributor to the significant recovery problems FS are having with the railway memorabilia.
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mikes1531
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Post by mikes1531 on Mar 23, 2018 5:15:11 GMT
Is anybody's 1% spring bonus balance ever correct? Mine isn't. Mine was pretty close to right until I tried to take £1k out of my Standard account cash balance and add it to my ISA. Rather than being moved promptly, as usually happens, it went into limbo. I now have £1k stuck in transit. It has been taken out of my Standard cash account but my ISA cash account is showing no reduction in my remaining ISA allowance for this tax year, and describes the money in limbo as "Transfer in Progress". My amount qualifying for the 1% bonus has been updated for today, and has dropped by the amount of the funds in limbo. I think that means that not only am I not earning the 1% bonus on that amount, I'm not earning the 3.75% QAA rate either! chris: Is AC aware of this problem? Or is it affecting just me and needs to be brought to someone's attention?
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mikes1531
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Post by mikes1531 on Mar 20, 2018 2:09:45 GMT
Under available loans this loan has the ref : 2783248934 . However under the assets tab it would appear to have the ref : 3025637933 ?? I guess that's just "business as usual" at FS ?? AIUI, every loan has a loan number, and every asset has a separate asset number that's shown on the Assets tab. It's been that way ever since the platform started so, yes, it's business as usual.
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mikes1531
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Post by mikes1531 on Mar 20, 2018 0:48:23 GMT
However, even based on your estimation of £200k needed to recoup default interest, that still shouldn't be to big an ask considering the sale price of others. Having read the VR, I got the impression that a fair amount of refurbishment/updating would be required to bring this property up to the standard of the others for which there are recently sold prices available. Hence, I didn't think it would be easy to achieve similar prices. But that's JMHO.
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