lofty
Posts: 101
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Post by lofty on Oct 6, 2017 5:43:00 GMT
I wonder how much money is leaving the platform because of Lendy's lack of IFISA? I've been patient waiting for Lendy, but have now had to jump and go with another provider because I can't afford to wait and hope.
I'd love to know how some relatively young platforms have managed to get this running much sooner than more established ones. Rather than spending on Cowes week maybe they should have been stuffing some brown envelopes with cash and sending them to the FCA? :-)
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lofty
Posts: 101
Likes: 104
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Post by lofty on Aug 11, 2017 12:17:25 GMT
"not providing credit to cover shortfalls". Pardon my ignorance, but if a new tranche is started and the money given to the borrower before sufficient funds have been raised by us lenders then Lendy will still be covering a shortfall? Sure, it'll disappear quicker now that they've queue jumped, but does this address the "regulatory responsibilities"? I'd have thought that the tranche wouldn't be able to go live until enough money is pledged/collected - in which case Lendy wouldn't need to have anything in the queue at all.
Anyway that's my two-penneth.
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lofty
Posts: 101
Likes: 104
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Property Moose
SPV-54
May 8, 2017 9:59:08 GMT
Post by lofty on May 8, 2017 9:59:08 GMT
Has anything of significance happened here? I'm pretty sure a few weeks back shares were retailing on the SM for about 14 quid. Now its down to a tenner, and the share valuation is 9.85. In fact I offloaded my small holding in this a few months back at about £13. So what's happened?
A 30%odd depreciation in value is troubling and certainly doesn't fill me with confidence that the values posted for other properties are accurate.
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lofty
Posts: 101
Likes: 104
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Post by lofty on May 4, 2017 15:11:05 GMT
No way, at any interest rate. What about 100% pa, 12 months interest up front? Only if the taxman is looking the other way!
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lofty
Posts: 101
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Lendy (L) in Administration
Tax Statement
Apr 11, 2017 14:38:09 GMT
Post by lofty on Apr 11, 2017 14:38:09 GMT
Good point. I'm veering towards madness.
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lofty
Posts: 101
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Lendy (L) in Administration
Tax Statement
Apr 11, 2017 14:21:07 GMT
Post by lofty on Apr 11, 2017 14:21:07 GMT
This does appear to be a grey area but it seems there's someone out there with confidence that these defaults can be used as a tax sink - a***********r has spent nearly 30K split across (81 , 75 , 74 , 71 , 69 ) on the 7th. I'm not sure if this is a moment of genius or madness.
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lofty
Posts: 101
Likes: 104
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Post by lofty on Mar 10, 2017 8:14:50 GMT
Its going to be interesting today and tomorrow to see how the new SM rules play out. I suspect there's enough people out there who were unaware of things changing, and so will quite happily have requested as much of the new pipeline stuff as they can set knowing that they'll just offload other loans in the morning. Those that never intended on paying and were just gaming the system have probably woken up this morning and had a mini-heartattack Could this mean: Investors having to sell stuff they'd rather not, just to clear their position? SS having to forcibly sell off shares in a few days? A panic sell as investors don't want to be stuck with loan parts? I suspect there'll be quite a bit on the market for the next week or so - this reminds me of the London-9 and Brexit malarkey last year. If you're a new investor, boy, have you chosen a good day to join. Lots of stuff to choose from, not just the usual negative day dross.
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lofty
Posts: 101
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Post by lofty on Jan 25, 2017 15:21:42 GMT
New pbl-M******n, B********h. The borrower is described as having experience in maintaining a large garden centre...
Run for the hills...
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lofty
Posts: 101
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Post by lofty on Jan 25, 2017 9:20:28 GMT
Sounds like you might need to drop SS an email. Either that, or you could post your username and password up here - I'm sure someone would happily log in and make sure it balanced
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jan 24, 2017 9:48:41 GMT
Once the situation has been resolved, with a stable service resumed and everyone has time for calm, rational thought, I'd suggest the engineers lock the management in a room and give a full and frank lesson on the benefits of resiliency and redundancy and how that leads to high availability and happy customers. Unless they're hosting these servers themselves then the question they should be discussing is "did we pay the service provider on time"? I can't really see any reputable service provider nowadays having an unhandled hardware failure.
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lofty
Posts: 101
Likes: 104
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Lendy (L) in Administration
I'm out.
Jan 10, 2017 12:31:08 GMT
Post by lofty on Jan 10, 2017 12:31:08 GMT
I always bet on red. Statistically that'll come up more often because its on the lighter end of the electromagnetic spectrum. For the same reason I only invest in loans with predominantly blue in the images (I'm staying away from that garden centre - with rgb values like that its bound to go badly)
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jan 6, 2017 12:35:52 GMT
My main concern with p2p lending is that its newer and so hasn't really been really tested when there's a big economic downturn. For example when the brexit vote happened the SM got a bit log jammed for a month or so, and that was hardly the biggest shock in history. There's the possible oncoming storms of a Euro crisis, China realising they can't just go on inventing money, Trump doing something. That said, the model of investors lending to others is basically what what normal banks do anyway. I deposit £50 into my RBS/Northern Rock (insert any high street bank here) current account and they recklessly loan it out to anyone who wants a sub-prime mortgage. The differences between p2p and banking is a bit more transparency that we can see who's actually getting the loans. Personally I feel a bit more in control with p2p that I do with some anonymous bank/fund manager. I'll overlook the bit about banks having protection of funds of £70K because that doesn't aid my argument...
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jan 4, 2017 15:26:11 GMT
A few months ago I was in the same boat, keen to invest but stuck with the speed of sales. I finally managed to get properly invested and was very chuffed. Then came a default, 9 nine new loans (over 10 million), and brexit within a week or so of each other. The market then swung completely the other way. So you'll hear on these boards about the feast and famine that is the marketplace on SS.
But right now, we're in famine. That may change over the next week or so with a good couple of million in pipeline loans.
If you're a night owl I've noticed the market tends to get a bit more active just after midnight (people holding on for that extra days interest). Also, a few hours after SS sends out a go-live email (people getting ready for new loans). I've also seen some bigger chunks available of new loans at about 9am 3 days after release as (presumably) SS cancel the purchase of people who haven't paid up.
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jan 4, 2017 13:34:25 GMT
"There is some press relating to our borrower which we are aware of" Well if that doesn't start me Googling then I don't know what will...
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lofty
Posts: 101
Likes: 104
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Post by lofty on Dec 22, 2016 15:35:38 GMT
The SM will soon be bare. If you need to re-invest your repaid loans, then midnight will be hyper-busy. Yup, agreed. People will fall into two categories - those who've managed to buy too much today in the feeding frenzy and those who missed the whole thing and have a large surplus of repaid cash burning a hole in their pocket. I fall into the latter category. Unfortunately I'll be in a pub at midnight tonight, so I wonder what'll be left when I get back? I hope in my half-cut state I don't get buying-trigger happy. The last thing I need is to end up buying a garden centre...
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