izigor
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Post by izigor on Jan 14, 2019 16:21:23 GMT
I feel there's too much negativity towards Lendy in almost every thread. Sometimes I contribute to that too. However, I fear a few things, three of which are:
1. I fear that this skews the image of true circumstances. When everything is taken account of, things may or may not be as bad as this forum portrays. 2. A new investor or existing investor will find it very difficult, if not impossible, searching for things that are right or going right. 3. I also fear that there is a possibility of manipulation, such as some borrowers trying to fulfill their own agenda. Perhaps that, to sink Lendy for their own benefit at the expense of investors. In a way they try to stiffle any positivity towards Lendy. This could very well be just a conspiracy theory, but there's a possibility this is true.
So what I'm proposing is a thread to discuss more positively on things that are going or seems to be turning RIGHT with Lendy. I would even like Lendy (staff) to contribute here, a chance to engage with us, tell us what you've learnt and how you are/will address the lessons learnt.
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izigor
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Post by izigor on Jan 9, 2019 22:23:14 GMT
My belief is that we shouldn't run Lendy to the ground. They are trying hard to (or at least appears to) turning the boat round. A little burst of communication and good intentions occurred a little while ago. They do not seem to be taking on more risky loans willy-nilly. Despite that, repayments of loans do seem to materialise at some frequency.
Now we have to remember that a lot of us are still on the boat and whipping the captain to give you a life jacket may be a win, but staying dry on the boat with a captain to steer it to the shore is my preferred option. Once safely ashore, I can sue the bugger for all compensation still due.
It's a foggy night, so I'm not sure whether above is clear at all...
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izigor
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Post by izigor on Jan 2, 2019 20:35:36 GMT
Is the recently suspended set (6, 33 etc) paying interest? They should be IOA right?
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izigor
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Post by izigor on Dec 31, 2018 4:14:44 GMT
I live in the USA and thus hopefully one of the lucky ones; I certainly haven’t received a letter as yet. Nevertheless, I would be happy to contribute to a legal defense fund if the group decides to go in that direction. Into these two loans to the tune of 4K. Willing to contribute too and to the same amount. Not because I just want my money back, but more to expose just what a c******l this women is. It is absolutely disgusting that she can set up a method to "borrow"? funds for a so called development, make no effort to actually action the procedures to make a development happen, and get away with taking our money and then demand more. She had a plan from the start of that I have no doubt but I think what she failed to realise is that there are plenty of investers ready to fight back. I'm not an investor in either loans, but will chip in because, as an investor in other loans, I believe we need to show a strong defense otherwise this rot could extend to others. We should advertise, petition and communitise this issue when it's time.
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izigor
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Post by izigor on Nov 17, 2018 21:26:17 GMT
The role of an IT department is to understand, service and develop the functions of the business. They have to meet the corporate requirements handed down to them. That's what they exist for. It is a technical role and probably not one that has attracted people who would be comfortable oiling up to irritated customers or being immersed in the pursuit of more business or errant borrowers. So expecting them to be doing something other than their chosen area of interest and expertise would probably be self defeating on many levels. What next, are we going to imply criticism of Lendy's use of their janitorial staff? Small companies don't have an IT department. They pay external developers, tens of thousands, on an ad hock basis. whilst also paying their hosting company many thousands too in order to keep up-time within service agreement levels and rapidly debug should any problems arise. They don't host anything on site, they will pay external IT companies and data centres for either shared or dedicated servers. Whenever you see changes made to their site, just remember that someone has taken a financial decision to do so, and divert money away from their recovery efforts. I would much rather those thousands of pounds be retained, as every penny will count when what's left of Lendy is spread between creditors. It will only get worse with large institutional investors ploughing money in, us retail investors will be so far to the bottom of the pile that we might as well be non existent. You don't unblock a sewer by pouring more s*** down it. What makes you think these cowboys will be able to manage significantly larger sums of money any more effectively than they have ours? I find their business expansion plans to be insulting while so many of us are owed millions of pounds, and Lendy are liquidating their assets as Director loans, leaving even less assets available to administrators. Well if I understand correctly, the loans are ring fenced. If Lendy ever go to administration a third party will administrate the loan book for continued business or recoveries [sure they'll take a fee] Remember we are not shareholders of the Lendy business and neither are we creditors to the Lendy business either.
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izigor
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Post by izigor on Sept 10, 2018 10:27:57 GMT
Slight flaw ...you are applying logic to a Lendy loan Todays the last day for your reasoning To be fair, I believe in the last update, the estimated 'completion' referred was of some legal documentation being completed. It is also possible, that after the 'documentation' they had in mind are completed .. there are some other admin 'documentation' that will require to be completed.. Then after that who knows of the number of 'tasks' required before all completions are completed ..
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izigor
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Post by izigor on Sept 1, 2018 7:39:34 GMT
So they now are going for September.......hmmm Early September, lol Which decade though?
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izigor
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Post by izigor on Aug 30, 2018 19:30:46 GMT
Someone said on another forum that the builders are taking their materials away. They left their materials there all this time?!? That's very unlikely.. unless they started work again recently and now taking them back .. hmm, this would be too optimistic. We have to resist any optimism so when we fall back to earth, we don't have to travel too far.
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izigor
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Posts: 162
Likes: 86
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Post by izigor on Aug 29, 2018 20:38:02 GMT
Well, looking at the latest updates on the Glous loans, it’s taken LY exactly 712 days to tells us that they’ve “arranged a conference call” so the chances of them being able to file a defence within 15 days would seem quite slim. Having said that, I’m quite sure they move a lot faster when it’s their money at stake than when it’s ours. i do hope that the people saying these loans will soon be repaid in full are correct, but as is my rule with LY, I’ll only believe it when I see it. Can I add to that last bit by saying ‘’ I only believe it when I see it and withdrawn it’’ Sorry to be pedantic, but I think you'll have to withdraw it first before you can 'see' it. Whatever 'it' is (yes I'm assuming you are talking about the money .. but you never know .. may be you just want to pee) So good luck on seeing 'it' .. mr averageguy. Yours, Big Guy. (Yes, I'm bored)
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izigor
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Post by izigor on Aug 29, 2018 20:29:37 GMT
How come this thread was on the 3rd page?
...fixed!
Ok, just so my comment isn't too pointless I'm going to ask an unnecessary question (i.e. with a known answer).
Has anyone seen any movement on site?
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izigor
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Post by izigor on Aug 19, 2018 18:07:43 GMT
I really catch myself bi-weekly ... Naught 'rong with that my friend...
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izigor
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Post by izigor on Aug 4, 2018 7:09:18 GMT
Latest update includes: "For commercial reasons we cannot as of yet divulge full details of the proposals as in doing so we could risk the financial close of the negotiated settlement."
What kind of factors would risk the financial close of a negotiated settlement? This is so cryptic it has stoked my curiosity..
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izigor
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Post by izigor on Jun 23, 2018 9:51:37 GMT
New update on this loan: Borrower has informed Lendy that they are targeting a completion date on 30th June. Lendy is apparently attempting to tie in Legals with the completion date.
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izigor
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Post by izigor on Jun 23, 2018 9:45:41 GMT
I don't see why any of us should be prepared to 'forego' any interest that easily. This is business, we should only forego anything when it makes business sense, not when we can't cope emotionally (i.e.fear). What we are due is the return of the captital + all interest. If/When the borrower has refinanced the loan, he will be in receipt of finance .. this will be Lendy's opportunity to recover what is due (IF they didn't pay up). Saying all that, I am still quite sceptical about the update. 'Targeting a completion date' can be anything .. I mean I've been targeting to lose a few pounds since 5 Christmas's ago - it's still not happened .. if anything I've gone the other way. "Seeking the LPA receiver's advice in relation to the start of legals" - I don't understand this .. I hope just mean they are humbly/politely requesting LPA to give 'permission?' for them to go this way ..If not and its literal .. then why do they need "advice"?
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izigor
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Post by izigor on Jun 18, 2018 1:26:09 GMT
The loan particulars say "Gross Development Value of £8,610,000 (£861,000 per unit x 10)" but the first one seems to be on sale for £675,000 with Kingbourne & Co. Ok, rose-tinted glasses on - check. Full optimistic mode switched on - check. Ratchet up the positive thinking - check. Here goes, The loan for DFL001 was for £5,988,911. If they manage to sell one or two at £675k around an unfinished site, they can use the money to finish the others. Once they are all done in a nice setting, it will then possibly fetch a little more than that. Even if they sell the rest at £675k each, it still leaves an extra £761k over the original capital - IF the refinance goes through, we'll probably never know how this story ends. "Anyway, it looks like the borrower is having to sell his house as well as it's on rightmove, under offer" - Jeepers. I wonder if that is part of their refinance with the new Lender.
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