izigor
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Post by izigor on Nov 11, 2017 20:53:30 GMT
And like when waiting for a bus ..
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izigor
Member of DD Central
Posts: 162
Likes: 86
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Post by izigor on Nov 10, 2017 16:00:16 GMT
I wish there was a view on the gap between the borrower's offer and the outstanding balance? For example, if I was given the choice of capital plus standard interest vs chasing for the bonus interest, I'd happily forego the 2.4% bonus in order to cash out IMO you should count your blessings if you get your full capital back. I fear a severe haircut coming eventually. It could possibly have been avoided or at least reduced if Lendy were not kicking the can down the road to postpone as long as possible their first lender losses. With the latest update, it looks to me that the PLA may decide to build the site out. Of course, this will have to include legal actions on the ransom strip - and/or alternative access produced (if that is at all possible). Where and how will the PLA obtain the fund to finish it off will also be interesting.
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izigor
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Post by izigor on Nov 10, 2017 14:08:23 GMT
So, update today says that prospective purchase do not wish to proceed. I'm just thinking out loud ... why don't the holders of the loan simply become owners of the property? We could potentially finish this off diy. I managed to build a shed, lay the laminate flooring and paint the house after a few videos on youtube. I think it took me a good two weeks due to the tea, football and barbecue breaks etc but oh it was so much fun.
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izigor
Member of DD Central
Posts: 162
Likes: 86
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Lendy (L) in Administration
autoinvest?
Nov 5, 2017 16:07:39 GMT
Post by izigor on Nov 5, 2017 16:07:39 GMT
If the answers LY get from most/almost all forum members are a flat negative that would (imv) likely encourage them to scrap manual lending & go down the AI-only route, which to my mind adds zero value to most of us here. I'm scratching my head trying to understand the logic above. Can you please explain why a unanimous vote against Auto Invest would lead Lendy to scrap Manual Invest?!?
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izigor
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Post by izigor on Nov 3, 2017 19:07:39 GMT
Here is the reason why this product is NOT a good idea:
Let's say you start with £100,000 (just so it makes it easy to get the numbers)
If you manually invest in 12% loans and compound the interests back in your account (i.e. when you receive the interest at the end of the month, you use this interest to buy into new 12% loans), then after 5 years your capital will grow to £181,669.66
If you use this Auto Investment that Lendy is promoting, you will only end up with a capital of £135,000. This is a difference of £46669.66. So you are paying over £45k for this feature .. a tad expensive wouldn't you say?
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Let's pretend we are quite lazy, unlucky and a slob and we only get to buy 10% loans plus we lose 1% of our WHOLE capital (even the compounded one) each year. Even at such dire circumstances, if we manually invest, the capital after 5 years would be £156,568.10. That's £21,568.10 better off than this new product!!!
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Saying all the above, I am quite happy not to insult Lendy. In fact, I would be quite encouraged if this 'BOND' is for a different purpose, such as finishing up the constructions on buildings which have gone into default. This serves an ulterior purpose. However, if Lendy is trying to skip past our intelligence, to use our money on exactly the same thing for a reduced return, then they know exactly where I want them to stick it!
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izigor
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Post by izigor on Nov 2, 2017 17:48:24 GMT
I think for the purpose of making suspended loans visible, the best solution is to have a separate tab for them. In this way, the total amount for 'suspended loans' can also be displayed just like for 'default loans'. This, ideally, should reflect the IT database model anyway and if they have coded it right, it should be 5 to 10 days work to add the web front-end (a copy and paste of the default tab - 1 hour), code and wire-in the back end service to the front end with the data (1/2 day) and test it to death and repair (5 days). So 1/2 day then. Not quite, because the managers need to have lots of meetings about how they can avoid doing it and that generally takes 6 months and the majority of the budget
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izigor
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Likes: 86
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Post by izigor on Nov 2, 2017 16:22:47 GMT
I think for the purpose of making suspended loans visible, the best solution is to have a separate tab for them. In this way, the total amount for 'suspended loans' can also be displayed just like for 'default loans'. This, ideally, should reflect the IT database model anyway and if they have coded it right, it should be 5 to 10 days work to add the web front-end (a copy and paste of the default tab - 1 hour), code and wire-in the back end service to the front end with the data (1/2 day) and test it to death and repair (5 days).
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izigor
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Post by izigor on Nov 1, 2017 14:17:43 GMT
If I understand correctly, one of the benefits when a loan is suspended before going to default is that they can provide 'default resolution' methodology early. This would bring earlier resolution to those loans now at higher risks to being defaulted.
So, while I agree there is cause for concern at the amount involved, I don't think it's a fair view to lump suspended loans and default loans in one. I believe (lightly) that this new mechanism will significantly reduce the default pot against what it would have been in the future (i.e. about 2 to 3 years later).
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izigor
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Likes: 86
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Post by izigor on Oct 30, 2017 22:48:19 GMT
I lost respect for the developer since he and his son has been trying to prevent access to the site for his gain alone against our loss. And that after we trusted him, lent him our money and he let us down. Now he is offering us capital loss, and he thinks we're going to revolt for his benefit. He needs to be sent to the cleaners and get a good smack of reality. My vote is firmly with Lendy.
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izigor
Member of DD Central
Posts: 162
Likes: 86
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Post by izigor on Oct 26, 2017 17:40:35 GMT
The counter point is that investors may celebrate less if it jeapordises platform stability. Agree, I'm not celebrating, but I have to admit that I felt a wave of relief caressing my spine. I don't want Lendy to fail, I just want it to return back to organic growth and improving on managing risk instead of binging on stereoids turning its neck and shoulder into one. Now looking at the empty half of the glass, does it now mean that the security could pay the monies in full but if the platform fails in the meantime, we are fwaked!
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izigor
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Posts: 162
Likes: 86
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Post by izigor on Oct 12, 2017 22:44:58 GMT
Ouch I can feel the noose tightening everyday that goes past. Awaiting tomorrows update .. holding my breath in anticipation that the borrower has found the money tree just like Mrs May has.. Now Now... i'm sure you meant to say Mr Corbin. The £1 Billion pounds of money which suddenly appeared out of nowhere in order to get DUP to keep her in power. The £20 Billion pounds of magically materialised money now available for tempting EU in phase-2.. the £250 million pounds which didn't exist last week in order to prepare for a 'No Deal' (Evidently Hammond don't know the location of that tree because he still can't find the money). Mr Corbyn knew of it, we didn't believe him. Now it seems he was right and it does exist. In fact, mrs May takes a bath under that tree every morning. She lathers her snake leathered body with the new pound coins and 5 pound pig-notes.
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izigor
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Likes: 86
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Post by izigor on Oct 12, 2017 22:32:09 GMT
Anyone spotted a Lendy update on this loan yet, I'm sure there should be one by now? Being Thursday today and 2 weeks since the last update day, I was expecting the same today. However, I can't find any updates on any of the loans that I have checked and I've checked about 10 of them.
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izigor
Member of DD Central
Posts: 162
Likes: 86
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Post by izigor on Oct 11, 2017 19:07:48 GMT
If you're going for visual cues, how about: for a suspended loan Ouch I can feel the noose tightening everyday that goes past. Awaiting tomorrows update .. holding my breath in anticipation that the borrower has found the money tree just like Mrs May has..
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izigor
Member of DD Central
Posts: 162
Likes: 86
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Post by izigor on Oct 2, 2017 14:51:35 GMT
I have to say that Jim Reaper's sudden appearance on the forum and particular interest in this loan is a matter of suspicion to me and would indicate that the said person may have an undeclared interest. Without wishing to cast any aspersions on Jim Reaper I would just be cautious about sharing much information with this poster because he or she could be anybody. I know the same could be said of many of us but at least most of us have some sort of track record on here which provides some sort of indication that we are genuine investors and do not have special connections or interests. I have to say that I cringe a little on the 'attack' on jimreaper on this board. People second guessing on the 'intentions' on why people post here. I'm not rebuffing or attacking anyone, the quote above is just an example of what I'm referring to. But although I do appreciate the chivalrous efforts in trying to snare the bias of intentions behind people's post, I just wish that it was done with a little more tact rather than making someone who is potentially innocent feel guilty by him/herself and others just due to the force of the mob. I have, for one, started to think that there can't be smoke without fire and have had to slap myself awake and realise there isn't an ounce of evidence, just conjecture. Another thing I have to say is that, in my opinion, the intention on why someone post here is somewhat irrelevant as long as the intention to post the truth and not misguided information. Saying all that, I find it all very exciting and I look forward to the next chapter after 'setting the trap for jimreaper'. And in the old Batman soap voice-over at the end of each episode "Will the jimreaper escape the trap lured for him at FS?", "is he innocent?", "what will happen in the next episode??.. stay tuned!"
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izigor
Member of DD Central
Posts: 162
Likes: 86
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Post by izigor on Sept 29, 2017 21:24:02 GMT
Lendy Support : Today's update for this loan says there are occupants in the residential apartments without Lendy’s knowledge and/or consent. This implies to me that Lendy think the borrower should have requested their consent before doing this. Why is that? Also, I thought there used to be a Q&A tab within each loan's pages where I could ask a question like the above. I couldn't find anything like that today. Am I blind? As I understand it this is a development loan of an asset. Occupation or any action that would result in depreciation of the asset would (or at least should) be only due to hire, sale or unauthorised. Either of the three should be notified to Lendy (just like you would have if you had a mortgage). And if unauthorised the developer should be dealing with it unless repossessed. I'm not an expert nor a lawyer but the above is from my general knowledge (which also seems common sense, by coincidence).
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