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Post by charliebrown on Apr 2, 2019 16:54:45 GMT
If you haven’t read the updates then I wouldn’t bother.
I’ll give a summary... ... we’ve had some meetings ... ... blah, blah, blah... ... nothing has changed.
Horendous. I’d prefer Administration.
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Post by charliebrown on Apr 2, 2019 16:04:52 GMT
Sorry. How do I log in to the Private Portal? Not sure we're allowed to post the link here, since it identifies the property. However, I will PM you. NB: you will not be able to see the update unless you are invested in the loan... Can you PM me too. I am unfortunately in these loans. Why don’t Lendy add the link to the email they’ve just sent.
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Post by charliebrown on Apr 2, 2019 16:02:27 GMT
How do I access this private portal thing?
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Post by charliebrown on Apr 2, 2019 12:47:23 GMT
Patronising updates. Totally meaningless, grammatically incorrect, drivel.
The only conclusion I can draw is that when they do inform us “in due course” it’s definitely not going to be good news. I have far more exposure to LY than to FS which is why I’m more vocal about LY being a disgrace to humanity, but frankly FS are as bad or worse.
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Post by charliebrown on Apr 1, 2019 13:23:12 GMT
Are we expecting a Monthly BS instalment today?
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Post by charliebrown on Mar 31, 2019 20:45:49 GMT
Maybe administration would be a better route. Lendy should not benefit due to their incompetence. We are where we are due to their rigorous DD afterall. I’d previously said and agreed with others that Administration is not a good option. I’ve changed my mind, I believe this needs to stop. The professionals need to take over and start executing a viable recovery plan, honestly and transparently. Yes, I’m painfully aware of how badly BDO are performing in the COL Administration so the caveat would be that a skilled, experienced and honest Administrator comes in and shuts LY down and takes over recoveries.
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Post by charliebrown on Mar 31, 2019 20:36:30 GMT
From here on, the more lenders lose the more LY gains. That’s what worries me, that the FCA gave a license to this legalised con. I’d like to use stronger language than worrying but I won’t. 10s of millions of pounds are going to disappear here and with every million that disappears Brookes gets richer and it’s all endorsed by the FCA. I’d read a while ago that p2p was born out of a distrust of banks and Bankers. Well, the replacement is much worse, not a shred of ethics or integrity.
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Post by charliebrown on Mar 31, 2019 19:33:03 GMT
Nope, its in Lendy interest that we do not turn out the lights before they have stuffed at our expense. Lendy is lucky we are not Kamikaze pilots! Whilst their practice is a short term solution to keep them alive, in the long term, it will not keep a bounty of lenders chucking cash at them. Lendy will have to adapt/change to survive in the years ahead. The sad fact of the matter is that we've invested in a P2P company where the interests of the platform aren't aligned with its investors. Lendy don't need to worry about kicking the can down the road for all entirety (in fact it could be argued that it's beneficial for them) as they know they'll get paid their fees and accrued interest ahead of lender capital regardless. This is in deep contrast to other platforms where fees and accrued interest rank behind investor capital ensuring that the platform is only rewarded in the case of successful recovery or performing loans. Knowing what I know now in regards to the fee structure I would have avoided Lendy like the plague from the offset. Really it's my own fault for not studying the terms and conditions in greater detail prior to investing so I only have myself to blame... I don’t think victims of a con should blame themselves. I also don’t think the FCA should have granted LY a license on a basis of all these underhand tactics. Some of these defaults are almost 3 years overdue, even with reasonable sales proceeds there’s going to be nothing left once LY and Brookes claim their slice. No wonder they’re in no rush to recover anything and also no wonder why they are keeping the business going. It’s certainly not a goodwill gesture !
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Post by charliebrown on Mar 31, 2019 18:16:24 GMT
I’ve kind of being asking this question for a while but haven’t received an answer or don’t understand the answer. I’d imagine she’s unlikely to summons 5,000 people to court. It’s unlikely there’d be a trail with 5,000 defendants. What is most likely to happen? My thoughts were a single random lender (not Lendy) targetted as a defendant as his/her guilt could then be applied to all 5,000 of us.
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Post by charliebrown on Mar 31, 2019 15:54:00 GMT
The loan amount on PBL177 and 178 is 1,627,500. A ~700k recovery is 43% recovery. Theres probably a bunch of fees and LY payments to be deducted so might end up around 30% recovery which seems to be where we are seeing recoveries hit. Any value in re-running the “what % of your money do you expect to get back” poll? The repayment made on the linked loan also paid accrued interest ahead of capital, so I would expect the capital return on this to be c25% max if policy is followed. It’s obvious why Lendy is still trading whilst not writing any loans. There’s a lot of money to be made from these failed loans. Quite honestly, if the FCA are OK with the way LY has profited from this mess then it’s very worrying.
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Post by charliebrown on Mar 31, 2019 14:00:42 GMT
According to the web link provided by spareapennyor2 the auctioneer result is that 57 The W*** L****, 58 B***** R***,, 1-7 G***** C**** and 52 B***** R***, Lowestoft sold for £810K. Whether this is PBL177 or 178 or both or neither is I am afraid unclear to me. both as one lot winebar / 19 flats good to see it sold must be just over reserve then thought it might be around the -700k when it first went to auction The loan amount on PBL177 and 178 is 1,627,500. A ~700k recovery is 43% recovery. Theres probably a bunch of fees and LY payments to be deducted so might end up around 30% recovery which seems to be where we are seeing recoveries hit. Any value in re-running the “what % of your money do you expect to get back” poll?
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Post by charliebrown on Mar 31, 2019 13:51:05 GMT
Went wrong for us, not for them. They’ve cleaned up and have left many victims overboard without a life jacket. So we have any idea how much they have extracted? Most of what we’ve lost. They’ve shared some of it with the borrower’s but theyve taken the rest.
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Post by charliebrown on Mar 31, 2019 13:42:55 GMT
Well I had given up all hope on ever seeing any further recoveries from my remaining lendy loans, so i'm pleasantly surprised. I don't get why people are assuming because it's 36.00% repayment than the property must have been sold at 64.00% discount based on LTV or something close. As is almost always the case it is no doubt more complicated than it appears and there are very likely numerous creditor claims on the realised sale, so 36.00% is likely a starting figure that could be agreed by all parties. At least it's action and not just platitudes. You might want to post this on the “positive thread”. That 36% is a great result as you were expecting zero.
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Post by charliebrown on Mar 31, 2019 13:33:22 GMT
I had almost my life savings invested with Lendy £130,000. i didnt lose hardly a penny, and came away with some 15,000 in interest over a year and a half : heres how. i took the view that 12 % return was ‘ too good to be true’ , and when something looks to good to be true, ususually it is. I recognised that the secondary market was key, a faltering of the the success of the secondary market was the key factor in me deciding to take my money and run. i never let my loans run , at 3 months , i would sell on the secondary market, no matter what the loan. That served me very well , others were advocating use due diligence and hold. lendy made a mistake when i transferred some money and couldnt find it as i sent two amounts in succession, eventually they found it. I decided all the same to be very very cautious with Lendy. i hardly lost a penny with Lendy. to those who lost, i sympathise with you, and hope you get the money back. Liam as a broker of dud loans made a fortune. Lenders who played pass the parcel on dud loans will also have made money. Lenders who were looking for a good investment they could hold to maturity (like I did) will lose significant sums. With hindsight that was the whole point, the loans were duds but it didn’t matter. Money was to be made from the platform or from offloading the duds to a “greater fool”. I am convinced the business model was to create a market place for trading dud loans where as long as you were never holding them to term or you were taking platform fees you would make money. Sad to say those who held on are now facing huge loses. Reminds me of that scene in the wolf of Wall Street where they call it the merry go round.
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Post by charliebrown on Mar 29, 2019 20:12:29 GMT
Looking back on these videos and other interviews with LB he comes across as smarmy, insincere, patronising and untrustworthy. If he was a double glazing salesman or a used car salesman you’d run a mile. All irrelevant now though. I don’t believe for a minute he will have any misgivings about having fleeced thousands of people. Business is business.
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