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Post by charliebrown on Mar 11, 2019 11:33:22 GMT
This is really a strange tale. It almost seems that LY has purposely been executing a go out of business strategy. They stopped issuing loans, which given their name is Lendy is absurd. I can’t imagine that there are no borrowers out there that meet their “rigorous lending criteria”. At the same time, knowing that investor sentiment is all important to their survival, they proceeded to double down on their efforts to treat investors with utter contempt and pretty much stuck 2 fingers up at worried investors at every given opportunity. Their communications got worse, the broken promises kept coming and their aloofness was very apparent. Brookes has no doubt secured his personal finances and has made a killing, but it seems he decided quite some time ago that he’d made his fortune and all this was too much like hard work. I think it’s right to suggest he should be replaced. If he’s not replaced things are only going one way.
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Post by charliebrown on Mar 10, 2019 15:39:14 GMT
bg this is a bit disconcerting for investors - I appreciate that you must be privy to some information that the rest of us do not have, is that the case? As we are speculating that FS has been negligent and how we will react to no repayment. FS are taking action that they believe will recover investors money. Whatever reaction you may be thinking about regarding no repayment, you first have to wait for recovery actions to run their course. My point was that whether the loan is 'defaulted' is neither here nor there with regard to chances of recovery. It also does not stop investors writing off the loans for tax purposes. People with large sums of money in this loan do not care if the loan meets the FS definition of a default, all they care about is getting their money back. I’m not an expert, but when the assets have been fraudulently sold and the borrower has been declared bankrupt then I’m not sure what type of “action” would lead to any type of recovery.
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Post by charliebrown on Mar 10, 2019 15:29:10 GMT
Of course BDO aren’t going to send letters with the correct totals on. By sending incorrect totals they will generate a lot of letters/calls/emails from aggrieved investors, which they will no doubt charge for handling. They’ll probably delay for another year and table a massive bill for having a second attempt at getting the totals correct. At 500 quid per hour, I’d say unless 10s of thousands of pounds have been wiped off our totals we’d be better just not saying anything, it would be cheaper to keep our mouths shut. Can we start a poll where we can vote for our confidence in BDO. I’m afraid my vote is a vote of no confidence. I can’t believe that 1 year on we are no further forward with any recovery. BDO has no incentive at all to recover anything, ever.
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Post by charliebrown on Mar 8, 2019 20:15:42 GMT
The paintings are gone, our money is gone and the borrower has been declared bankrupt. That’s the hard facts The blame lies squarely with FS. It’s incompetence of the highest order. As always, their mistakes become our problems and we’re expected to say nothing and suck it up.
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Post by charliebrown on Mar 8, 2019 14:40:27 GMT
Liam might have gotten rich at our expense, but he’s made himself a hate figure and social pariah. I hope he thinks it was worth it.
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Post by charliebrown on Mar 8, 2019 0:07:03 GMT
“In the event of a shortfall in the amounts available for repayment of the Loan, the available proceeds will be paid in the order set out in the Loan Agreement, as follows: first, payment of any unpaid fees, costs and expenses of the Agent under the Finance Documents; second, payment of any accrued interest, fee or commission due but unpaid under the Loan Agreement; third, payment of any principal due but unpaid under the Loan Agreement; and fourth, payment of any other sum due but unpaid under the Finance Documents. However, Lendy may, and Saving Stream Security Holding may, vary this order in their discretion.” Seems both Lendy’s fees and accrued interest are at the front of the queue and ahead of investor capital meaning the longer a loan drags on the more potential profit for Lendy (and increased chance of capital shortfall). What have we let ourselves in for! I think the recent 30% recovery where Lendy has so far refused to give a breakdown of where the rest of the money went shows us exactly what we’ve let ourselves in for. Lendy passed the point of no return as a viable business a long time ago, they’re now just trying to maximise their profit (and our loss) before they go off and enjoy their wealth. If Liam’s lack of morals allows him to do that to people then he’s a very <redacted> man.
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Post by charliebrown on Mar 7, 2019 14:19:42 GMT
Liam/lendy just sitting back now waiting for fees and taking money from the few remaining tranches of this disaster of a loan book.everything handed to ERT who pass it all on to external recovery experts and the show carries on.all paid for by us the lenders of course.why go into administration when there are many millions of pounds of our funds which they can still get their hands on before finally calling it a day. I don’t know how Brookes sleeps at night knowing what he’s done. Some people will stop at nothing in their desperation to get rich.
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Post by charliebrown on Mar 6, 2019 15:25:52 GMT
What is this borrower playing at? You’d have thought that when given an ultimatum to finish the development or risk having Administrators called in he’d have brought a team in working around the clock to push things over the line. Instead, after accepting the ultimatum, “progress has not been significant”. He obviously thinks (probably correctly) that MT don’t have the backbone to execute their ultimatum. I’m all for being understanding to delays but at what point does being understanding become being a mug.
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Post by charliebrown on Mar 5, 2019 12:16:01 GMT
The FCA should have been all over this company a long time ago in my opinion. Seems any old Tom, Dick or Harry can come along set up a p2p business in a total disregard for investor's money. Laughable when they were given full FCA accreditation, about the time the floodgates of defaults started. How on earth this facade continues is anyone's guess. This may well go on for years if they're collecting juicy (non) recovery fees. I believe the FCA just ticks boxes. Do you segregate investor funds from your own funds. Check. Do you have Administrators on retention to recover investor funds in the event of insolvency. Check. As long as you check the boxes you’re in and acredited. The fact that Lendy has abysmal performance as an investment, utter contempt for investors and has made more money disappear than Ronnie Biggs is of no concern of the FCA. I think we assume they’re there to protect us but they’re not.
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Post by charliebrown on Mar 4, 2019 12:57:11 GMT
Declared bankrupt and officially listed as such. Goodbye to our investments, yet another premier league FS mess.
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Lendy (L) in Administration
MONTHLY BS
Mar 3, 2019 10:41:46 GMT
Post by charliebrown on Mar 3, 2019 10:41:46 GMT
Staff, including LB, can all walk away if they feel they can’t be bothered anymore. We investors cannot walk away, we’re trapped between a rock and a hard place.
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Post by charliebrown on Mar 2, 2019 0:57:02 GMT
I’m looking forward to the 1st April update. Having said that, every day is Fools’ Day for Lendy investors.
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Post by charliebrown on Mar 1, 2019 12:53:43 GMT
I used to dump big amounts in loans back in the SS days and that was terrifying even with a liquid market, dumping big amounts now, well those doing that must be very confident in the loans because there's very little chance of liquidating unless the merry go round is still going on but in the background. Who knows? Presumably any chance of liquidation only comes from new investors dumping money into, dare I say it, the pyramid.
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Post by charliebrown on Feb 27, 2019 10:45:01 GMT
Where is Captain Brookes these days after his groveling "we're going to blah blah blah" apology to investors? Brylcream and dodgy double breasted blazer time soon for Cowes is it not? Maybe Lendy might sail a lifeboat in the regatta this year... The updates since the apology have been pretty bleak to say the least. The titanic, more like. Brookes has already launched the lifeboat under the cover of darkness. This is one Captain that has no intention of going down with his ship.
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Post by charliebrown on Feb 25, 2019 12:19:59 GMT
Current Lendy Wealth rates are only for early investors so a reduction will occur at some point. Yeah, reduced to zero, along with your invested capital.
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