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Post by charliebrown on Feb 25, 2019 12:13:22 GMT
And the interest on this overdue interest payment was no doubt retained by Lendy (as per their T&C) to pursue their defaults and to speed up the process of recovering defaulted payments, which all us lenders really appreciate. Looks like a yellow card offence this one, Mucho
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Post by charliebrown on Feb 24, 2019 10:48:28 GMT
There's nothing to invest on anyway? What else to do apart from withdrawing? (No, lendy wealth does not apply) If LY is running down their business then I am ok with that as I would never invest another penny with them under any circumstances. However, I hope they will try to recover as much of our money as they can. If Liam is planning on doing a runner with his ill gotten gains then that would be the final insult. I wonder whether he’s going to show up at Cowes this year. Given that some of his “investors” may also be there, I’d think his presence would be about as popular as a fart in a space suit.
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Post by charliebrown on Feb 24, 2019 2:04:00 GMT
Lendy calling people asking them not to withdraw money from the platform sounds like desperate times to me. I’d like to hear why they don’t think we should withdraw funds.
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Post by charliebrown on Feb 23, 2019 23:08:19 GMT
Anyone recall why the CC needed to sign the NDAs as they were? What would have happened if they refused? They'd be accused (by BDO) of sapping more time? Simple. They wouldn't have been allowed access to confidential information. This really isn't very hard, people - for BDO to do their work, including pursuing/settling/negotiating loans, they need to be able to work in private. If you want the CC to be able to see what they're doing, and thereby form a sensible view on whether BDO are being effective, they have to sign NDAs. I have to say, if the FCA are looking for reasons to limit or regulate the P2P market on the grounds that "investors" have no understanding of what they are letting themselves in for, they only have to read this thread (and, to be fair, quite a few others on these boards). I hope I can eventually exit from COL, LY, FS, MT. I will do so a lot wiser, a LOT LOT poorer and a lot more bitter about what this world we live in has unfortunately become.
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Post by charliebrown on Feb 23, 2019 12:24:33 GMT
I still don’t understand why the commercial model isn’t a percentage of monies recovered. If they were taking let’s say 10% of monies recovered then they’d try to recover more and they’d try to recover it faster. The charge by the hour regardless of whether you recover any money or not is not a good model for us lenders.
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Post by charliebrown on Feb 23, 2019 9:47:48 GMT
Their business is finished and they know it. My only hope is they will do the right thing (for once) and try to recover some of our money before they turn off the lights. I thought this thread was "a positive thread" My bad. I was posting in a rush and had forgotten which thread I was on. Genuine mistake. I’ll serve my 2 page ban
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Post by charliebrown on Feb 23, 2019 5:58:56 GMT
It isn’t just a matter of who will run the recoveries. Whenever a major lender goes into admistration, all of their customers rejoice. They know full well that if they don’t reply to those letters and don’t answer the door to strangers sooner or later they will stop knocking and the letterbox will be empty. Look at Cattles PLC, latterly Cattles Ltd which was Welcome Credit. They provided high cost, high risk credit to those that couldn’t get it elsewhere. When too many defaulted, the pack of cards fell down to the tune of £230m. Companies house will tell you how much the Administrator got back. It was the square root of bugger all. I fear the same. Even though our lending is asset backed, these are very poor quality assets, 1/2 finished buildings and overvalued plots of land. Add to that, highly paid Administrators, uncooperative borrowers and a slow and archaic legal system and I’d think we’d be lucky to get any decent recovery here. Unfortunately I only grasped that LY is a legalised con when it was too late to get out
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Post by charliebrown on Feb 23, 2019 1:12:46 GMT
I am in COL. My observations are:
Adminstrators do not work in the best interests of Lenders, they work in the best interests of themselves.
No one works in the best interest of Lenders in this setup, so any outcome for us is likely to be extremely bad but the other parasites in the chain all do very well.
Time equals more money for everyone concerned, apart from Lenders, so expect them to execute any recoveries as slowly as they possibly can, years not months.
We’d be marginally better off letting LY run recoveries, assuming they’re capable, which is highly debatable. However, we are not coming out of this well under any scenario. Look at the recent LY recovery where hundreds of thousands of pounds disappeared in fees without any explanation.
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Post by charliebrown on Feb 21, 2019 15:20:11 GMT
to me the above clearly infers this was in the control of FS and not held in a bin on behalf of another pawn shop - if this is what FS are arguing then I think they are in a very weak position, however much does an experienced London barrister cost - about £500/hr? What a mess! What a mess, indeed. There looks to be a few (big hitters) investors who stand to lose large amounts on these art loans. If any of them decide to sue FS for negligence it could be the end of the road for FS.
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Post by charliebrown on Feb 21, 2019 11:57:40 GMT
On a positive note Lendy are still in business against all the odds... I'm not convinced they would bother telling us if they weren't. Their business is finished and they know it. My only hope is they will do the right thing (for once) and try to recover some of our money before they turn off the lights.
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Post by charliebrown on Feb 21, 2019 11:52:21 GMT
Woodlands recently paid back with full interest and bonus, so there's clearly something going on. When loans are in difficulties it's often a long time between updates - they could do a better job of posting that updates have been delayed, but then they'd probably create just as much anger about how they "aren't doing their job". Some kind of realistic time frame against each loan would be useful, rather than the generic "later in Feb" placeholder on multiple loans Lendy promised updates that they have, without a word of explanation, not provided. They know damn well how much this annoys their investors, leads to negative thinking and spawns threads like this. You can only think they do this on purpose or really couldn’t care less. They tell us they have changed and they’re enhanced, it’s all rubbish.
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Post by charliebrown on Feb 20, 2019 13:03:40 GMT
Has he done a runner with our art pieces. EDIT: it’s actually on their “about us” page that Richard has resigned due to “health and personal reasons”. I would imagine that it's not long before anyone working for this embarrassing shower starts to suffer from health and personal issues. I would wish him the best for the future. Anyone with any integrity and conscience would suffer stress and anxiety from being involved in such a business (we don’t see the half of it, imagine what those on the inside see). You’d have to be a special type of sociopath to run one of these platform and sleep well every night; someone like Liam from Lendy.
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Post by charliebrown on Feb 20, 2019 12:22:59 GMT
We could assume that he's done a runner, probably with a payoff. Out of his depth and he knew it and will be relieved to be on his way. Has he done a runner with our art pieces. EDIT: it’s actually on their “about us” page that Richard has resigned due to “health and personal reasons”.
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Post by charliebrown on Feb 20, 2019 12:17:14 GMT
Poor performance, negligence and dishonestly are not grounds for insolvency. If they were, LY would be insolvent.
As for compensation for losses then FS are not going to offer this voluntarily, we’d have to sue them and win a court case at which point they’d fold and we’d get nothing anyway.
P2p is the Wild West and these are shark infested waters. The best thing we can do is just stop investing, which is what I have done.
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Post by charliebrown on Feb 19, 2019 12:16:21 GMT
Well, Feb is more than half gone and we are still waiting for "As a result, we expect to be able to issue an ad hoc update week commencing 4 February. ".
You can add "PBL084 - Scottish estate with multiple letting properties We are awaiting an update on this loan from our external legal and recoveries partners. We hope to release this update during the early part of this month. "
Basically same-old same-old .. in fact, as far as I can tell, nothing has been said since start of Feb, despite many loans having promised %something% 'real soon now'. Or am I being unfair??
You’re not being unfair, you’re stating a fact. I wonder whether LY get some form of pleasure from promising things they don’t deliver (aka lying to us). These are not the usual lies though, these are enhanced lies.
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