r1200gs
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Post by r1200gs on Jul 11, 2017 10:07:31 GMT
Has anyone actually spoke to FS about their concerns for this loan ? Yes, in very clear and certain terms. Despite this, they have continued to post updates suggesting that all is going well in Whitehaven while clearly not checking.
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r1200gs
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Post by r1200gs on Jul 11, 2017 8:14:59 GMT
Big chunks of ALL the default loans gone this morning and overnight. Lendy changes have enticed someone... Same story with all the bonus loans.
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r1200gs
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Post by r1200gs on Jul 11, 2017 8:08:16 GMT
This appears to be having the desired effect. Take a look at investor activity on PBL047.
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r1200gs
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Post by r1200gs on Jul 11, 2017 7:51:52 GMT
I would like to see more loan repayment emails, in em or not, what is it 3 or 4 in the last month ? Yes, and I wasted an entire 1 minute and 22 seconds of my life logging on to check if I held any of them. I had to press a button as I was passing to put on the kettle, spend 3 seconds typing a password and make 5 left clicks on my mouse. Disgraceful.
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r1200gs
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Post by r1200gs on Jul 10, 2017 11:13:25 GMT
Querying the wording of the email dilutes the fact of the matter which is that this is an outstanding repayment that will have caught many by surprise and today should be one of congratulations to LY and investors should really be in a celebratory mood. It occurs to me that we have started getting good news on this platform on a much more regular basis over the last couple of weeks and long may it continue I say. There are several reasons to feel positive. Unfortunately youve highlighted one of the issues that is consistently undermining the platform. Poor or inconsistent communications. Any comms should be an opportunity to promote the platform, either by emphasising how a difficult situation is being well handled or, as in this case, trumpetting good news. Sloppy writing or poor proof reading which raises questions in the readers mind, immediately reintroduces concerns and diminishes the positivity & competence the email should engender. This is a failing of all the platforms I know of, to a greater or lesser extent. To be fair, there is worse than Lendy, much worse. Had I not seen the FS hole in the wall update fiasco with my own eyes I would likely not have believed it.
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r1200gs
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Post by r1200gs on Jul 10, 2017 8:49:50 GMT
Are investors aware of the recent planning application? "Alternative design sought to the external elevations of the building." Not sure if this affects anybody... Not sure what that's about, but the very word "cladding" made my heart sink. Still, there at least appears to be a lot of room for some unexpected costs to be absorbed.
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r1200gs
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Post by r1200gs on Jul 10, 2017 8:39:12 GMT
Well done Lendy, keep it up.
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r1200gs
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Post by r1200gs on Jul 9, 2017 14:32:48 GMT
As has been said before a photo of the site would provide evidence of progress.
Perhaps this is so simple that FS can't accept it as it's far too simple.
If FS had asked for some sort of evidence of progress they would have protected themselves from potential claims from investors. I believe they are now "at risk" of investors making claims against FS. It's something I am thinking about as I need to sort out my financial affairs. As I have already stated, I invested in to well advanced on schedule building project with a loan that would never exceed 70 percent of the collateral. That's not what I got. And since than I have had nonsense update after nonsense update by a company who were well aware that the borrower was lying to them, yet they pass on his lies with no checks. I expect every penny of my money back, and if that does not happen, I will take legal advice.
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r1200gs
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Post by r1200gs on Jul 9, 2017 12:00:03 GMT
All good points. You're right that Lendy need to be transparent but it does seem a bit daft to shove those defaults in your face. Speaking of which, I've just been going through them. I really don't see any disasters there, although a couple may well see some capital loss that Lendy might cover. Unfortunately, these things do take time to bring to a conclusion. Some repayments, preferably from that defaulted list and the SM could still dry up pretty quickly. IMHO. Defaults are inevitable and should be expected. The problem is, there are serious questions surrounding LY's inhouse DD I give you one example... The two Somerset Loans amount to £2.5m, but are listed online @ £1.7m. Both are struggling to sell - the borrower is providing problems at the office block That is just one - there are many issues with the others (many comes down to being reliant on some shoddy VRs). PBL106 could be one of the biggest problems loans How LY handle the "Problem Loans" will provide indication of the long-term viability of the platform, and maybe the short term Yes, those are the ones I had picked out. The borrower is providing problems at the office block? Really, such a nice man of such good character? Who'd a thunk it? I had 106 picked out as suspect long ago as well. Not sure where Lendy are going with that one or what the possible outcome might be, but Somerset is going to have a substantial loss.
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r1200gs
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Post by r1200gs on Jul 9, 2017 11:32:00 GMT
All good points. You're right that Lendy need to be transparent but it does seem a bit daft to shove those defaults in your face. Speaking of which, I've just been going through them. I really don't see any disasters there, although a couple may well see some capital loss that Lendy might cover. Unfortunately, these things do take time to bring to a conclusion. Some repayments, preferably from that defaulted list and the SM could still dry up pretty quickly. IMHO. Glouc, Somerset, Fife are the stand out candidates (they were my parameters anyway before the illiquid monster chewed up 300D+ loans!). Exactly. Gloucester alone would be a massive confidence boost for the platform, and I believe it's coming. When, is another matter. Plus, we have that biggie to repay that's on the horizon. Lendy have put off new borrowers a bit, that's for sure. Old hands as well for that matter. I'm still confident, though a little bit more selective.
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r1200gs
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Post by r1200gs on Jul 9, 2017 11:12:21 GMT
Personally I think it's a combination of the name and the defaults list. I know if I were new to the P2P market I'd be wary of the name Lendy as it just doesn't sound professional enough for me, so I'd almost certainly have picked one of the others first. But I've just had a quick browse to some of the other similar platforms and it's interesting to note that before you register an account Lendy is about the only one that openly shows the full picture - Available, Pipeline and Defaults pages. Shortly after I joined there was only one default for ages...the Garden Centre. Now there is a whole page available to see before you even register. I'm all for transparency, but it does seem somewhat of an own goal to have a page headlining with "These are loans where we are no longer confident about the borrowers ability to repay the loan and have therefore officially defaulted the loan. Monthly interest payments are not guaranteed. We are taking all appropriate steps to recover 100% of the capital from these loans." Obviously this defaults page would still be there for new accounts to see if it were otherwise hidden, so that may still prevent new registrations from becoming actual lenders. So I think the only real answer is to get a bit tougher on the defaults and keep their numbers down. Lendy needs to get tough on the empty promises of "the cheque's in the post...honest" from borrowers and recover the money owed from sale of the asset. This list is going to get awfully long otherwise and the platform would surely die as a result of that. All good points. You're right that Lendy need to be transparent but it does seem a bit daft to shove those defaults in your face. Speaking of which, I've just been going through them. I really don't see any disasters there, although a couple may well see some capital loss that Lendy might cover. Unfortunately, these things do take time to bring to a conclusion. Some repayments, preferably from that defaulted list and the SM could still dry up pretty quickly. IMHO.
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r1200gs
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Post by r1200gs on Jul 9, 2017 10:57:21 GMT
Two £10,000 bites at this one this morning.
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r1200gs
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Post by r1200gs on Jul 8, 2017 18:05:55 GMT
AND, they were made well aware that this borrower is telling lies, and STILL they continue to pass those lies on! Dear FS, now I am angry. I KNEW this is what we would see and you certainly should have suspected it and STILL you continue to pass this BS on to us. What is wrong with you guys!? Every penny from this loan had better be in my bank account in due course, every one. Has anyone informed FS that no progress has been made on the site for months? They can claim that they weren't aware about the situation as they don't read this forum (even if they do). If there is a prove that they know the information they pass is false then they could potentially be charged with a fraud. I personally went ballistic with FS after buying in to tranche five which suggested I was buying in to a well advanced project all going to schedule, ready for the timber frame. And of course, that borrowings would not exceed 70 percent of the site value. After we got the pictures posted here, I made it clear that this borrower was lying and they needed to monitor this. I was not the only one, and FS issued an update in response basically excusing the borrower(with a load of waffle about a court case that's nothing to do with me, I loaned against this project) and saying all would be back on track shortly. I think we have since has at least two more updates(3?) suggesting it's all going well and that work is underway. NO, it's NOT and FS had every reason to suspect it was not yet STILL pass this nonsense on to us. This just beggars belief.
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r1200gs
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Post by r1200gs on Jul 8, 2017 17:15:14 GMT
Our pictures on 13 May and 7 July show that whatever rubbish FS dishes out under the guise of "updates" and contractor action etc, still nothing at all has been done on site to change the status quo. I revert to these comments upthread. From loan update on 3/6/17 "we release funds once we are satisfied that work funded by earlier tranches has been completed" ... "we understand that contractors are on site".
From update 24/6/17 "work on the site is continuing".
NO IT ISN'T. What is your evidence for this assertion.
fundingsecure Please explain why you have issued those updates when you know that we know that nothing is happening on the site. Why don't you issue truthful and realistic updates? Have you lost control of your business?AND, they were made well aware that this borrower is telling lies, and STILL they continue to pass those lies on! Dear FS, now I am angry. I KNEW this is what we would see and you certainly should have suspected it and STILL you continue to pass this BS on to us. What is wrong with you guys!? Every penny from this loan had better be in my bank account in due course, every one.
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r1200gs
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Post by r1200gs on Jul 8, 2017 17:04:30 GMT
Well, here's a shocker. Who could have expected this?
FS.....YOU ARE A DISGRACE!
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