r1200gs
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Post by r1200gs on Jul 8, 2017 10:38:10 GMT
25 percent has to be paid within 21 days of exchange, the rest on completion. Not sure the borrower can even spend the deposits?
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r1200gs
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Post by r1200gs on Jul 8, 2017 9:42:38 GMT
I agree. It's difficult to see what could go wrong here. I already have substantial holding but I'm tempted to park a bit more here. If anyone thinks I'm being a plank, please don't be shy in telling me why! We only know what Lendy know and have told us. We don't know what Lendy know but haven't told us. We don't know what Lendy don't know and can't tell us. So long as 'a bit more' doesn't exceed any personal limits on single loan / platform exposure, then I personally know of no reason why you shouldn't, but just because you can, doesn't mean you should. (It's a lose / lose situation. If the loan fails, you'll feel a plank for putting more in. If the loan succeeds, you'll still feel a plank for not putting more in!) Mmmm....All good points. Well, yes it would be more than my personal limit, but then I'm thinking that a personal limit should not stop me making the right decision, particularly as it's parked at 4 percent at present. I think I'll do a bit of digging, but it's hard to see how this could go wrong with this sort of margin. I am wary of what we might not be getting told, but then I'm a soon to be ex customer of FS, so I would be! I still find it hard to see how we might lose money on this one though. Off to do a bit of digging.
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r1200gs
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Post by r1200gs on Jul 8, 2017 9:11:55 GMT
Tranche 9 funding request for £161,414 is in the pipeline section accompanied by a significant project update, which concludes: Paul64 / Lendy Support - credit where credit is due, this represents a significant improvement in loan-level comms and is both welcomed and appreciated. Personally, I would still prefer to see overall figures for ' percent complete' for time and ' projected spend remaining' for budget, but this is definitely a step in the right direction. With exchanged sales of £11m, and more agreed, against a loan of less than £7m, I am very happy that this is already in my hold to the end pile. With 70% sold, 20% reserved, looks like a very profitable development! Now if all DFLs can have similar updates I may bring back some of the money I have removed in the past two months. I agree. It's difficult to see what could go wrong here. I already have substantial holding but I'm tempted to park a bit more here. If anyone thinks I'm being a plank, please don't be shy in telling me why!
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r1200gs
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Post by r1200gs on Jul 8, 2017 7:16:30 GMT
It is, although there is no penalty for non-payment. Also depends what loans you own, I have always held several very liquid loans, so never been an issue for me. I think they could suspend your account... 14. Terminating your membership of Lendy 14.2 We may end your membership of Lendy at any time and for any reason, including but not limited to if: 14.2.4 you suspend, or threaten to suspend, payment of your debts, or are unable to pay your debts as they fall due or admit inability to pay your debts... I have spoken to one member where a suspension has occurred (although, I'm not sure it was to do with non-payment, and SS did reinstate his account) Following my unwanted prefunding incident for which I raised a support ticket, no support ever happened. Lendy simply cancelled loan parts and worse, they cancelled the one I wanted and used the money sent to pay for the ones I didn't want.
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r1200gs
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Post by r1200gs on Jul 7, 2017 12:10:12 GMT
Hi. I just tried to withdraw a small sum, and was greeted by a big red box saying: "In order to enable withdrawal requests we need to update our AML records. Please email a copy of a recent identity document (Passport/Driving License) along with proof of address (Utility or Council Tax bill) to verification@lendy.co.uk. Once we have confirmed these documents, we can enable account withdrawals." Is this legit? I have been asked for identification documents before establishing an account before, but I've never been asked for them before withdrawing funds from an *existing* account. My paranoid self wonders whether this might be a way of slowing the flight of funds from the platform. Please say it ain't so! Perfectly normal, not a sign of Lendy running out of money.
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r1200gs
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Post by r1200gs on Jul 7, 2017 11:58:04 GMT
It's quite clear that some are reinvesting this loan repayment. Deluded? Well, some people keep money in the bank and think it's safe, and that's certainly my idea of delusion. So far I'm up about £35,000 with Lendy, and while I see there are going to be challenges ahead and I'll modify my strategy as we go, possibly pulling out altogether if I see reason to. Not quite yet though. I believe rumours of the death of the SM to be more than a touch premature.
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r1200gs
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Post by r1200gs on Jul 7, 2017 11:48:35 GMT
Edit: Actually, quite a large increase in sales this morning, and I presume more to come when people get back from work. Not sure what evidence you have for that but I'd be delighted were it true! Both Jonah's graphs and the scripts report very little change in outstanding SM. In any case I, like many others, am sitting on large quantities that I want to put on the market. However, this latent demand is not worth triggering with so much already on the SM. For the first time in my history with Lendy, I have negative day loans because I've been unable to diversify fast enough. Am getting very twitchy about Lendy but there's no way out at the moment... The evidence can be seen on the big posers palace on the Thames. I mean, it's not exactly blazing but sales are well up, so clearly some people are a little more optimistic. Obviously not everyone is pulling their funds out. I don't pretend to be able to tell the future, but I think a couple more loan repayments might cheer up the pessimists no end, particularly if they are defaults.
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r1200gs
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Post by r1200gs on Jul 7, 2017 11:43:57 GMT
Great news and what an effect it has had on the secondary market almost instantly. I open my inbox this morning and the first email is the loan repayment email and immediately following are literally 10 loan part sold emails. I would not be exaggerating if I told you that I did not manage a single sale yesterday. I've not actually sold anything, but the loan queue is dropping quite well. Clearly, some are not so pessimistic. :-)
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r1200gs
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Post by r1200gs on Jul 7, 2017 10:41:50 GMT
Yeh a lot more repayments before I will invest further with Lendy I reckon repayments are going to be a lot like busses, know what I mean? Chill....
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r1200gs
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Post by r1200gs on Jul 7, 2017 10:05:26 GMT
PLB127 just repaid - £620k - lets see what effect that has? 125? I doubt it will make even a small dent - most of these repayments will be moved out of the platform. A trend that will continue until investors see resolutions with the defaulted loans I only have one loan for sale, and there has been a significant up-tick in sales this morning. I do accept that many will withdraw though. We really do have a confidence crisis more than anything else. A few big payments, some defaults brought to a conclusion and I still think it's possible we can go back to famine on SM. Edit: Actually, quite a large increase in sales this morning, and I presume more to come when people get back from work.
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r1200gs
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Post by r1200gs on Jul 7, 2017 9:04:27 GMT
The difference with lendy is that by the time you are reading updates that make you laugh or cry depending on how much you have invested, at least you have got 12% back in interest payments, the loan is in a default situation with the receivers called in with the possibility of a top up from the provision fund. On the other hand if your with FS they constantly refuse to default the loan for the last ten months, they are holding interest on account that should have been paid out, FS do not want recievers in , makes me think they are scared of what they are going to find. Pretty much the conclusion I came to.
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r1200gs
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Post by r1200gs on Jul 6, 2017 11:33:37 GMT
It would probably be better to use a specialist seller on ebay for these niche products. Fees would be much lower, as you say, than an auction house. eBay sellers (and buyers) also have the added advantage of Global marketplace which would certainly help with marketing 'niche' memorabilia like these. IMO eBay is a very well trading platform this has been my experience having bought without difficulty in the US, Canada and Continental Europe. Member since 2010. The relatively weak Pound wouldn't do any harm in that respect, either. The only thing that bothers me slightly was the infamous ability of eBay buyers to get the goods and the money back.
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r1200gs
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Post by r1200gs on Jul 6, 2017 9:57:06 GMT
Mrs ali is planning to be in Whitehaven this Saturday and is hoping to take some photos. Might be more useful to ask our friendly blogger to take some photos Saturday week. Well, for the frame to go up next week, a picture from the coming Saturday would tell us all we need to know. My suspicion, not one single thing will have changed and there will be zero chance of the frame going up next week. Of course, I'm just going on the borrowers past record. There is of course a chance that he will be focusing on this and that it has been a hive of activity to get it ready for the frame next week. There is also a chance that I might win the lottery or get hit by a bus, or both in that order knowing my luck.
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r1200gs
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Post by r1200gs on Jul 6, 2017 9:24:57 GMT
Can't see any listed in either July sale catalogues yet. I am a little surprised, but I have not been through the catalogues myself. I suppose the trouble with selling at auction is that the main beneficiary is the auction house I have to say, auction fees were quite a shock to me when I first came across them. I can't help but think there must be better ways to sell such as Facebook, enthusiasts clubs?
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r1200gs
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Post by r1200gs on Jul 6, 2017 8:58:30 GMT
Is there any chance of somebody cajoling that local blogger in to taking some more pictures?
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