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Post by loftankerman on May 16, 2019 17:45:45 GMT
Tickets are now available for Lendy Cowes Week Spectator Boat Trips 2019 if anybody fancies it. Sounds like a nice location for a P2P Independent Forum meet up. It does indeed! I'd probably enjoy it so much I'd think the fun of it was worth any losses Lendy might have brought me.
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Post by loftankerman on May 16, 2019 16:12:54 GMT
Many years ago (30ish) I worked on a large hi tech development site. Managers as a matter of routine had their company cars replaced every 12 months. Mine like many others had very little mileage on the clock when I received a memo telling me to choose my replacement. The company were about to replace 400 cars. This coincided with an impending and fairly ill judged round of redundancies. The management group agreed that we'd be happy to hang onto our cars for three years if everyone's working lives could be made easier by reducing the number of redundancies. That however wasn't possible, as squandering money came out of a different budget. The company then proceeded to trim itself out of existence over the coming years.
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Post by loftankerman on May 14, 2019 10:42:25 GMT
If Lendy were to cease trading ? I guess it would make a difference in that there could be lots of totally pointless posts on Trustpilot, assuming the Lendy account hadn't been deleted. That would conveniently remove evidence of how helpful TP had been when lenders had been attempting whistle blowing for a couple of years. Angry and speculative traffic on here would probably increase to the point where the forum provider would need to get another server. Apart from that I can’t see my expectations as to my financial situation changing much, or in fact hearing anything further from or on behalf of Lendy. For a couple of years I have only seemed to be on their ‘Mugs Mailing List’ when tranche nnnn of a future suspended loan needed funding.
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Post by loftankerman on May 13, 2019 10:31:41 GMT
they seem to continually underestimate timescales for everything OR continually mislead to try and reduce criticism. I wonder if they worked the weekend clearing the backlog - I expect not! Lendy ASAP = at our own convenience. It must be great working in an office where they pay you to mess people around instead of banging on about caring for customers.
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Post by loftankerman on May 13, 2019 7:55:29 GMT
Another outrageously spoof five star review from Leonard Dee has been posted. I shall be interested to see how long Lendy are happy to have it proclaiming their virtues.
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Post by loftankerman on May 10, 2019 11:14:18 GMT
After asking ly for assurances on there efforts regarding recoveries, my reply states : "CEO and the core team understand your frustrations and are focussing on recovering non performing loans and have made the business decision not to originate new loans in the near future to enable the team to concentrate on the recoveries process" This suggested that ly are clearly not trading in the fullest sense. If can only be a matter of time before it all seizes up with no new cash being generated. I would like think the current Fca restrictions are there to protect lenders, and hence influence a wind down (which I am sure will come) fairly in favour of lenders. I have to point out aquilla99 only registered to join this BB yesterday (09/05/2019). We have to forgive our new arrival for not posting this in the positive thread. I nonetheless find it most uplifting.
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Lendy (L) in Administration
Updates?????
May 9, 2019 23:23:14 GMT
Post by loftankerman on May 9, 2019 23:23:14 GMT
Well there's no point in them crying over spilt milk and wasting time on post mortems updates. They need to put this abysmal failure behind them and plough on in the pastures new. Most extremely wealthy people had several businesses fail before they got the hang of it.
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Post by loftankerman on May 7, 2019 8:06:55 GMT
ALL the interest from my loans is now accruing. Yeah! Me too! However, as long as the accruing interest and bonus interest keep rolling up like this every month I'm happy to watch my good fortune amassing so nicely. No doubt it'll come in very handy when they sort out these minor problems they've been having. Time for a frivolously expensive and age inappropriate new car perhaps.
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Post by loftankerman on May 4, 2019 11:56:42 GMT
Looks like the Lendy business, roots and spin-offs have a former employee's "Nuffin to do with me Guv!" fright club. The first rule of Fright Club is that you have never had a relationship with Lendy.
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Post by loftankerman on May 3, 2019 13:11:43 GMT
There seems to be similarities when comparing the behaviour of some of Lendy's clients with that of victims of domestic abuse.
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Lendy (L) in Administration
MONTHLY BS
Apr 30, 2019 7:46:47 GMT
Post by loftankerman on Apr 30, 2019 7:46:47 GMT
I suppose each of us regards the key loans as being the ones that we have money wasting away in. Lendy probably regards the key ones as being those that require least effort to achieve nothing. It seems unlikely that many outside Lendy will find this meets their expectations in the short term, or longer. Equitable Life closed to new business on the 8th December 2000 and we are still waiting to get our money back in spite of the Ombudsman's findings. Lendy could be an even longer haul having been operating under the Capital at Risk banner. Even on the official unpublished government inspired calculations for EL, I'm still owed six times what I have in DFLs 004 and 005. I'm long past losing sleep over either.
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Post by loftankerman on Apr 29, 2019 22:14:04 GMT
Well I for one am happy to believe that Lendy are doing their very best. I suspect that the reason that we are not seeing any development on the recoveries front is because the FCA won't allow them to put some more money in the electricity prepayment meter and that has brought things to a standstill. Really, what else could it be?
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Post by loftankerman on Apr 29, 2019 14:29:20 GMT
It is almost that time again. I wonder if we'll receive the monthly update (and if It'll be on time). On the subject of updates , we were promised to quote " that the private portals will be operation by the end of the month for key loans" One day remaining , I hope this will be done . Meh! We'll probably find out that they hadn't actually lent anyone any keys. Another simple misunderstanding.
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Post by loftankerman on Apr 28, 2019 15:33:33 GMT
5. A) Do you charge any money to borrowers in connection with the provision of credit – including interest payments and other charges? Yes - please apply for full permission
So what defines Credit - it's tricky to track down but the FCA refer to it as "includes a cash loan and any other form of financial accommodation". Hmmm 'financial accommodation'.
I'll be writing to the FCA methinks.
My understanding is that the accommodation lies with Payme effectively providing the employer with the available cash flow so that they can provide the employee with an advance payment of monies already earned in the current pay period. The transaction is between employer and Payme. To my mind the arrangement is that an employee can ask me, the employer, to borrow money from Payme so that I can give him an advance on monies earned. He will cover the cost of the administration and I have his agreement to withhold the advanced amount and fees from his next pay packet. I will then reimburse the lender with all monies owed. It looks okay to me.
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Post by loftankerman on Apr 28, 2019 8:16:56 GMT
Provided they don't go mad milking it, it could be the basis of a reasonable service. I assume that the fees involved and the limitation on what can be advanced should prevent an individual's situation getting out of hand unless it is the tipping point that sends them to a more unrestricted lender.
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