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Post by loftankerman on Sept 12, 2017 16:07:02 GMT
The only power investors have is to vote with their feet. The effective selling commission that Lendy now takes on many loans is 2-6 per cent and rising. Factor that in to 12 per cent interest (if you get that much) and you can see this game of risks is not worth the candle. Seems like a suicidal course for Lendy but then they may only have very short term aspirations. In fact, the only reason for this approach by Lendy that I can see is to maximise short term gains, since the longer term has no interest for them. I'm with them on that, my Lendy aspirations are also very short term. My longer term interests have been well established elsewhere over the past six months.
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Post by loftankerman on Sept 2, 2017 7:54:14 GMT
I'm happy to say that solely arising from the scepticism I found for this loan in this thread, I decided to get out some time ago. You have my gratitude.
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Post by loftankerman on Sept 1, 2017 18:31:55 GMT
Where can i read this? I never get these emails. I got one or maybe two, then they stopped and I wondered what I'd done to warrant exclusion. A short while ago finding it a bit wearing, I emailed support to ask why I wasn't getting them. I was told I was on the mailing list. That wasn't very helpful in terms of explaining why they weren't arriving. However, I missed the next one but have received the last two. I put it down to the randomness that seems to permeate much of Lendy. Oh well! Here we go again. I haven't had an update email and assume I should have. It's either randomness again, or the only bit of software they've put any thought into is working out that I'm down to a fraction of my peak investment and not worth the effort.
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Post by loftankerman on Aug 25, 2017 22:43:21 GMT
Where can i read this? I never get these emails. I got one or maybe two, then they stopped and I wondered what I'd done to warrant exclusion. A short while ago finding it a bit wearing, I emailed support to ask why I wasn't getting them. I was told I was on the mailing list. That wasn't very helpful in terms of explaining why they weren't arriving. However, I missed the next one but have received the last two. I put it down to the randomness that seems to permeate much of Lendy.
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Post by loftankerman on Aug 25, 2017 18:21:38 GMT
Possibly less depressing than if they weren't at least signalling they intended to do something about it.
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Post by loftankerman on Aug 22, 2017 23:12:08 GMT
I posted a comment about the availability of seemingly far nicer and cheaper properties in the vicinity back in March. Thankfully I also decided to sell up.
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Post by loftankerman on Aug 19, 2017 8:21:43 GMT
So, "We have been told..." is okay because that puts the onus of believing in the reader's court, not that anyone is any the wiser of course.
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Post by loftankerman on Aug 17, 2017 17:07:28 GMT
I agree with Lendy not paying interest on loans that are up for sale but the amounts for sale on default loans can no longer be sold so all of the amounts up for sale should be cancelled not just hidden and so they start earning interest again in my book.
When I read this I thought the point made was very reasonable and that interest should resume being accrued. However it occurred to me that there would be a significant probability that any ultimate recovery would fall short of a perfect outcome. That being the case, it would seem fairer that whatever the proportion of notionally accrued interest was recovered, it should be divided amongst those who had stuck with the loan and exclude those who had failed in their attempt to bail out.
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Post by loftankerman on Aug 2, 2017 18:25:37 GMT
Around midnight last night I was surprised to see my least favourite loan only had a queue of around £450 on the SM. I put it all up for sale and the last part was sold at around 8:30 this morning. I was sure I was going to be in that one for a long while.
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Post by loftankerman on Jul 26, 2017 7:53:35 GMT
Reduced by 60% in March and at the time could have exited altogether with little delay. I'm withdrawing the interest from the 40% I hung onto. I'll probably reduce further given the opportunity.
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Post by loftankerman on Jul 15, 2017 16:01:15 GMT
Having spent 42 years in computing, initially in mainframe hardware systems design and development, I have thought the same myself. On past numerous occasions I have seen little more than bullet pointed wish lists handed down from on high with an expectation that obscure, possibly illogical requirements could be magically spun into what the requesters might one day realise they had wanted. Having believed they may have joined the dots, the implementers' problems are further compounded by being required to integrate the ensuing nonsense into existing systems that have been developed over time using the same doomed approach. I love retirement. So true. Of course whilst if you are in house development this is a nightmare, if you are a subcontractor it's a licence to print money. BTW I started on Leo I in 1960, that's 57 years ago. I also love retirement. I was a radio officer in the Merchant Navy through the sixites, became a diagnostic engineer in manufacturing with ICL in 1970 and from 1972 onwards worked on the design and development of their large mainframes until they gave them up in 1996. Retired 5 years ago aged 69 after having spent the previous dozen years designing digital set top box software and development tools for a US satellite broadcaster. I had lots of friends who'd worked on Leo. You're part of history ma'am.
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Post by loftankerman on Jul 15, 2017 14:53:18 GMT
It may be a pilot (but funnily this has only been suggested since many questions were raised) but the system must be currently coded to do something specific in each of the scenarios raised above. All we want is to know what. Having spent 42 years in computing, initially in mainframe hardware systems design and development, I have thought the same myself. On past numerous occasions I have seen little more than bullet pointed wish lists handed down from on high with an expectation that obscure, possibly illogical requirements could be magically spun into what the requesters might one day realise they had wanted. Having believed they may have joined the dots, the implementers' problems are further compounded by being required to integrate the ensuing nonsense into existing systems that have been developed over time using the same doomed approach. I love retirement.
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Post by loftankerman on Jul 14, 2017 13:05:13 GMT
It makes sense to send invitations to those whose investment levels suggest they could probably afford the time and expense involved. I thoroughly approve of anything that filters me out. I get several invitations a year to events that are less appealing than sticking needles in my eyes. Thankfully, this isn't another one.
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Post by loftankerman on Jul 10, 2017 15:57:03 GMT
ISTM that with SBL gone, there will be even less encouragement for Lendy to avoid smoke and mirrors dealings with flakier borrowers and valuations, with the onus being on lenders whom they smugly recommend should have '... appropriate risk management processes such as proper diversification (that) should help reduce overall risks.' Notably they left out crystal balls and second sight.
Frequent significant policy swings and process changes are a sign of panic not impressive management. At least this revision has resolved my musing on whether or not to put any more money into a couple of pipeline items going live tomorrow.
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Post by loftankerman on Jul 6, 2017 13:46:41 GMT
Local newspaper reporting is quite negative, with the owner of R***** E***** going into hiding.... "We’ve heard from another credible party that R***** E* **** may not be able to go ahead with the scheme and that finance appears to be an issue" It didn't take long to find the details of this in the Blackpool Gazette. I haven't put a link in as the article names names etc. Happily I disposed of my token green credentials in a pre SS to Lendy transition clear out.
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