gustapher
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Post by gustapher on Mar 5, 2023 7:16:39 GMT
Wow - what a ripoff. Thanks for the explanation. It is the Lendy directors who have ripped us off. They operate in the financial industry which allows theft as long as paperwork can be provided. Yes, but surely the fees for running the administration and the way it has been done is a clear rip-off also. There is no reason an administration process should be this expensive, particularly on ones like DFL012.
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gustapher
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Lendy (L) in Administration
MONEY! (L)
Mar 3, 2023 10:13:58 GMT
Post by gustapher on Mar 3, 2023 10:13:58 GMT
Wow - what a ripoff. Thanks for the explanation.
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gustapher
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Lendy (L) in Administration
MONEY! (L)
Mar 3, 2023 9:44:25 GMT
Post by gustapher on Mar 3, 2023 9:44:25 GMT
Sorry if this has been covered elsewhere, but what is the justification for retaining 25% of the recoveries? Do we get the interest on that cash or do they just pocket it?
On DFL12, there is a 25% retention totalling £1.7m! They then charge £6k to distribute £161k (absurd in itself), and then leave a retained balance on top of that of £77k. At the very least why is the £77k not distributed?
What a bunch of shysters.
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gustapher
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Post by gustapher on Feb 28, 2023 17:32:10 GMT
Well, it's the last day of Feb. Rather predictably, nothing has happened.
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gustapher
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Post by gustapher on Jan 5, 2023 17:35:52 GMT
It's funny RSM's strapline is "The power of being understood".
After every update I just think "huh?" and go check the P2P forum to see if I can work out what is going on.
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gustapher
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Post by gustapher on Nov 28, 2022 20:45:22 GMT
Update on the site - not sure if I can post it here so I'll give the gist:
- Loan extended out 3 months to Feb 23. - Buyer of the loan still keen but cost of borrowing as soared since negotiations started (plausible). - Buyer wants to pay in instalments - Route Finance/Property Crowd negotiating this so that 1st charge does not get handed over until payment of final instalment.
Assuming that gets agreed, the key will be timelines and what price the loan notes are sold for. Given I'd written off this investment in my head, I'm pretty pleased with this update. That said, I shall reserve judgement until end Feb.
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gustapher
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Post by gustapher on May 13, 2022 13:16:52 GMT
Thanks very much for the replies all - much appreciated.
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gustapher
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Post by gustapher on May 10, 2022 9:07:35 GMT
Just had my email on this AML stuff all of sudden.
Its a pain to do and my withdrawable funds still says zero (I'm in DFL0012 and DFL004 only).
Is there any point in doing this?
I assumed from what I've read that we're not actually going to get anything else back on these loans (having been blatantly ripped off) so just wondering if it is even worth doing?
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gustapher
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Post by gustapher on Oct 10, 2019 14:16:21 GMT
I was reserving judgement but agree with everyone calling BS on these AML checks.
I have two ltd companies and a lendy account for each. Both opened using the same ID documents, address etc.
One has no money in - "We've checked your documents, AML check fine, no further action" The other has all my money - "Sorry you've got to send XYZ by this date... allow another 21 days blah blah blah".
So how does one pass and one fail?
We are being rinsed... and that's before getting ripped off getting certified ID from "Bank or Building Society official; Councillor; Minister of religion; Dentist or Doctor; Chartered Accountant; Solicitor or Notary; Teacher or Lecturer"... because they are all so notoriously trustworthy. Absolute joke.
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gustapher
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Post by gustapher on Apr 19, 2019 11:52:58 GMT
gustapher Way I see it there are lots of accounts out there that charge a fee for early access...so it's not much different, albeit better as sometimes you can get out at a profit. And so long as you've held the loan a few months you'll at least have earned the difference in interest (albeit it'll have been taxed....for me it's less of an issue as any loss on the loan price goes against CGT anyway, usually only a few quids worth but every little helps.) And if you only need some of your money it's not going to be a big issue is it? If you think you might need ALL of your money more quickly, should you really be putting it in p2p? It's one thing not being able to get out instantly or at par on a performing loan, but if a loan goes bad it could take several years (nearly 3 on the container loans now) before you get any money at all. Way I see it loan end dates are only really relevant to portfolio maintenance - if you think you'll need the capital in the next 5yrs, perhaps you should put it somewhere else. Unfortunately I think having SMs on platforms has perhaps given people far too high a feeling of security. Hi Pom, I still think my point is valid but reframing it in my mind as a fee is a clever way to view it more positively. I've got a lot of stuff going on in my personal life so I'm probably making mountains out of molehills. Thanks for the constructive advice. I don't need the capital I just get sick at looking at the below par market. I'll just do what everyone else does and not invest up front.
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gustapher
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Post by gustapher on Apr 18, 2019 23:49:54 GMT
I disagree it is just to do with the underwriters affecting everything. A factor yes, but another big one is the frequency of loans. You need to stop the deal flow so the overhang in the secondary market clears as people reinvest interest. This is one of the key mistakes Lendy made. You are locking people into the loans by letting supply outstrip demand. I'm sick of funding these loans only to be 4-5% underwater immediately. Strange post. 1) loans are too infrequent on ABLrate 2) there is no similarity with Lendy, which doesn’t even have a variable SM 3) Why do you think you underwater? 4) if you want guaranteed liquidity you must not invest in high interest P2P, which can be complete illiquid for long periods I disagree. 1) There have been constant new loans on Ablrate all year. The SM market prices were shaken by issues with certain loans, wider P2P sentiment due to issues with other platforms and more recently the underwriters. However, every time there is a pause in the loans of a week or two you see the SM prices start to recover. Even a cursory look at the price action would confirm this. There is a lack of diversity of borrowers, but that is a different issue. 2) There is a similarity with Lendy - not in all aspects, but I didn't say that. I clearly stated it was one mistake Lendy made - this is not the same as saying Ablrate is the same as Lendy. That is a strawman argument you created. You are right it is different in that you can sell at a 3%-5% loss vs not being able to sell, but the broad point - that loan supply outstripping investor demand on a consistent basis is damaging to a platform's SM - is still valid. 3) I am underwater in that should I need to sell for whatever reason, I will have to sell at a discount, not because the loan is bad, but for the reasons already mentioned. When one of those reasons is within Ablrate's control, it is reasonable for me as a regular investor to mention it. I haven't been selling, but I don't think it is good for the long term health of the SM or the platform if this price action continues forever. As others have said, why invest in the original loan (which needs to be filled if the borrower is to get their money and you are to get more loans) if every time you do the de facto sale price is immediately 3%-5% less? Can you not see the basic issue here? If everyone waits because they want the cheaper prices then no loans get filled, less borrowers come to the platform and the whole thing spirals. 4) At no point did I demand "guaranteed liquidity". My point is that the current deal flow is preventing the SM recovering which has been damaged by other factors. This affects sentiment which IS important. Just look at the ratios of money on the bid/offer side to see there are problems.
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gustapher
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Post by gustapher on Apr 18, 2019 20:34:18 GMT
I disagree it is just to do with the underwriters affecting everything. A factor yes, but another big one is the frequency of loans. You need to stop the deal flow so the overhang in the secondary market clears as people reinvest interest.
This is one of the key mistakes Lendy made. You are locking people into the loans by letting supply outstrip demand.
I'm sick of funding these loans only to be 4-5% underwater immediately.
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gustapher
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Post by gustapher on Mar 3, 2019 19:14:51 GMT
Indeed. It's been eye-opening to watch large underwriter stakes offered at 4-5% discounts for several months now. When the platform earns 5% upfront (or 6.5% in the case of #114), I guess there's an obvious incentive to keep a borrower happy by filling their loan quickly via underwriters, even if most of that % has to be dealt back on the underwritten portion.I've hedged my bets with #120; a modest stake now and a plan to add if/when large discounts appear soon after draw-down. Quite so,plus there is the extra monthly income for the platform. But done at the expense of the ordinary lender on 114, and of the platform by making all these car loans look bad on the SM and making it rather difficult to float any more. This one has 5% to give away for a net benefit of the monthly income on the extra £350k past the minimum - and we don't get fooled again.
Nailed it 100%
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gustapher
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Post by gustapher on Nov 6, 2018 6:26:09 GMT
Sorry all - wasn't trying to stir the pot or write anything malicious but it seems I keep digging myself further into a hole! Been really busy with work and have been checking in fairly infrequently. Just found the situation odd and was posting without giving it a great deal of thought. <Boop> <Boop> <Boop> I've reversed my truck into the darkness where I'll watch from the sidelines - carry on all.
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gustapher
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Post by gustapher on Nov 5, 2018 20:07:34 GMT
Yeah sorry was just talking about the very recent ones that didn't fill. It was just idle speculation about who keeps releasing the new chunks at such big discounts. Oh, I see, you are speculating Ablrate might be selling them off, rather than buying them up. Yeah exactly - as opposed to a separate underwriter as speculated elsewhere.
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