sirius
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Post by sirius on Sept 17, 2018 17:42:59 GMT
I recall a case I was on when doing jury service. Builders put in a new shop front. The owner did not pay them. They went round with hammers and knocked the front out. They ended up doing time.
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sirius
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Post by sirius on Jun 17, 2018 11:28:20 GMT
I have not commented on this thread for a while as I have been taking in all the comments from those with more knowledge and expertise in the issues concerned, to which I give a heartfelt thank you, as it has helped me to understand the complexities involved. I strongly agree with those who feel that we need to form a group to challenge the FCA/BDO cartel, or we will lose out through apathy and/or self-imposed 'divide and conquer'.
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sirius
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Post by sirius on Jun 7, 2018 18:11:44 GMT
If it is the same, how has the site nearly doubled in value? They must have used a professional RICS valuer
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sirius
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Post by sirius on May 29, 2018 15:31:57 GMT
I am into high 4 figures of this loan and although I cannot add to the 2nd charge, as I refused Lendy's new terms, I would still not have added further if I could, without a substantial % increase and cashback.
The reason?: 0005; whereby I put more in there to see it over the line and then Lendy pulled a fast one with regard to that £1m. It could so easily happen again.
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sirius
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Post by sirius on May 16, 2018 16:25:19 GMT
You can't blame them, reputation is of strategic importance and Trustpilot is the number one search result which also supposedly would appear unbiased. I daresay that someone at Lendy (and there are certainly enough people) has a good deal of their job now allocated to this. I don't know if there is a word in the English language, but it is at a stage before it comes to an outright ponzi - the platform badly needs new, innocent blood to come in and finance loans, preferably with deep pockets. Lendy obviously are paying a great deal of attention to this page. I don't think all the positive reviews are fake, but I also think that some gaming of the Trustpilot system has gone on here, the possibilities of which seem to me to be getting 'friends' to write reviews, or inducing newbies to write reviews (because the experience is much better at the start when you have a bunch of performing loans every month). On one hand it should be said that people investing in P2P need to prepare for inevitable losses, but for someone that joined after the glory days of Saving Stream, that 12% headline return could be much less - the magnitude of the defaults and cash drag might mean they are in a pretty poor position. Some people are probably looking at 5-6% on an optimistic side, ranging down to actually losing money, depending on what you invested in. Sadly I might be the latter, my biggest investments were in DFL001/002/004 when I a bit naive. If you, like me, did not accept the new terms, then you should not incur any losses on DFL001/002/004, as these were made to Lendy, not the borrowers.
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sirius
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Post by sirius on May 1, 2018 15:12:11 GMT
Having spent the last hour and a half looking through all nine documents, I was quite keen after reading the first- Borrowing Proposal - but very less so by the time I read the last - Vauation Report.
There are too many variables and assumptions with a (un)healthy dose of 'government' interference/control/whimsy. Further, Peel Road has gone to appeal and if that fails............!
Sadly, it is a no from me.
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sirius
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Post by sirius on Apr 28, 2018 13:22:02 GMT
And the interesting thing will be how they divide the loss between the two loans. Many lenders will be in only one of them and any perceived unfairness will lead to howls of complaint, but it will require the wisdom of Solomon to come up with a division which keeps everyone happy. It's irrelevant. Lendy is the borrower on both loans and therefore liable to make up 100% of the capital and interest. It is certainly irrelevent for those of us who refused their new terms and will hold Lendy to the original contract whereby they make up any shortfall.
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sirius
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Post by sirius on Apr 21, 2018 7:29:06 GMT
I suggest that everyone withdraw any funds they presently have on the platform........and sit back and await the phone call!
It certainly got their attention on another platform.
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sirius
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Post by sirius on Apr 11, 2018 20:41:46 GMT
My wife received a voice mail and a follow-up email, beginning:
"Dear ......,
As discussed in our voicemail message we are writing to re-present certain development projects and to give you an opportunity to invest further. ..........."
So what, you say, one among many?
Well, a letter was sent to Lendy a month ago stating the T&C's were not acceptable. A week later after no response, an email confirming same was also sent to Lendy.
To date, neither the letter nor the email has been responded to..........
Need I say more?
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sirius
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Post by sirius on Mar 30, 2018 10:51:23 GMT
I have not put anything into these loans as I am already at my limit with these borrowers.
We do need new borrowers in order to diversify and lower risk.
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sirius
Member of DD Central
Posts: 161
Likes: 141
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Post by sirius on Mar 28, 2018 16:11:43 GMT
I was thinking to myself today, what a fine and useful forum this is. Approx 4000 members, 11,000 threads, a quarter of a million posts. A forum that makes a real contribution, both to the interests of the lenders, who are the vast majority of users, but also to the development and promotion of the p2p sector, the platforms within it, and the ancillary businesses/interests. Sure there is some complaining, as you would expect, but generally in a constructive way aimed at improving the whole sector by shining the light on things that could be improved. So I thought that occasionally we should post in appreciation of the board, of those who run and moderate it, of the platforms which participate (particularly mentioning Assetz because they created the forum), of all those members who post and read, and those guest readers who are unknown but valued. So I posted, purely in the capacity of an appreciative long-term member. I am sure the forum has helped me to improve my returns. My bold above: I most definitely concur with that sentiment and thank all those who were in P2P before me, for their help and advice.
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sirius
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Post by sirius on Mar 7, 2018 17:05:41 GMT
Hi new2p2p
Many thanks for that.
I was not being lazy. I am on holiday but have spent the last four days in bed with a flu virus. As a result, my head is thicker than usual!
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sirius
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Post by sirius on Mar 7, 2018 15:22:15 GMT
I was under the impression that membership was conditional on accepting the T&C. As the changes to T&C weren't put forward as proposals to be voted on but new conditions to be accepted by members, it would seem logical that refusing to accept them would imply resignation. Indeed, the conditions were presented to me when I first signed up and yes I accepted. Logically thereafter this then formed a legally binding agreement that cannot be altered without the consent of both parties. I would allege that to amend the terms of an existing contract without my permission represents a breach of contract and any loss I suffered as a result of this breach of contact could be remedied in court. To suggest otherwise shows a lack of understanding of contract law. FWIW Lendy might wish to rely on a clause that allows them to alter the contract without my consent but a contract term such as this must be clear and unambiguous. Lendy may wish to confirm compliance with the fairness provision within the Consumer Contract Regulations first if this is how they wished to proceed. This is probably the best post on this thread and should, I believe, be read slowly more than once as it contains much wisdom, especially with regard to the understanding of contract law and the fact that if Lendy, or we if we are so disposed, want to change the T & C's one party must notify the other party. Should the other party not object than the new terms will apply. IF YOU DO NOT WANT TO AGREE TO THE TERMS AND CONDITIONS THAN TELL LENDY, OTHERWISE YOU ARE GIVING YOUR TACIT AGREEMENT TO THEM. I notified Lendy by email this morning that I do not consent to the new T & C's, as I am on holiday in Spain at the moment, and requested an address to write to upon my return at the weekend. Instead of a specific response, Lendy replied with a 'standard reply': Thank you for getting in touch. Please visit our Help & Support Centre regarding this here. Kind regards, The Lendy Team Has anyone else received such a non-response if they got in touch and does anyone know the correct address to write to please?
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sirius
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Likes: 141
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Post by sirius on Feb 19, 2018 21:33:32 GMT
I'm just a lurker here on these boards, but an investor through Lendy for over a year and a half. I'm disappointed like all of you, but I can't but think there is something institutionally wrong with the UK property market. Being an EU investor, I'm invested in property loans in different EU countries as well, and none are performing as awfully as these on Lendy. In fact, late loans in other countries for me amount to about 5% with 0 defaults in 2 years, while late loans on Lendy amount for me to over 50% (expecting worse), with several suspended and potentially default. I'm pulling out of the UK market all together, it's been nothing but disappointment for me and Brexit hasn't helped either. Hi red_panda, any chance you could PM me those EU platforms too, please?
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sirius
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Posts: 161
Likes: 141
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Post by sirius on Feb 17, 2018 12:48:46 GMT
How about a sweepstake on when this may pay? Or a poll on the excuse why it is late? How about a poll as to what the word "shortly" means to lenders, given that it is now fifteen days since it was stated?
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