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Post by munchydave on Apr 25, 2018 7:49:16 GMT
Just had an email from TrustPilot informing me that Lendy had my 1 STAR review taken down on the grounds that it is not acceptable to Lendy. The title of the review was " I have lost money with Lendy". I accept that according to Lendy's definition of lost money no one has lost money on their site, however I do go on to explain that some of my loans are over 500 days late, and recoveries from sale of overvalued properties are low. Technically Lendy could still recover all debts but do you believe it? OK so NO ONE HAS LOST MONEY with Lendy so when do I get my money back?
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Post by munchydave on Apr 19, 2018 18:20:54 GMT
A - Restricted (a retail customer) B- High Net Worth (a more sophisticated investor) C- Sophisticated investor (typically independently certified) D - Self-certified sophisticated (made personal declaration) Think I'll go for E - a sensible investor (which is why I don't have any money invested with this bunch of clowns any more). Think I must be going for F!!! Not one penny more and just waiting for all the DEFAULTS yes DEFAULTS to pay back whatever I can get. Not sensible enough for an E as it took me a bit longer to understand what a mess it all is. Interested to know what happens if I do not tick a box.
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Post by munchydave on Apr 16, 2018 17:56:43 GMT
Am I the only one quite relieved to get 70+% of these loans back? Valuations are a joke. I have nothing left now in FS but all the stuff that i cannot sell, as it is not for sale on the SM. I am out and will not be funding any more loans on this site. Lost thousands over two years because i trusted the valuations and the info given by FS. 0% in the bank gives me a better return.
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Post by munchydave on Apr 13, 2018 12:08:08 GMT
RR=Refresh Recovery, the current administrators. Thanks for that. I assume then we want them to loose. I have more confidence in an administrator appointed by the FCA.
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Post by munchydave on Apr 13, 2018 11:57:09 GMT
Agree, but they must think they have a chance otherwise why would they bother? There is the small matter of £48k taken in payment for pre-administration costs that was frozen by the court. No doubt they will want to express a view as to what should be done with that, if nothing else. Who or what is RR?
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Post by munchydave on Apr 5, 2018 17:04:50 GMT
I know this is not going to be popular but isn't it about time Lendy investors realised that the PF is no longer able to protect them. It was a great marketing tool and got many investors involved, including myself, but now it just can't work and should be abandoned. With over $42 million, YES 42 MILLION!!!..in current Defaulted loans, plus numerous other shortfalls, the time has come for a dose of reality. I propose that the fund is abandoned and any remaining balance is put in a "Warchest", to be topped up by Lendy, to finance Legal pursuit of the RICS valuers, who have been guilty of providing misleading valuations. Had the phone call from Lendy today but too busy to talk so got an email instead. Informed me of all the fantastic investment opportunities were coming up on the site. So far this year I will be lucky to see 75% of my investment capital returned and little or no interest. 12% returns? NO more like -25% In fact lendy YOU make my current bank account paying 0% look like a great deal, at least I still have as much in the account today as I did yesterday. I will pull everything I can out of Lendy as fast as I can and will never invest with them again.
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Post by munchydave on Apr 3, 2018 13:05:54 GMT
but to me this is enough evidence to claim tax relief on the grounds that recovery of funds is in doubt. The question is not one of "recovery in doubt", but "no reasonable hope of recovery". That is a MUCH higher bar to cross. True but worth a try, can only get rejected. I will not be putting in my tax return till around the end of the year so we may know more by then from Lendy.
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Post by munchydave on Apr 3, 2018 11:42:21 GMT
There is a HMRC guidance note which implies/infers that only the P2P lending platform should know best when to declare a loan to be in default. I totally disagree with this GN as the platform (Lendy and others?) clearly has a self internest to kick the can down road and so cannot act impartially. Therefore I recommend as a consequence of this and in order to show due diligence and demonstrate that we the lenders have made a reasoned decision, we start a permanent pinned thread of loans that we (a reasonable number of lenders) declare a loan to be in default, such that if and when any one of us are investigated by HMRC we are not seen as acting without authoratitive opinion. I suggest that the Lendy's existing criteria of 6 months in default (without repayment or extension) is more than adequate for HMRC purposes. MODERATORS Can you help here as the 2018 tax year end is a few days away (e.g. to have this escalated somehow?? Create a pinned thread, set up a voting system). PS For what it is worth I took the unilateral decision in April 17 that any Lendy loans over 6 months old were in default. Many poster poo-poo'd this deision, It wouldl help if we also did this retrospectively to cover all late loans (YEs of 2016 and 2017). DAVE SAID On Lendy's web page there is a tab labelled DEFAULTS. If you click on it it states that this is a list of officially defaulted loans. I have read what Lendy has said on the issue but to me this is enough evidence to claim tax relief on the grounds that recovery of funds is in doubt. I note that with a total investment in Lendy of 20K , 7.8K are in the default listing. If we get this back I will be happy to pay the tax but for the moment I will be setting this against any profits this year. In fact it more than wipes out any profit so no tax .
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Post by munchydave on Mar 19, 2018 15:59:26 GMT
Keep away from FS and L***y
I have lost a packet with them
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Post by munchydave on Mar 2, 2018 17:07:02 GMT
I wonder if there are any other loans that can beat this for lateness and excessive forbearance? This loan has been late for more than a year and is currently more than 93 days late. My understanding was that defaulting a loan was mandatory if it was more than 90 days late? Clearly not with this one! There are plenty that beat it on Funding Secure! Lendy beats FS . Over 500 days on some of my loans
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Post by munchydave on Feb 26, 2018 16:24:19 GMT
Where are people who got out of FC putting there money now ? For me, a few high-yielding shares plus increasing my cash position. Have even bought some premium bonds. See what you have done to me, FC?! The 1% I am now getting with cash deposits is starting to look good given the -x% or whatever it is from P2P lending last year. 12% on a defaulted lone that also looses 50% capital on default and involves lots of DD based on dodgy info is not for me. Don't tell me capital is at risk I know that, but if the risk is 100% certain loss it no longer is a risk.
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Lendy (L) in Administration
Who's this?
Feb 23, 2018 21:27:28 GMT
ozboy likes this
Post by munchydave on Feb 23, 2018 21:27:28 GMT
I couldn't face watching it all but did dip in half way through where our friend is explaining overdue loans and how the lucky investors in the IOW loan are getting interest on an additional 192 days more than they were originally expecting. How marvellous. Yes sounds great. Neglected to mention the fact that when it all goes T*T* up after 192 days or as in some of my loans 500 days then the wonderful additional interest plus the original interest plus a wad of capital goes into the ether, never to be seen again. I will give him the benefit of the doubt and assume he has no idea what he's talking about. Dare not relay my true opinions.
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Post by munchydave on Feb 22, 2018 13:37:25 GMT
FS has been dead all week...not much activity on the SM either...d iscounts have been at a minimum as well, pushing 0.1%/0.2%...what's going on? Dead is an understatement! Just checked my account. I have around 113 loans with around 102 not available for resale as they are overdue or in default so cannot sell. So FS is dead. All I can do now is sit back and wait for the money to flood in.
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Post by munchydave on Feb 21, 2018 16:30:23 GMT
**PLEASE NOTE THIS LOAN WILL NO LONGER BE PROCEEDING AND WILL BE REMOVED FROM THE PLATFORM SHORTLY** This message now on the pipeline. Good news for everyone I think. Now if we could only have some more realistic valuations and some honest and timely updates we might start to see a restoration of confidence in Ly. At this moment I am pulling out all my money from several P2P sites I have invested in over several years. To all of you who run these sites please listen. Give an honest and truthful valuation on goods/property used for security. Give investors an accurate description of the borrower and their track record, we don't want a sales pitch just the facts. If a loan defaults then act NOW not in 6 months time. I have zero confidence in the loans on offer and the subject for this thread is an excellent example of the garbage being provided. I hope to be back when you can convince me that what you tell me is the truth and I do not have to scour the BS provided to get it.
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Lendy (L) in Administration
Site Down!
Feb 19, 2018 17:41:50 GMT
Post by munchydave on Feb 19, 2018 17:41:50 GMT
Back up
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