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Post by munchydave on Feb 19, 2018 13:47:00 GMT
Just in case anyone gets confused, above is Welsh castle, Scottish one still being kicked down the road. Yes you are correct. So many castles and estates in default I got confused.
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Post by munchydave on Feb 19, 2018 9:38:25 GMT
I wasn't saying a right of repayment. But at the end of the loan the exit options are: Repayment Default. There are only two outcomes! What I am then saying is it is the choices in response to the default. The point of secured loans is that there is a charge on the asset. So either the platform goes into full recovery mode. Or they agree to an extension (new agreement) with associated higher risk and interest. Borrower is free to finance elsewhere and pay back as planned. Maybe I'm just a bit harsh. No you are not too harsh. I invest in 8 different P2P sites and they ALL have the same issues. In a desperate attempt to claim they have no defaults or minimal defaults they continue to extend loans. On this site all the few remaining loans I have are now all in default and where I go from this depends on the outcome of these defaults. As you say it's pay up , default, or new loan. Endless extensions are not an option. The other big issue is on valuations which can be works of fiction. On one site we just sold a castle in Scotland for 1.5 Million.The valuation that I invested against was 4.9 Million. The first platform to address these issues will be the one left standing when all the others have gone.
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Post by munchydave on Feb 9, 2018 16:29:23 GMT
Hi all, and thanks again for your understandable interest in this repayment. As you know, we issued an update on 2 February 2018 in regard to DFL005 confirming that we expected the loan to be repaid shortly. Whilst the loan is still to be repaid, we are now very close to completion, having received positive updates from the borrower’s broker over the past few days. The current status is that the funds to be used to redeem the loan are now in place. The only thing now holding up the repayment is the legal due diligence. We have impressed on the borrower the urgency of repaying the loan as soon as possible and we will continue to follow up with them over coming days. KR Paul64 Sounds like good news Paul on this one. Now what about the other 30 or so loans I still have in default with Lendy. Get them right I will continue to invest, get them wrong and no one will. Not a threat just a simple fact of life.
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Post by munchydave on Feb 7, 2018 20:33:28 GMT
I'm having trouble tranferring mine at the moment, it's been over a month now and still not done. Do you mind sharing which bank you used to do the transfer in the end? Not done the transfer yet as I have to wait till the 5th April and the new ISA year, however Santander will take a transfer from an IFISA to a cash ISA and they do offer stocks and shares ISA's so worth contacting them. At a Push you could just go for a cash ISA with Santander and then move it to a stocks and shares ISA with any provider.
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Post by munchydave on Feb 7, 2018 17:48:15 GMT
Hi Has anyone managed to transferred from IFISA to Stock and Shares ISA successfully? If so, how long did the process take? Thanks Hi cpaken. Not the answer to your question but in April I plan to close all my IFISA's and transfer them to cash ISA's. I have only just found out that many cash ISA providers will not permit such a transfer. Have managed to find one bank that will do it.
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Post by munchydave on Feb 4, 2018 14:17:46 GMT
However, there is something on the auction website that suggests that the reserve price is usually no more than 10% above the guide price. So it could be as low as £1.65M. In that Case shall we buy it. Always fancied being lord of the manor. Even better. I will get a loan from lendy, which I have no intention of repaying but wait no problem. I will buy the castle for 3.5 million so you all get paid out and then when it defaults we will own our owne castle, or at least the investors will. Loan is still in default but at least you get a share in the castle.
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Post by munchydave on Feb 4, 2018 14:10:35 GMT
However, there is something on the auction website that suggests that the reserve price is usually no more than 10% above the guide price. So it could be as low as £1.65M. In that Case shall we buy it. Always fancied being lord of the manor.
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Post by munchydave on Feb 4, 2018 14:00:57 GMT
All these loans have been withdrawn and funds credited back to accounts this morning. Email from COL goes in to detail on why... sounds like they are changing their strategy a little (for the better). I did not like the look of these loans. I have lots of loans on other sites in default, some for over 500 days. Is everyone like me getting a bit concerned regarding large loans, poor LTV information and on the odd occasional borrower who seems to use the sites and us as an easy target. A secured loan does not mean your capital is not at risk, but done responsibly capital losses should be a rare event. We now have too many P2P platforms chasing too few loans and standards are in danger of slipping.
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Post by munchydave on Feb 2, 2018 17:20:34 GMT
Every little helps, eh? I thought Lendy had stopped sending out repaid mails to people who don't hold the loan? I think they want us all to be impressed that a loan has been paid back. Now the question is: will the secondary market clear a bit as a result of this (albeit small) repayment, or will people take their cash and run for the exit? RUN RUN RUN
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Post by munchydave on Feb 2, 2018 17:18:22 GMT
Lendy needs to expedite repayment of all their overdue loans if they don't want investors to completely pull out. It's hard to see why they can't see that the prevarication, silence and false promises are rapidly eroding faith in this once excellent platform. Just take a look at the latest offer on the pipeline. Watch the video. BS does not even cover my response. Nothing has been learnt. The latest in a list of defaults waiting for all ? I am out of Lendy ASAP
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Post by munchydave on Feb 2, 2018 17:05:32 GMT
Nice video -shame we are not being asked to lend our money based off that being reality. We have fields and a barn. So the security for a 2 million pound loan is a field. So the next big default is up and running, throw your money away before the others get in first! I may be wrong but if you see it my way vote with your money and refuse to fund this pie in the sky.
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Post by munchydave on Feb 2, 2018 16:25:25 GMT
Crikey! 19%, LTV 81.4%, Second Charge and D rated. Is this the riskiest loan ever? Filled quickly enough so people must think 19% is fair for the risk. I put in a small amount - as much as anything to follow events with interest even if I never get any interest. I did not get any on Lox as logged in too late. But must say I think i'm glad I missed out on this one. Can't wait for the next loan though! Looks very risky to me. Where is the security? Property to be demolished! what's it worth then? Owner a limited liability company, could go bust at any time. Second charge and very high LTV in fact it could well be over 100%. Promises of big returns when new house is built. Seen it all before and many of them are in massive default though not on this platform. 19% interest so desperate for the money eg banks and building societies will not touch it. If you missed out on this, like me, you may be the lucky ones.
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Post by munchydave on Jan 26, 2018 16:09:46 GMT
Hi spyrogyra, I understand your point and have asked the surveyor to confirm it in writing as well (in addition to the signed valuation report and today's phone call) and will revert once he does. Regards, Filip Just had a look at this myself. In fact I would question ALL the measurements given for ground floor and first floor. Are the units wrong?
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Post by munchydave on Jan 26, 2018 14:53:15 GMT
Had a look on google earth. At least the people who move into the flats to be developed in BL00086 won't have any trouble with the neighbours. What do you mean? Had a look and it seems to be in the " DEAD " center of Liverpool.
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Post by munchydave on Jan 23, 2018 11:34:18 GMT
I wouldn't trust them as far as I could throw them. The whole things sounds sketchy to me. Gentlemen ( munchydave & p2pclive ) I'd be interested for you both to qualify/expand upon your assertions by explaining why it is that you have written what you have about nsiam and Welendus as I fail to see what it is that skint4achange has written that has encouraged you to write what you have? Just curious guys. Best regards, James. Hi James. It's all about confidence for me. If nsiam is in the business of making himself a millionaire, and why not, then there are two possibilities. Set up a P2P site, take your investors money and run, or be totally honest and keep what I think could be a very profitable business going for years by treating borrowers and investors well. Just seems to me that ripping off your investors is far less profitable than years of sound trading. I may be wrong but am happy to dip my toe in and see.
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