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Post by robberbaron on Feb 4, 2019 13:13:28 GMT
At least now we know H*R is reading this thread
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Post by robberbaron on Jan 29, 2019 15:16:25 GMT
Precisely. Only my opinion but if we "win" what do we "win" exactly? A shell of a building in central London that requires a build out....OR... Selling "as is" via Lendy at auction.....the last auction was a hotel.... 17% Capital returned. So, at some stage we'd have to jettison Lendy and get our collective act together anyway to do something with the bloody thing. Iv'e a few grand in this...it's one of my smallest investments & I've written it off in my mind. I'm far more worried about a glass tower in Liverpool. At this point it's more about not losing than winning
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Post by robberbaron on Jan 14, 2019 9:01:43 GMT
Another reason to keep the worst loans in purgatory indefinitely: You can continue to claim that "no investor has ever lost any money!"
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Post by robberbaron on Jan 1, 2019 18:41:13 GMT
I feel sorry for the folks with a lot of money earning no interest and likely at least partially lost. I left the platform a year ago (only a low 3 figure stuck in defaulted loans) and I had no idea it had gotten so bad in the meantime.
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Post by robberbaron on Dec 30, 2018 17:07:20 GMT
However much information I read though, I still can't understand why Ly entered into any kind of a deal with this borrower given her past track record. I have put this to Ly but received no reply just referal to the website. Lendy (Saving Stream at the time) repeatedly stated that the probity of a borrower did not matter as long as the security was good. Obviously this statement sounds even more ridiculous now and it shows how inexperienced, naïve and careless they were.
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Post by robberbaron on Dec 27, 2018 16:52:25 GMT
I wouldn't be surprised to learn that the loan agreement was hastily written on a yatch a Sunday evening on a Champagne soaked napkin. I have both loan agreements in front of me, to be studied in detail next week. On the first read through, I can confirm that they are fairly comprehensive and clearly written by a competent legal firm. How do you get access to those? The question as I see it is whether Lendy contractually promised further loans on our behalf and whether the borrower satisfied the conditions for those subsequent loans. If so then it would be a clear sign they were badly written.
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Post by robberbaron on Dec 26, 2018 16:15:31 GMT
Chill out this is not a courtroom.
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Post by robberbaron on Dec 26, 2018 15:56:21 GMT
I wouldn't be surprised to learn that the loan agreement was hastily written on a yatch a Sunday evening on a Champagne soaked napkin.
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Post by robberbaron on Dec 24, 2018 18:05:39 GMT
Confirm lenders by asking each person to export and forward a copy of their excel loanpart history from the Lendy website. As long as admin immediately delete them, and on the basis that no one publicly post their export, any potential non-investor isn't going to have a clue what the spreadsheet even looks like, much less create a facsimile. Investors could even remove or blank out the column with financial figures before forwarding. Did all lenders get the HCR letter? Could be as simple as providing a scan of that as verification. I have not but my investment in this loan is tiny so maybe it's not worth a letter.
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Post by robberbaron on May 23, 2018 9:14:58 GMT
4.5% for taking on the entirety of the risk of this project. If it's a joke it's not funny.
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Post by robberbaron on Mar 12, 2018 13:24:59 GMT
I couldn't find any precise information regarding the following case. Suppose I have two flexible IFISA A and B opened this tax year but with funds transferred from previous tax year ISAs. Can I withdraw funds from A to put them into B during this tax year then do the reverse during the next tax year without it being considered a permanent withdrawal?
I understand that you can withdraw money and put it back into flexible ISA wrappers during the same tax year but it's not clear whether the ISAs you withdraw from and fund into need to be same.
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Post by robberbaron on Dec 4, 2017 13:18:08 GMT
A realistic scenario with minimal micromanagement is 0.5-0.6% discount after 4 months - they sell quickly (at the moment - we all know liquidity can change quickly). So that's a 1.5-1.8% pa discount on an average 12.5% loan - that's 10.7-11% tax free. The occasional one may slip through unsold, so round down to 10.5%. I'll take that. Fair enough, but what about the paperwork? Don't you have to record and report hundreds of small capital gains to HMRC every year?
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Post by robberbaron on Dec 4, 2017 10:34:04 GMT
not for 40/45% tax payers. A 0.5% discount equates to about 1.5% annual which is much less than 40/45% of the 12/13% return. I guess it depends on the annual rate, the maturity and when you sell. If you are forced to sell a 6 months 8% loan after 3 months at 1% discount you will make a loss. Admittedly it's a bit of an extreme scenario but there is also a time to maturity limit beyond which you can no longer sell your loans. So unless you are closely micromanaging potentially thousands of loans you are bound to be stuck with quite a few and be liable for income tax. I am also a higher rate tax payer but this strategy never seemed worth the micromanagement and paperwork required especially if you have to do self-assessment.
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Post by robberbaron on Dec 4, 2017 9:39:10 GMT
NB: Although I opened a 2017 FS IFISA, I am NOT keeping it and will transfer the money to other IFISAs, because there is a tax-free/tax-reduced exit strategy in FS (again assuming that the annual capital gains allowance isn't exceeded) by selling before term, which I will use. The FS ISA is much less beneficial if you sell out of loans early (as I tend to do). It seems loans closer to maturity are sold at a steep discount which might negate any tax benefits.
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Lendy (L) in Administration
Weekly BS
Dec 4, 2017 9:21:41 GMT
via mobile
ozboy likes this
Post by robberbaron on Dec 4, 2017 9:21:41 GMT
I'll most likely get lambasted by all here present for my reply to the Support team in response to Lendy's latest 'Weekly Roundup' but here goes: Dec 1, 15:06 GMT Dear Support, is this the best that you can offer by way of a business overview/comment? Utter drivel! Please let Paul know what I think of his latest inane ramblings. Regards, James. Having utterly failed as a P2P lending platform, could Lendy be trying to reinvent itself as a blog?
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