locutus
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Post by locutus on May 24, 2019 8:07:04 GMT
09dolphin If you're aiming to make FS bankrupt, you won't be very popular amongst other lenders. We have a genuine claim against the FCA for misleading lenders about the Register w.r.t Collateral, we don't need to create our own platform failure. Even if you did win a claim, I imagine FS will insist the Court take into account all the interest from your good FS loans, and offset these against your bad loans. If you are still negative then I imagine the diversity of your portfolio will be considered. The average return across all FS loans is currently very positive. Therefore, you may win your case, but be awarded nothing.
I don't think FS will be going bankrupt over £5k to £10k which I believe is 09dolphin's remaining investment on FS.
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locutus
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Post by locutus on May 13, 2019 12:27:37 GMT
Thanks a lot. I have already exported this data and it's just a spreadsheet. So I thought, would a spreadsheet hold any value if things go south but looks like that's all we have from Lendy. There is not even my Lendy account number or any unique identifier (to identify me) in those spreadsheets - My Loans and Account Statement. If I were to make any claim, how can I say its a genuine claim. Anyone can make up that spreadsheet. Only the tax statement generated from Lendy has atleast the full name. All these details can be fabricated but they should tally with transactions on your bank statements in the event they are ever requested. See them as an accurate record of your dealings which can be backed up with bank statements if necessary.
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locutus
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Post by locutus on May 13, 2019 11:30:01 GMT
Hi Guys,
Need help from experts. All our investments are going RED with Lendy and if Lendy were to go bust then what evidences we have for our lent money? With all thats happening around, I have been concerned that if Lendy website ceases then I don't have any access to loans and lent money. All I have is an online account on their website. There are no other documents/evidences legal or contractual, to prove the investment.
Is there anything that can be arranged from Lendy? Have you received anything at all from Lendy? Please advise.
Many thanks
- Log into Lendy
- My Loans -> Export to Excel
- My Accounts -> Set dates to include all transactions -> Export
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locutus
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Post by locutus on Apr 24, 2019 16:05:36 GMT
The risk seems to be coming from the fact that valuations have been gotten so wrong. The concern should be the due diligence and valuations. With a boat you knew exactly what it was worth, you knew you could take it to an auction, put it up for auction, sell it, settle all the outstanding debt and return the surplus to the borrower. Retail investors were fine with this, were able to say, yes that boat should achieve enough at auction to cover my investment, nothing has changed except the scale, problem is now we have to trust the valuations. Get that trust back and p2p is fine for investors, but right now the trust is lacking, but can be recovered. This loan has nothing to do with valuations so please don't muddy the waters. This loan defaulted because of lax loan monitoring whereby money that was supposed to be spent on the development was diverted elsewhere. Proper oversight would have prevented this from happening.
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locutus
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Post by locutus on Apr 23, 2019 11:45:16 GMT
I haven't lost any money but this victim blaming is getting nauseating. This isn't about being "greedy" or not diversifying but rather about holding people to account for their actions. This particular loan and recovery was mismanaged in numerous ways and the fact that Lendy has refused to clarify their purchase of 21st June 2018 also means that foul play or conflict of interest cannot be ruled out.
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locutus
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Post by locutus on Apr 22, 2019 21:00:00 GMT
<snip>A developer rescuing the deal now needs </snip> The original developer seems to be in the driving seat again, at least according to their website. This is one reason that I expect nothing less than repayment in full.
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locutus
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Post by locutus on Apr 11, 2019 15:59:10 GMT
Looks very slick, how long till we get the premiums added. Surely its just tweaking the tables to allow 75-125% (for example) as opposed to 75-100%? The challenge isn't a technical one. As the great Jeff Goldblum says “Your scientists were so preoccupied with whether or not they could, they didn’t stop to think if they should.”
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locutus
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Post by locutus on Apr 8, 2019 15:31:41 GMT
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locutus
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Post by locutus on Apr 8, 2019 15:28:49 GMT
Personally I'd bite Lendy's hand off if they recovered just the capital. I'm currently expecting a significant loss since I invested a significant sum in this property based on the information I was given that progress on the development was good. Any payment of accrued interest and I'd have a party! I'm not as forgiving. Lendy had a legal care of duty to lenders to ensure that money raised on the platform and money taken in deposits was spent on the development and properly monitored. It was not and they objectively failed in this duty. I don't intend to suffer a financial loss for their lack of loan oversight. The case for lenders is a strong one and there are enough large lenders in the loan to justify legal action if required.
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locutus
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Post by locutus on Apr 8, 2019 13:24:44 GMT
I’d take just capital if it meant that interest went to those people who have lost their deposit money Then you shouldn't be lending money at all. They can have my sympathies but not my money. Both parties are victims of PS and neither should lose out. If losses do crystallise, they should do so in the contractually stated priority as those are the terms I agreed to.
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locutus
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Post by locutus on Apr 8, 2019 12:30:31 GMT
According to the purple place, it looks like a sale is about to complete and it seems that the original borrower might benefit from this via connected parties. I hope that full repayment of capital + interest + bonus is due otherwise this will be an incredibly inept negotiation and outcome for lenders and leave Lendy wide open to legal action. I'm a lender and have let Lendy know that anything less than full repayment will not be acceptable.
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locutus
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Post by locutus on Feb 8, 2019 16:58:52 GMT
I'm the ghost of Christmas Future. The date is February 2020 and we are now at FA League Update 199. With tacit moderator support, only FA League Updates are now allowed to be posted and any due diligence, informed analysis or actual loan information has been relegated to the dark corners of the forum so as not to pollute the incredibly useful posts by adrian77. He has ascended to become Martin Lewis' right hand man as the risk of not repeating the exact same opinions and baseless predictions every single week is just too great. For this we are thankful. Mods - have you gone on vacation?
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locutus
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Post by locutus on Feb 7, 2019 13:47:39 GMT
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locutus
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Post by locutus on Feb 7, 2019 12:37:46 GMT
Yep, not sure what all the excitement is about. Some people appear to like a drama... There are too many lenders who got into P2P thinking it would be like a traditional bank account and have zero knowledge of secured lending or bridging loans and scream at the top of their lungs when dates slip. They betray their inexperience with each post and can't seem to understand they got exactly what they signed up for.
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locutus
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Post by locutus on Feb 7, 2019 10:31:23 GMT
Never realised this loan trading was so complicated- but for the moment I am just going to see how the FS loan book actually performs before I go back in. Interesting. You have written hundreds of posts disparaging FS, talking about how you just wish to exit and even hoping for class actions against the platform and you think you might return? Something doesn't add up...
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