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Post by Lendy Support on Oct 9, 2017 17:23:03 GMT
Hi mikes1531, thanks for the message. Those three loans are still in the tolerance period and therefore not in default yet. Please see our Overdue Loans policy (https://lendy.co.uk/documents/OVERDUE_LOANS_DEFAULT_POLICY.pdf) Lendy Support |
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Post by yorkshireman on Oct 9, 2017 18:13:37 GMT
Why would a valuer overvaluate a property value? Is it because he s paid by the borrower? It's not beyond the bounds of possibility. 
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fp
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Post by fp on Oct 9, 2017 18:26:38 GMT
Hi mikes1531 , thanks for the message. Those three loans are still in the tolerance period and therefore not in default yet. Please see our Overdue Loans policy (https://lendy.co.uk/documents/OVERDUE_LOANS_DEFAULT_POLICY.pdf) Lendy Support Where the borrower is in breach of his contactual duties, he has defaulted on the loan agreement surely?
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mikes1531
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Post by mikes1531 on Oct 9, 2017 19:02:12 GMT
Regarding loans in default, at present, just 13% of Lendy’s loan book by value is considered non-performing. , Lendy Support : Can you please explain why Lendy continue to exclude DFL001, DFL002, and PBL155 -- loans where LPA receivers have been appointed -- from the non-performing loans total? ISTM that loans are either performing or non-performing. Why would a lender appoint LPA receivers to deal with a performing loan? Hi mikes1531 , thanks for the message. Those three loans are still in the tolerance period and therefore not in default yet. Please see our Overdue Loans policy (https://lendy.co.uk/documents/OVERDUE_LOANS_DEFAULT_POLICY.pdf) Lendy Support , Lendy Support: Thanks for replying. Perhaps I didn't make my question clear, however, as your reply didn't really respond to the issue I was trying to raise. I wasn't asking about loans classified as Default vs. loans not classified as Default. Lendy have made it very clear when they reclassify loans as DEF. I was asking about loans considered to be performing vs. those considered to be non-performing. The statement by Lendy was not that that 13% of their loans are in default, but that 13% of loans are considered non-performing. Let me try asking my question in a different way... Do Lendy consider DFL001, DFL002, and PBL155 to be performing loans?
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Post by martin44 on Oct 9, 2017 19:08:51 GMT
Why would a valuer overvaluate a property value? Is it because he s paid by the borrower? It's not beyond the bounds of possibility. And maybe a probability. 
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seeingred
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Post by seeingred on Oct 9, 2017 21:05:26 GMT
I can't really get too interested in the ins and outs of whether a loan is defaulted or not.
How about a simpler question. One that should admit of a straightforward answer.
Why has the Isle of Wight multi-million pound loan security apparently dropped 80% in value?
The site is in Lendy's backyard, an area they surely know well. It may even feature in Cowes Week publicity.
If all the conjecture on this site is false, why not just say so.
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btc
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Post by btc on Oct 10, 2017 9:02:20 GMT
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moist
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Post by moist on Oct 10, 2017 9:22:28 GMT
lot of non answers going on Paul @lendy. Technically you are correct about the defaults.....but seriously! The telegraph seem to be closer to the truth.
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r00lish67
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Post by r00lish67 on Oct 10, 2017 9:33:26 GMT
lot of non answers going on Paul @lendy. Technically you are correct about the defaults.....but seriously! The telegraph seem to be closer to the truth. They can be as technically correct as they like about a variety of subjects, but the question from Mike was not about defaults, but whether those loans are performing or non-performing. I too am curious to know.
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Post by Lendy Support on Oct 10, 2017 10:24:45 GMT
Hi all, I stick with what I provided before, that these loans are not in default - hence the reason I included our Overdue Loans policy - which includes our definition of what is performing and non performing, but these definitions vary company to company. We class all loans post term, and up to 180 days, as Overdue, and within our tolerance period. Defaults as anything over 180 days. For example, the P2PFA classes non-performing loans as anything over 45 days, and loans in Default as anything over 120 days. They however class Defaults as 'Capital Losses'. Lendy doesn't, as we have a strong success rate on recovery, particularly as our loans are all lent against secured assets. For us to class Defaults as Capital Losses would be misleading. Lendy Support |
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 10, 2017 11:00:31 GMT
Hi all, I stick with what I provided before, that these loans are not in default - hence the reason I included our Overdue Loans policy - which includes our definition of what is performing and non performing, but these definitions vary company to company. We class all loans post term, and up to 180 days, as Overdue, and within our tolerance period. Defaults as anything over 180 days. For example, the P2PFA classes non-performing loans as anything over 45 days, and loans in Default as anything over 120 days. They however class Defaults as 'Capital Losses'. Lendy doesn't, as we have a strong success rate on recovery, particularly as our loans are all lent against secured assets. For us to class Defaults as Capital Losses would be misleading. Lendy Support One of the problems is the apparent misleading nature of your updates. You claim that you have appointed receivers to recover these loans yet none of the required paperwork has been filed with Companies House against the companies the charges are filed against (some as recently as June so must be current) Therefore receivers/administrators appear not to have been appointed and the updates seem incorrect. If you had appointed receivers over the security then the loans would be in legal recovery and under HMRC rules would be eligible to be treated as capital losses and classing them as such would not be misleading.
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Post by Lendy Support on Oct 10, 2017 11:06:48 GMT
Hi. please DM me ilmoro or raise a ticket via the Lendy Help Centre with more details so we can look into this. Thanks. Lendy Support |
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seeingred
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Post by seeingred on Oct 10, 2017 11:13:41 GMT
I don't mind if you answer my question in public, Paul. Really I don't. Lendy Support |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 10, 2017 11:54:02 GMT
Hi. please DM me ilmoro or raise a ticket via the Lendy Help Centre with more details so we can look into this. Thanks. Lendy Support A similar point was raised via a support ticket to which a response has been awaited now for 13 days and counting. Not sure what details you require? If you have appointed receivers/administrators under a security charge registered against a company my understanding is you are required top notify CH within 7 days using form RM01. Your updates regularly refer to the appontment of recievers yet no RM01 appears on the records at CH against the charge. HMRC rules on the treatment of capital losses are available on HMRC website under peer to peer lending.
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twoheads
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Programming
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Post by twoheads on Oct 10, 2017 13:13:23 GMT
... via a support ticket to which a response has been awaited now for 13 days and counting. Please wait in line... my support ticket is 11 weeks old tomorrow. I'm sure it will be resolved soon. 
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