izigor
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Post by izigor on Oct 12, 2017 22:44:58 GMT
Ouch I can feel the noose tightening everyday that goes past. Awaiting tomorrows update .. holding my breath in anticipation that the borrower has found the money tree just like Mrs May has.. Now Now... i'm sure you meant to say Mr Corbin.  The £1 Billion pounds of money which suddenly appeared out of nowhere in order to get DUP to keep her in power. The £20 Billion pounds of magically materialised money now available for tempting EU in phase-2.. the £250 million pounds which didn't exist last week in order to prepare for a 'No Deal' (Evidently Hammond don't know the location of that tree because he still can't find the money). Mr Corbyn knew of it, we didn't believe him. Now it seems he was right and it does exist. In fact, mrs May takes a bath under that tree every morning. She lathers her snake leathered body with the new pound coins and 5 pound pig-notes.
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elliotn
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Post by elliotn on Oct 13, 2017 2:19:45 GMT
The amount of IOA loan parts on the SM nearly doubled around 1800 today -- from £0.8M to £1.4M. Does anyone know why? Has one or more of the suspended IOA loans been un-suspended? I’m pretty much fully invested across platforms but would like to increase my holding in VM and did some preparatory trimming- my best guess is some BHs moving excess especially after 143 repayment out of loans that have big Qs when new large loans appear ie car park, cement, pickering (17 already suspended) and moving away from a less popular borrower in Suffolk/Norfolk. The sales popped up at the same time ie shortly after VM pipelined.
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greeb
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Post by greeb on Oct 13, 2017 7:45:02 GMT
Please let me know if I have missed any D1, D2, D16, D17, 189, 155, 84 &166 all now suspended from SM sales total 27M add this to the 23M in default as I think LY should, that is not making things look so rosey right now.  The rosey tinted spec brigade are really going to struggle now I'd have thought.. I think I am labelled as one such. None of my investments on Lendy are in default, are part of the new suspended loans or have long sale queues. The suspended loans are another example of more rigorous compliance and risk assessment that Lendy is putting in place, a positive development, which it has the resources to do unlike many smaller platforms. However although this is an appropriate action to protect any new investors it does look like a knee jerk reaction to compliance flexing its biceps inside Lendy and communication has been very poor.
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Post by robberbaron on Oct 13, 2017 7:59:47 GMT
The £1 Billion pounds of money which suddenly appeared out of nowhere in order to get DUP to keep her in power. The £20 Billion pounds of magically materialised money now available for tempting EU in phase-2.. the £250 million pounds which didn't exist last week in order to prepare for a 'No Deal' (Evidently Hammond don't know the location of that tree because he still can't find the money). Mr Corbyn knew of it, we didn't believe him. Now it seems he was right and it does exist. In fact, mrs May takes a bath under that tree every morning. She lathers her snake leathered body with the new pound coins and 5 pound pig-notes. How is May wasting money we don't have by increasing a debt we can't afford evidence of the existence of the money tree? In fact there is a nice analogy with Lendy. As long as the investors keep coming you can extend and pretend that everything is fine and "no investor has ever lost any capital". But as Madoff learned at some point they will stop.
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Liz
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Post by Liz on Oct 13, 2017 10:51:45 GMT
Voodoo economics.
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GeorgeT
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Post by GeorgeT on Oct 13, 2017 11:36:01 GMT
My last bits in DFL17 were still working their way (slowly) through the queue - can't make my mind up whether to cancel the sale or just leave it. Don't imagine interest is likely to come into the equation now....... On the surface it seems like a no brainer in that you can't sell so de-list and at least get the interest which presumably you won't get while you leave it in your Selling Loan Parts area. But ... what if a loan is un-suspended? I assume that would be possible if the problem / issue was corrected by the borrower. You would then have lost your place in the sales queue. Or would the sales queue be cleared and re-set in such an eventuality? Who knows!! LY seem to have introduced this new category of 'suspended' without so much as an explanatory email - either on a general or loan specific basis. Not very good really.
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Post by dinnerlady on Oct 13, 2017 11:59:08 GMT
Can anyone please point to where on the site I can locate these suspended loans? Struggling to find them, have they been removed from view completely?
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romy
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Post by romy on Oct 13, 2017 12:02:30 GMT
I can see under live loans - an extra box comes up at the right hand side saying
"This loan cannot be invested in because it has been suspended."
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registerme
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Post by registerme on Oct 13, 2017 12:05:43 GMT
Can anyone please point to where on the site I can locate these suspended loans? Struggling to find them, have they been removed from view completely? As far as I can tell you can see them on My Loans and Live Loans, though you have to go into each loan specifically to see the status. For example DFL001 is visible on Live Loans with an IA (interest accruing) status. However if you look at the loan detail you will see "Investment not available. The loan cannot be invested in because it has been suspended".
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Post by rookyone on Oct 13, 2017 12:33:02 GMT
After 3 months of no interest, I fell just sort of getting out of PBL084. As this loan is now suspended, and in an apparent 'black hole' i.e. not in the secondary market or the default loans section. I have noticed in the selling loan-parts, the option to cancel the sale is available to me. However, I have not clicked to test its operational...
What I would like to know, and I am being positive here that Lendy will retrieve investor's capital and interest, is as my loan was listed for sale at the time of suspension, would I now be accruing interest where before in the sales que I would not? (let's face it, these disputes can take years to resolve) My view is that as I am unable to sell, I should be returned to the accruing interest status? It's probably wishful thinking, but one can hope for a good outcome...
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mosaic
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Post by mosaic on Oct 13, 2017 13:15:56 GMT
We don't know, Lendy does. But they won't tell us.
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sand2880
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Post by sand2880 on Oct 13, 2017 14:46:10 GMT
I cancelled my for sale loan parts in DFL017 after it had been suspended and now accuring interest...still interest on account in this one. Was around 5 days from selling out when they suspended it and so frustrating they do this without any warning or explanation of how this works.
Although I take it as a good longer term measure that force Lendy to inform and act over issues with loans, it doesn't feel good right now.
Seems Lendy have been caught by too many borrowers who know how to delay, obscure or have insuffcient ability to complete projects. Highlighting the total lack of controls in place.
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Post by robberbaron on Oct 13, 2017 18:01:34 GMT
Can't see the other loans but at least for DFL017 the reason given seems to be the "prevarication" of the borrower. It's hard to imagine these stealthy suspensions are not linked to the FCA investigation.
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Tunny
Sometimes it is the people no one imagines anything of who do the things that no one can imagine
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Post by Tunny on Oct 16, 2017 13:43:42 GMT
Does Lendy consider these suspended loans as defaults, irrecoverable losses, or what ?
How is this going to be reflected in the tax statement available from Lendy?
I understand there are new HMRC rules regarding losses on irrecoverable loans.
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Post by GSV3MIaC on Oct 16, 2017 19:40:35 GMT
Can't see the other loans but at least for DFL017 the reason given seems to be the "prevarication" of the borrower. Pot, kettle, black??
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