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 16, 2017 21:56:28 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. Lendy doesnt, HMRC would allow some of them to be treated as losses for tax year 17/18 . The key criteria is that there is no prospect of recovery other than by legal means. Appointment of receivers/administrators qualifies under this point. Any subsequent recovery would be taxed in full. A key point is that purchases made on the SM after a loan is eligible to be treated as irrecoverable would not be eligible as relief can only be claimed by person holding loan at time it became 'irrecoverable' as sale indicates it has a value and therefore could be defined as irrecoverable. (which ironcially means Lendy's suspension ties in with the rules even if they are not the reason for it and Lendy dont recognise the criteria) This is not advice and I am not a tax expert See rules here www.gov.uk/government/publications/income-tax-relief-for-irrecoverable-peer-to-peer-loans-final-guidance
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chunkie
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Post by chunkie on Jan 6, 2018 19:13:02 GMT
Are there any recent suspensions? These are the ones I'm already aware of (excluding those already moved to DEF):
DFL002
DFL016
DFL017
PBL084
DFL157
DFL158
PBL161
PBL166
PBL167
Including SUS, DEF and out-of-terms, DFL005 takes us (tomorrow) to a combined 38.6% (expressed as a % of LIVE+DEF loans).
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Post by charliebrown on Jan 7, 2018 8:45:08 GMT
Including SUS, DEF and out-of-terms, DFL005 takes us (tomorrow) to a combined 38.6% (expressed as a % of LIVE+DEF loans). I wish LY would address this elephant in the room in their communications but they never do. The Weekly Roundup is all spin and propogandanda and telling us LY is a land of “opportunity”. I’m in deep in some of the IA, Suspended and Default loans and I’m not hopeful of a speedy or successful conclusion on any of them. To keep to the topic of the thread, given you’ve got a 38% chance of losing any money you invest will people keep investing? In fact there”s been no significant repayments for months so 38% might still be optimistic.
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Post by GSV3MIaC on Jan 7, 2018 9:50:34 GMT
IMO your percentage is worked out on the wrong basis .. should be percentage of the loans which should have repaid by now (i.e. the duds, plus the ones which actually did repay). 'Percentage of all loans' can be kept looking only slightly shoddy by adding new ones faster than old ones go bad.
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chunkie
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Post by chunkie on Jan 7, 2018 19:10:30 GMT
IMO your percentage is worked out on the wrong basis .. should be percentage of the loans which should have repaid by now (i.e. the duds, plus the ones which actually did repay). 'Percentage of all loans' can be kept looking only slightly shoddy by adding new ones faster than old ones go bad. I guess it depends what one is trying to measure and I might do your calculation tomorrow but I imagine the ones that have repaid are the vast majority. My calculation is merely trying to follow the trend of those seemingly at a higher risk i.e. late or defaulted or suspended compared to those still in term.
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mikes1531
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Post by mikes1531 on Jan 8, 2018 4:49:36 GMT
I guess it depends what one is trying to measure and I might do your calculation tomorrow but I imagine the ones that have repaid are the vast majority. If you do the calculation suggested by GSV3MIaC you may find the results don't look very good that way either. Yes there have been a number of repaid loans that would help the picture, but removing the loans that haven't reached maturity yet will counterbalance that. What you'd be left with is the fraction of loans that should have been repaid by now that didn't -- and I'd expect that fraction to be significant. Then there's the question of SUS loans. I'd add them into the equation because I consider them to be non-performing as well, and the 'sick loans' fraction will be even greater. I suspect it's not going to be a pretty picture.
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Post by loftankerman on Jan 8, 2018 9:44:07 GMT
Over forty years ago I had an acquaintance, an owner of a family business, who lived in an area where he was well known and that was populated by many people similar to himself. As I joined him one day I noticed he looked a bit down and asked if he was okay. He said he had a problem because his house needed painting and it would cost him a couple of thousand pounds he couldn't afford. I told him to cheer up and said surely he could do it himself for the price of the paint adding I'd be happy to lend him my ladders and give him a hand. He said it wasn't that easy, if he didn't get it painted his neighbours would think his house was looking shabby and business might be bad. If he painted it himself word would go round he was in trouble and the next thing he'd know would be people would stop paying their bills. This comes to mind frequently as I see things moving to IA and other depressing states.
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chunkie
Member of DD Central
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Post by chunkie on Jan 8, 2018 14:48:53 GMT
I guess it depends what one is trying to measure and I might do your calculation tomorrow but I imagine the ones that have repaid are the vast majority. If you do the calculation suggested by GSV3MIaC you may find the results don't look very good that way either. Yes there have been a number of repaid loans that would help the picture, but removing the loans that haven't reached maturity yet will counterbalance that. What you'd be left with is the fraction of loans that should have been repaid by now that didn't -- and I'd expect that fraction to be significant. Then there's the question of SUS loans. I'd add them into the equation because I consider them to be non-performing as well, and the 'sick loans' fraction will be even greater. I suspect it's not going to be a pretty picture.
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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 Jan 8, 2018 15:11:32 GMT
If you do the calculation suggested by GSV3MIaC you may find the results don't look very good that way either. Yes there have been a number of repaid loans that would help the picture, but removing the loans that haven't reached maturity yet will counterbalance that. What you'd be left with is the fraction of loans that should have been repaid by now that didn't -- and I'd expect that fraction to be significant. Then there's the question of SUS loans. I'd add them into the equation because I consider them to be non-performing as well, and the 'sick loans' fraction will be even greater. I suspect it's not going to be a pretty picture. You are correct. The value of loans repaid (including any that were late) is £166,693,101 The value of loans that are currently overdue or suspended is £84,099,081 (50.5%)Above in Red along with Q jumping by Lendy, unreliable VR, PBL changing to DFL, being stuck in a never ending SM Q, constantly changing goalposts. Ive all but 2 small loans got out. Adding to the above......Ive got a few serious concerns about the platform coding, there seem to be so many errors in interest payments, sales not appearing in the SM Q and numerous other glitches.
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chunkie
Member of DD Central
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Post by chunkie on Jan 11, 2018 15:40:20 GMT
DFL024 went "out of term" (OOT) today adding another 2 million to the list of OOT, DEF and SUS (these now combine to 39.5% of all LIVE/DEF/SUS loans).
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rocky1
Member of DD Central
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Post by rocky1 on Jan 16, 2018 16:52:00 GMT
can lendy give us some info as i can see it 71 live loans 19 of which are IA and from limited lendy talk heading for DEF +22 loans already in DEF with sod all happening for over a year on most of them i dont know how many are SUS at moment but i think we need lendy to start talking.plenty in available loans if anybody wants.could some body do the maths on this because it looks like we are owed some serious monies with little chance of capital being returned in the near future let alone any interest/bonus interest.
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chunkie
Member of DD Central
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Post by chunkie on Jan 16, 2018 17:47:39 GMT
I believe there are currently nine Suspended loans (in addition to those since moved to DEF): DFL002, DFL016, DFL017, PBL084, DFL157, DFL158, PBL161, PBL166, and PBL167
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chunkie
Member of DD Central
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Post by chunkie on Jan 17, 2018 15:35:34 GMT
DFL013 for £2,892,270 is due for repayment (or extension?) today; otherwise it goes out-of-term and combined OOT/DEF/SUS will move to 40.3% of all current loans.
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rocky1
Member of DD Central
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Post by rocky1 on Jan 18, 2018 16:22:33 GMT
IA/BONUS paid today can LENDY keep the ball rolling now and get the recovery team working overtime to clear up the 22 default loans and stop treating these borrowers with kid gloves.they know very well what they are doing hiding behind SPVs and LTD COMPANIES they need to know that you will make them have sleepless nights and that you will find them and you will k*ll them[ to quote liam neeson film taken ] because taken the p*ss is what they are doing and lendy need to see that.i dont really mean to k*ll them not least till we have all got our funds back.please dont take this post to seriously i was just surprised with lendy email paying IA/BONUS and hope to receive many more soon saying CAPITAL/IA/BONUS all paid [suppose i can hope]
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Post by skint4achange on Jan 18, 2018 16:44:35 GMT
IA/BONUS paid today can LENDY keep the ball rolling now and get the recovery team working overtime to clear up the 22 default loans and stop treating these borrowers with kid gloves.they know very well what they are doing hiding behind SPVs and LTD COMPANIES they need to know that you will make them have sleepless nights and that you will find them and you will k*ll them[ to quote liam neeson film taken ] because taken the p*ss is what they are doing and lendy need to see that.i dont really mean to k*ll them not least till we have all got our funds back.please dont take this post to seriously i was just surprised with lendy email paying IA/BONUS and hope to receive many more soon saying CAPITAL/IA/BONUS all paid [suppose i can hope] Try not to confuse todays "Victory" as anything other than a very shallow one! All that has happened is that WE as investors have paid OURSELVES the interest WE were owed and the BONUS accrual that Lendy are supposed to give us.
This was not a big Coup by the recovery department at Lendy as was it not a repayment in full. In fact, this wasn't a repayment at all. This was US simply refinancing our own extension of interest payments.
That said, I feel more comfortable with this loan than most others mainly due to the fact that the borrower has made part payments and is obviously very keen on keeping the land.
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