fasty
Member of DD Central
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Post by fasty on Oct 24, 2017 23:55:40 GMT
They really need an expert in reputation management, strategic communications, problems/crisis resolution etc. I wonder... I thought they already had one: p2pindependentforum.com/post/161715
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withnell
Member of DD Central
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Post by withnell on Oct 25, 2017 9:02:24 GMT
The reality is we all appointed lendy to take actions on our behalf without any obligation of transparency. I wouldn't agree that at any point there was a suggestion that transparency would be lacking? Of more concern to me is when terms of a loan come to light that might impact my lending decision, eg PBL167 having a large capital repayment midway through the loan. Other platforms let you know if terms differ from interest monthly/capital at the end, what makes Lendy any different?
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Post by spectra on Oct 25, 2017 9:37:17 GMT
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Post by chrisuk on Oct 25, 2017 12:06:51 GMT
I appreciate the lack of information can be frustrating, but I know from experience that commenting about ongoing issues that could result or have resulted in legal proceedings is a bad idea. Especially in public. So I also have sympathy for the position taken by platforms and their advisers. The reality is we all appointed lendy to take actions on our behalf without any obligation of transparency. While the going was good we revelled in that - 12% with no effort, what’s not to like? Now however we have to accept the bad times re some loans with less than perfect information. If we had perfect information that could well put us in an even worse recovery position. I for one prefer a stronger recovery position rather than information now. I am sure lendy take into account the interests of all in what they make public and do. I am not saying they will always make the right decisions, but can we stop crucifying them for the same thing over and over again? Confession: I am not in any defaulted or suspended loans. On lendy. But I am on other platforms and would apply the above there too. But surely just saying that they couldn't comment about ongoing issues for legal reasons and maybe even apologising for this would be better than the total silence that appears to to be the policy. This, along with the change in policy of the fortnightly updates, has got me really concerned about them. I am by no means a big hitter but I will be getting all the cash I can out of Lendy (unfortunately I do have small sums tied up in some defaulted loans) as soon as possible as I have lost all confidence in them. I too have lost confidence in Lendy and have sold all of my loans (apart from the defaulted ones and those stuck in the SM)! I realise of course that Peer To Peer lending comes with risks but the sheer number of defaulted and/or suspended loans has made me rather nervous! A shame really.
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seeingred
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Post by seeingred on Oct 25, 2017 12:31:07 GMT
I can well appreciate the issues surrounding non-release of information during sensitive legal periods.
What concerns me more is the apparent lack of proper supervision of building projects - that is, Lendy really knowing what is going on as opposed to a tick box approach using what may be largely valueless IMS reports and similar. If anyone qualified had kept a close eye on Exeter DFL001 (for example) I doubt we would be in the position we are now. Maybe DFL001 was the start of a learning curve.
Also, something went seriously amiss on the Isle of Wight. Whilst it may be imprudent to tell us exactly what at this stage, the nagging feeling is that Lendy go into loans with a far too blasé attitude, and then don't really look after them. Builders and developers need to know they are being closely watched - this aspect is what in my view has led to a loss of some confidence on the platform. There has also been a blasé attitude towards answering perfectly reasonable questions. Instead of a polite reply people have been almost brushed aside. Big investors especially, and people with knowledge of the building industry, do not wish to be treated in this manner.
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Post by developer on Oct 30, 2017 13:59:37 GMT
Lendy’s knee jerk reaction by quickly appointing receivers over the Exeter projects instead of trading out of the default situation caused by the liquidation of the main contractor is compounding an unfortunate situation.
I, as the developer have my PG’s on the line and therefore it’s in my interest to maximize the returns achieved.
I feel I have to bring to investors notice again the pertinent facts of what’s now occurring.
I copy below my recent email to the receiver expressing my concern that the refunding arrangements I have put in place are being ignored. Because of that I feel I can no longer stand on the sidelines and say nothing. As per the forum rules I have redacted parts of the email to protect individuals.
Copy of email sent today to the receiver of the Exeter projects
My planning consultant Dxxx Exxx has reported to me regarding Regal Court. (Dxxx has been the planning consultant on both projects since day one)
It seems you met on site with the planning officer and DCC highways, which has now opened another potential bag of worms.
Had you involved me in those discussions I would have handled it in another way knowing as I do the history of the site and the earlier reports and agreements in place I had from LXXXX OXXXX’s predecessor.
It appears they maybe now insisting on an adopted road to access the back land, which is contrary to what was agreed previously and this, will entail the acquisition of additional land.
In view of Dxxx's report to me I urge you to accept the unconditional offer now from Xxxxxx, as I don’t think there is likely to be a viable economic alternative immediately available.
Xxxxx has advised me that unless he is involved in all negotiations and discussions involving access in future then no agreement will be entered into to allow access across his land.
Likewise the cash offer for the purchase of Kennaway (in its unfinished state, and without warrantees etc.)
I have not received a response and I will now go to the investors directly to lobby their opinion.
The refunding and offers I have managed to put in place will not be available for much longer.
I believe the investors stand to loose a substantially greater amount if the current offers on the table are not accepted - any shortfall could likely be filled by PI claims - and the amount of these claims could be challenged if a lessor net figure is eventually accepted because of these delays.
If the site is left over the winter then the part built houses will deteriorate rapidly and will be worth substantially less than the current bids.
Please come back to me by return with a definite decision as to whether the current offers on the table are to be accepted or not.
To be clear £6.7m total offer over the 2 projects is what’s on the table now, unconditional completion within 4 to 8 weeks. £7.7m is still on the table subject to reserved matters on the backland.
(These are strong offers and only made because I have agreed to work with the new developers to enable the part constructed site to be seamlessly taken over by them and includes access rights.)
Meaning £2m will be held back pending the agreement and costs of the RM. So that will give you £5.7m immediately with the balance of the £2m (less RM costs) in the future or £6.7m cash now.
You urgently need to allow access to allow the scaffolder’s to remove their scaffolding or reach a financial agreement with them to keep that on site. Xxxxxx are happy to inherit that contract.
The removal of the scaffolding at this stage will increase costs further and may cause Xxxxxxx to adjust their offer to compensate.
The scaffolding costs are; circa £6,000 owed and £2,000 per month to pay in rental costs. (There will be higher costs if a new scaffolding contract has to be entered into.)
Txxxx of XXX scaffolding can be contacted on xxxxxxxxx. He has asked for your email address which I have sent him.
Please get back to me asap.
Today I received this email from the agents for Xxxxxx.
X,
I have just come off the phone to Xxx @ Xxxxxxx.
Since doing the Heads of Terms we have not had any feedback apart from the request to consider an unconditional offer (rather than a RM deal).
If anything substantive is to be sorted this year prior to Christmas and to avoid the “winterising” of the site Xxxxxxx really need to know this week to have any chance of sorting legals, doing due diligence and getting the deal closed.
Regards xxxxx
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spiral
Member of DD Central
Posts: 967
Likes: 486
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Post by spiral on Oct 31, 2017 9:02:12 GMT
Did Nobody like the above post because Nobody likes it or does Nobody like it.   |
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Post by Deleted on Oct 31, 2017 9:22:26 GMT
I think Nobody is kind of missing the point  |
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SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
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Post by SteveT on Oct 31, 2017 9:24:45 GMT
Did Nobody like the above post because Nobody likes it or does Nobody like it. Nobody knows.
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ianj
Member of DD Central
Posts: 656
Likes: 520
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Post by ianj on Oct 31, 2017 10:42:38 GMT
<content redacted as it's not worthy of repetition> With regard to Liz's Liking of what's not repeated above, can I just say how much I'd like to Like it, but only the 'Nobody likes' part, which, while exceedingly likeable in itself, remains, due to technical deficiencies, stubbornly un-Likeable. It's likely that similar could be said of the other parts, i.e. everything else (which might, in reality, not be liked by Nobody, despite their Liking of it) but is most definately disliked by all and sundry, who would, I surmise, like a facility to Un-like that which is unliked. Might I suggest that posters feeling deprived by the lack of wizardry to adequately reflect their frustration could adopt  in circumstances where redaction of expletives becomes all too time consuming!
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Post by Paul64 on Nov 17, 2017 16:37:01 GMT
Dear all,
Since my first post back in January 2017, I have reviewed, monitored, participated, argued, corrected, and supported many of the posts on this very useful forum. And, for the most part, enjoyed doing so.
Of course, by its nature, the forum can get lively, and members can get frustrated - with each other, but also with the platform - and named employees of that platform - when they feel it or they are not listening to them.
My challenge back then was to show over time that we do listen, and that we do respond when we can. And when we are able to do something about it we do. But if P2P was as straightforward as some on this forum suggest, they would all have their own platforms, with 1000s of happy users, making money at little or no risk. Property investing, in whatever form, can be problematic. P2P is no different.
The balance
While we have had some success in this area, the bigger challenge was always going to be balancing the need to maintain good levels of return for our investors, keeping the risk to their capital to an absolute minimum, while growing in a sustainable way, that does not put future profitability, and therefore stability of the platform, at risk. And to ensure we make adjustments to our processes that the regulator requires us to make as part of our application for full authorisation.
This focus has included how we choose to market our business, to continue to build our brand and to attract new borrowers and new investors to the platform.
But, essentially, the good returns on our investments stems from the fact we are still fundamentally a lean operation, without the large teams associated with the high street banks (and some other P2Ps) who say they can deal with every enquiry, every issue, in minute or hours. We are unable to do this.
I have said many times in my updates that we are not perfect. There are many areas that still need improvement. And our prime commitment is to continue to make these improvements, and in particular our levels of transparency, disclosure and communications.
The changes to Recent Updates, despite the suggested motive on the forum, were to improve the experience. I do hope that once you have gotten used to them, that you will agree. All users will continue to have access to all Recent Updates, updated every fortnight. But now they can filter via My Loans, All Loans, search for a loan, and are now alerted when their loan or loans have been updated.
Recoveries
Some members have mentioned this, but as this is a public forum, open to everyone, all platforms do need to be very careful what they publicly disclose, in particular when loans are being recovered. If we are unable to release more information on a particular loan it is normally in order to ensure we do not jeopardise or disrupt a recovery process or any claims we are pursuing against various parties. Our role is to pursue all appropriate recovery options available to ensure the maximum return to our investors, which is why are investing heavily in this area.
Finally, while it is okay to tag Lendy on this forum, the most efficient way is still to raise a ticket through our help centre, as your query is then on the system and will get dealt with.
Please do though send me a personal message about any of the above, or on any topics where you feel Lendy may be ignoring you. That is not our intention.
With kind regards.
Paul, Lendy Ltd
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