izigor
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Post by izigor on Nov 2, 2017 17:48:24 GMT
I think for the purpose of making suspended loans visible, the best solution is to have a separate tab for them. In this way, the total amount for 'suspended loans' can also be displayed just like for 'default loans'. This, ideally, should reflect the IT database model anyway and if they have coded it right, it should be 5 to 10 days work to add the web front-end (a copy and paste of the default tab - 1 hour), code and wire-in the back end service to the front end with the data (1/2 day) and test it to death and repair (5 days). So 1/2 day then.  Not quite, because the managers need to have lots of meetings about how they can avoid doing it and that generally takes 6 months and the majority of the budget 
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mary
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Post by mary on Nov 9, 2017 10:44:41 GMT
Following today's two new suspensions, an Updated list of "Suspended" loans that are not tradable on the SM...
DFL01 - £6m
DFL02 - £3m
DFL16 - £0.7m
DFL17 - £7.5m
PLB84 - £5m
PBL103 - £2m
PBL155 - £3.4m
PLB157 - £3.2m. new
PLB158 - £1.3m new
PLB161 - £0.3m
PBL167 - £2.6m
PLB166 - £0.9m
Now £36m "suspended", in addition to the official defaults of £23m.
Total of £58.6 of £180m is really in default, over 32%!
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Post by charliebrown on Nov 9, 2017 11:09:48 GMT
Following today's two new suspensions, an Updated list of "Suspended" loans that are not tradable on the SM... DFL01 - £6m DFL02 - £3m DFL16 - £0.7m DFL17 - £7.5m PLB84 - £5m PBL103 - £2m PBL155 - £3.4m PLB157 - £3.2m. newPLB158 - £1.3m newPLB161 - £0.3m PBL167 - £2.6m PLB166 - £0.9m Now £36m "suspended", in addition to the official defaults of £23m. Total of £58.6 of £180m is really in default, over 32%! 32%, shocking. No pipeline, nothing worth buying on the primary market, 12 loans suspended, 18 loans defaulted. This must be the worst track record of any platform. As I’d posted earlier, I checked another platform’s stats, chosen at random, but it happened to be Funding Circle, that quotes 2% defaults. Granted, they make it clear it’s 2% after recoveries, but even so. I also don’t think we’re finished yet, there’s a lot of other live loans that look less than perfect; will we see defaults go above 50%. As someone who has significant sums of money in many of these bad loans, I feel justified in being very negative about LY, I rue the day I ever got involved.
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Post by chrisuk on Nov 9, 2017 13:09:32 GMT
I am a relatively small investor in 'Lendy'. I had a self imposed limit of £5000 to invest in total. I never invested more than £200 in a single loan. I have managed to sell £4000 in recent weeks, but five of my loans have been defaulted/suspended and three are stuck in the SM.
I'm not very impressed with 'Lendy'. I suspect that in the rush to increase the number of available loans standards have slipped somewhat! At one stage I was tempted to increase my investments - I dodged a bullet there!!
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Post by chrisuk on Nov 9, 2017 13:35:51 GMT
And I agree with other forum members - it would be nice to have a 'Suspended Loans' tab. One of the loans I had on the SM was suspended and I was not aware of this until I happened to click on it to see if there were any updates! I wondered why it was not selling!!  |
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Yintara
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Post by Yintara on Nov 9, 2017 14:07:17 GMT
I notice that Lendy have had the time to add a new (I think) 'Managing Risk' tab to the loan page, but no Suspended tab yet. Without this forum I never would have known that some were suspended since they just quietly disappear off the available loans list.
Some interesting info in the Managing Risk tab though. Has that just appeared or have I missed it previously?
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Monetus
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Post by Monetus on Nov 9, 2017 14:40:35 GMT
I notice that Lendy have had the time to add a new (I think) 'Managing Risk' tab to the loan page, but no Suspended tab yet. Without this forum I never would have known that some were suspended since they just quietly disappear off the available loans list. Some interesting info in the Managing Risk tab though. Has that just appeared or have I missed it previously? Nope they just added it - noticed it myself. Maybe required to get their FCA approval or perhaps just a forewarning of bad times coming....  Now if only we could get a "suspended" tab.
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bramhall17
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Post by bramhall17 on Nov 9, 2017 15:28:05 GMT
I have a small piece of the Exeter loans which seem to have descended into a 'soap opera' . I also have a small position in a certain recent London loan that I'm rather kicking myself about after being very conservatively in a certain now infamous 'short term loan' (8 months) on another platform. Whilst having dodged most of the others, the aggregate defaults and suspensions have become an issue for me . So I've tried to sense test my holdings,given I'm in a lot on a small time basis .I'm not in panic mode but will not add to my investments until and unless I see Lendy stabilise the situation which means getting a real grip on real and quasi defaults.
btw ----They do have a tab on the general web-site added 6 days ago under Recent Activity titled :--- 'Why does Lendy sometimes suspend secondary market trading for loans which are within term'
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Post by df on Nov 9, 2017 16:24:05 GMT
And I agree with other forum members - it would be nice to have a 'Suspended Loans' tab. One of the loans I had on the SM was suspended and I was not aware of this until I happened to click on it to see if there were any updates! I wondered why it was not selling!! Same happened to me with PBL167. I had it for sale for about 10 days with only 6k queue, was checking the queue every other day ant it was not moving. I only found out when decided to check update on this loan and then cancel the sale. No e-mail notification from Lendy. SS used to be my second platform, now it is 50% less than it used to be. I have more in infamous FC than in Ly and can't see any prospect of increasing the amount in foreseen future. There is a lack of new loans and I already have enough in existing loans.
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Post by loftankerman on Nov 9, 2017 16:41:57 GMT
I saw the 'Managing Risk' earlier today too and assumed it had just been added. They make a lot of the extent to which they take managing risk seriously. In the light of the current dire straits of so many loans, I assume that today marks the start point for this serious approach. Well done, if a bit late.
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mikes1531
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Post by mikes1531 on Nov 9, 2017 23:27:50 GMT
Maybe required to get their FCA approval ... If Lendy get FCA approval while 32% of their loan book is either Defaulted or Suspended that will be the end of any thought I had that the FCA might be worth having! 
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cwah
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Post by cwah on Nov 9, 2017 23:50:03 GMT
Is FCA approval mandatory or something? Why is lendy the only platform with so many default and suspended loan?
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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 Nov 10, 2017 0:08:20 GMT
Is FCA approval mandatory or something? Why is lendy the only platform with so many default and suspended loan? Yes, full authorisation required to operate in current form. They arent, lots of platforms have as many or more just not the same percentage of loan book.
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Liz
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Post by Liz on Nov 10, 2017 0:27:48 GMT
On the face of things look bad, but we are going to need 2-3 years of data on recoveries and defaults to get a true picture of performance and likely returns. Then If we get a property correction, then that data goes out of the window 😄
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moogman
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Post by moogman on Nov 10, 2017 9:12:26 GMT
If it looks like a default, and smells like a default...
While my holding is now less than 40% of my peak holdings in SS/LY, it will be interesting to see what happens over the term - I suspect in some part, the fault doesn't lie fully with Lendy (that's about as nice as I can stretch to be on this platform!) and other platforms will see some amount of default-creep too.
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