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Post by charliebrown on Nov 10, 2017 10:25:14 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!  Totally agree. There must be an almighty fire raging at LY. I can’t see LY surviving this. Where is the money coming from to pay receivers to chase all these bad debts? Has any platform survived a 32% bad loans state?
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r00lish67
Member of DD Central
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Post by r00lish67 on Nov 10, 2017 10:58:37 GMT
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! Totally agree. There must be an almighty fire raging at LY. I can’t see LY surviving this. Where is the money coming from to pay receivers to chase all these bad debts? Has any platform survived a 32% bad loans state? Actually, i think Wellesley were right up there.. <bear with me> Yes, back in the Spring, they decided to unveil the performance of their loanbook - "55% of loans are in "technical" default. 34% non performing" .Ouch. They actually have paused their P2P offering as of May, although you can still invest in a bond (4.3%...mmm...tempting). According to the FAQ, their new P2P product is due to launch in Q3 2017. Ahem.
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Tony
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Post by Tony on Nov 10, 2017 16:25:21 GMT
I don't know why we are beating about the bush here guys. For the benefit of any doubt this platform sucks.
Its default rate is awful, its recovery rate is awful and its weekly BS is as its says B*** S****
Why can't they get a grip and recover the situation
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Post by dualinvestor on Nov 10, 2017 16:37:22 GMT
I don't know why we are beating about the bush here guys. For the benefit of any doubt this platform sucks. Its default rate is awful, its recovery rate is awful and its weekly BS is as its says B*** S**** Why can't they get a grip and recover the situation According to their occupations at Companies House the two directors are an entrpeneur and financial director (although I am not sure the latter is a qualified accountant,or even unqualified). They therefore may not possess the skills to "get a grip and recover the situation."
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MarkT
Member of DD Central
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Post by MarkT on Nov 10, 2017 16:43:49 GMT
I don't know why we are beating about the bush here guys. For the benefit of any doubt this platform sucks. Its default rate is awful, its recovery rate is awful and its weekly BS is as its says B*** S**** Why can't they get a grip and recover the situation However, even if Lendy folds I can't see them becoming destitute.
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elliotn
Member of DD Central
Posts: 3,064
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Post by elliotn on Nov 10, 2017 16:47:49 GMT
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! Totally agree. There must be an almighty fire raging at LY. I can’t see LY surviving this. Where is the money coming from to pay receivers to chase all these bad debts? Has any platform survived a 32% bad loans state? Receivers will be priority creditors from recovery.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Nov 10, 2017 16:48:09 GMT
I don't know why we are beating about the bush here guys. For the benefit of any doubt this platform sucks. Its default rate is awful, its recovery rate is awful and its weekly BS is as its says B*** S****
Why can't they get a grip and recover the situationErrrr, because it's not their money? And those that read this site are in the minority compared to the hordes willing to still chuck money at Lendy?  = They're not overly bothered.
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Post by dualinvestor on Nov 10, 2017 17:09:59 GMT
However, even if Lendy folds I can't see them becoming destitute. That's the joy of using other people's money
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chunkie
Member of DD Central
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Post by chunkie on Nov 10, 2017 18:16:36 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! If my arithmetic is correct, defaults + suspensions are at 29% of current loans (i.e. live + defaults) If one includes those with "negative days remaining" the proportion of "non-performing loans" increases to 36.6%.
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Tony
Posts: 51
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Post by Tony on Nov 10, 2017 19:55:56 GMT
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! If my arithmetic is correct, defaults + suspensions are at 29% of current loans (i.e. live + defaults) If one includes those with "negative days remaining" the proportion of "non-performing loans" increases to 36.6%. Exactly... they suck The time has come, we've all been here sitting watching and they have done sweet FA Absolute disgrace
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coda
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Post by coda on Nov 10, 2017 22:11:19 GMT
It is time to think about what would happen in a platform failure scenario with Lendy. The loan book is just getting worse almost everyday. The suspension policy is outrageous. I am stuck in some of them. It was never mentioned anywhere that they could do that!!!
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Tony
Posts: 51
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Post by Tony on Nov 10, 2017 22:16:11 GMT
It is time to think about what would happen in a platform failure scenario with Lendy. The loan book is just getting worse almost everyday. The suspension policy is outrageous. I am stuck in some of them. It was never mentioned anywhere that they could do that!!! Coda... I with you. Its all getting out of hand. Will someone who knows, start to contribute with our options please
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Liz
Member of DD Central
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Post by Liz on Nov 10, 2017 22:31:17 GMT
It is time to think about what would happen in a platform failure scenario with Lendy. The loan book is just getting worse almost everyday. The suspension policy is outrageous. I am stuck in some of them. It was never mentioned anywhere that they could do that!!! Coda... I with you. Its all getting out of hand. Will someone who knows, start to contribute with our options please If you are that concerned you sell what you can and pray the platform survives and that recoveries on the loans you are in are good. I'm in the exact same position with another platform. I'm hoping things work out, otherwise, it's going to cost me even more than it already has.
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GeorgeT
Member of DD Central
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Post by GeorgeT on Nov 11, 2017 0:02:46 GMT
It is time to think about what would happen in a platform failure scenario with Lendy. The loan book is just getting worse almost everyday. The suspension policy is outrageous. I am stuck in some of them. It was never mentioned anywhere that they could do that!!! Coda... I with you. Its all getting out of hand. Will someone who knows, start to contribute with our options please If you feel that way (and you are far from alone), the only options are to either quit while you are ahead or cut your losses - and which of those scenarios applies to you will depend on how much interest you have earned. Either way, all you can do is list all your tradable loan parts for sale and recover as much of your capital as you can through the SM. Then consider how much is unsellable (X) and compare it to how much interest you have made (Y). If Y exceeds X than you are a net winner regardless of the amount of recovery on loans you are stuck in. If X exceeds Y, do the Maths again assuming an average 50% capital recovery rate for your unsellable loan parts. That's a pessimistic but perhaps not completely unthinkable figure. See if that puts you into net gain territory. If you need an 80%+ capital recovery rate on all your default/suspended loans to break even, then you might have to accept you most probably going to take a hit. Good luck.
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1stwaz
Member of DD Central
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Post by 1stwaz on Nov 11, 2017 20:20:46 GMT
I do think that a lot of the negativity is simply noise. If you follow the forum it is possible to select good loans.
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