Tony
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Post by Tony on Mar 29, 2018 14:01:30 GMT
I am amused by the boiler plate statement contained in their "have you say..." emails;
"...accrued interest and bonus accrual to be recovered from claims against relevant parties, which Lendy’s lawyers have advised have a good prospect of success,"
I have long lost any confidence in Lendy having a good prospect of success in anything they touch. I only wish I'd come to that conclusion 18 months ago, perhaps then I wouldn't be in the s**t I find myself now.
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Post by investor1925 on Mar 29, 2018 14:07:28 GMT
I'm beginning to think that Lendy's newish T&Cs which include them "asking the lenders" for their views, is just an excuse for us taking the blame for our own haircut. (We did ask, you decided to bail at 40%,50%,60%. Don't blame Lendy)  |
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p2p2p
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Post by p2p2p on Mar 30, 2018 8:56:52 GMT
I don’ like the votes as us customers inevitably know a lot less than Lendy, and I don’t think our crowd is wise. Is the vote weighted by level of investment BTW.
the options aren’t fairly weighted either. One is sell at a loss and rigoursly persue guarantees, which sounds robust, the other is always a vague look for something else, suggesting no persuit of capital
the timescales are too short, why only a few days when the problem has been brewing for months. It gives the support team no chance to respond to queries about the votes
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zedi
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Post by zedi on Mar 30, 2018 10:37:18 GMT
I don’ like the votes as us customers inevitably know a lot less than Lendy, and I don’t think our crowd is wise. Is the vote weighted by level of investment BTW. the options aren’t fairly weighted either. One is sell at a loss and rigoursly persue guarantees, which sounds robust, the other is always a vague look for something else, suggesting no persuit of capital the timescales are too short, why only a few days when the problem has been brewing for months. It gives the support team no chance to respond to queries about the votes I also doubt the crowd`s ability to make any informed decision on such complex topics (especially with that limited information we get). This will only create an absolution for Lendy to blame the crowd for any shortcoming that results in the crowd not following Lendy´s advice... Plus, we will see a lot of frustration from the investors side if the support is clogged or if Lendy (for some reason) doesn´t follow the crowd´s opinion.
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zedi
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Post by zedi on Mar 30, 2018 10:40:15 GMT
And I also don´t want to see what happens in such a vote if there is chaos in the financial markets with a lot of people wanting to pull out their investments because of fear at ANY price...
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GeorgeT
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Post by GeorgeT on Mar 30, 2018 12:01:43 GMT
I'm beginning to think that Lendy's newish T&Cs which include them "asking the lenders" for their views, is just an excuse for us taking the blame for our own haircut. (We did ask, you decided to bail at 40%,50%,60%. Don't blame Lendy) Of course it is. It's offloading the responsibility for losses. They will be able to claim that nobody has lost any capital *except where investors have told them to go for a quick sale and not fully test the market. Transferring the decision to accept a capital loss off LY and onto the lenders is quite clever.
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Jeepers
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Post by Jeepers on Mar 30, 2018 12:37:26 GMT
Why didn't we get the vote on DFL 1&2?
We had an offer of 66% of the capital which Lendy rejected without any consultation to investors.
I'd have taken the 66%... and recovered the remaining 34% from Lendy.
Just goes to show, always their own interests before the lenders. They're quite happy to offload at a loss when it's not affecting their bottom line !
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Tony
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Post by Tony on Mar 30, 2018 13:06:29 GMT
Why didn't we get the vote on DFL 1&2? We had an offer of 66% of the capital which Lendy rejected without any consultation to investors. I'd have taken the 66%... and recovered the remaining 34% from Lendy. Just goes to show, always their own interests before the lenders. They're quite happy to offload at a loss when it's not affecting their bottom line ! I couldn't agree more. I'm afraid I don't trust them further than I could throw them. Total loss of confidence is an understatement. Interesting concept though, recovering from Lendy... like it !
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zedi
Member of DD Central
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Post by zedi on Mar 30, 2018 15:08:55 GMT
zedi , new members are always welcome.  Your own arrival doesn't fit with my own concept on 'norm' new member activity and to that end I've been looking closely at your posting pattern, the subject matter, the apparent urgency of your protestations and finally the way in which you are structuring what it is you have to impart; Interesting. A Clear Lendy board Bias with a far narrower thread focus witnessed. Please may I give you a question?: ? Clear Lendy board Bias: - Lendy was my first P2P-platform in the UK and the only one with a serious investment. What´s a normal activity of new members supposed to look like? I post in threads which are of interest to me and that´s mostly Lendy here and I have time to post a lot today as there are holidays...
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Post by charliebrown on Mar 30, 2018 15:55:46 GMT
I'm beginning to think that Lendy's newish T&Cs which include them "asking the lenders" for their views, is just an excuse for us taking the blame for our own haircut. (We did ask, you decided to bail at 40%,50%,60%. Don't blame Lendy) Totally agree with this assertion. The latest “roundup” is already spinning this vote thing into implications that Lendy are listening to investors and selling off securities (at big losses) in line with their wishes. It’s pure manipulation. How about this for a vote.... would you like LY to return all your money immediately ... yes or no.
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sarahcount
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Post by sarahcount on Apr 1, 2018 20:08:24 GMT
I've been wondering how Lendy count the votes. I suspect that they are one-member-one-vote system but there is an argument for weighted voting based on your investment in the loan.
A democratic election or a shareholder vote.
I have money in every loan on the platform but in many cases only the smallest of small token amounts because I am something of a completist.
I declined to participate in the most recent vote as I thankfully only had a couple of quid left on the loan and didn't think I could justify getting involved. However if I think that one vote might have a material effect on the platform or my holdings in other loans I might exercise my right to vote regardless.
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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 Apr 1, 2018 20:16:18 GMT
I've been wondering how Lendy count the votes. I suspect that they are one-member-one-vote system but there is an argument for weighted voting based on your investment in the loan. A democratic election or a shareholder vote. I have money in every loan on the platform but in many cases only the smallest of small token amounts because I am something of a completist. I declined to participate in the most recent vote as I thankfully only had a couple of quid left on the loan and didn't think I could justify getting involved. However if I think that one vote might have a material effect on the platform or my holdings in other loans I might exercise my right to vote regardless. Suggest you read the T&Cs as its clearly stated in section 16. weighted based on holding in loan
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zedi
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Post by zedi on Apr 2, 2018 12:21:05 GMT
The more I think about the vote-system, the more I don´t like it... For example, I don´t get how the voting system could work properly in combination with the provision fund. As long as there are funds in the provision fund to cover the shortcomings, it should be the only rational choice to vote for "sell" at any price. The sooner the losses occur, the higher is the probability that the provision fund will reimburse them.
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Liz
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Post by Liz on Apr 3, 2018 7:42:30 GMT
The more I think about the vote-system, the more I don´t like it... For example, I don´t get how the voting system could work properly in combination with the provision fund. As long as there are funds in the provision fund to cover the shortcomings, it should be the only rational choice to vote for "sell" at any price. The sooner the losses occur, the higher is the probability that the provision fund will reimburse them. And when was the last time the PF actually paid out? As the loan book enviably shrinks, so will the PF. The fact that L can take money out of the PF despite all of the defaults and pending losses, devalues the PF. At the moment the PF is no more than a marketing tool to the potential and new naive customers.
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zedi
Member of DD Central
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Post by zedi on Apr 3, 2018 9:57:36 GMT
The more I think about the vote-system, the more I don´t like it... For example, I don´t get how the voting system could work properly in combination with the provision fund. As long as there are funds in the provision fund to cover the shortcomings, it should be the only rational choice to vote for "sell" at any price. The sooner the losses occur, the higher is the probability that the provision fund will reimburse them. And when was the last time the PF actually paid out? As the loan book enviably shrinks, so will the PF. The fact that L can take money out of the PF despite all of the defaults and pending losses, devalues the PF. At the moment the PF is no more than a marketing tool to the potential and new naive customers. Last time was 11/10/17 with PBL123 where the fund paid £213,333 (https://lendy.co.uk/how-it-works). And in that particular case, the valuation was £1.785m and the property sold for £1m at auction, while the borrower still has assets of approximately £200k which Lendy tries to recover now. The PF has never been an insurance against losses and this has been made more than clear by Lendy. It is a nice feature for smoothening returns, nothing more and for that purpose it did a great job. One musst be very naive to rely on a provision fund of 2-4% of Outstanding loanbook. But still, for single defaults it could be a safety net and that was exactly my point: If you know that there is enough money in the PF right now, why shouldn´t you vote for sell at any price? I can only imagine that Lendy will then decide to make use of the word "discretionary", otherwise I cannot see how this is going to work...
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