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Post by patright on May 6, 2018 11:06:28 GMT
"You say many have moved on or are locked in but looking at amounts for sale on secondary market it looks like the substantial majority are holding on and staying calm."I read this before looking at the poster. I did however guess the poster. Pure delusion if you think or believe the above. PS my post is handy for those doing DD on Lendy. Well, I wouldn't want my position to be seen as an endorsement of Lendy, far from it. I am holding on because there is no better option and I am staying calm because I didn't bet the farm on it, or anything else. yeah I honestly can't even start to feel for those that have , terrible terrible
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Post by p2plender on May 6, 2018 12:23:07 GMT
Quite a few have substantial amounts in and Wolverhampton was a lifeline for many.
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Post by Whitbourne on May 6, 2018 19:54:25 GMT
Whilst I appreciate that this is discussed more fully on another thread, however within the context of this thread is the latest news about Dfl004 just another nail in the coffin or will it be the straw that breaks the back of Lundy. Or do some people still believe that things are perfect and ticketyboo on the island? PS does any legal eagle out there know whether an individual Lundy investor has a right to sue a surveyor for a negligent valuation? I assume there is no right in contract because there is no privity of contract. Hi masquedefer, You are right. There is no contractual relationship between you and the surveyor, so even if you could demonstrate negligence (which is difficult given all the disclaimers in the valuation, inserted for that very reason) then there is no basis on which to sue. The valuation will say somewhere that it is addressed to the client and that no-one else should rely on it, or words to that effect. You would need to argue that the surveyor owed a general duty of care to any person reading the valuation report and that the contract terms specifically excluding third-party liability should therefore be overridden. That's a high bar.
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Post by scerbera on May 7, 2018 18:02:53 GMT
Nope - this forum is in a far more stronger position than LY. It doesn’t need investor funds to continue. Whilst folks may moan - possibly more than desirable but that’s just an observation, I would never wish to deprive anyone of free speech irrespective as to whether I agree with their views or not. If they are really annoying there is always the block button. I cannot agree with the quality of DD - but to participate you need a minimum of 50 posts. DD Central is an excellent source of information. Possibly many members are content with their involvement with LY and we’re just talking about a vocal minority. Nonetheless, the failed/promised/etc updates to a number of loans should be aired and a reminder that those investors misfortunes may apply to others in the future. But again, that vocal minority (assumin your assumptions are accurate) have every right to air their grievences and a reminder that we (possibly happy investors) may also be affected in the future. Many investors have moved on from LY where possible. At the same time many find themselves locked into loans and are unable to move. Can you please tell me where you got this information from. You say many have moved on or are locked in but looking at amounts for sale on secondary market it looks like the substantial majority are holding on and staying calm.I believe that Lendy main customers have invested up to their platform limit and repayments are needed so that funds can be recycled. I half think you must work for Lendy with the things you come out with. It is perfectly clear to me what is going on, a great many investors in Lendy have lost confidence in the platform and are exiting, I had over 200k in here at one point, now down to a few thousand in dfl05. The way that partial repayment was misappropriated by Lendy was the last straw for me but I had withdrawn most funds prior to this. There is a very simple obvious reason there is not more on the secondary market, it isn't selling and it is pointless putting a part for sale. If Lendy paid interest on loan parts for sale then you would find vast amounts for sale. Without loans being filled, or repaid, Lendy have no future, and I believe they have reached a point where unless they can repay loans in full, and on time for the next 12 months they are finished.
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Post by masquedefer on May 7, 2018 19:44:39 GMT
Hi masquedefer, You are right. There is no contractual relationship between you and the surveyor, so even if you could demonstrate negligence (which is difficult given all the disclaimers in the valuation, inserted for that very reason) then there is no basis on which to sue. The valuation will say somewhere that it is addressed to the client and that no-one else should rely on it, or words to that effect. You would need to argue that the surveyor owed a general duty of care to any person reading the valuation report and that the contract terms specifically excluding third-party liability should therefore be overridden. That's a high bar. Hi Whitbourne. Thank you. I just wondered if Lundy might be acting as agent to its investors, in which case there might have been a contractual relationship with the valuers. If there was a contractual relationship between the valuers and the Lundy investors then individual investors could each have submitted a claim to the small claims court (prefereabbly after a successful test case). Alternatively, what about under the law of tort? It could be construed that Lundy and its investors reasonably relied and acted on the information provided by the valuer and that the valuer would have been aware of this? However, I suppose a claim in tort would have to be heard in the much more expensive High Court of Justice.
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Post by patright on May 8, 2018 4:01:36 GMT
I think that's exactly right, I am actually about to cancel sales on many items I have on the secondary market as it's simply not moving along the queue at all..so I am jut wasting even more money here
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rocky1
Member of DD Central
Posts: 1,139 
Likes: 1,963
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Post by rocky1 on May 8, 2018 6:51:53 GMT
i have nothing at all for sale across all of my [diviserified] loans although that means nothing it seems with any of lendys loans.lendys loan book does not look good no matter how they dress it it up.claims underway/non performing =DEFAULT in my eyes.we are dealing with the same borrowers on more or less all of these NEW loans that tranche after tranche are just not filling and grinding the SM to a halt so might as well keep my loan parts were they are and will have to rely/hope/pray etc that lendys rigourus robust and all the other claims they make to get their hands on our money.the lendy recovery team sure have a busy time ahead.
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Post by p2plender on May 8, 2018 6:53:45 GMT
12 months? You are generous!
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Post by scerbera on May 8, 2018 7:07:42 GMT
Well Lendy will still be recovering loans in 12 months time, what I mean is that they need to get all the loans due in the next 12 months to repay on time and in full to have any chance of surviving. But it is quite possibly too late already
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Post by portlandbill on May 8, 2018 11:18:45 GMT
Can you please tell me where you got this information from. You say many have moved on or are locked in but looking at amounts for sale on secondary market it looks like the substantial majority are holding on and staying calm. I believe that Lendy main customers have invested up to their platform limit and repayments are needed so that funds can be recycled. I half think you must work for Lendy with the things you come out with. It is perfectly clear to me what is going on, a great many investors in Lendy have lost confidence in the platform and are exiting, I had over 200k in here at one point, now down to a few thousand in dfl05. The way that partial repayment was misappropriated by Lendy was the last straw for me but I had withdrawn most funds prior to this. There is a very simple obvious reason there is not more on the secondary market, it isn't selling and it is pointless putting a part for sale. If Lendy paid interest on loan parts for sale then you would find vast amounts for sale. Without loans being filled, or repaid, Lendy have no future, and I believe they have reached a point where unless they can repay loans in full, and on time for the next 12 months they are finished. So true.
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Post by charliebrown on May 8, 2018 12:15:29 GMT
The feeling I have as a LY investor is that I can see the train coming and I know it’s going to hit me but I can’t do anything about it. It’s a terrible feeling. I do find it interesting that FS has made most of the same mistakes as LY and quite honestly offer an even worse customer experience, yet their (smaller size) loans still fill and their SM (discounts available) is still active.
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sl75
Posts: 2,092
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Post by sl75 on May 8, 2018 13:40:19 GMT
Well Lendy will still be recovering loans in 12 months time, what I mean is that they need to get all the loans due in the next 12 months to repay on time and in full to have any chance of surviving. But it is quite possibly too late already Personally, I'm fairly ambivalent about the "on time" part - it's the "in full" part that will be the key for me. i.e. once they've kicked the can all the way to the end of the road and used up every excuse why there hasn't really been a loss yet, so that no other avenues for recovery remain, what shortfall will be really remaining, and how will Lendy handle it... and by the time that the current crop of loans that have resulted in a shortfall after selling security have reached this final end of the road, how many more will have emerged to replace them? So far my share of the current shortfalls across the loanbook (in "claims underway" section) are a sufficiently small proportion of the income I've received across the loanbook that it's a tolerable loss even if none of them were to make any further recovery at all. However, if the doommongers are right and the current £4.8M of shortfalls that have emerged are merely the tip of a truly enormous iceberg that stands no chance of further recovery, that would no longer be tolerable.
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on May 8, 2018 14:03:04 GMT
Personally, I'm fairly ambivalent about the "on time" part - it's the "in full" part that will be the key for me. Yes and kicking the can down the road makes full recovery even harder as the interest mounts up.
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Post by GSV3MIaC on May 8, 2018 17:40:40 GMT
Ly's definition of 'full recovery' is, IIRC, 'capital only' (that's what nobody has lost a penny of). See the PBL120 vote for the most current example (I think everyone got the email, although not everyone can vote).
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Post by masquedefer on May 8, 2018 21:47:41 GMT
See the PBL120 vote for the most current example (I think everyone got the email, although not everyone can vote). Hello GSV3MIaC Where do I see this, assuming i never received the email. Perhaps I did but have no memory. Any help appreciated.
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