Balder
Member of DD Central
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Post by Balder on Apr 14, 2018 14:39:06 GMT
Collections &
Recoveries policy
The purpose of this policy is to set out the action Lendy takes to encourage
borrowers to repay their loans within term. This policy also serves to set out
the action Lendy takes when a borrower in unable to repay their loan. This
policy serves as a guide to action taken by Lendy’s recoveries team, and the
action taken on the platform directly impacting upon investor experience.
Having read the policy above I failed to find anything relating to the 1st sentence. Anyone else?
"The purpose of this policy is to set out the action Lendy takes to encourage
borrowers to repay their loans within term".
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Post by polonius on Apr 14, 2018 15:48:31 GMT
Where do I see this policy? I can't find it on Lendy's website
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Balder
Member of DD Central
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Likes: 622
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Post by Balder on Apr 14, 2018 15:58:47 GMT
link on yesterdays update
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empirica
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Post by empirica on Apr 14, 2018 16:01:29 GMT
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empirica
Member of DD Central
Posts: 326
Likes: 235
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Post by empirica on Apr 14, 2018 16:08:37 GMT
From the policy -
Lendy uses the P2PFA (Peer 2 Peer Finance Association)
definitions to label and assess its loan book performance.
The P2PFA is the industry body for the peer to peer
lending sector and the standards they set reflect best
practice in the industry.
Am I mistaken, or a Lendy not members of the P2PFA?
My apologies if they are, but it seems a bit 'off' to refer to their standards but not be a signed up / fee paying member.
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empirica
Member of DD Central
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Post by empirica on Apr 14, 2018 16:30:33 GMT
Another thing from the policy -
Non-performing loans
Once a loan becomes 180 days past due it will be
categorised as non-performing. The loan will no longer
be displayed under the “Live” loans tab and instead
will be listed under the “Non-performing” loans tab.
Non-performing loans will be unable for trading on
the secondary market.
Presumably 'unable' ought to be 'unavailable' but suspect auto-corrections aside, does this mean that the Defaults tab will be re-named 'Non-performing'?
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Post by GSV3MIaC on Apr 14, 2018 17:58:56 GMT
Probably .. 'non performing' definitely sounds much better than some of the alternative phrases (many of which the censorator would turn into *&*((!).
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Liz
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Post by Liz on Apr 14, 2018 23:38:42 GMT
Probably .. 'non performing' definitely sounds much better than some of the alternative phrases (many of which the censorator would turn into *&*((!). How many bloody tabs do they need? Are they trying to bamboozle us with info? Lendy seem to be doing everything to CONvince us to invest further into these illfated projects. Everything apart from recovering and repaying investors' money. We aren't a cash cow. If they can't fill loans with cashback, then it really is looking grim for these DFL's. If Lendy end up being left with a non performing non cash generating loan book, then funds will dry up and Lendy will be toast.
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