empirica
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Post by empirica on Apr 18, 2018 18:41:04 GMT
What does "Non-Performing" and "Claims Underway" even mean? Where is a definition of this, and what implications it has to the investors? I appreciate that the questions may be somewhat rhetorical, but just in case you (or anyone else) wants to see the policy behind the change (or part of it), then it can be found here: lendy.co.uk/documents/COLLECTIONS_AND_RECOVERIES_POLICY.pdf
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Post by skint4achange on Apr 18, 2018 18:47:35 GMT
Now this should fool all the non savvy investors into thinking that there are no defaults:
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garfield
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Post by garfield on Apr 18, 2018 19:36:25 GMT
 PBL123 has an oustanding loan amount of £0 so that’s good yes? But it’s shown under “Claims underway” so is because they still owe something? Interest? Fees? What planet are Lendy on these days anyway? All capital was repaid on PBL123 (I can't recall if they used the provision fund), but not a penny of interest owed. I'm trying to pluck up the courage to look at the website...
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Post by df on Apr 18, 2018 20:36:58 GMT
The abolition of defaults appears to have been reflected in a change today to the footer of Lendy's website. It used to say: All loans made through Lendy's platform are secured on UK property; however, your capital is at risk should a borrower default.
It now says: All loans made through Lendy's platform are secured on UK property; however, with investing your capital is at risk.
So our capital is at risk even without defaults. Nice!  It could say: All loans made through Lendy's platform are secured on UK property; however, your capital is at risk should a loan fail to perform or the claims are underway.
It wouldn't give much clarity of that exactly the risk is, but is better than " with investing your capital is at risk".
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jonah
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Post by jonah on Apr 18, 2018 21:04:25 GMT
We now have two separate categories: "Non-Performing" and "Claims Underway" I'd guess if jonah is still attempting to fix the script for gathering Lendy stats for the tracker, that'll be yet more changes to incorporate. In the meantime, at time of writing, the "partially repaid" category has disappeared, and loans which have actually partially repaid are tarnished with a "Claims Underway" label on the live loans page, even when they're within the agreed repayment schedule! Sorry. Much reduced online time these days. This is my first post here in ages. That pesky thing called work is being tiresome in demanding my attention. I’ve neither forgotten nor abandoned the idea of fixing it, but that tracker is currently taking a back seat to more pressing issues. Maybe this weekend, but no promises.
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Post by df on Apr 18, 2018 21:10:03 GMT
This makes me laugh quite a bit, basically anything not repaid can be put in the 'claims underway' bin and therefore be suspended for years. More ominously I wonder if other platforms with similar woes might just try the same thing. I wonder if the FCA might get interested at some point? The intention doesn't seem wholesome to me, I don't see how you can make a claim on a non-defaulted loan. There is a belief that by changing terminology one can improve or even reverse failing profile (it does work in politics). In this case, getting rid of "bad" word might bring more new investors to fund never ending tranches of future non-performing loans. I don't think it will work, but wish best of luck to Ly.
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brianlom1
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He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Apr 18, 2018 22:25:26 GMT
This makes me laugh quite a bit, basically anything not repaid can be put in the 'claims underway' bin and therefore be suspended for years. More ominously I wonder if other platforms with similar woes might just try the same thing. I wonder if the FCA might get interested at some point? The intention doesn't seem wholesome to me, I don't see how you can make a claim on a non-defaulted loan. There is a belief that by changing terminology one can improve or even reverse failing profile (it does work in politics). In this case, getting rid of "bad" word might bring more new investors to fund never ending tranches of future non-performing loans. I don't think it will work, but wish best of luck to Ly. Something similar was tried by ReBS but they went even further (by way of example, they changed nomenclature from 'defaults' to 'est. loss', applied some wildly optimistic recovery assumptions and gave the illusion (to the uninitiated, at least) that everything was hunky dory) ... @lendy - this is really not the type of company you want to be compared to
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Post by charliebrown on Apr 19, 2018 8:46:32 GMT
What they have done is kind of reasonable as it’s resurfaced loans like The Castle that had previously disappeared. It might be seen as something that “softens” the situation and might be aimed at making things more palatable to new investors. However, long time investors know that it really means “snowball’s chance in hell of recovery, expect 100% loss”.
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sl75
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Post by sl75 on Apr 19, 2018 9:28:02 GMT
What they have done is kind of reasonable as it’s resurfaced loans like The Castle that had previously disappeared. It might be seen as something that “softens” the situation and might be aimed at making things more palatable to new investors. However, long time investors know that it really means “snowball’s chance in hell of recovery, expect 100% loss”. One wonders if the lawyers who have advised Lendy that these various recovery opportunities have "a good prospect of success" have put their money where their mouth is - i.e. making their fees proportional to the amount recovered rather than requiring up-front payment of their fees from Lendy...
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invester
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Post by invester on Apr 19, 2018 10:25:25 GMT
Have Lendy actually had a successful claim as yet, and what are the details of it?
It seems wrongly optimistic IMO to categorise it as such as this time. If demonstrably this was a viable way of recouping funds I wouldn't mind but crystallising a loss where the loss can be predicted with a reasonable degree of accuracy is more sensible is it not?
I am not even sure given the fees we will have to pay for ambulance chasers whether this is worth it in the long term. No doubt the interests of the two respective sets of lawyers will involve stringing it out as long as possible.
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Liz
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Post by Liz on Apr 19, 2018 10:30:28 GMT
We now have two separate categories: "Non-Performing" and "Claims Underway" I'd guess if jonah is still attempting to fix the script for gathering Lendy stats for the tracker, that'll be yet more changes to incorporate. In the meantime, at time of writing, the "partially repaid" category has disappeared, and loans which have actually partially repaid are tarnished with a "Claims Underway" label on the live loans page, even when they're within the agreed repayment schedule! This is great news. Lendy are pursuing all borrowers and not treating the money as lost. Well done Lendy. Plus the added protection of the PF. ILL
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guff
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Post by guff on Apr 19, 2018 11:14:49 GMT
We now have two separate categories: "Non-Performing" and "Claims Underway" I'd guess if jonah is still attempting to fix the script for gathering Lendy stats for the tracker, that'll be yet more changes to incorporate. In the meantime, at time of writing, the "partially repaid" category has disappeared, and loans which have actually partially repaid are tarnished with a "Claims Underway" label on the live loans page, even when they're within the agreed repayment schedule! This is great news. Lendy are pursuing all borrowers and not treating the money as lost. Well done Lendy. Plus the added protection of the PF. ILL  It's an ill wind…
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huxs
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Post by huxs on Apr 19, 2018 11:45:23 GMT
Seems a strange change to me but I guess its just a case of shifting the deckchairs, the main problem I have is that neither of these new tabs show which loan I have money stuck in, surely adding an invested column would make these screens more useful (and less concerning to know I don't have money in all of these).
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Mousey
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Post by Mousey on Apr 19, 2018 16:09:47 GMT
It’ll be because of all the feedback from the phone calls. I commented my concern at the length of the defaults list (and I gather I wasn’t the only one) and bing problem solved.
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Liz
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Post by Liz on Apr 19, 2018 16:57:43 GMT
It’ll be because of all the feedback from the phone calls. I commented my concern at the length of the defaults list (and I gather I wasn’t the only one) and bing problem solved. Knowing our customers email highlights this. Well done Lendy for listening. 5 more DFL tranches for us all to invest in tomorrow, to repay Lendy Ill
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It's an ill wind…