ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,334 
Likes: 11,558
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Post by ilmoro on Sept 10, 2018 13:44:33 GMT
Thanks Paul70 for the response.
Couple of points immediately spring to mind
1) IMS reports - consistently Lendy has refused to make these avaliable despite the fact that other platforms do. I know you provide synopsis but this isnt really a substitute. Clearly a number of the projects have not been completed to budget or schedule. These issue should be highlighted by the IMS, if they are not then lenders should be able to see this (there are plenty of knowledgeable people out there who can spot issues) and raise queries with Lendy. These reports are commissioned by Lendy so it should be made clear they will be made available to lenders and this is a condition of the loan/commission.
2) Full and detailed credit reports - the current descriptions are not detailed enough for the level of investment being sort. Half a page for £10m! 3) DFL012 - the administrators report is in the public domain so why havent Lendy made it available to lenders with detailed explanation rather than a couple of lines about weather proofing. Doesnt shout out of a recovery team that is really serious about their task 4) PBL193 - everyone knows where this was being refinanced, that it isnt happening and that there are potential issues with the borrower's companies but the update is vague and uniformative - own the news circle.
5) Trustpilot - taking down every view that is negative doesnt build trust, nor do postitive reviews that seem extremely suspicious (shouldnt be too hard to work out which one ) 6) Tim's departure - no mention that one of the original founders appears to have left in any of the recent comms, how are lenders likely to take that - conspiracies and more mistrust - all the new hires are potentially overshadowed by that. 7) Refusal to declare losses under SAIM 12000 - HMRC gives you this opportunity why maintain the charade? Looks like your treating lenders like idiots 8) Interest errors - 6 months and not sorted, why should lenders trust you when something this basic hasnt been sorted. Surely its just the case of sticking each loan part held from the point the rate changed to the point interest was paid correctly into a spread sheet and calculating how much interest was missed. Then pay it. Furthermore why is there not any acknowledgement of the problem on the site AFAICS, just to individuals who notice. 9) contact support - hopefully its improved but has been like getting blood from a stone, cases closed without answers or the same question have to be repeated as unanswered. How big is the team now? Are there actually customer service people or is all relationship managers who are focusing on flogging Wealth.
I guess you are stepping up to be Hercules. Good luck
Edit 10) Default definitions - relates to 7) the arbitary 180 days is nonsense, DFL017 has clearly been in default for months with receivers probably appointed so why try and pretend otherwise by leaving it on live loans, DFL012, pretty sure thats not performing as its in administration, same for the 3 Norfolk loans. In fact any loan that is in arrears isnt performing so shouldnt be listed with those that are. Come up with new definitions. Again taking lenders for idiots is the impression given.
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sj
Member of DD Central
Posts: 229
Likes: 330
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Post by sj on Sept 10, 2018 14:34:01 GMT
Dear all, Some of the posts on this forum over the past few months show that as a business, we DEFINITELY need to do a better job of making some significant recoveries and not repeating past mistakes. Fixed that for you.
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invester
P2P Blogger
Posts: 612
Likes: 618
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Post by invester on Sept 10, 2018 14:49:59 GMT
Things must be bleak if Paul is regaling us with his presence.
IME this is all for show - trying calling up and asking for specifics on a loan! They don't do specifics.
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Post by charliebrown on Sept 10, 2018 16:49:05 GMT
Unfortunately heard it all before, I remember the hype about the 49 point due diligence process, which seemed not to work. Now I will only judge you on results, I hope you do improve but I will keep withdrawing and not adding until then. Credit to Paul for at least sticking his head up and talking to his investors. We do want to see LY turn things around and run a mutually successful platform. Completely agree with @balder though, we can only judge on results now as we’ve been fed too much spin and too many false promises. Let’s start with the Exeter loans which we’ve been promised are repaying imminently. We need to see results, well said, @balder.
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Post by Deleted on Sept 10, 2018 17:07:19 GMT
I'm too late to the thread to post an immediate reply but I simply have to say the above post by ilmoro is one of the best I've read, and I couldn't agree more strongly with his synopsis! I just couldn't have voiced it anywhere near as well. At this moment in time it could only be topped by a point by point reply from Paul64 or Paul70! That might just be the day I reconsider my Lendy withdrawal ... |
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Post by cashmax on Sept 10, 2018 17:18:35 GMT
Nice to see someone from lendy step up again, but with all due respect Paul, you probably only know only what you get told and that rhetoric is no doubt in a similar vein to their investor communications.
The mini FAQ you have written belongs on your website, not on a forum containing quite a few people who have been through the mill and want proper answers. Moreover, you have chosen to answer a number of questions that bear little relation to the ones posed by many investors, which frankly is just a continuation of the treatment Lendy has been dishing out to it's investors and rather insulting that your management have clearly asked you to try and calm down the increasing angry mob on various forums.
In particular, perhaps you should provide some examples of valuers Lendy have taken action against or explain in detail why Lendy still refuse to declare a single loss of capital?
Regarding Lendy DD - You have loaned against residential property that has subsequently sold for less that 50% of the valuation. How on earth do you expect anyone to believe that these examples were subject to even basic scrutiny?
Just how big will Lendy let the live defaults/none performing/recovery pots get before someone blows the whistle, £75M? £100M? £150M?
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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
Posts: 11,334
Likes: 11,558
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Post by ilmoro on Sept 10, 2018 17:39:20 GMT
Nice to see someone from lendy step up again, but with all due respect Paul, you probably only know only what you get told and that rhetoric is no doubt in a similar vein to their investor communications. Pretty sure he is head of compliance so I hope he knows considerable more than just what he's told.
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Post by cashmax on Sept 10, 2018 17:48:03 GMT
Nice to see someone from lendy step up again, but with all due respect Paul, you probably only know only what you get told and that rhetoric is no doubt in a similar vein to their investor communications. Pretty sure he is head of compliance so I hope he knows considerable more than just what he's told. I hope you are right. Nothing he posted suggested he might though.
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wuzimu
Member of DD Central
Posts: 236
Likes: 735
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Post by wuzimu on Sept 10, 2018 17:57:43 GMT
Nice to see someone from lendy step up again, but with all due respect Paul, you probably only know only what you get told and that rhetoric is no doubt in a similar vein to their investor communications. ..... Just how big will Lendy let the live defaults/none performing/recovery pots get before someone blows the whistle, £75M? £100M? £150M? There are a good number of people here and on TP blowing whistle ... Another whistle is to write to your MP and get them to ask the FCA what they are doing about Lendy. FCA have to reply to MP. FCA will write some meaningless blandishments back, but if a few MP's write on the same topic it will get on FCA job list, because the FCA never want to be in the situation that they were warned of impending disaster by MP's but did nothing.
It's only the numbers that matter.
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tommytaylor
P2P - The new wild west
Posts: 234
Likes: 375
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Post by tommytaylor on Sept 10, 2018 19:41:33 GMT
Unfortunately heard it all before, I remember the hype about the 49 point due diligence process, which seemed not to work. Now I will only judge you on results, I hope you do improve but I will keep withdrawing and not adding until then. Yes agree. If i have been told those things once i have been told them a thousand times. Sorry Lendy but do not believe you and no longer trust you. I just want my money out of those dead wood criminal loans before you decide to shut shop.
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michaelc
Member of DD Central
Say No To T.D.S.
Posts: 5,715
Likes: 2,986
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Post by michaelc on Sept 10, 2018 22:59:47 GMT
Thanks Paul70 for the response.
Couple of points immediately spring to mind
1) IMS reports - consistently Lendy has refused to make these avaliable despite the fact that other platforms do. I know you provide synopsis but this isnt really a substitute. Clearly a number of the projects have not been completed to budget or schedule. These issue should be highlighted by the IMS, if they are not then lenders should be able to see this (there are plenty of knowledgeable people out there who can spot issues) and raise queries with Lendy. These reports are commissioned by Lendy so it should be made clear they will be made available to lenders and this is a condition of the loan/commission.
2) Full and detailed credit reports - the current descriptions are not detailed enough for the level of investment being sort. Half a page for £10m! 3) DFL012 - the administrators report is in the public domain so why havent Lendy made it available to lenders with detailed explanation rather than a couple of lines about weather proofing. Doesnt shout out of a recovery team that is really serious about their task 4) PBL193 - everyone knows where this was being refinanced, that it isnt happening and that there are potential issues with the borrower's companies but the update is vague and uniformative - own the news circle.
5) Trustpilot - taking down every view that is negative doesnt build trust, nor do postitive reviews that seem extremely suspicious (shouldnt be too hard to work out which one ) 6) Tim's departure - no mention that one of the original founders appears to have left in any of the recent comms, how are lenders likely to take that - conspiracies and more mistrust - all the new hires are potentially overshadowed by that. 7) Refusal to declare losses under SAIM 12000 - HMRC gives you this opportunity why maintain the charade? Looks like your treating lenders like idiots 8) Interest errors - 6 months and not sorted, why should lenders trust you when something this basic hasnt been sorted. Surely its just the case of sticking each loan part held from the point the rate changed to the point interest was paid correctly into a spread sheet and calculating how much interest was missed. Then pay it. Furthermore why is there not any acknowledgement of the problem on the site AFAICS, just to individuals who notice. 9) contact support - hopefully its improved but has been like getting blood from a stone, cases closed without answers or the same question have to be repeated as unanswered. How big is the team now? Are there actually customer service people or is all relationship managers who are focusing on flogging Wealth.
I guess you are stepping up to be Hercules. Good luck
Edit 10) Default definitions - relates to 7) the arbitary 180 days is nonsense, DFL017 has clearly been in default for months with receivers probably appointed so why try and pretend otherwise by leaving it on live loans, DFL012, pretty sure thats not performing as its in administration, same for the 3 Norfolk loans. In fact any loan that is in arrears isnt performing so shouldnt be listed with those that are. Come up with new definitions. Again taking lenders for idiots is the impression given.
Pains me to "like" an Ilmorov post but credit where its due. That was a mighty fine post and I hope Paul70 responds.
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Post by p2plender on Sept 10, 2018 23:39:30 GMT
Paul's sheepish appearance all of a sudden here is akin to the band still told to keep performing as the Titanic goes down. Perhaps a last ditch effort to try and appease and bring in some desperately needed funds to fill the ever increasing tranches. Forget it. Not even the decency to let investors know about the DFL04 Monday 3rd administration decision. Just some contrived twaddle about what they should have been doing from the start and not after investors have been stuffed by loans with valuations bearing little to the actual completion valuation. And yes I've written to the FCA and the ombudsman, I would urge others to as well.
Ps Nothing personal Paul, you're just doing the dirty work for Brookes.
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wuzimu
Member of DD Central
Posts: 236
Likes: 735
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Post by wuzimu on Sept 11, 2018 9:04:31 GMT
I am not clear who Paul70 is.
If its Paul Riddell, (Head of Communications) then he is just communicating the good news, which will get better and better until the final press release that administrator has been appointed.
If its Paul Coles (Head of Compliance) then as CF10 he has a regulated position to hold managements toes to the fire over the very apparent failures of FCA Principles of Business and breaches of Fiduciary Duty that has got the Lendy loan book in it present state. He should not be regurgitating the party line on this forum, he has the hardest job in Lendy which is to puncture the hubris with the lance of reality.
PS PaulC if that was you... be aware that if Lendy implodes to toast, when FCA investigate the rubble they scrutinize extremely closely what the CF10 did to stop things and if they decide CF10 did not do enough or worse colluded with the strategy that caused consumer detriment, then big fines and life long bans from regulated positions can follow. Have a read FCA decisions pages. Good Luck and dont drink too deep from the chalice.
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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
Posts: 11,334
Likes: 11,558
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Post by ilmoro on Sept 11, 2018 9:25:41 GMT
I am not clear who Paul70 is.
If its Paul Riddell, (Head of Communications) then he is just communicating the good news, which will get better and better until the final press release that administrator has been appointed.
If its Paul Coles (Head of Compliance) then as CF10 he has a regulated position to hold managements toes to the fire over the very apparent failures of FCA Principles of Business and breaches of Fiduciary Duty that has got the Lendy loan book in it present state. He should not be regurgitating the party line on this forum, he has the hardest job in Lendy which is to puncture the hubris with the lance of reality.
PS PaulC if that was you... be aware that if Lendy implodes to toast, when FCA investigate the rubble they scrutinize extremely closely what the CF10 did to stop things and if they decide CF10 did not do enough or worse colluded with the strategy that caused consumer detriment, then big fines and life long bans from regulated positions can follow. Have a read FCA decisions pages. Good Luck and dont drink too deep from the chalice.
Some basic DD (ie reading his few posts) show it's Paul Coles. Paul Riddell is Paul64.
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sj
Member of DD Central
Posts: 229
Likes: 330
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Post by sj on Sept 11, 2018 11:18:26 GMT
I am not clear who Paul70 is.
If its Paul Riddell, (Head of Communications) then he is just communicating the good news, which will get better and better until the final press release that administrator has been appointed.
If its Paul Coles (Head of Compliance) then as CF10 he has a regulated position to hold managements toes to the fire over the very apparent failures of FCA Principles of Business and breaches of Fiduciary Duty that has got the Lendy loan book in it present state. He should not be regurgitating the party line on this forum, he has the hardest job in Lendy which is to puncture the hubris with the lance of reality.
PS PaulC if that was you... be aware that if Lendy implodes to toast, when FCA investigate the rubble they scrutinize extremely closely what the CF10 did to stop things and if they decide CF10 did not do enough or worse colluded with the strategy that caused consumer detriment, then big fines and life long bans from regulated positions can follow. Have a read FCA decisions pages. Good Luck and dont drink too deep from the chalice.
Some basic DD (ie reading his few posts) show it's Paul Coles. Paul Riddell is Paul64. Thanks for the info - I don't think that this is good enough from Lendy though. Having two Lendy Pauls posting is confusing at the best of times, can an admin maybe alter their signatures so that it is made clear as to who is who? Or maybe the Pauls can do that themselves if they do actually read this post.
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