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Post by brightspark on Jun 1, 2018 9:19:07 GMT
Are there any examples where Lendy loans that have defaulted for many many months have had all capital paid back? Some of my bad loans are close to -2 years old!! Im just praying that the LTV's are realistic and the updates they are providing on each bad loan are genuinely as optimistic as they seem to be. From the tone and direction of your question I would recommend that you do not invest any more of your hard earned money in self select p to p investments on Lendy or any other platform. You cannot be sure that anything you read about an investment or investing on any of the platforms is true and you may not be told of matters that are relevant to investments which may be revealed by your own due diligence. i.e. you are not aware of the risks involved and how they may be mitigated. can't say plainer than that.
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Post by picanto on Jun 1, 2018 9:24:56 GMT
Are there any examples where Lendy loans that have defaulted for many many months have had all capital paid back? Some of my bad loans are close to -2 years old!! Im just praying that the LTV's are realistic and the updates they are providing on each bad loan are genuinely as optimistic as they seem to be.
Yes, PBL120 very recently got all capital/interest repaid and that was about 300 days overdue.
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locutus
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Post by locutus on Jun 1, 2018 10:02:49 GMT
Are there any examples where Lendy loans that have defaulted for many many months have had all capital paid back? Some of my bad loans are close to -2 years old!! Im just praying that the LTV's are realistic and the updates they are providing on each bad loan are genuinely as optimistic as they seem to be.
Yes, PBL120 very recently got all capital/interest repaid and that was about 300 days overdue. Still awaiting bonus payments though.
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ilmoro
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'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 Jun 1, 2018 10:15:26 GMT
Yes, PBL120 very recently got all capital/interest repaid and that was about 300 days overdue. Well, thats a bit of good news I suppose. I thought Lendy had some sort of provision fund which it would pay out in case of defaults. Whats happened to that!? Still there and can be seen here lendy.co.uk/how-it-works (about half way down) currently around 4m though only 2m of that is actual cash. It has been used to cover shortfalls on a couple of loans but not recently. Seems Lendy have decided to wait until all recovery avenues have been pursued before possibly using the provision fund.
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chriscross
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Post by chriscross on Jun 1, 2018 11:10:38 GMT
Hi all, I havnt used Lendy for quite a few months. Ive just logged in and nearly all my loans (45 of them) are showing as remaining -348 days etc... Some even as long as -500 days!!! Is anyone elses Lendy account like this? Is there a chance that most of my capital (and interest?) will be recovered? Is it worth me logging some of these loans as being losses on my tax return!? Thanks I know how you feel, and to think it was only a couple of months ago I received the marketing call from Lendy trying to convince me it was still a wonderful place and I should continue putting money back into them. He was very convincing in his statement though that not one single investor has ever lost any money trough Lendy. It now makes you think that this must be due to the fact that their loans never end.. But seriously, is that statement that the Lendy rep made factual, has no single investor ever lost money to date through Lendy (or as Saving Stream for that matter)? Or could he be playing on words and money hasn't in fact been lost through Lendy (probably due to most loans never ending) but investors have lost whilst as Saving Stream, it would be interesting to hear if anyone can qualify the statement?
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Yintara
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Post by Yintara on Jun 1, 2018 11:21:33 GMT
Thanks. I can see on that page that the last time the provision fund paid out was 11/10/17!!! Ive got loans that have been bad for 2 years!! Surely this is reason enough to pay out from the provision fund.  It is frustrating, but some legal proceedings can easily take 2 years, especially if there are sitting tenants that have to be evicted, the borrower makes legal challenges to the loan terms, a buyer has to be found and/or legal issues hold up a property sale etc etc. Presumably Lendy can't or won't pay out of the provision fund until they know exactly what the final sale figures will be, and that means waiting until all of the legal avenues have concluded.
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SteveT
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Post by SteveT on Jun 1, 2018 11:22:43 GMT
No losses have yet been declared, since legal recovery action continues across all those loans that have not repaid in full. In addition, the Provision Fund remains in place as a potential back-stop to compensate lenders once legal routes are exhausted. So it's factually correct to say that no lender has yet lost money, but it would be a brave person who bets that losses won't eventually be incurred on at least some of the current distressed loans.
To be fair, Assetz Capital make the same claim (without having a PF, at least for MLA lenders). Yet I've a couple of loans there where I'm CERTAIN money will be lost. They just haven't admitted it yet...
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ilmoro
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'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 Jun 1, 2018 11:28:42 GMT
Still there and can be seen here lendy.co.uk/how-it-works (about half way down) currently around 4m though only 2m of that is actual cash. It has been used to cover shortfalls on a couple of loans but not recently. Seems Lendy have decided to wait until all recovery avenues have been pursued before possibly using the provision fund.
Thanks. I can see on that page that the last time the provision fund paid out was 11/10/17!!! Ive got loans that have been bad for 2 years!! Surely this is reason enough to pay out from the provision fund. You might say that ... I couldnt possibly comment.
Which loan would you like it to pay out on and which loans would you like to not have the benefit of the provision fund going forward as its likely to be empty?
Provision fund only comes into play if there is a shortfall and until primary recovery options are complete that is unknown. If the previous examples are used then PBL056, 065, 081, 094, 155, 161 would all qualify, thats £5m, still a £3m shortfall & a very empty provision fund.
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tx
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Post by tx on Jun 1, 2018 16:33:41 GMT
With two repayment in the past hour, maybe you have 2 lemons less in your basket?
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empirica
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Post by empirica on Jun 1, 2018 16:40:39 GMT
You might say that ... I couldnt possibly comment.
Which loan would you like it to pay out on and which loans would you like to not have the benefit of the provision fund going forward as its likely to be empty?
Provision fund only comes into play if there is a shortfall and until primary recovery options are complete that is unknown. If the previous examples are used then PBL056, 065, 081, 094, 155, 161 would all qualify, thats £5m, still a £3m shortfall & a very empty provision fund.
Im in ALL of those loans - and 40 others that have similarly defaulted!!! Its my fault for not being so diligent, but all I heard from Lendy (including the phone call a few months ago!), was "We've not had any capital losses, and even if we do we have a provision fund". Very disingenuous of Lendy (or perhaps even dishonest). I'm 'only' seeing 31 loans that are defaulted with capital outstanding (plus five that are being chased for unpaid interest) - it would appear that there are 15 (edit: possibly 13 after two repayments) tucked away that I have yet to discover. Sorry if I'm being dense, but where are they?
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Post by brokenbiscuits on Jun 1, 2018 17:47:07 GMT
There used to be two main crowds on this forum:
1, the due diligence ones who would buy and hold a select few
2, the ones who would play “pass the parcel” and sell down well before the loan got near zero days.
Dd used to mock the pass the parcel for their lack of insight quite regularly.
Assuming the DD crowd don’t have any lemons, having never picked them in the first place, and the pass the parcel crowd don’t either as they sold out sometime ago?
Now it’s mostly one main crowd. The everything is terrible at lendy crowd. So who was right? And who is holding the lemons?
Personally my strategy was to buy the ones I saw as decent after a bit of digging and then sell before they got old. Looking at the ones currently underperforming, I skipped most and was in a few for a short time only. Was it luck or judgement? We will never know!
I used to enjoy reading these forums but it’s so very complainy these days!
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tx
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Post by tx on Jun 1, 2018 18:59:48 GMT
The forum has always been on the negative side. But it is a good place to find some abnormalities about certain loans. Because people complain about everything about every loan, including myself. It does not mean the readers need to take them all in. Read with objective judgment.
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sl75
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Post by sl75 on Jun 1, 2018 21:46:30 GMT
To be fair, Assetz Capital make the same claim (without having a PF, at least for MLA lenders). Yet I've a couple of loans there where I'm CERTAIN money will be lost. They just haven't admitted it yet... But unlike Lendy, which is full of overdue loans, if you go to the Assetz Capital "browse loans" page and sort by term remaining, there isn't a single overdue loan in the entire loan book - an amazing achievement!  [or maybe there really are some overdue loans, but they're having that page lie about it so that it makes it difficult for casual users to find the overdue ones or see how "bad" the worst loans are?]
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Post by p2plender on Jun 1, 2018 23:58:43 GMT
"I used to enjoy reading these forums but it’s so very complainy these days!"
Of course it is. Around 18 months/2 years back, everything was fine n dandy. The biggest complaint was about bots snapping everything up in the sm! But this was when defaults didn't exist as the loan book was fairly immature, pretty much full of long dated loans. Even negative day loans were snapped up, as interest was paid - remarkable really looking back.
I was in the 'buy anything and then pass on the parcel camp'. Clearly 12% was not going to be plain sailing....
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jcb208
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Post by jcb208 on Jun 2, 2018 6:10:20 GMT
I started with Lendy a couple of years ago and played the same game, pass the parcel which worked very well and I am only stuck with 2 lemons DFL 1-2 and a small loss on PBL161which hopefully will be recovered,still have a small loan book now but am very careful what I buy
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