sl75
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Post by sl75 on Jul 12, 2018 7:01:24 GMT
It doesn't cover everything but i can't talk about specific loans I'm afraid Jeepers . And why's that? The borrower is well aware of the offer, Lendy is well aware of the offer so why are those putting up the cash left in the dark? The priority should be recovering loans... When recovering loans comes into conflict with "keeping random members of the public informed of progress", they do indeed need to keep the priority as recovering loans! Even if updates are sent only to investors, and none of them further disclosed in public, anyone can invest on P2P platforms - up until trading is suspended on a loan, the borrower, their legal team, potential buyers of the security, people who provided the original valuations, etc. can "invest" £1 (or even less) to gain access to all future information shared "privately" with investors. In that context platforms need to be VERY careful with what details they share with "investors", as they need to assume that the full content of all updates will be immediately passed to anyone associated with the other side of any transaction, legal action, etc. My greater concern is with other platforms who seem to give excrutiating detail in their updates to "investors", somehow assuming that investors will keep those details secret from the borrower etc.
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withnell
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Post by withnell on Jul 12, 2018 7:44:50 GMT
And why's that? The borrower is well aware of the offer, Lendy is well aware of the offer so why are those putting up the cash left in the dark? The priority should be recovering loans... When recovering loans comes into conflict with "keeping random members of the public informed of progress", they do indeed need to keep the priority as recovering loans! Even if updates are sent only to investors, and none of them further disclosed in public, anyone can invest on P2P platforms - up until trading is suspended on a loan, the borrower, their legal team, potential buyers of the security, people who provided the original valuations, etc. can "invest" £1 (or even less) to gain access to all future information shared "privately" with investors. In that context platforms need to be VERY careful with what details they share with "investors", as they need to assume that the full content of all updates will be immediately passed to anyone associated with the other side of any transaction, legal action, etc. My greater concern is with other platforms who seem to give excrutiating detail in their updates to "investors", somehow assuming that investors will keep those details secret from the borrower etc. I completely agree with your point about info being shared with all parties - however there's a big difference between: A: "We are about to go after the personal guarantor's bank account" B: "We have obtained a court order to go after the personal guarantor's bank account" C: "3 months ago, we went after the personal guarantor's bank account" Option A would give info of future plans to the borrow (although in this case I'm sure the guarantor will have moved any assets they can) Option B would be most useful, but we seem to end up with Option C, with a long period of uncertainty in between for investors with no material value to the recovery
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Post by thecleaner on Jul 12, 2018 8:39:45 GMT
By posting on here to tell us how hard they all have worked in achieving FCA status has a knack of just winding people up and a sense of our noses being rubbed in it.
I cant understand why they could not just have posted this information on there home page or a pop up when you log in. Instead they decide to post on here when they have not done in quite a while.
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Monetus
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Post by Monetus on Jul 12, 2018 11:10:39 GMT
Thanks for taking the time out of your day to drop by the forum and let us know about FCA Authorisation.
Now you'd better get back to work.... Those Trustpilot reviews aren't going to report themselves!
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sl75
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Post by sl75 on Jul 12, 2018 12:19:09 GMT
I completely agree with your point about info being shared with all parties - however there's a big difference between: A: "We are about to go after the personal guarantor's bank account" B: "We have obtained a court order to go after the personal guarantor's bank account" C: "3 months ago, we went after the personal guarantor's bank account" Option A would give info of future plans to the borrow (although in this case I'm sure the guarantor will have moved any assets they can) Option B would be most useful, but we seem to end up with Option C, with a long period of uncertainty in between for investors with no material value to the recovery In the period between going for the personal guarantor of loan X's bank account, and finally being in a position to pay the balance to the investors in loan X, I'd guess one would want to avoid unnecessarily tipping off the guarantors of loans Y, Z and W that this is the strategy being pursued right now. How can it affect the recovery if Lendy tell us what the borrower has offered? If you were an experienced and reliable developer also considering making an offer for the development, how much would you offer? If it turns out that amount is higher than the borrower's current offer, how much would you offer if you knew the exact terms of the borrower's offer? What is the difference between these two? Can you see how it has the potential to affect recovery?
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rocky1
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Post by rocky1 on Jul 12, 2018 13:23:21 GMT
so now the FCA have given lendy a licence to more or less do what they like with no comebacks. surely things must have been said about the handling/amount of defaults and lots of other sh*t that lendy and other platforms are dealing out to their lenders.
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Post by westcountryfunder on Jul 12, 2018 14:39:09 GMT
so now the FCA have given lendy a licence to more or less do what they like with no comebacks. surely things must have been said about the handling/amount of defaults and lots of other sh*t that lendy and other platforms are dealing out to their lenders. I would not have put it like that myself, but yes, I am much more interested in whether they can successfully run their business not only for their own benefit but also for us, the lenders. Mere compliance with the law will not in itself achieve that.
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tx
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Post by tx on Jul 12, 2018 21:57:24 GMT
so now the FCA have given lendy a licence to more or less do what they like with no comebacks. surely things must have been said about the handling/amount of defaults and lots of other sh*t that lendy and other platforms are dealing out to their lenders. I would not have put it like that myself, but yes, I am much more interested in whether they can successfully run their business not only for their own benefit but also for us, the lenders. Mere compliance with the law will not in itself achieve that. Well, better than not able to achieve, or better than not bother to achieve. Still feels a leap forward. And more people have better confidence and better secondary mkt maybe.
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Post by slimanne on Jul 13, 2018 8:11:00 GMT
FCA registered a blessing or a curse?
For LY polishing up their boats gleefully a blessing it would seem but beware the curse, the investors may now have the power via the FCA to put a few holes in them if enough voices are heard about their doubtful practices and total disregard for the landlubbers who have invested their hard earned cash.
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Post by p2plender on Jul 14, 2018 3:19:52 GMT
Can we not 'anchor' this thread as to me it's in the same vein as the other one questioning Lendy's future?
Lendy had better get over to TP. It would appear the honest reviews have been allowed to stay for the last day or two. 'Scathing' is appropriate..
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debaura
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Post by debaura on Jul 14, 2018 5:52:23 GMT
So now Lendy has added authority to withhold my money, basically held to ransom with no justification. HURRAH bloody hurrah
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debaura
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Post by debaura on Jul 14, 2018 5:53:44 GMT
Thanks for taking the time out of your day to drop by the forum and let us know about FCA Authorisation. Now you'd better get back to work.... Those Trustpilot reviews aren't going to report themselves! HAha! If it weren't my money
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sl75
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Post by sl75 on Jul 16, 2018 8:47:29 GMT
A thought occurred to me this morning... (Without re-reading everything I can't rule out the possibility that I read it a few days ago, and my brain spat it back out at me, so apologies if someone else already said this!)
Borrowers (or their advisors) would undoubtedly have been aware that Lendy had not been granted "Full FCA Authorisation" up until the point this announcement was made.
It seems plausible that some of the borrowers who have been successfully stalling for months may have been hoping for Lendy to fail to achieve this status, so that they could profit from the "inevitable" platform collapse. (Their advisor's other clients may well have already experienced first hand what borrowers can get away with after a P2P platform has collapsed due to failing to get full FCA authorisation...)
I'm hoping for a positive outcome from the combined effects of Lendy being able to focus more on actually running their day-to-day operations, and borrowers having fewer reasons to stall in the hope that the platform might collapse before recovery action is complete. I'd initially wondered whether the cluster of repayments following this announcement was causally linked, but at the moment it's no more significant than the other clusters of repayments we've had in the past.
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pence
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Post by pence on Jul 16, 2018 16:30:59 GMT
Congratulations.
Can I ask if you have now applied to HMRC for ISA Manager status and when you expect to launch an IFISA?
NB Authorised entry is now viewable on FCA register. Lendy have hold/control CM permission and electronic platform for purpose of lending
Hi ilmoro . I can confirm that we haven't made an application to HMRC for ISA Manager status. We've had considerable interest from investors in launching an IFISA and I'll defer to Paul64 (who is our Head of Mearketing and PR) to provide an update if and when that's appropriate. Thanks for the heads up that the authorised entries are viewable on the FCA website. We did spot that earlier but we're always happy to be reminded of good news. 
I hope Lendy gives an IFISA some priority.
Keep in mind that a 12% loan for a 20/40/45% tax payer after the initial £1000/£500 allowance is just worth 9.6%/7.2%/6.6% after tax.
Or to say it differently: investors who invest in a 12% loan within an IFISA on another platform would need Lendy to pay 15.0%/20.0%/21.8% interest (for a 20/40/45% tax payer) to receive the same interest after tax.
So an IFISA should make the platform significantly more attractive for investors.
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sj
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Post by sj on Jul 16, 2018 17:21:58 GMT
Hi ilmoro . I can confirm that we haven't made an application to HMRC for ISA Manager status. We've had considerable interest from investors in launching an IFISA and I'll defer to Paul64 (who is our Head of Mearketing and PR) to provide an update if and when that's appropriate. Thanks for the heads up that the authorised entries are viewable on the FCA website. We did spot that earlier but we're always happy to be reminded of good news.
I hope Lendy gives an IFISA some priority.
Keep in mind that a 12% loan for a 20/40/45% tax payer after the initial £1000/£500 allowance is just worth 9.6%/7.2%/6.6% after tax.
Or to say it differently: investors who invest in a 12% loan within an IFISA on another platform would need Lendy to pay 15.0%/20.0%/21.8% interest (as a 20/40/45% tax payer) to receive the same interest after tax.
So an IFISA should make the platform significantly more attractive for investors.
This is the last thing that they should be doing - get that shambles of a default/suspended/etc/whatever they call it loan book sorted out and chase up some repayments! I'm certainly not investing any more until I see significant and continuous repayments on those loans gone awry. An IFISA with unappealing loans will still lose you money in the long run. What is also needed is a fresh flow of small, simple (bridging?) loans - less of the hundred-tranche, multi-million pie-in-the-sky developments please. They seem to be defaulting like flies, and the surviving ones have stupidly long selling queues - i.e. everyone wants out and nobody is foolish enough to buy into them any more. Lendy should try and offload these monstrosities on to other lenders somehow and pay back the investors before it all blows up.
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