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Post by cashmax on Aug 20, 2018 10:37:11 GMT
Website appears to have been updated to remove all trace of these statements. I wonder if it's time to brace....
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Post by twam on Aug 20, 2018 10:41:37 GMT
They will have to start being honest at some point as most people have had enough,just how honest,now that's the question.
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Post by charliebrown on Aug 20, 2018 11:41:30 GMT
LY is dishing out some of the biggest losses in p2p, of course people have lost money.
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Monetus
Member of DD Central
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Post by Monetus on Aug 20, 2018 14:48:17 GMT
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michaelc
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Post by michaelc on Aug 20, 2018 14:52:41 GMT
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orvilorvil
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Post by orvilorvil on Aug 20, 2018 14:55:58 GMT
Any bets on which one's first??
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Post by twam on Aug 20, 2018 15:16:57 GMT
Well seven and a half million went at the same time as the director, so I think you can start with that one
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Post by picanto on Aug 20, 2018 15:35:44 GMT
According to Lendy, the loans which have claims against them have a good chance of success at recovering the outstanding capital and interest. Only time will tell what the extent of the damage will be but because of legal issues Lendy remain silent on any progress. It really wouldn't surprise me if we're still in the same situation in 12 months time waiting for an update but as I'm no legal expert I can't really assess how long the legal process takes on loan recovery. Regardless, Lendy need to be honest to their investors and I hope they aren't just dragging their feet to hide bad news. I'm happy to keep investing with Lendy as it helps boost my monthly salary and so far the interest I've gained is significantly higher than my potential losses (at this stage).
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withnell
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Post by withnell on Aug 20, 2018 15:43:44 GMT
This claim disappeared from the website ages ago. AFAIK it's still on the footer of emails sent from LY support. Anyone had one recently? Well they still send deposit mails with the wording "This has now been credited to your Saving Stream account" so I'm not sure there's any overall consistency!
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Post by scerbera on Aug 20, 2018 18:35:23 GMT
Lendy are correct though, none of us have invested in Lendy, but we have lent with them, I think what they mean is that the founders of the company and the investors who started it haven't lost a penny!
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warn
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Curmudgeon
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Post by warn on Aug 21, 2018 6:56:34 GMT
Well, I haven't lost a penny -- I've lost several thousand pounds, probably.
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Post by brightspark on Aug 21, 2018 8:26:15 GMT
If that was part of a large portfolio then it is to be expected. If however it was only a small portfolio I would wonder what encouraged you to put so many eggs in one basket? The message loud and clear throughout the p to p industry is to spread risk by diversification.
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Post by Deleted on Aug 21, 2018 9:19:22 GMT
just a point, we are "lenders" who deserve to have situations explained to us.
we are not "investors" in Lendy who should receive regular shareholder reports.
it is important to keep clarity
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warn
Member of DD Central
Curmudgeon
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Post by warn on Aug 21, 2018 16:24:19 GMT
If that was part of a large portfolio then it is to be expected. If however it was only a small portfolio I would wonder what encouraged you to put so many eggs in one basket? The message loud and clear throughout the p to p industry is to spread risk by diversification. Oh yes, I understand that. My Lendy losses will only be a fraction of my overall investment portfolio. Less than 50%, almost certainly. 
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Post by cashmax on Aug 23, 2018 12:32:24 GMT
I see in a recent response to a review on TP, Lendy mentioned that the review incorrect because no Lender has ever lost capital.
Surely this is where the rub is. If I lend someone £10000, they don't pay a penny back and the debt becomes years old, I sell the security they offered and it doesn't cover all the capital, when does that become irrecoverable?
Lendy are completely in control of how the deem the status of the £45M outstanding and overdue debt, all of which is more the 6 months old. They could in theory take a deliberately long time through various small court proceedings and argue that they are still pursuing a debt that is more than a decade old. At what point will they be forced to declare some of this as un-recoverable?
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