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Post by gusgorilla on Sept 4, 2018 10:18:56 GMT
Does anybody know if Lendy has ever sold collateral to get back money owed to us on overdue loans? If not, why not? If so where can on the website can I see these loans and the amounts recovered and shortfalls (if any)?
My portfolio consists almost entirely of overdue loans. Several are 2 years overdue. Other P2P platforms that sell loans secured against property attempt to recover capital from loans that have gone bad by selling the properties. Does anybody have any idea why this is not happening in the case of my (very) overdue loans? I thought this was the whole point of loans being secured against property!
Does Lendy actually have possession of the properties it says our loans are secured against? Is anybody smelling a rat?
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invester
P2P Blogger
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Post by invester on Sept 4, 2018 10:40:24 GMT
There have been plenty of loans where the property has been disposed of - most of the 'claims underway' one where were the property was sold and the shortfall remains.
What isn't clear to me is there ever has been an recovery based on the legal action, either against the guarantors or valuers. Yet the prospects of recovery by this method as always 'good'.
I too have a portfolio of mostly non-performing loans. Sooner or later you have to wonder just how long they can keep up the charade. Officially there are 12 cases in the 'claims underway', with the number of duds still yet to be crystallised I can see this heading towards 20 or so.
With no real new loans being drawn down, only tranches of existing ones I can easily see a Collateral type event happening here. The number of complaints IMO will only get bigger.... I don't see Exeter being a very satisfactory outcome, and they won't have the money to pay the difference to lenders. At some point a revoking of the authorisation must be on the cards. The loan book is a bit of a mess.
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Post by charliebrown on Sept 4, 2018 12:08:23 GMT
There have been plenty of loans where the property has been disposed of - most of the 'claims underway' one where were the property was sold and the shortfall remains. What isn't clear to me is there ever has been an recovery based on the legal action, either against the guarantors or valuers. Yet the prospects of recovery by this method as always 'good'. I too have a portfolio of mostly non-performing loans. Sooner or later you have to wonder just how long they can keep up the charade. Officially there are 12 cases in the 'claims underway', with the number of duds still yet to be crystallised I can see this heading towards 20 or so. With no real new loans being drawn down, only tranches of existing ones I can easily see a Collateral type event happening here. The number of complaints IMO will only get bigger.... I don't see Exeter being a very satisfactory outcome, and they won't have the money to pay the difference to lenders. At some point a revoking of the authorisation must be on the cards. The loan book is a bit of a mess. The loan book is a bit of a mess. That’s an understatement. I believe the FCA authorisation covers ticking process and governance boxes. I don’t think a platform will lose authorisation due to poor performance. If all LY loans fail and we all lose all of our money I don’t think the FCA cares as long as LY bankrupts us whilst following an approved process. As a Collateral investor I don’t see any comparisons with the LY situation. However, I wouldn’t be surprised if the outcome ends up being the same.
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