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Post by p2plender on Sept 17, 2018 9:50:40 GMT
DFL04 for example.
It's not classed as 'claims underway', nor is it classed as 'non performing' even though it certainly is non performing. Just how long do Lendy keep these loans 'in thin air' and hidden from the ever growing default list? Clearly the Lendy BS moving to monthly buys them another fortnight and no doubt they can 'fudge' updates to coincide just to miss the monthly bs update day.
As usual Lendy hiding the full facts from investors and potential investors landing on the home page. More trickery from the tricky platform by all accounts. It's been written about before but it really is wrong for them to be allowed to do this.
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Post by picanto on Sept 17, 2018 10:07:27 GMT
I wouldn't use the phrase "trick investors" since Lendy have suspended DFL004 so no investor (either new or existing) can invest in it and therefore not visible on the secondary market. Lendy just stick to the -180 days overdue definition of default which arguably they shouldn't do since that particular loan is, as you rightly say, non-performing. However, I doubt there is any hidden motive to hide the fact that the loan is not performing well as if there were, Lendy would never have suspended the loan in the first place.
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Post by p2plender on Sept 17, 2018 10:22:26 GMT
True but it's 'hidden' as if all is rosy (along with others). A new investor landing on the platform is of course 'shielded' from such loans. Just usual disingenuous Lendy bs as far as I'm concerned, especially when the Lendy BS is now monthly. Laughable when 6 months missing in action Paul suddenly appears trying to gloss over an abysmal situation.
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Post by picanto on Sept 17, 2018 10:36:36 GMT
True but it's 'hidden' as if all is rosy (along with others). A new investor landing on the platform is of course 'shielded' from such loans. Just usual disingenuous Lendy bs as far as I'm concerned, especially when the Lendy BS is now monthly. Laughable when 6 months missing in action Paul suddenly appears trying to gloss over an abysmal situation. I remember in a previous comment I made a while back that I think Lendy should have a suspended loans tab which shows the loans which haven't defaulted by Lendy's definition of default but are no longer tradable on the secondary market. So in that regards, I agree with you.
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wuzimu
Member of DD Central
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Post by wuzimu on Sept 17, 2018 11:00:23 GMT
Re: categorization of non-performing loans in the 'live' section...
This is likely in breach of FCA principles of business No7- 7. Communications with clients - A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.
But since trading is suspended nobody can claim they have been mislead into lending on this miscategorization. Its just a sad example of window dressing.
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Post by charliebrown on Sept 17, 2018 19:56:28 GMT
True but it's 'hidden' as if all is rosy (along with others). A new investor landing on the platform is of course 'shielded' from such loans. Just usual disingenuous Lendy bs as far as I'm concerned, especially when the Lendy BS is now monthly. Laughable when 6 months missing in action Paul suddenly appears trying to gloss over an abysmal situation. Luckily for new investors there’s enough examples of out and out disaster loans shown on the DEFAULTS tab to make even the bravest of investors to immediately close their browser and go lay down in a dark room. I agree with your point though, and there are a few examples of this obfuscation, DFL017 being another example, where the loan DEFAULTED in highly mysterious circumstances immediately after it wa drawn down but still doesn’t appear on the DEFAULTS tab.
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Post by p2plender on Sept 21, 2018 23:13:11 GMT
where are they hiding the Mar---bone white elephant with the BVI directors link?
Can't see it in claims underway or non performing.
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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
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Post by ilmoro on Sept 21, 2018 23:58:24 GMT
where are they hiding the Mar---bone white elephant with the BVI directors link? Can't see it in claims underway or non performing. In plain sight. Live loans ... not non-performing as not in 'default' as less than 180 days overdue, not claims underway because that's just for loans where security has been sold with a shortfall See discussion on Trustpilot thread regarding default categorisation nonsense
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averageguy
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Post by averageguy on Sept 22, 2018 11:29:10 GMT
...but they’ve sent us a lovely email explaining their recovery process..it’s so reassuring (cough cough splutter)
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Post by p2plender on Sept 22, 2018 12:37:17 GMT
Aghh thanks!
I'm out of practice looking for loans with all this Lendy trickery!
I looked under 'claims underway' and 'non performing' as that's what this loan is. Silly me not to look in 'live loans'. What's 'live' about it? Now if only they had a 'dead loans' tab then I might have found it...
So in the magical, mystery, made up world of Lendy, there's going to be another 22 million pounds worth of loans DEFAULTING in the next 2-3 weeks. Maryl----- and Wolver-------. Although of course in the real world they have already defaulted.
It's good the media is now getting involved and the Lendy name is getting an airing, not before time.
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Post by charliebrown on Sept 23, 2018 8:11:28 GMT
...but they’ve sent us a lovely email explaining their recovery process..it’s so reassuring (cough cough splutter) Another BS email. They’ve claimed they’ve improved their recovery process and team and there’s an awful lot of hard work “behind the scenes” that investors don’t see. This is total rubbish, they’ve never managed to recover anything as far as I can remember. Just endless broken promises about repayments. LY, it’s results that count. Where are the results? Loan after loan is going IA / default and there’s now lots of loans that are many years overdue with absolutely no progress, so please don’t send us an email telling us about all your hard work.
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Post by loftankerman on Sept 23, 2018 8:54:32 GMT
...but they’ve sent us a lovely email explaining their recovery process..it’s so reassuring (cough cough splutter) Another BS email. They’ve claimed they’ve improved their recovery process and team and there’s an awful lot of hard work “behind the scenes” that investors don’t see. This is total rubbish, they’ve never managed to recover anything as far as I can remember. Just endless broken promises about repayments. LY, it’s results that count. Where are the results? Loan after loan is going IA / default and there’s now lots of loans that are many years overdue with absolutely no progress, so please don’t send us an email telling us about all your hard work. I believe Lendy. I also believe there are borrowers out there who'd figured they'd make a tidy profit for themselves, whatever the outcome of the grand plans they'd floated and are having a good laugh about it.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Sept 23, 2018 9:28:02 GMT
But Lendy have allowed so many of their promoted projects to fall into non performing (in the real world that means default / failure) using investors cash and swallowing any old excuse given by borrowers.
Values have clearly been significantly over stated and some of the professionals they have engaged to carry out the site inspections have failed to spot that cash provided in numerous tranches does not appear to have been spent on the works i.e. the latest fiasco with the Liverpool H******* project.
In the case of the Hastings site they have even accepted a repeat excuse about a supposed Joint Venture with no details provided, first used 13 months ago giving rise to a failure by Lendy to take any action to protect investors.
I don't want any more self congratulatory updates from smug PR people at Lendy telling us they are working hard. Investors want results and repayment of capital at the very least.
Next thing they will tell us they have all "overworked" and need 12 months holiday (in the BVI perhaps?)
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averageguy
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Post by averageguy on Sept 23, 2018 9:41:41 GMT
Another BS email. They’ve claimed they’ve improved their recovery process and team and there’s an awful lot of hard work “behind the scenes” that investors don’t see. This is total rubbish, they’ve never managed to recover anything as far as I can remember. Just endless broken promises about repayments. LY, it’s results that count. Where are the results? Loan after loan is going IA / default and there’s now lots of loans that are many years overdue with absolutely no progress, so please don’t send us an email telling us about all your hard work. I believe Lendy. I also believe there are borrowers out there who'd figured they'd make a tidy profit for themselves, whatever the outcome of the grand plans they'd floated and are having a good laugh about it. What we see is a recoveries team who have very little clout over the sales team who go marching on without any input from the former on loans such as a certain one in Bradford ..but then of course its not their money they are playing with.
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Post by charliebrown on Sept 23, 2018 12:15:58 GMT
But Lendy have allowed so many of their promoted projects to fall into non performing (in the real world that means default / failure) using investors cash and swallowing any old excuse given by borrowers.
Values have clearly been significantly over stated and some of the professionals they have engaged to carry out the site inspections have failed to spot that cash provided in numerous tranches does not appear to have been spent on the works i.e. the latest fiasco with the Liverpool H******* project.
In the case of the Hastings site they have even accepted a repeat excuse about a supposed Joint Venture with no details provided, first used 13 months ago giving rise to a failure by Lendy to take any action to protect investors.
I don't want any more self congratulatory updates from smug PR people at Lendy telling us they are working hard. Investors want results and repayment of capital at the very least.
Next thing they will tell us they have all "overworked" and need 12 months holiday (in the BVI perhaps?) The constant, unjustified, self adoration and self appreciation is rubbing salt into the wounds of investors. Deep down, LY must realise they are doing a terrible job. I take the point that some borrowers have deliberately set out to game LY’s system, but LY created the system.
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