zedi
Member of DD Central
Posts: 80 
Likes: 47
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Post by zedi on Sept 24, 2018 8:03:06 GMT
This is total rubbish, they’ve never managed to recover anything as far as I can remember. A lot of loans have been partially or even fully recovered. There is a lot of things you can blame Lendy for (lack of transparency, questionable voting system etc.) but such obviously false bullshit-statements are leading nowhere.
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wuzimu
Member of DD Central
Posts: 236
Likes: 735
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Post by wuzimu on Sept 24, 2018 11:43:35 GMT
LY have made some recoveries in the past so Charlie's factually wrong, but LY recovery metrics are dismal - it feels like they never recover much at all, sentiment is key when it comes to money and trust.
I predict more LY loans will go bendy at a faster rate in the coming months than that rate at which LY make recoveries.
A future business school case study in hubris and incompetance.
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TheDriver
Member of DD Central
Slightly bonkers
Posts: 493 
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Post by TheDriver on Sept 24, 2018 12:28:53 GMT
This is total rubbish, they’ve never managed to recover anything as far as I can remember. A lot of loans have been partially or even fully recovered. There is a lot of things you can blame Lendy for (lack of transparency, questionable voting system etc.) but such obviously false bullshit-statements are leading nowhere. Whilst agreeing with the sentiments above, IMO the partial recoveries are mostly the worst! Other than the cases where these are due to incremental completion sales, mostly the security has been sold at significant shortfall with legal action being claimed for recovery. Not aware of ANY success in these actions as yet, and the industry definition means these should be declared losses, with potential for recovery; little potential in my view, although happy to be proved wrong.
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Post by charliebrown on Sept 24, 2018 12:40:56 GMT
This is total rubbish, they’ve never managed to recover anything as far as I can remember. A lot of loans have been partially or even fully recovered. There is a lot of things you can blame Lendy for (lack of transparency, questionable voting system etc.) but such obviously false bullshit-statements are leading nowhere. I did say “as far as I can remember” meaning recoveries from my own list of horror loans. I tend not to follow loans I’m not in. You said “a lot of loans have been recovered” which is quite vague, what does “a lot” mean. Let’s not argue about it. My own experience in the loans I’m in shows that LY has an extremely slow and unsuccessful recovery process. Your mileage may vary, but I’d be surprised if it does. To clarify, I was referring to loans which were defaulted by the borrower and subsequently had capital (and hopefully interest) recovered. I don’t believe that’s a great ratio for LY despite all their hard work behind the scenes.
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