yangmills
Member of DD Central
Posts: 83
Likes: 494
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Post by yangmills on Oct 30, 2018 19:41:56 GMT
I don't post here much anymore but I felt I needed to post this.
I think the constant diatribe on the failure of Lendy needs to be dialed down. It's not that these comments are necessarily wrong but posters have discussed these weakness/failures an infinitum. None of this improves the chances for loan recovery, none of this reduces default rates. If they did sell the loan book, it wouldn't get you a better price.
Moreover, there is now something much more important to focus the mind. We have a borrower, in default, trying to take the whole lending syndicate to court and sue for fraud, for damages, for an eight figure sum. That's something that would undermine the whole concept of P2P, and would damage every platform and every lender.
So perhaps it's time to reference the idea that "the enemy of your enemy is your friend". Yes, you might have to hold your nose, but right now a detente with Lendy might be most sensible.
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Post by nyquest on Oct 31, 2018 9:01:32 GMT
Totally agree. I'm in the "London loan" of course it's ridiculous, tactical but ultimately on course to fail, the "developer" has everything to loose and is really in a corner lashing out fighting for her life. It's desperate.
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Post by pikeman on Oct 31, 2018 16:11:54 GMT
I fully support Yangmills comments.
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Post by slender on Oct 31, 2018 20:51:09 GMT
I fully support Yangmills comments. +1
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Vero
Member of DD Central
Posts: 196 
Likes: 163
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Post by Vero on Nov 1, 2018 0:40:30 GMT
+1
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Post by queenvictoria on Nov 1, 2018 6:47:02 GMT
Agree
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Post by squirreleater on Nov 1, 2018 11:44:54 GMT
Totally agree.
Lendy needs to concentrate on fighting Morticia and doesn't need distractions at the moment.
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Post by supernumerary on Nov 1, 2018 21:03:57 GMT
Moreover, there is now something much more important to focus the mind. We have a borrower, in default, trying to take the whole lending syndicate to court and sue for fraud, for damages, for an eight figure sum. That's something that would undermine the whole concept of P2P, and would damage every platform and every lender. So perhaps it's time to reference the idea that "the enemy of your enemy is your friend". Yes, you might have to hold your nose, but right now a detente with Lendy might be most sensible. Thank you for posting those thought provoking comments, that have gained at this point when I have posted, 41 upticks in support. 
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pence
Posts: 46 
Likes: 14
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Post by pence on Nov 6, 2018 2:03:50 GMT
+1
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Post by supernumerary on Nov 13, 2018 12:23:37 GMT
mrclondon (Administrator) commenting on ‘The London Loan’, but IMHO, extremely pertinent to this VERY IMPORTANT thread, which has NOW obtained 55 upticks in support; I have reason to believe someone connected to the borrower's legal team is studying the posts made on this forum. The more we give the impression of worrying about the issue, the harder they will push it. Their aim is to get us to agree to their settlement offer by intimidation / bullying tactics. The only answer (in the short term) is to "turn the other cheek". This remains for now, just a threat, until there is evidence that a lender has actually been joined to the case.
[Mod hat off] I find it bizarre that anyone feels that they currently have enough information to be able to conclude that the defence strategy being developed by a well known law firm and their retained QC on behalf of Lendy and its lenders (us) will be so inadequate for their needs to the extent that it is worth paying for separate representation.
A possible exception is the very large investors may have already concluded that they desire the flexibility of independent representation to be able to launch counter claims for defamation of character etc. (And by independent, I mean not connected with any other lender, other than possibly other BH). It’s worth re-reading the Lendy update of 31st Oct, which explains in quite some detail how the defence is being constructed, the role of HCR for the few lenders that are expected to feel it beneficial, and that lenders will be updated concerning their defence at the appropriate time. I’ve started this paragraph in bold, as its important that your point of reference for making decisions regarding your defence (if such is required) is that update and not posts on this thread.
Take care to not be misled by posts on this thread which are not necessarily from lenders in these loans.This post is not advice, it is simply setting out my opinion as it stands today. I have not contacted HCR or any other legal firm, and will not do so until after I have been served and after I have studied the defence strategy being put together by Lendy’s lawyers on my behalf. As things stand today, I will need some serious persuading that splitting from the main group defence being constructed by Lendy’s legal team is to my benefit. I have not had sight of the scale of costs HCR is proposing, but a QC with experience of civil litigation does not come cheap, and this case could run for many months. Has anyone compared the experience of the QC retained by Lendy’s legal firm with that of the barrister being proposed by HCR ? Is there a belief that HCR’s barrister can secure an outcome so much better that the costs of separate representation are justified ? Finally, to repeat, this is just a threat for now. It is possible to attribute some of what is happening to a propaganda war being waged on behalf of the claimants, and it is just possible to believe today’s new domain is for now just another scare tactic. Sorry for repeatng this, but it is important.
Take care to not be misled by posts on this thread which are not necessarily from lenders in these loans.
Every post made on this forum has embeded in it (but only visible to forum staff) the IP address of the location it was made, as well as the time stamp at the time it was made. It is possible (but not certain) that there are shills posting on this thread. For most people the use of their employers or university or six form college computer / network requires accepting their policies on the use of the internet. Shilling is likely to be be against such policies and could be putting their employment or academic qualification at risk. |
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Post by supernumerary on Dec 1, 2018 14:07:36 GMT
It worth commenting, that this thread has NOW obtained 58 upticks in support.  On the Oct 31, 2018 at 9:36pm a NEW poster arrived on the P2p platform, starting a new thread and this was one of the initial responses from one poster; recently registered, I smell a rat..... Another poster made some comments, that this thread has already warned about; Regardless of what you think of their current situation, attempts to smear Lendy in the media and force them into administration are not the answer. Yes Lendy have made a lot of serious mistakes and need to massively improve but they are making active efforts to resolve loans and recoveries take a lot of time due to the nature of the UK legal system. If this was to happen it wouldn't speed up recovery of your loans in any way, would likely significantly increase the chances of a capital shortfall and also negatively impact the wider P2P ecosystem. It would be turkeys voting for Christmas. This comment in the opening paragraphs of this thread, IMHO, is still VERY relevant; I think the constant diatribe on the failure of Lendy needs to be dialed down. It's not that these comments are necessarily wrong but posters have discussed these weakness/failures an infinitum. None of this improves the chances for loan recovery, none of this reduces default rates. If they did sell the loan book, it wouldn't get you a better price. |
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Dec 1, 2018 16:08:38 GMT
It is Christmas let us all relax sit back and enjoy a big christmas dinner and watch the big screen TV bought with our Paybacks/Interest from Lendy.
Can anybody spot the error in this statement ?
MERRY CHRISTMAS
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Mr_N
Posts: 222
Likes: 225
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Post by Mr_N on Dec 3, 2018 8:11:40 GMT
It worth commenting, that this thread has NOW obtained 58 upticks in support. On the Oct 31, 2018 at 9:36pm a NEW poster arrived on the P2p platform, starting a new thread and this was one of the initial responses from one poster; recently registered, I smell a rat..... Another poster made some comments, that this thread has already warned about; Regardless of what you think of their current situation, attempts to smear Lendy in the media and force them into administration are not the answer. Yes Lendy have made a lot of serious mistakes and need to massively improve but they are making active efforts to resolve loans and recoveries take a lot of time due to the nature of the UK legal system. If this was to happen it wouldn't speed up recovery of your loans in any way, would likely significantly increase the chances of a capital shortfall and also negatively impact the wider P2P ecosystem. It would be turkeys voting for Christmas. This comment in the opening paragraphs of this thread, IMHO, is still VERY relevant; I think the constant diatribe on the failure of Lendy needs to be dialed down. It's not that these comments are necessarily wrong but posters have discussed these weakness/failures an infinitum. None of this improves the chances for loan recovery, none of this reduces default rates. If they did sell the loan book, it wouldn't get you a better price. The poster "smelling a rat" was referring to me. I had been lurking here for a over a month, and trying to get an account registered so I could contribute. Anything from outlook or gmail was being ignored, the approval never came and I was in guest mode by default. I later tried again with an email address of the domain of the LTD company I'm Company Director of, and it was approved in 24 hours. Funny that. I don't agree with that kind of pre-screening on forums and giving zero information as to what is happening. It makes me wonder how many other people are reading things on here and just given up on it.
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nyneil
Member of DD Central
Posts: 349
Likes: 438
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Post by nyneil on Dec 3, 2018 10:41:49 GMT
It is Christmas let us all relax sit back and enjoy a big christmas dinner and watch the big screen TV bought with our Paybacks/Interest from Lendy.
Can anybody spot the error in this statement ?
MERRY CHRISTMAS
Is it that we shouldn't eat too much at Christmas? No?
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Mr_N
Posts: 222
Likes: 225
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Post by Mr_N on Dec 3, 2018 11:09:42 GMT
It is Christmas let us all relax sit back and enjoy a big christmas dinner and watch the big screen TV bought with our Paybacks/Interest from Lendy.
Can anybody spot the error in this statement ?
MERRY CHRISTMAS
We make every effort to minimise the risks of no Christmas for our investors and to ensure, where possible, that all Christmases are repaid in full and on time. In the event of a non-performing Christmas we have the following protection in place: All presents are secured with a legal charge (The Santa Clause), which means the tree can be sold if Christmas becomes non-performing. Presents do not exceed a maximum of 70% of the stocking. This means that if the present giver cannot repay the cost of the tree it is highly likely that we will be able to recoup all funds from the sale of the tree as there is a substantial amount of equity. . In the unlikely event that you are on Santa's bad list all the funds from the sale of the tree we maintain a discretionary Present Fund to allow us to compensate investors should there be a shortfall in the value of the stocking. We feel it is important to make you aware that your Christmas is at risk and presents are not guaranteed if a tree becomes non-performing, however we feel confident that we have thorough and robust decorations in place to protect all boys and girls. Merry Christmas ya' filthy animal.
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