btc
Member of DD Central
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Likes: 132
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Post by btc on Nov 19, 2018 14:26:05 GMT
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Mr_N
Posts: 222
Likes: 225
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Post by Mr_N on Nov 19, 2018 18:48:48 GMT
Unreadable without a subscription
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Post by GSV3MIaC on Nov 19, 2018 19:22:35 GMT
You just have to register (which iI thought was free?). Or maybe I am confusing that with the times, FT, daily mail, and sundry other news sources?
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Post by munchydave on Nov 19, 2018 19:47:19 GMT
You just have to register (which iI thought was free?). Or maybe I am confusing that with the times, FT, daily mail, and sundry other news sources? Just registered for free. Gets you into a limited number of viewings. Looked at the Lendy one and as expected not a good write up. Not much I can do about it. All my investments are late and unable to sell anything. Just now waiting to see what I get back over the next few years. As you might have guessed I am finished with Lendy and some others.
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rrrupert
Member of DD Central
Posts: 121
Likes: 99
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Post by rrrupert on Nov 19, 2018 20:24:10 GMT
This particular quote from the article struck me as significant.
".....Yet under its terms and conditions, investors can be made liable for Lendy’s costs when they cannot be recovered from the borrower. Lendy said it spent a six-figure sum on debt collection each year out of its own pocket but did not rule out passing this cost on to investors in future...."
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Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
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Post by Mucho P2P on Nov 19, 2018 20:31:22 GMT
This particular quote from the article struck me as significant. ".....Yet under its terms and conditions, investors can be made liable for Lendy’s costs when they cannot be recovered from the borrower. Lendy said it spent a six-figure sum on debt collection each year out of its own pocket but did not rule out passing this cost on to investors in future...." And if Lendy pass the costs onto the Lenders in the future, how many lenders does Lendy think they will have in the future?  No wonder they changed their name from Saving Stream!
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rrrupert
Member of DD Central
Posts: 121
Likes: 99
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Post by rrrupert on Nov 19, 2018 20:36:29 GMT
This particular quote from the article struck me as significant. ".....Yet under its terms and conditions, investors can be made liable for Lendy’s costs when they cannot be recovered from the borrower. Lendy said it spent a six-figure sum on debt collection each year out of its own pocket but did not rule out passing this cost on to investors in future...." And if Lendy pass the costs onto the Lenders in the future, how many lenders does Lendy think they will have in the future? No wonder they changed their name from Saving Stream! Realistically, I dont think Lendy have a future.
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Post by charliebrown on Nov 19, 2018 21:08:12 GMT
And if Lendy pass the costs onto the Lenders in the future, how many lenders does Lendy think they will have in the future? No wonder they changed their name from Saving Stream! Realistically, I dont think Lendy have a future. Realistically LY has no future and no one knows that better than they do. There’s already been motions that the end is in sight with staff leaving the company and Director’s loans being secured against assets. With the ever increasing defaults, the bad publicity, no recovery action, no new loans and the impending court case, it’s a perfect storm of problems that LY will not have the skill, the resources or the desire to try to resolve. It it is interesting that the article apportioned some blame to FCA for standing by and watching this happen and also to lenders for lending without appreciating what they were buying and the huge risks. I have a significant sum invested in LY and I believe I’m only going to get a fraction of it back and following years of receivership action.
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Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
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Post by Mucho P2P on Nov 19, 2018 21:14:31 GMT
Realistically, I dont think Lendy have a future. Realistically LY has no future and no one knows that better than they do. There’s already been motions that the end is in sight with staff leaving the company and Director’s loans being secured against assets. With the ever increasing defaults, the bad publicity, no recovery action, no new loans and the impending court case, it’s a perfect storm of problems that LY will not have the skill, the resources or the desire to try to resolve. It it is interesting that the article apportioned some blame to FCA for standing by and watching this happen and also to lenders for lending without appreciating what they were buying and the huge risks. I have a significant sum invested in LY and I believe I’m only going to get a fraction of it back and following years of receivership action. One has to wonder what criteria the FCA used in granting Lendy authorisation just a few months ago. FCA looking out for the small guy – hard to believe after this!!! Could be argued that Lendy was in a stronger position pre-FCA authorisation!
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Post by charliebrown on Nov 19, 2018 21:54:34 GMT
Realistically LY has no future and no one knows that better than they do. There’s already been motions that the end is in sight with staff leaving the company and Director’s loans being secured against assets. With the ever increasing defaults, the bad publicity, no recovery action, no new loans and the impending court case, it’s a perfect storm of problems that LY will not have the skill, the resources or the desire to try to resolve. It it is interesting that the article apportioned some blame to FCA for standing by and watching this happen and also to lenders for lending without appreciating what they were buying and the huge risks. I have a significant sum invested in LY and I believe I’m only going to get a fraction of it back and following years of receivership action. One has to wonder what criteria the FCA used in granting Lendy authorisation just a few months ago. FCA looking out for the small guy – hard to believe after this!!! Could be argued that Lendy was in a stronger position pre-FCA authorisation! The FCA approval seems to be nothing more than a check list. Do you have A, B and C in place. Anyone who has worked in a regulated environment will agree that once you know what the regulators are looking for it’s easy to satisfy their checklist. The FCA approval in no way says that LY loans are a good investment, nor is the FCA directly looking after investors interests. We saw the way FCA shut down COL putting millions of pounds of investors funds at risk, so I certainly don’t assume FCA is here to help me.
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Nov 19, 2018 21:55:44 GMT
This particular quote from the article struck me as significant. ".....Yet under its terms and conditions, investors can be made liable for Lendy’s costs when they cannot be recovered from the borrower. Lendy said it spent a six-figure sum on debt collection each year out of its own pocket but did not rule out passing this cost on to investors in future...." Nonsense. Sloppy journalism
You will only be responsible for payment of such costs out of the proceeds of any recovery and to the extent that such costs cannot be recovered by Saving Stream Security Holding and/or Lendy from the relevant Borrower.
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GeorgeT
Member of DD Central
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Post by GeorgeT on Nov 20, 2018 11:15:19 GMT
Loving the comments below the article which are all readable without a subscription. There is some excellent commentary there most of which I agree with fully.
An example -
19 Nov 2018 11:58PM
Jesus Christ! Interest rates have been close to zero for a decade now, and along comes a bunch of fools who think they can make money by lending it at 12%. Really, what kind of brain do they have between their ears? Anybody taking a loan under those conditions is either just plain dumb, they couldn't get a loan anywhere else for love or money or they never intended to pay it back anyway. Which means they are a serious credit risk and you shouldn't touch them with a barge pole.
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boundah
Member of DD Central
Posts: 368
Likes: 430
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Post by boundah on Nov 20, 2018 17:19:17 GMT
This particular quote from the article struck me as significant. ".....Yet under its terms and conditions, investors can be made liable for Lendy’s costs when they cannot be recovered from the borrower. Lendy said it spent a six-figure sum on debt collection each year out of its own pocket but did not rule out passing this cost on to investors in future...." Nonsense. Sloppy journalism
You will only be responsible for payment of such costs out of the proceeds of any recovery and to the extent that such costs cannot be recovered by Saving Stream Security Holding and/or Lendy from the relevant Borrower.
But maybe just in case: form a ltd co in BVI, sell your loans to it, and sit back comfortable that LY won't bother you for any costs.
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No wonder they changed their name from Saving Stream!
