pi
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Post by pi on Nov 29, 2018 16:59:22 GMT
I agree with you nyneil and I find it baffling that Lendy is waiting for their monthly bs to update lenders and not taking first opportunity to disclose more information. They should learn from ABL and MT in my opinion. |
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Nov 29, 2018 18:45:20 GMT
I agree with you nyneil and I find it baffling that Lendy is waiting for their monthly bs to update lenders and not taking first opportunity to disclose more information. They should learn from ABL and MT in my opinion. I woild be surprised if Lendy did anything that was not baffling 
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Nov 29, 2018 19:02:29 GMT
Do you think they knew about P2P over 100 years ago  This seem very relavent today to P2P link |
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shimself
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Post by shimself on Nov 30, 2018 15:28:31 GMT
You are most certainly correct in that a lot of damage has already been done. As for P2P not being a suitable method for large developments, with L at the helm, this is proving the case. Although with proper project coordination under strict management, I can not see why it would not work. Lendy is salvageable in my opinion (caveat - with the correct management in place), the issue is that L never really showed the desire to talk like grown-ups to their client base nor address and act upon issues from lenders that need prompt attention! If they were not so obstinate, I would have approached them with ideas and contacts to get themselves out of this predicament and to save face. If L is salvageable the option does not arise. The status quo does not look good. This is not a Col situation where the FCA took the Reciever option as they had no approval (allegedly), but Col has shown us the costs of receivership. Another platform wants to raise £1b in an IPO. *IF* this platform (or the likes of FS et al) failed, then engaging professionals to sell, collect, administer, retaining good staff, and an advisory board (not of forum members) but of platform lenders and other investors in the project would give a far superior outcome of existing loans than any net reciever recoveries. A name change would be an essential for New Business. Just expressing an idea for lender’s best interest AND to give borrowers a chance of continued funding should these predictions come to pass. If another platform took it on (bought it out from the receivers), they would have the skillset to operate it, they would have acquired thousands-ish of new lenders at zero cost, they would earn the spread etc as the loans ran down, they might be able to use it to claim growth to stockmarket types who value this sort of guff. Worth a couple of hundred K I'd have thought. Note all of this is money that we don't see, it goes from the new platform to the people the old platform owe money to (eg rent, taxman, isp etc).
What we would get is a new team operating the loans (collections, distribution etc), which is a better bet than a know nothing outfit (BDO), charging us money to learn the basics. And they have no need to hide the lies and deceptions that went before.
There's a lot to think about, eg will they put any effort into recovery of smaller loans with no reputation to worry about (but then would anybody?).
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nyneil
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Post by nyneil on Nov 30, 2018 18:04:08 GMT
If L is salvageable the option does not arise. The status quo does not look good. This is not a Col situation where the FCA took the Reciever option as they had no approval (allegedly), but Col has shown us the costs of receivership. Another platform wants to raise £1b in an IPO. *IF* this platform (or the likes of FS et al) failed, then engaging professionals to sell, collect, administer, retaining good staff, and an advisory board (not of forum members) but of platform lenders and other investors in the project would give a far superior outcome of existing loans than any net reciever recoveries. A name change would be an essential for New Business. Just expressing an idea for lender’s best interest AND to give borrowers a chance of continued funding should these predictions come to pass. If another platform took it on (bought it out from the receivers), they would have the skillset to operate it, they would have acquired thousands-ish of new lenders at zero cost, they would earn the spread etc as the loans ran down, they might be able to use it to claim growth to stockmarket types who value this sort of guff. Worth a couple of hundred K I'd have thought. Note all of this is money that we don't see, it goes from the new platform to the people the old platform owe money to (eg rent, taxman, isp etc).
What we would get is a new team operating the loans (collections, distribution etc), which is a better bet than a know nothing outfit (BDO), charging us money to learn the basics. And they have no need to hide the lies and deceptions that went before.
There's a lot to think about, eg will they put any effort into recovery of smaller loans with no reputation to worry about (but then would anybody?).
If it was that easy, someone would have taken over Col. There were some offers to 'assist' but i'm guessing everyone wanted to cherry pick.
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copacetic
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Post by copacetic on Dec 1, 2018 12:11:13 GMT
If another platform took it on (bought it out from the receivers), they would have the skillset to operate it, they would have acquired thousands-ish of new lenders at zero cost, they would earn the spread etc as the loans ran down, they might be able to use it to claim growth to stockmarket types who value this sort of guff. Worth a couple of hundred K I'd have thought. Note all of this is money that we don't see, it goes from the new platform to the people the old platform owe money to (eg rent, taxman, isp etc).
What we would get is a new team operating the loans (collections, distribution etc), which is a better bet than a know nothing outfit (BDO), charging us money to learn the basics. And they have no need to hide the lies and deceptions that went before.
There's a lot to think about, eg will they put any effort into recovery of smaller loans with no reputation to worry about (but then would anybody?).
Look at it from the administrator's point of view:
1. You have control over £xx million loan book with enforcable security.
2. You can charge £500+ an hour to manage this loan book.
3. The recovery could take years and your fees could run up to millions.
Why would you sell off this golden goose exactly unless ordered to by the court? Don't make the mistake of believing that an administrator is working in your interests!
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 1, 2018 16:17:17 GMT
The meaning of Lendy....
L is for Lend to our carefully (rejected) I mean selected borrowers E is for Expect zero returns N is for Never default a loan. D is for Do nothing for investers Y is for You are screwed
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nyneil
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Post by nyneil on Dec 1, 2018 16:20:52 GMT
The meaning of Lendy....
L is for Lend to our carefully (rejected) I mean selected borrowers E is for Expect zero returns N is for Never default a loan. D is for Do nothing for investers Y is for You are screwed
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shimself
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Post by shimself on Dec 1, 2018 17:08:54 GMT
If another platform took it on (bought it out from the receivers), they would have the skillset to operate it, they would have acquired thousands-ish of new lenders at zero cost, they would earn the spread etc as the loans ran down, they might be able to use it to claim growth to stockmarket types who value this sort of guff. Worth a couple of hundred K I'd have thought. Note all of this is money that we don't see, it goes from the new platform to the people the old platform owe money to (eg rent, taxman, isp etc).
What we would get is a new team operating the loans (collections, distribution etc), which is a better bet than a know nothing outfit (BDO), charging us money to learn the basics. And they have no need to hide the lies and deceptions that went before.
There's a lot to think about, eg will they put any effort into recovery of smaller loans with no reputation to worry about (but then would anybody?).
Look at it from the administrator's point of view:
1. You have control over £xx million loan book with enforcable security.
2. You can charge £500+ an hour to manage this loan book.
3. The recovery could take years and your fees could run up to millions.
Why would you sell off this golden goose exactly unless ordered to by the court? Don't make the mistake of believing that an administrator is working in your interests!
Because their obligation is to us. Maximising return to us and unpaid suppliers is what they have to do. Because they run the risk of a class action where a good number of the people suing them have a lot of relevant expertise.
But also because all p2p platforms are obliged to have a run down outfit appointed. I assume hope they have not accepted the first offer from the greediest outfit.
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Post by p2plender on Dec 1, 2018 22:54:09 GMT
Look at it from the administrator's point of view:
1. You have control over £xx million loan book with enforcable security.
2. You can charge £500+ an hour to manage this loan book.
3. The recovery could take years and your fees could run up to millions.
Why would you sell off this golden goose exactly unless ordered to by the court? Don't make the mistake of believing that an administrator is working in your interests!
Just like what Lendy are doing then. Have said before, they've failed miserably as a p2p business so now it's time to keep the gravy train rolling by racking up as much as they can in 'efforts' to recover.
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zlb
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Post by zlb on Dec 1, 2018 23:48:22 GMT
I'm putting my tin hat on, before posting  I can't help feeling that a small number of forum members are creating an unjustified and damaging hysteria, which will benefit no one. I know the London loan has understandably 'unsettled' those involved, but this relates to a rogue borrower, who hopefully will get their comeuppance. Don't let this, and a number of other delinquent loans, allow contagion spread to the whole loan book and P2P in general; if another platform is 'made an example of' in the press, they will prefer a sensational story at the expense of factual accuracy. There certainly are some problem loans, and problem borrowers, which have not been managed well. However, I have a number of overdue loans where Lendy ARE working towards a solution, be it: administration, partial interim repayment or refinancing the capital amount and accepting second charge for a plan to recover the interest payments. Also, IMO, the standard of updates is improving. Have you read Lendy's article "Why can't Lendy disclose any further information on loans being dealt with by our legal department?" and the accompanying PDF from their counsel "Lendy Investor Platform Legal Advice.pdf" support.lendy.co.uk/hc/en-us/articles/360000552677-Why-can-t-Lendy-disclose-any-further-information-on-loans-being-dealt-with-by-our-legal-department-It's a three page PDF, but the gist of it is, not to say anything to investors, even if they are only considering litigation. {My notes: doing so would invalidate any legal litigation privilege, which could be seriously disadvantageous.} I seriously believe we need to take a Chill Pill and try to engage Lendy in whatever discussion they are allowed to have, rather than try to bring them down - intentionally or otherwise. FYI I have no connection to Lendy, other than my hard earned cash which is sitting in illiquid loans. I agree and have made similar points. I don't quite understand how the general consensus has been thought otherwise. One only needs to see the thread the enemy of my enemy, to see how many likes there are there. Etc
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adrianc
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Post by adrianc on Dec 2, 2018 9:33:12 GMT
I don't quite understand how the general consensus has been thought otherwise. "General consensus"? Or simply the silent majority rolling their eyes, shaking their heads, but keeping quiet because they know it's pointless trying to point out facts and reality?
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mjc
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Post by mjc on Dec 2, 2018 10:00:30 GMT
Sometimes I think a “disagree” button (not dislike) would be useful!
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TenKay
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Post by TenKay on Dec 2, 2018 18:23:48 GMT
its in L interest to keep the company going by trying to get loans settled, i hate to say it, but i have some sympathy for them , after watching that programme bad tennants rogue landlords where it can take a year or more to get a private tennant evicted, trying to get closure on some of these business/corporate loans must be hard and the justice system must take some of the flak
the major criticism i have of them is these wildly "optimistic" valauations, which could lead to losses if they ever get through the courts and eventually sold on the open market
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jjc
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Post by jjc on Dec 2, 2018 19:22:53 GMT
A bit late to this thread & possibly missed things but Mr_N , to understand things better can you advise 1. how much you have invested in LY/P2P & the (rough) % of your investable assets these sums represent 2. how you got to hear about LY & P2P 3. what checks/advice you got on investing in LY/P2P before taking the plunge. Did you or any of these people (whether friends, professionals, advisors etc) have any prior experience in p2p (or lending to unlisted cos)? 4. Which other platforms did you consider/discard/invest in? As you may know the issue of how P2P is marketed is a hot topic of discussion atm. Interested to hear your views on this, & whether your particular concerns on LY are driven more by the size of the loss you are expecting to take, or the lost income having your funds tied up in non-performing loans is causing you. www.p2pfinancenews.co.uk/2018/10/29/p2p-sector-data-investor-restrictions/ |
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This seem very relavent today to P2P 
