Mucho P2P
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Post by Mucho P2P on Nov 24, 2018 12:37:59 GMT
would lendy make available to download my loan contracts between myself and the details of what i have signed up for by lending[not investing]to these people/SPVs/LTD.COs.it seems lendy are clinging on at the moment,but with nothing getting anywhere near funded and not likely to for the forseeable it does not look good for any of us.our biggest borrower recently had 2 ccjs against him for a mere 8k, ok lendy say this has now been sorted but does not give much hope for the millions tied up waiting for refinance on pie in the sky GDVs that are going to bite us all in the ar*e.as these loans are between myself and many different entities am i not entitled to a copy of each contract or have i lost that right by agreeing to lendys T@Cs.as with a lot of lenders i am finding all this p2p business very frustrating at the moment and whether i have been stupid/niave/to trusting or whatever this is certainly not what my idea of what P2P lending is all about.i really hope lendy are around long enough to salvage the best returns for all lenders. Lendy major problem is a lack of adequate communication and trust between the lenders and Lendy, that is how the Lenders appear to view the situation. Clearly, there is room in the market to fill this P2P area with more ethically orientated P2P companies who actually do care a little more about the lenders that provide the finance.
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boundah
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Post by boundah on Nov 24, 2018 17:33:39 GMT
If we could trade all loans at unrestricted discounts, those investors who want out could leave. Yet full secondary markets are proscribed, by the FCA I believe, and those who have influence with them. Out of a desire to prevent two consenting adults from exchanging investments at a mutually acceptable price, whole platforms and all the investments on them are being put in unnecessary jeopardy.
As far as I know the FCA doesn't proscribe full secondary markets. On ABL I can trade at whatever discount/premium I like (unless someone knows different?).
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rocky1
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Post by rocky1 on Nov 24, 2018 18:15:23 GMT
not to late for MT for this sort of thing but gone way to far for lendy to implement anything.plus you would be taking probably their only bit of income from selling/buying loan parts unless they charge a fee to buyers/sellers. i dont know how anything works with lendy anymore.
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Mr_N
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Post by Mr_N on Nov 24, 2018 19:12:33 GMT
not to late for MT for this sort of thing but gone way to far for lendy to implement anything.plus you would be taking probably their only bit of income from selling/buying loan parts unless they charge a fee to buyers/sellers. i dont know how anything works with lendy anymore. None of us do any more. Lendy have completely lost control and it's now clear there is a strong apatite to bring it to a close sooner, rather than later. I've drafted a letter to the regulators and will be sending it over the next few days once I have collated evidence of this catalogue of failures I reference within it. I would suggest others do the same as this has become a dangerous outfit and should no longer be trading as it currently does.
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MarkT
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Post by MarkT on Nov 24, 2018 19:53:35 GMT
not to late for MT for this sort of thing but gone way to far for lendy to implement anything.plus you would be taking probably their only bit of income from selling/buying loan parts unless they charge a fee to buyers/sellers. i dont know how anything works with lendy anymore. None of us do any more. Lendy have completely lost control and it's now clear there is a strong apatite to bring it to a close sooner, rather than later. I've drafted a letter to the regulators and will be sending it over the next few days once I have collated evidence of this catalogue of failures I reference within it. I would suggest others do the same as this has become a dangerous outfit and should no longer be trading as it currently does.
I have to say I see no "strong apatite to bring it to a close sooner, rather than later." (sic).
Most of the posters in this thread, whilst not that happy with Lendy, recognise that the alternatives are worse in terms of capital recovery. I think you may be be on your own in trying to bring about the early demise of Lendy while people still have money at risk.
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Post by brightspark on Nov 24, 2018 20:04:03 GMT
When Collateral collapsed some were entirely reliant on the disappeared website for their own records. Might I suggest it is incumbent on all lenders to keep a backup up to date record of their holdings so that if the worst comes to the worst lenders have a starting point for any recovery action that may be necessary. Be prepared and hopefully it won't happen!
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rrrupert
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Post by rrrupert on Nov 24, 2018 22:24:26 GMT
When Collateral collapsed some were entirely reliant on the disappeared website for their own records. Might I suggest it is incumbent on all lenders to keep a backup up to date record of their holdings so that if the worst comes to the worst lenders have a starting point for any recovery action that may be necessary. Be prepared and hopefully it won't happen! This is excellent advice. I have already downloaded all my transaction logs and even the recent updates for some loans in case it is relevant to showing they are irrecoverable at a later date.
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Post by charlata on Nov 25, 2018 8:39:26 GMT
If we could trade all loans at unrestricted discounts, those investors who want out could leave. Yet full secondary markets are proscribed, by the FCA I believe, and those who have influence with them. Out of a desire to prevent two consenting adults from exchanging investments at a mutually acceptable price, whole platforms and all the investments on them are being put in unnecessary jeopardy.
As far as I know the FCA doesn't proscribe full secondary markets. On ABL I can trade at whatever discount/premium I like (unless someone knows different?). I don't think they allow trading in distressed loans. The problem we have with the OP and others is they have become deeply frustrated waiting for recovery, and are no longer seeing straight. Bondora is the only platform I know which trades overdue loans, and they withdrew their FCA application, possibly for this very reason.
I know Lendy were reported to be looking for ways to give investors an exit. And that, true to form, many on here and the FT decided this was bad. I think it's an excellent idea. Even more so when I see co-investors actively sabotaging our recovery prospects.
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Greenwood2
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Post by Greenwood2 on Nov 25, 2018 8:57:58 GMT
As far as I know the FCA doesn't proscribe full secondary markets. On ABL I can trade at whatever discount/premium I like (unless someone knows different?). I don't think they allow trading in distressed loans. The problem we have with the OP and others is they have become deeply frustrated waiting for recovery, and are no longer seeing straight. Bondora is the only platform I know which trades overdue loans, and they withdrew their FCA application, possibly for this very reason.
I know Lendy were reported to be looking for ways to give investors an exit. And that, true to form, many on here and the FT decided this was bad. I think it's an excellent idea. Even more so when I see co-investors actively sabotaging our recovery prospects.
For good or bad Zopa apparently just sold on some bad debt, I don't know what % they got, but probably not a lot.
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adrianc
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Post by adrianc on Nov 25, 2018 12:36:38 GMT
Many of us started out on the site when it was effectively an instant access 12% savings account, aka "Saving Stream". The site (still visible on waybackmachine) implied that 75% security value meant a loss capped at 25%, and then a separate provision fund that had never needed to be used before to step in if and when such an issue occurred. Ah. If you were actually operating under that complete misconception, that explains your misdirected and ill-judged ire. No, it didn't. The reality of what it always was simply became clear to those whose optimism was untrammelled by reality.
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p2p2p
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Post by p2p2p on Nov 25, 2018 23:36:36 GMT
I can download a csv of my loan book including active, repaid and sold loans for my complete time with Lendy. But the transactions page, although it allows a wide date range, will only show me micro interest payments back to 1/11/18. For any date range it will only show a month's worth. Is that a bug or a feature?
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Post by loftankerman on Nov 26, 2018 0:08:13 GMT
In addition to putting in the start date you need to click on the tick mark to the right of it.
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p2p2p
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Post by p2p2p on Nov 26, 2018 7:29:29 GMT
I've been doing that, still only get a single month
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SteveT
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Post by SteveT on Nov 26, 2018 7:57:56 GMT
I've been doing that, still only get a single month You then either need to scroll through the pages or "Export" the whole thing
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nyneil
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Post by nyneil on Nov 26, 2018 9:13:31 GMT
If we could trade all loans at unrestricted discounts, those investors who want out could leave. Yet full secondary markets are proscribed, by the FCA I believe, and those who have influence with them. Out of a desire to prevent two consenting adults from exchanging investments at a mutually acceptable price, whole platforms and all the investments on them are being put in unnecessary jeopardy.
As far as I know the FCA doesn't proscribe full secondary markets. On ABL I can trade at whatever discount/premium I like (unless someone knows different?). I believe it's capped at 25% discount, hence the max 25% discount on the BN loans. I tried putting in a bid for >25% discount, but the system would not allow it. I don't know about premiums.
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