More radical action is needed

Administrators handling one or several independently defaulted loans on Lendy behalf is one thing, Administrators trying to wind up all of Lendy business and all Lendys loans is completely another kettle of fish. I too have a sizeable amount of loans in administration (82k if you are wondering what is sizeable) and I speak having had experience of platform default in the forex business and what is returned to clients once the Administrators are called in is negligible. Take a look at what is happening at Collateral, does that look like the lenders are benefitting? Unfortunately, it doesn't to me [yet].
 

Lendy going into run-off is no bad thing, will help them conserve cash and delay getting administrators in.

Loans all slowly moving into IA £1000 left out of £20000 in IOA .  Why don’t they set up lenders committee to reflect wishes of lenders rather than current “We know best”  and you have to live with what we decide. 

Pro rata voting on all loans loans greater than 200 days late as to solutions ie. default , take over and appoint builders to complete builds and sell as completed development rather than distressed sale. 

I,d rather have 50% now rather than 40% or less  500 days down the line. I could recoup the 50% in that time 

Too late to change direction on new loans nobody is getting paid anything to be able to invest. 

An an easy change is to allow loan parts to be offered at whatever discount someone feels they can stomach and those with lesser need of  return over a reasonable period with faith of repayment can grab a bargain.

The 800 day loans would have interest that would allow it to be sold at 26% discount for no loss of capital not counting any bonus.


JUST DO SOMETHING

Exactly, and if the lendy ship has already starting to sink we are probably going down that route ultimately anyway. Sitting around doing nothing just increases the timescales while lendy continue to pay themselves salaries from our investments. 

All of my loans are in default and earning zero interest - I still have no desire for Administrators to be called in. 

I'm really not confident that we'd achieve a better result given the quality of some of the assets.

If borrowers keep to their side of the deal everybody would be happpy .

Your understanding of lender representatives is obviously lacking.

The representatives on the collateral committee consists of highly educated professionals from IT, financial, building  and legal backgrounds and I would wager have more years of relavent experience than current Lendy employees who I am sure are working hard but are perhaps sinking under the strain.

It is ALWAYS better to ask assistance from those with experience rather than plod on. Perhaps committee members with building experience could offer advice to borrowers that would benefit all. The members would be chosen by pro rata voting of those who actually have invested their hard earned cash.

There is no downside to this. The best performing companies are those with representatives of customers and employees.

They may not manage to get any better returns but at least we should know we had had the best chance.