rocky1
Member of DD Central
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Post by rocky1 on Nov 28, 2018 11:17:24 GMT
it is a pity this forum is confined to lenders. It would be interesting to get borrowers takes on Lendy's efforts. If borrowers keep to their side of the deal everybody would be happpy . i would imagine that all borrowers have access to these forums and probably even have a few pound in their loans via the platforms.so they can keep up to date with what is going on and laugh at the monthly updates.
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Post by p2plender on Nov 28, 2018 11:36:13 GMT
"Exactly, and if the lendy ship is 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."
Of course hence why the vote for DFL04 was overridden by Lendy. More money in their 'recovery efforts'. One big <removed>, start to finish.
Lendy Paul gone AWOL again I see.
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Post by charliebrown on Nov 28, 2018 13:14:02 GMT
it is a pity this forum is confined to lenders. It would be interesting to get borrowers takes on Lendy's efforts. The borrowers are very happy with LY’s performance. Some were allowed to borrow far in excess of the asset value, or imaginary future value, then allowed to keep all the money without any consequences. The borrowers, along with LY founders, have all made millions and are probably currently sat on a beach sipping cocktails. Meanwhile investors are being told they haven’t yet lost a penny. Since LY are FCA regulated this arrangement is called an investment, yet the cynical might call it a stick up.
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nyneil
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Post by nyneil on Nov 28, 2018 13:40:15 GMT
Oh yeah, sure! I'd really like Lendy's managerial decisions affecting all lenders to be influenced by a self declared representative handful of hand wringing forumites who just want some of their money back. Whether Lendy know the best or not, they run the show. The T&C always said that. As this thread progresses (?) I'm becoming more supportive of Lendy, not that they'll ever see a new penny of mine. Everybody on board signed on this ship. Nobody was Shanghai'd. 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. IMHO your post is one of the most sensible in the whole thread! I'm sure the best outcome for all, including Lendy and the borrowers, is to take a level headed approach; supporting Lendy to resolve their current difficulties. Kicking Lendy to death will not help anyone. Lendy Support It would be highly productive if you were to support the formation of a Lenders' (and maybe combined with borrowers') Committee, comprised of experienced people who could liaise with you to help move towards a successful outcome for all. One of the issues is that many lenders don't believe you are doing enough to resolve the current plethora of defaults, and your level of communication has left much to be desired; consequently, it is only human nature to try and fill the void of information with speculation. Welcoming and supporting the formation of a committee, would be an excellent PR gesture which would not only help to improve your flagging reputation, but with the right people on the committee, could be highly beneficial for your business in other ways too. As Godanubis said, "There is no downside to this. The best performing companies are those with representatives of customers and employees." Lendy Support Please reply and engage in this conversation. Maybe it would be helpful for you to start a new thread?
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Post by loftankerman on Nov 28, 2018 14:02:28 GMT
Oh yeah, sure! I'd really like Lendy's managerial decisions affecting all lenders to be influenced by a self declared representative handful of hand wringing forumites who just want some of their money back. Whether Lendy know the best or not, they run the show. The T&C always said that. As this thread progresses (?) I'm becoming more supportive of Lendy, not that they'll ever see a new penny of mine. Everybody on board signed on this ship. Nobody was Shanghai'd. 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. Seems my broad lack of understanding might have me in a better position than your elevated view. Ignorance rules okay!
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Mr_N
Posts: 222
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Post by Mr_N on Nov 28, 2018 14:56:14 GMT
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. IMHO your post is one of the most sensible in the whole thread! I'm sure the best outcome for all, including Lendy and the borrowers, is to take a level headed approach; supporting Lendy to resolve their current difficulties. Kicking Lendy to death will not help anyone. Lendy Support It would be highly productive if you were to support the formation of a Lenders' (and maybe combined with borrowers') Committee, comprised of experienced people who could liaise with you to help move towards a successful outcome for all. One of the issues is that many lenders don't believe you are doing enough to resolve the current plethora of defaults, and your level of communication has left much to be desired; consequently, it is only human nature to try and fill the void of information with speculation. Welcoming and supporting the formation of a committee, would be an excellent PR gesture which would not only help to improve your flagging reputation, but with the right people on the committee, could be highly beneficial for your business in other ways too. As Godanubis said, "There is no downside to this. The best performing companies are those with representatives of customers and employees." Lendy Support Please reply and engage in this conversation. Maybe it would be helpful for you to start a new thread? Don't be so outrageous, that's far to sensible.
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nyneil
Member of DD Central
Posts: 349
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Post by nyneil on Nov 28, 2018 15:02:37 GMT
Godanubis IMHO your post is one of the most sensible in the whole thread! I'm sure the best outcome for all, including Lendy and the borrowers, is to take a level headed approach; supporting Lendy to resolve their current difficulties. Kicking Lendy to death will not help anyone. Lendy Support It would be highly productive if you were to support the formation of a Lenders' (and maybe combined with borrowers') Committee, comprised of experienced people who could liaise with you to help move towards a successful outcome for all. One of the issues is that many lenders don't believe you are doing enough to resolve the current plethora of defaults, and your level of communication has left much to be desired; consequently, it is only human nature to try and fill the void of information with speculation. Welcoming and supporting the formation of a committee, would be an excellent PR gesture which would not only help to improve your flagging reputation, but with the right people on the committee, could be highly beneficial for your business in other ways too. As Godanubis said, "There is no downside to this. The best performing companies are those with representatives of customers and employees." Lendy Support Please reply and engage in this conversation. Maybe it would be helpful for you to start a new thread? Don't be so outrageous, that's far to sensible. 
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rocky1
Member of DD Central
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Post by rocky1 on Nov 28, 2018 16:51:51 GMT
IF lendy fail,and i certainly hope that they can stick it out and salvage the best from these rogue borrowers,is there not a company that lendy have retained to run down the loan book.i am sure there is something in the FAQ that mentions that.these borrowers are really holding out and giving lendy the runaround in the hope of a collapse and another few years of ducking and diving.
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geoff
Member of DD Central
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Post by geoff on Nov 28, 2018 17:21:05 GMT
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Mucho P2P
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Post by Mucho P2P on Nov 28, 2018 17:41:28 GMT
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]. But wouldn't it be cheaper and more efficient to get one administrator in to do the job than getting individual administrators in for each loan? It might be cheaper, but the Administrators already appointed for various loans are unlikely to want to relinquish their position without a financial incentive, so there go the costs upwards again.
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MarkT
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Post by MarkT on Nov 28, 2018 18:08:18 GMT
There is only one administrator for the Col loan book and that's not looking cheap.
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shimself
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Post by shimself on Nov 28, 2018 20:33:41 GMT
There is only one administrator for the Col loan book and that's not looking cheap. But they are not the prior appointed rundown outfit. Recovery doesn't seem to be their priority. (Although in fairness the lost data is a big handicap)
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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.
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Post by Godanubis on Nov 28, 2018 21:16:31 GMT
There is only one administrator for the Col loan book and that's not looking cheap. Not cheap at all. When the committee meet in December I would expect them to ensure that BDO are not just relying on their own in-house normal recovery team and perhaps take up the some of the offers here from highly knowledgable and experienced IT experts in database management and get to the funds and immediately take action on any borrower trying to take advantage of the situation. short sharp shock to delinquent borrowers might bring them back in line. A tatitc Lendy should employ.
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Post by charliebrown on Nov 28, 2018 23:22:55 GMT
There is only one administrator for the Col loan book and that's not looking cheap. Surely Administrators should be paid by results. It’s outrageous that the COL Administrator has racked up so much in fees over 6 months but with no results.
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Mr_N
Posts: 222
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Post by Mr_N on Nov 29, 2018 6:09:22 GMT
Folks,
In 9 pages of comments in response to this thread the general feeling (and I may be wrong) seems to be that many here would like to see some kind of deeper oversight by the regulators into lendy’s ability to put investors interests first as a priority, and assurances that the many issues aren’t simply being kicked down the road.
We have no idea how lendy are prioritising recoveries, but one would imagine that greater attention is being given to the more lucrative recoveries which may be a conflict of interest in that Lendy are essentially working on commission and targeting their recoveries on that basis, while “lost cause” defaults into several hundred days are given less attention to maintain a limited reputation of zero write off’s, and the extreme legal implications a write off would have to the platform and P2P as a whole.
It’s been mentioned that a joint open letter to both the Ombudsman and the FCA, signed by investors could be an option, as it doesn’t seem that investor’s concerns are reaching the regulators in any substantial way.
A 2nd option suggested would be for individual investors write an independent and private letter to the regulators in a coordinated campaign to simply ensure that concerns are being highlighted in quantity where both the Ombudsman and the FCA currently appear to be watching from afar.
The overwhelming consensus appears to be that most would welcome increased oversight, but without direct interference at this stage. This would go some way to alleviating investor’s concerns that regulators could assure investors that Lendy have the skills and experience to maximise their recovery activities, rather than mincing words with single paragraph monthly commentaries on multi million pound assets. Monthly reports to both investors and regulators by Lendy may produce more detailed and substantial reports with verifiable facts. Investors could then take up any issues with those reports with Lendy and the regulators jointly.
Investors would like to have complete records of activities and communications in any given monthly period on each loan. Dates and times of telephone calls, summaries of communications, copies of letters. They may or may not be subject to an NDA, however investors can no longer be satisfied that progress is being made when monthly updates are simply rewords of the previous month. Where progress is made, where no visible action or progress is being made, or where a specific reason for no progress has occurred, investors should absolutely be privy to it. Obscuring, withholding and providing misleading information to investors must come to an end.
I’m no union leader and I’m fresh to this forum having lurked since H********** but since lost my final two investments to defaults which were up for sale earning no interest since the end of 2017. Any action must take into consideration the interests of many who have ended up locked in Lendy as it was originally marketed as a savings platform advertising on Facebook who gradually started to see the secondary market fail after it was too late, right up to experienced investors who have no issue with waiting several years if need be to get their capital back, so there must be middle ground we can all agree on due in part to the wide net Lendy cast to draw individuals into their platform.
This kind of coordinated action would require pragmatism by all involved, and we should all bear in mind that regulators are more interested in drawing a line under this to ensure it doesn’t happen again.
It doesn't require 100% consensus of all investors here, but I feel that should be our intention to ensure consistency and a unified voice.
We should all also be absolutely aware that Lendy will be reviewing every comment in this thread as we are.
I firmly believe more invasive oversight is what is needed right now, but this is just my opinion and should be debated with others. If enough investors request that the regulators should receive detailed monthly updates directly from Lendy, we may find more progress is made across the board.
We can debate this eternally, so I would suggest that we conclude any group decision on our objectives in the coming weeks before xmas and then should it be agreed, act upon it in January.
Your thoughts boys and girls?
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