Mr_N
Posts: 222
Likes: 225
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Post by Mr_N on Dec 8, 2018 0:01:32 GMT
Mod Hat On/ To be fair to Mr_N , I had moved their earlier post into the existing thread as I also thought it didn't warrant a separate one. I guess it's possible they didn't notice and so decided to start another thread all over again. However, I agree with other posters in this resurrected thread, and so will merge it into the existing one and rename slightly. Perhaps Mr_N could delete one or the other or both their posts.  Thanks, I couldn't understand where the thread went as I was adding further info into it.
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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 Dec 8, 2018 2:09:28 GMT
Not sure what your point is? They called for a common definition but it hasnt really been adopted outside of their limited membership. However, one non-member has adopted it ... Lendy! Collections & Recoveries Policy
IMHO a loan is in default if it is outside its agreed terms ie one or more of overdue interest (7 days), past term, breach of covenant, in recovery and has been defaulted if the platform has formally issued demand for repayment but that is more strict than the P2PFA definition. Whether a platform defaults a loan is discretionary and based on circumstance.
I also dont like the fact that Lendy doesnt use the HMRC bad debt 'treatable' definition, sticking to the 'become' one. That will be one point I will be raising in response to Liam's email. (Not the first time, some of us of been poking Lendy for a while now)
read it this time. Sorry, clarify please. That can be read as first person past tense or second person imperative.
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Mr_N
Posts: 222
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Post by Mr_N on Dec 8, 2018 2:28:37 GMT
Sorry, clarify please. That can be read as first person past tense or second person imperative. Stop trolling.
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Post by loftankerman on Dec 8, 2018 8:20:55 GMT
Sorry, clarify please. That can be read as first person past tense or second person imperative. Stop trolling. That's an odd response to a perfectly reasonable question. Your reply was unclear. Can you get someone with a better command of English to help you?
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Mr_N
Posts: 222
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Post by Mr_N on Dec 8, 2018 9:44:03 GMT
That's an odd response to a perfectly reasonable question. Your reply was unclear. Can you get someone with a better command of English to help you? You can stop it too.
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Post by loftankerman on Dec 8, 2018 9:50:59 GMT
That's an odd response to a perfectly reasonable question. Your reply was unclear. Can you get someone with a better command of English to help you? You can stop it too. I think your recent arrival and endless, lengthy, me, me, me hand wringing wittering suggest that either you are the troll around here, or would do better to seek an alternative therapy to bending our ears.
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Mr_N
Posts: 222
Likes: 225
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Post by Mr_N on Dec 8, 2018 10:00:47 GMT
I think your recent arrival and endless, lengthy, me, me, me hand wringing wittering suggest that either you are the troll around here, or would do better to seek an alternative therapy to bending our ears. See my previous response.
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nyneil
Member of DD Central
Posts: 349
Likes: 438
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Post by nyneil on Dec 8, 2018 10:35:02 GMT
Handbags for sale! Handbags for sale! all reasonable offers will be considered.
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Post by Deleted on Dec 8, 2018 10:39:03 GMT
It's with team work like this......
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Post by masquedefer on Dec 8, 2018 11:37:46 GMT
My Christmas wish list.
Lendy instructs receivers to auction all default loans after one year in default. No more negotiating alternative recovery strategies with borrowers. Even if we only receive 50% of Capital at least that would be better than the Purgatory we are currently suffering.
Lendy to actively pursue chartered surveyors for the shortfall between their valuations and the auction price realised.
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
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Post by sussexlender on Dec 8, 2018 13:00:49 GMT
Back to the Update issue ( please ). With 35 non performing loans and an average of £829,494 uncollected interest payments being allowed to mount up every month by the current team employed by Lendy, the CEO and founders "apology" is totally hollow especially as they have already had the up front fees from each borrower after investors risked their cash and financed the full amount for these 35 loans. Meanwhile, investors valid concerns are ignored and borrowers permitted to continually fob off stall the weak management team with repeated excuses the most obvious example being the Hastings fiasco e.g. Don't worry we have an unidentified JV to finance us / oh dear they disappeared / 12 months on we found another unidentified JV but still not ready to comply with our contract / we enjoy a chat with Lendy every day but we still won't repay etc. Whilst the expense of the sponsorship of Cowes will no doubt be covered by some permissible tax efficient business scheme the entire costs of every administration come out of the final sale achieved reducing the amount capable of being repaid to investors by a vast amount. Not a penny will be paid from the Lendy or the CEO and founder's own bank account. It costs them nothing. The weasel word apology is meaningless as these 35 non performing loans (all over 120 days late) cost them nothing. Poor Trustpiolt reviews are now a reoccurring nuisance to Lendy but cost them nothing. Lendy refuse to call any of these 35 loans defaults. It probably doesn't matter as all investors in the shambles that has developed since Saving Stream became Lendy will know they are failed investments until they get something back or can claim a loss against any profits in P2P. As seen in so many of the informative threads on this forum, the Lendy team have demonstrated over a long period of time that they could not care less how long defaults run or how long it takes to for the LPA receivers to make enquires and eventually force a sale often substantially under the original valuation price upon which investors were persuaded to lend money. Is action being taken against the valuers who are responsible for such monumental errors in valuations? Some might feel it is time for the "CEO & founder" to put up some of his and Lendy's own cash to buy back some of these loans, or service the interest payments, then they can take as long as they like to enforce these debts. Lendy has become a matter of unregulated betting, where 12% is dangled before the investors eyes, but the real odds are not revealed. Lendy Wealth's black box of mysteries, anyone? |
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quidco
Member of DD Central
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Post by quidco on Dec 8, 2018 14:03:44 GMT
Back to the Update issue ( please ). ...they are failed investments until they get something back or can claim a loss against any profits in P2P. A loss in P2P is a capital loss, the gains however are taxable as income, so one can't be offset against the other as far as I'm aware? Unless you use some kind of company structure?
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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 Dec 8, 2018 14:21:46 GMT
Back to the Update issue ( please ). ...they are failed investments until they get something back or can claim a loss against any profits in P2P. A loss in P2P is a capital loss, the gains however are taxable as income, so one can't be offset against the other as far as I'm aware? Unless you use some kind of company structure? P2P losses can be offset against income from P2P. HMRC SAIM12000. There are currently 25 loans on Lendy that could/could have/will be be claimable under HMRC loss relief rules, though supporting material if HMRC queried the claims is defficent in several.
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cwah
Member of DD Central
Posts: 949
Likes: 468
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Post by cwah on Dec 8, 2018 22:27:58 GMT
A loss in P2P is a capital loss, the gains however are taxable as income, so one can't be offset against the other as far as I'm aware? Unless you use some kind of company structure? P2P losses can be offset against income from P2P. HMRC SAIM12000. There are currently 25 loans on Lendy that could/could have/will be be claimable under HMRC loss relief rules, though supporting material if HMRC queried the claims is defficent in several.
If it can only be claimed against p2p income, surely we could easily show hmrc that the loan is in default when we've been waiting for so long?
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Post by p2plender on Dec 8, 2018 23:23:02 GMT
Back to the Update issue ( please ). With 35 non performing loans and an average of £829,494 uncollected interest payments being allowed to mount up every month by the current team employed by Lendy, the CEO and founders "apology" is totally hollow especially as they have already had the up front fees from each borrower after investors risked their cash and financed the full amount for these 35 loans. Meanwhile, investors valid concerns are ignored and borrowers permitted to continually fob off stall the weak management team with repeated excuses the most obvious example being the Hastings fiasco e.g. Don't worry we have an unidentified JV to finance us / oh dear they disappeared / 12 months on we found another unidentified JV but still not ready to comply with our contract / we enjoy a chat with Lendy every day but we still won't repay etc. Whilst the expense of the sponsorship of Cowes will no doubt be covered by some permissible tax efficient business scheme the entire costs of every administration come out of the final sale achieved reducing the amount capable of being repaid to investors by a vast amount. Not a penny will be paid from the Lendy or the CEO and founder's own bank account. It costs them nothing. The weasel word apology is meaningless as these 35 non performing loans (all over 120 days late) cost them nothing. Poor Trustpiolt reviews are now a reoccurring nuisance to Lendy but cost them nothing. Lendy refuse to call any of these 35 loans defaults. It probably doesn't matter as all investors in the shambles that has developed since Saving Stream became Lendy will know they are failed investments until they get something back or can claim a loss against any profits in P2P. As seen in so many of the informative threads on this forum, the Lendy team have demonstrated over a long period of time that they could not care less how long defaults run or how long it takes to for the LPA receivers to make enquires and eventually force a sale often substantially under the original valuation price upon which investors were persuaded to lend money. Is action being taken against the valuers who are responsible for such monumental errors in valuations? Some might feel it is time for the "CEO & founder" to put up some of his and Lendy's own cash to buy back some of these loans, or service the interest payments, then they can take as long as they like to enforce these debts. Lendy has become a matter of unregulated betting, where 12% is dangled before the investors eyes, but the real odds are not revealed. Lendy Wealth's black box of mysteries, anyone? A fine, honest assessment of the shambles that is Lendy.
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