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Post by loftankerman on Dec 17, 2018 13:33:38 GMT
Maybe anyone empowered to comment is somewhere in South America or behind bars, but the office wheels are still turning? You can't beat a bit of Christmas cheer!
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Post by charliebrown on Dec 17, 2018 13:56:53 GMT
Feels like a COL situation, where the initial smoke screen was “there’s an IT problem” followed by a period of silence followed by “we’re in Administration, good luck and goodbye”.
I just hope to goodness BDO are not appointed as Administrators.
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beechside
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Post by beechside on Dec 17, 2018 14:25:20 GMT
OK, since we're all guessing. How about a different one... We know that Lendy are considering selling off part of their portfolio. This collection is not a bad set. Some stuff under way and looking fair, some other stuff having good prospects. No absolute horrors in the set. How about this being a sell-off by Lendy to some other party? The buyer would want a fixed date to value the set, hence suspension but they'd need some time to clear the legals. Doesn't mean we get 100% back but doesn't mean complete write off. As for Lendy, they might get a decent injection to help their cash flow, which must have taken a hit recently. Anyway, this is a totally uninformed guess, based on no recent knowledge whatsoever. Much like the rest of the speculation above.  |
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Mucho P2P
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Post by Mucho P2P on Dec 17, 2018 14:37:17 GMT
OK, since we're all guessing. How about a different one... We know that Lendy are considering selling off part of their portfolio. This collection is not a bad set. Some stuff under way and looking fair, some other stuff having good prospects. No absolute horrors in the set. How about this being a sell-off by Lendy to some other party? The buyer would want a fixed date to value the set, hence suspension but they'd need some time to clear the legals. Doesn't mean we get 100% back but doesn't mean complete write off. As for Lendy, they might get a decent injection to help their cash flow, which must have taken a hit recently. Anyway, this is a totally uninformed guess, based on no recent knowledge whatsoever. Much like the rest of the speculation above. Totally plausible, however Auditors who value company assets for sale are well versed in valuing such items, even in a moving market. So a suspension would not be really necessary. I am not sure how Lendy will get a "decent injection" (other than from the remainder of their portion of the interest on the loan from suspension to expiry date), as the only way that can happen is if the existing lenders decide to reinvest in other projects. And that is contingent on the potential size of your proposed haircut that the lenders would take. No haircut and lenders might reinvest. Any haircut and investors will think twice about reinvesting capital.
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Mucho P2P
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Post by Mucho P2P on Dec 17, 2018 14:42:01 GMT
Just placed a withdrawal request for the rest of my liquid capital at Lendy, just in case. Can always put it back if L actually offer an announcement of what is happening !!
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Post by loftankerman on Dec 17, 2018 15:02:57 GMT
Totally plausible, however Auditors who value company assets for sale are well versed in valuing such items, even in a moving market. So a suspension would not be really necessary.I am not sure how Lendy will get a "decent injection" (other than from the remainder of their portion of the interest on the loan from suspension to expiry date), as the only way that can happen is if the existing lenders decide to reinvest in other projects. And that is contingent on the potential size of your proposed haircut that the lenders would take. No haircut and lenders might reinvest. Any haircut and investors will think twice about reinvesting capital. I agree it is plausible, but it is coming up to two years since I said 'Not another penny!". Getting capital, plus interest and bonus interest wouldn't have the slightest impact on my resolve. I suppose others might be more gullible understanding.
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rocky1
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Post by rocky1 on Dec 17, 2018 15:37:31 GMT
come on now LENDY after Liams apologies and humbling of lendys incompetance what the heck are you playing at.we have a right to be kept informed of what/why has happened for this suspension of all these loans.lendy are still taking lenders money as we speak on the few remaining available loans.lendy have had all weekend to come up with some BS so let us have it,good or bad you need to explain to your lenders.
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jcb208
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Post by jcb208 on Dec 17, 2018 15:50:06 GMT
Wished I could get shot of the rest of my loans and make a withdrawal,All I have left is suspended loans and after this carry on by Lendy I don't trust them any more,just no excuse to keep us in suspense ,all it takes is a quick 1 line email or update on the website good or bad news
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baz657
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Post by baz657 on Dec 17, 2018 16:17:10 GMT
Me too. Just had a double check and with only £3.4k left there is no option to put up for sale any of the 27 loan parts - my average is just £126 but individually range from £25 to two at £300.
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Mucho P2P
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Post by Mucho P2P on Dec 17, 2018 16:24:51 GMT
Lendy non-communication after their recent emails stating how they WILL communicate in the future and have taken on concerns from Lenders....what a load of B*. I guess we forget to read into their email announcement that they will communicate in their own time.
To me, this shows a complete contempt for the lenders.
If its good news, might as well give it to the lenders now in an Xmas e-card!
If bad news, Lendy are not helping themselves in the trust department by playing silent. Sounds like they “have a right to remain silent, but anything they say might be held against them”
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jomantha
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Post by jomantha on Dec 17, 2018 16:43:50 GMT
I'm busy at mo but I'll be contacting the FCA tomorrow - I didn't think Lendy could shock me but ....
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jomantha
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Post by jomantha on Dec 17, 2018 16:48:34 GMT
"Dear
Thank you for your email.
We are presently awaiting confirmation of communications from our Communications team. Once released you can be assured these will be sent to all lenders in these loans.
Thank you for your patience in this matter.
Kind regards,
The Lendy Team"
Just now
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Mucho P2P
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Post by Mucho P2P on Dec 17, 2018 16:51:46 GMT
"Dear Thank you for your email. We are presently awaiting confirmation of communications from our Communications team. Once released you can be assured these will be sent to all lenders in these loans. Thank you for your patience in this matter. Kind regards, The Lendy Team" Just now Isn't that what Lendy were saying LAST week when people emailed them........  Lendy, how about a pre-announcement, as your comms dept. is a bit on the slow side??
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Post by captainconfident on Dec 17, 2018 17:03:07 GMT
Well I think it will be good news. I held up two pieces of cardboard on which I had written Good News and Bad News, and my dog definitely looked more in the direction of Good News. He's 100% accurate in predicting that I am about to take him for a walk, so I am pretty confident that he has a better grasp of potential financial outcomes than I do too, so I reckon we'll be having a Happy Christmas. Ho Ho Ho, Woof.
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adrianc
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Post by adrianc on Dec 17, 2018 17:09:03 GMT
I sent Lendy support a message earlier, to ask  was going on.
I've had a reply... No, really! (They ignored the bit about the interest shortfall in DFL026, but hey...)
I'm not sure it appropriate to share the exact wording publicly, but they acknowledge that they've all been suspended, and they've "had an important meeting" with the borrower, who has "shown his commitment". Which is nice. They can't say any more now, but they will update by the end of the week.
Quite why it didn't go to EVERY LENDER is another question - it bloody should have!
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was going on.