Carter
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Post by Carter on Dec 17, 2018 18:49:00 GMT
Proper joker aren't you. The only thing that can really be deduced at the moment is that an event has occurred that has changed the risk profile across this borrowers loans hence the suspension. Lendy has fallen foul before regarding late suspension of loans so they will have acted quickly on receipt of the information that has yet to be disclosed to us lenders. Clearly Lendy should have communicated today's update earlier however for experienced people like yourself this wouldn't have come as a surprise. We await the detail behind the change in circumstance, until then we'll have to put up with the usual drivel I suppose. So we wait like mugs again. The prepaid interest that Lendy has received for these loans until their maturity date, they keep their part, so why aren't the existing lenders given their part? With so many loans becoming "suspended" and illiquid, what is the incentive for anyone to partake in any loan in the future as the historical evidence is that there is a high likelihood that lenders cash will be suspended, or untouchable for years on end? None of that justifies 12% p.a. for a few months! Well it isn't interest run day so I'm not expecting any interest at the minute. Of course you will have a right to complain if and when we find out interest was not being held on account. With respect to waiting... I'm sure you'll find a way to fill the time.
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Post by picanto on Dec 17, 2018 18:49:35 GMT
Proper joker aren't you. The only thing that can really be deduced at the moment is that an event has occurred that has changed the risk profile across this borrowers loans hence the suspension. Lendy has fallen foul before regarding late suspension of loans so they will have acted quickly on receipt of the information that has yet to be disclosed to us lenders. Clearly Lendy should have communicated today's update earlier however for experienced people like yourself this wouldn't have come as a surprise. We await the detail behind the change in circumstance, until then we'll have to put up with the usual drivel I suppose. So we wait like mugs again. The prepaid interest that Lendy has received for these loans until their maturity date, they keep their part, so why aren't the existing lenders given their part? With so many loans becoming "suspended" and illiquid, what is the incentive for anyone to partake in any loan in the future as the historical evidence is that there is a high likelihood that lenders cash will be suspended, or untouchable for years on end? None of that justifies 12% p.a. for a few months! Investors will still be receiving the interest up until the loan term won't they? Lendy haven't stated that interest is being stopped.
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ptr120
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Post by ptr120 on Dec 17, 2018 20:34:34 GMT
Don't count on it!
I love the way that they promise an update on the last working day of the year for most of us, so that we can all stew and theorise about what is going on, but they can have all of the Christmas break and until the 7th Jan before they feel the need to provide any meaningful comms
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Mucho P2P
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Post by Mucho P2P on Dec 17, 2018 21:08:39 GMT
Don't count on it! I love the way that they promise an update on the last working day of the year for most of us, so that we can all stew and theorise about what is going on, but they can have all of the Christmas break and until the 7th Jan before they feel the need to provide any meaningful comms As Lendy stated in their email with their scheduled Xmas work days listed, they are continuing with the debt recovery over the Xmas period, uh hum...... What will we learn in the update that we do not know now? "Commitment", "best recovery", "discuss next steps" ....... more spin words from L. Translation, the proverbial has hit the fan on multiple loans with a guy full of hot air who had little idea on how to control/manage and fund multiple large projects simultaneously and over-stretched himself considerably (and Lendys experienced credit committee did not foresee this or monitor the situation sufficiently!?!?).
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jane
Posts: 145
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Post by jane on Dec 17, 2018 21:55:15 GMT
I think the fact they are only talking about a 'best recovery' rather than a full recovery doesn't give us much hope on this one.
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jane
Posts: 145
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Post by jane on Dec 17, 2018 21:58:47 GMT
Sounds like fraud or bankruptcy to me. Lendy need time to spin yet another outright failure of due diligence before the press get hold of it. I'm not privy to the borrower's details, perhaps some of you who are should run some google searches and isolate the results to the past month. I wouldn't recommend posting the results here though. To "suspend" so many loans and give next to no information is precisely why Liam is so utterly unfit to direct Lendy, or any other company which is reliant upon honest and continual flow of information between multiple parties. I think he must exist in his own reality where this kind of appalling behaviour is not only justified, it's the norm. Just noticed someone has put the borrowers details on Trust Pilot.
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Post by charliebrown on Dec 17, 2018 22:57:46 GMT
Let’s face it, suspending loans has NEVER been good news. LY’s email is clearly just a reaction to the masses demanding they break their silence. It says nothing, which to me says everything. The borrower appears to have some personal wealth so I hope there’s a viable PG in place (fat chance). That said, this borrower has ultimately made good on other loans but I fear defaulting 9 loans all at once is going to be difficult to recover from.
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jomantha
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Post by jomantha on Dec 17, 2018 23:11:08 GMT
Don't count on it! I love the way that they promise an update on the last working day of the year for most of us, so that we can all stew and theorise about what is going on, but they can have all of the Christmas break and until the 7th Jan before they feel the need to provide any meaningful comms Maybe Lendy are taking lessons from Theresa May
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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
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Post by ilmoro on Dec 17, 2018 23:32:20 GMT
Don't count on it! I love the way that they promise an update on the last working day of the year for most of us, so that we can all stew and theorise about what is going on, but they can have all of the Christmas break and until the 7th Jan before they feel the need to provide any meaningful comms Maybe Lendy are taking lessons from Theresa May I wish. She's spent 3hrs of every Monday this month giving updates and answering questions.
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boundah
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Post by boundah on Dec 18, 2018 8:42:03 GMT
Maybe Lendy are taking lessons from Theresa May I wish. She's spent 3hrs of every Monday this month giving updates and answering questions.
If only Lendy could employ Mother Theresa of Costcutta to come in and negotiate repayment with our borrowers. Then we'd be sure of getting exactly what we want.
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goopy
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Post by goopy on Dec 18, 2018 8:49:03 GMT
Everybody stop panicking!! The security is good.... 
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Post by steve11 on Dec 18, 2018 9:16:23 GMT
Everybody stop panicking!! The security is good.... I agree that the chances of making a recovery of at least 80% are high, but based on Lendy's track record, the chances of seeing that money any time soon don't look good. My best guess is we won't see any of the money before Xmas 2019 and we will get monthly updates telling us they have found another lender, blah blah blah, refinancing, blah blah blah.
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bloodycat
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Post by bloodycat on Dec 18, 2018 9:17:01 GMT
Everybody stop panicking!! The security is good.... Well some of them definitely should be, even allowing for some rather generous valuations - a couple of them I'm not so sure of, espicially those which haven't really progressed very far.
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mary
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Post by mary on Dec 18, 2018 9:17:56 GMT
Everybody stop panicking!! The security is good.... Perhaps the security is good for DFL03 and 22, however the others are all derelict plots of land where to loan to purchase price is now, either approaching, or already exceeding 100%, due to the many additional tranches that supposedly paid for “fees” which likely have zero value in the event of default. Even with DFL03 and 22, I am concerned that they have been nearly finished for about a year, but never seemingly actually get completed?
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Post by loftankerman on Dec 18, 2018 9:39:54 GMT
Lendy's hallmark “Full repayment this week...Oh sorry meant administration!” , suggests to me that irrespective of assurances or logic, nothing can really look good other than with hindsight.
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