jane
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Post by jane on Dec 21, 2018 18:25:33 GMT
I've just replied to the latest London email, to say they appear to have forgotten the promised update on this.And I've had an autoreply. Lendy support is closed until 2nd Jan. I notice from that autoreply: So don't worry guys, you can still invest over Christmas.
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averageguy
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Post by averageguy on Dec 21, 2018 18:26:16 GMT
Update via email
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Post by pigbreeder on Dec 21, 2018 18:32:39 GMT
Just been told that cash withdrawls from 179 and 25 have gone through and the promise of full repayment for multiple loans is it Christmas?
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invester
P2P Blogger
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Post by invester on Dec 21, 2018 18:46:14 GMT
Gotta laugh. Same old , just this time around attempted to be dusted in a sweetener to make it a bit more palatable. Essentially the loans have gone the same way as the bad ones.
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adrianc
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Post by adrianc on Dec 21, 2018 19:16:36 GMT
Essentially the loans have gone the same way as the bad ones. We don't know that yet.
There are "funding issues" on other of his companies, "unrelated" to these loans. That, so far, is all we know.
God knows what "The borrower is working closely with our advisors ... along a managed pathway of administration through the courts." means, but if they "are hopeful this will be concluded next week.", then either they're lying through their teeth (yes, yes, I know a lot of you think they do that all the time!) or it really is fairly trivial.
I guess the red mist prevented you reading (or believing) "Subject to final due diligence Lendy’s recoveries valuers have confirmed their belief that there will be a high probability of full recovery for Lendy Lenders."
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Mr_N
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Post by Mr_N on Dec 21, 2018 19:20:13 GMT
And this is what Lendy call communication improvements. Totally unreliable, inept on every possible level, failed promises, nothing short of outright lies.
How do these people take a salary with a clear conscience?
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Post by sirkillalot on Dec 21, 2018 19:24:28 GMT
On the upside - the secondary market queues are looking much smaller
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invester
P2P Blogger
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Post by invester on Dec 21, 2018 19:40:40 GMT
I guess the red mist prevented you reading (or believing) "Subject to final due diligence Lendy’s recoveries valuers have confirmed their belief that there will be a high probability of full recovery for Lendy Lenders."
Not really the red mist - but have read plenty of times Lendy saying the chance of recovery was 'high' and been let down accordingly. Without any further explanation that word is meaningless, and it costs them nothing to make an optimistic progress at the start, just like they did when they commenced proceedings in every 'recovery underway' project. Also I don't really think the excuse is a good one. Didn't our friend in Whitehaven have 'funding issues' in other aspects of his life? In that case there was a decent probability that our funds were misappropriated, albeit assisted by an incompetent monitoring of that loan. It seems very poor that a developer like this could end up running out of cash. But that is the nature of these developments. At the moment, getting it repo'd ends up losing him nothing. Gambling with his own funds to get it completed means he could lose money. I see some of these projects as quite complex and costly to finish. Will review some of them later but I think it would be naive to have a default belief that all the money will be coming back. Across the whole of P2P once it goes into receivership the chances of full repayment + interest decrease significantly.
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Carter
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Post by Carter on Dec 21, 2018 19:54:11 GMT
I'm afraid we'll just have to see on this one. Again it's a test that we won't have to wait too long on to see evidence of Lendy's renewed recovery capability. My initial worry is the amount of cash that's been slung across the group and isn't where it should be. Lendy has always been poor at comms and decision making and... well, the list's too long isn't it? But they are making noises that they're prepared to do what it takes. They have taken action across this borrowers portfolio, they have given an update in the timeframe they stated so let's see. I've said before, January will be a big month for Lendy and will set the tone for 2019.
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Post by shyinvestor on Dec 21, 2018 19:55:28 GMT
Looking at the M****** companies, and others, they all have <redacted> as director. Most of his companies had negative assets when they last filed. Not very encouraging. I wonder how these loans ever got through due diligence.
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jomantha
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Post by jomantha on Dec 21, 2018 22:34:29 GMT
Copied from DFL013
hapaxlegomenon said:So, if I've understood this correctly, would I be right in thinking, it's the borrower:
one of whose companies has over £7m of shares in the football club? the same company's accounts are 14 months overdue? the same company has a (suspended) compulsory strike-off action against it? the football club's last two sets of accounts show losses totalling some £5m? the football club had a charge registered against it last month?
Says it all really.
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jomantha
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Post by jomantha on Dec 21, 2018 22:35:59 GMT
It is a better class of update - it appears to be written by someone who can pull together a decent email for once.
I'll take it with a pinch of salt however if they are talking voluntary administration which I assume means no money.
Did I read in here somewhere someone has a chunk of their pension invested in this guy and and his wife. Poor them.
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Post by shyinvestor on Dec 21, 2018 22:53:22 GMT
I know I have asked this before somewhere, but I would still like to know why Lendy (and some other p2p sites) will not publicly acknowledge the names of the borrowers. Many sites do give the company names of borrowers, and why not? Probably because, in this case, giving the name of the borrowing companies might well have prevented a lot of lenders from getting involved in these loans. Looking up the directors on commonly available websites would have revealed the common denominator of a particular director. That would have rung a few bells after seeing some news stories from 2014. The only reason to keep this information secret is to keep potential lenders in the dark about the security of their loans, or the lack of it.
As for the redaction of the company name and director's name from my previous post, I cannot see why that is necessary. Lendy published the company name to all involved lenders without specifying that it was in any way confidential. Why did they publish it now if it was supposed to be a terrible secret?
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Post by mrclondon on Dec 21, 2018 23:05:39 GMT
shyinvestor - the forum has a rule that forum members must not identify borrowers and their assets on this public forum which is indexed by Google/Bing for two main reasons - a) it is generally a breach of the platforms T&C's to do so, and b) the borrower will probably not have agreed to be publicly named on the internet. However that is relaxed to some degree on the private 'DD Central' part of the forum (details here)
As to platforms not naming borrowers, in general it is done to make it easier for them to fill loans. Having people aware that they are lending to same person over and over, or to borrowers with an "interesting past" is not to the platform's advantage. (I'm not defending this, far from it, simply stating fact)
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Post by charliebrown on Dec 22, 2018 0:33:21 GMT
An interesting point here, please correct me if I’m wrong. All of these loans had sizeable SM queues, meaning, assuming interest is IOA, Lendy were making a significant profit from swallowing the interest of people unsuccessfully trying to sell out. By suspending these loans does that mean they’ve cut off that revenue for themselves? Also, will we still receive interest on these loans now they are suspended or will Lendy stop the interest payments just like they did with the Sheds loan?
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