wuzimu
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Post by wuzimu on Dec 17, 2018 22:11:33 GMT
A quick look at the scores on the doors tonite,
Lendy loans that ARE tradeable (in 'live' and not suspended) ................................................................ £22.8m
Lendy loans that AREN'T tradeable (in 'live' but suspended plus non-performing plus claims underway) ............ £144.7m
And the FCA not interested??
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adrianc
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Post by adrianc on Dec 17, 2018 22:17:56 GMT
Just seen it now. How has it taken half an hour short of 5 days to send that! The delay isn't in the writing/sending, but in the deciding what can be sent.
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Mucho P2P
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Post by Mucho P2P on Dec 17, 2018 22:18:45 GMT
A quick look at the scrores on the doors tonite,
Lendy loans that ARE tradeable (in 'live' and not suspended) ................................................................ £22.8m
Lendy loans that AREN'T tradeable (in 'live' but suspended plus non-performing plus claims underway) ............ £144.7m
And the FCA not interested??
Why should they be interested? As long as Lendy is operational, they take yearly fees from Lendy. They do not have to pay the lenders anything if Lendy collapses. So why should they be interested? The FCA is financed by the very companies that it authorises..........
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sl75
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Post by sl75 on Dec 17, 2018 22:36:21 GMT
A quick look at the scrores on the doors tonite,
Lendy loans that ARE tradeable (in 'live' and not suspended) ................................................................ £22.8m
Lendy loans that AREN'T tradeable (in 'live' but suspended plus non-performing plus claims underway) ............ £144.7m
You always seem to forget the most important tab when you're publishing these comparisons...
Lendy loans that have already been repaid in full ........ £199.6M
(or £203.4M, depending on whether you believe the "loan" column or the "capital repaid" one)
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Post by loftankerman on Dec 18, 2018 0:35:34 GMT
A quick look at the scrores on the doors tonite,
Lendy loans that ARE tradeable (in 'live' and not suspended) ................................................................ £22.8m
Lendy loans that AREN'T tradeable (in 'live' but suspended plus non-performing plus claims underway) ............ £144.7m
You always seem to forget the most important tab when you're publishing these comparisons...
Lendy loans that have already been repaid in full ........ £199.6M
(or £203.4M, depending on whether you believe the "loan" column or the "capital repaid" one)
Well... There seems to be a general agreement that Savingstream was pretty good, so using their performance to bolster Lendy's may not be a true indicator. How does the comparison of these three states over the Lendy lifetime look? I realise many will have kicked off under Savingstream but they have been 'managed' by Lendy.
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GeorgeT
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Post by GeorgeT on Dec 18, 2018 0:48:58 GMT
A quick look at the scrores on the doors tonite,
Lendy loans that ARE tradeable (in 'live' and not suspended) ................................................................ £22.8m
Lendy loans that AREN'T tradeable (in 'live' but suspended plus non-performing plus claims underway) ............ £144.7m
You always seem to forget the most important tab when you're publishing these comparisons...
Lendy loans that have already been repaid in full ........ £199.6M
(or £203.4M, depending on whether you believe the "loan" column or the "capital repaid" one)
Well when you put it like that with your rose tinted spectacles on it looks great doesn't it. If we include your £199 million of repaid loans that means out of the total loan book since the business started only 65% of loans are in default / been suspended. I don't think anyone would say a 65% loan failure rate is within the ballpark of normality and lending competence. With that sort of performance track-record you'd want 30% per annum interest to even consider investing. Top quality, class leading, 45 point due diligence process my backside.Didn't they even at one point claim their due diligence was stricter than the banks?!
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sl75
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Post by sl75 on Dec 18, 2018 15:44:36 GMT
If we include your £199 million of repaid loans that means out of the total loan book since the business started only 65% of loans are in default / been suspended. If £144.7M is 65%, then the £199M must be almost 90%, and the £22.8M is just over 10%.
... so there's now 165% of the total loan book since the business started accounted for, and we've still not counted partial repayments!
I think you need to get your calculator our again - it may be high, but it's nothing close to 65%.
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sl75
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Post by sl75 on Dec 18, 2018 15:56:25 GMT
Well... There seems to be a general agreement that Savingstream was pretty good, so using their performance to bolster Lendy's may not be a true indicator. How does the comparison of these three states over the Lendy lifetime look? I realise many will have kicked off under Savingstream but they have been 'managed' by Lendy. Lendy was always the company behind the "Savingstream" brand - they simply changed their public brand to match the company name, so I'm not sure what distinction you're trying to make between the "good" company that ran Savingstream and the "bad" one that is Lendy, as they are one and the same.
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Post by loftankerman on Dec 18, 2018 16:03:58 GMT
Well... There seems to be a general agreement that Savingstream was pretty good, so using their performance to bolster Lendy's may not be a true indicator. How does the comparison of these three states over the Lendy lifetime look? I realise many will have kicked off under Savingstream but they have been 'managed' by Lendy. Lendy was always the company behind the "Savingstream" brand - they simply changed their public brand to match the company name, so I'm not sure what distinction you're trying to make between the "good" company that ran Savingstream and the "bad" one that is Lendy, as they are one and the same. Did the change to T&C in early 2017 that marked the downward transition completely miss you by? It's why I got 90+% out and am less concerned than others.
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Post by charliebrown on Dec 18, 2018 16:50:33 GMT
Genuine question, whoes interests are the FCA set up to protect? I don’t believe it’s investor’s interests. As long as LY lose all our money in a compliant manner the FCA would not care.
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Mucho P2P
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Post by Mucho P2P on Dec 18, 2018 17:03:28 GMT
Genuine question, whoes interests are the FCA set up to protect? I don’t believe it’s investor’s interests. As long as LY lose all our money in a compliant manner the FCA would not care. Not ours for sure. Look at Collateral, does it look like they care about the charges that BDO is invoicing? Did the FCA intervene in Collateral pre-bust, or warn the lenders? The FCA is funded by the companies that they monitor. He who pays the piper calls the tune.
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ilmoro
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Post by ilmoro on Dec 18, 2018 17:27:04 GMT
Full lifetime excluding boats 380m loans (deduct 50m for rollovers/pulled) £330m
Repaid incl partial £205m (deduct 50m ) £155m 47%
Default/suspended £145m 44%
Never going to hit 65% as defaults can't hit more than 170m.
Haven't looked at pre t&c change Vs post as many of the big defaults predate.
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wuzimu
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Post by wuzimu on Dec 18, 2018 17:36:45 GMT
4. Working to prevent harm from occurring:
As a supervisory authority, we do more than simply set principles and rules and act when things go wrong. We aim to:
• maximise the degree and extent to which firms and market participants comply with our rules, so the harm those rules are designed to mitigate occurs less frequently
• anticipate potential problems in individual firms and markets by monitoring activity in financial markets, and
• intervene to prevent them from occurring.... ......When we discover that harm is happening, we aim to act swiftly and decisively to prevent it going any further.
Basically FCA have the power and obligation to intervene, whether they do is how the interpret the Lendy situation and in particular if enough consumer detriment is occurring for them to get out of bed. I suspect Lendy is viewed as too small for their interest.
Sometimes the FCA getting seriously involved is a good thing, for instance I have seen them pretty much force a weak financial institution that had done bad practice to 'give' itself to a stronger one to stop further detriment. The stick is removal of FCA permissions, etc. IMO that is the best lenders could hope for with the Lendy situation.
Sometimes the FCA getting seriously involved is a bad thing (for lenders), for instance FCA have a tendency to enforce breaches of the principles of business by slapping big fines on transgressing firms. FCA keep the fines!
The last thing Lendy lenders need is FCA to extract cash out of Lendy which we need Lendy to spend on legal recovery of bad loans so we lenders have to be careful what we wish for.... but fingers crossed , they might do the right thing
I wouldnt be surprised if FCA read these forums which is why I post my comment.
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Mucho P2P
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Post by Mucho P2P on Dec 18, 2018 17:53:52 GMT
4. Working to prevent harm from occurring:
As a supervisory authority, we do more than simply set principles and rules and act when things go wrong. We aim to:
• maximise the degree and extent to which firms and market participants comply with our rules, so the harm those rules are designed to mitigate occurs less frequently
• anticipate potential problems in individual firms and markets by monitoring activity in financial markets, and
• intervene to prevent them from occurring.... ......When we discover that harm is happening, we aim to act swiftly and decisively to prevent it going any further.
Basically FCA have the power and obligation to intervene, whether they do is how the interpret the Lendy situation and in particular if enough consumer detriment is occurring for them to get out of bed. I suspect Lendy is viewed as too small for their interest.
Sometimes the FCA getting seriously involved is a good thing, for instance I have seen them pretty much force a weak financial institution that had done bad practice to 'give' itself to a stronger one to stop further detriment. The stick is removal of FCA permissions, etc. IMO that is the best lenders could hope for with the Lendy situation.
Sometimes the FCA getting seriously involved is a bad thing (for lenders), for instance FCA have a tendency to enforce breaches of the principles of business by slapping big fines on transgressing firms. FCA keep the fines!
The last thing Lendy lenders need is FCA to extract cash out of Lendy which we need Lendy to spend on legal recovery of bad loans so we lenders have to be careful what we wish for.... but fingers crossed , they might do the right thing
I wouldnt be surprised if FCA read these forums which is why I post my comment.
"anticipate potential problems in individual firms" <---- does not seem the FCA did that very well seeing that they gave Lendy full authorisation just a few months ago!!
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