one21
Member of DD Central
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Post by one21 on Feb 1, 2019 16:58:53 GMT
The new recoveries team appear to be busy, looking at the monthly update page. There is some cause for optimism it seems!
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Post by brightspark on Feb 1, 2019 17:53:41 GMT
At last some positive noises with 4 of my moribund loans. A certain London loan borrower needs also to be sorted and then the exit door will be open. I must say the new resolution team are (seem to be) hitting the ground running. Lets hope those with potentially large losses are not too disheartened as the wheeling and dealing really gets underway to transform into meaningful returns of capital/interest.
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Post by captainconfident on Feb 2, 2019 20:10:35 GMT
Yesterday Assetz admitted that all our millions lent to Midland Mineral Water Provider are in fact all lost because the loan terms were so broadly written that the borrower could spend the money on practically whatever they liked and while nobody was paying attention it was spent on something which would really have surprised investors, given the aims and purpose of the loans originally given. The security offered was an illusion.
Compared to that debacle, the Lendy loans I hold do have tangible security and it's simply a question of how much will be returned. Which is a whole lot better than a big fat Assetz zero.
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izigor
Member of DD Central
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Post by izigor on Feb 4, 2019 1:31:07 GMT
What I find most encouraging in the last update is that it doesn't look like a company aiming to go into administration anytime soon.
My opinion into their business model is that they are looking to make a profitable business at their wealth offering. They can probably do that if they maintain the reputation of not losing investor's capital. Perhaps this explains why they aren't taking on new loans in their self-select offerring and making a concerted effort into clearing/cleaning out the current mess first. [May be they will remove the self-select offering completely in the future?]
As to the fate of defaulted loans, I have a better feeling after the latest update. So what if I'm being naive ... I am happy to be feeling happy for the remaining days until the end of March (£'s doomsday).
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Post by picanto on Feb 4, 2019 15:19:23 GMT
What I find most encouraging in the last update is that it doesn't look like a company aiming to go into administration anytime soon. My opinion into their business model is that they are looking to make a profitable business at their wealth offering. They can probably do that if they maintain the reputation of not losing investor's capital. Perhaps this explains why they aren't taking on new loans in their self-select offerring and making a concerted effort into clearing/cleaning out the current mess first. [May be they will remove the self-select offering completely in the future?] As to the fate of defaulted loans, I have a better feeling after the latest update. So what if I'm being naive ... I am happy to be feeling happy for the remaining days until the end of March (£'s doomsday). Lendy have already lost investors capital in DFL025. But that's beside the point, I think most people were expecting losses on some loans as is the nature of risky bridging loan lending, they just hope that overall the interest earned is more than any losses. If Lendy were to get rid of the self-select option I believe that would be very damaging for their long term business, I would still consider investing in self-select loans if Lendy can recover the vast majority of investors capital in the defaulted loans and if the loan that Lendy are putting forward seems like a good loan to invest in; but I wouldn't touch Lendy Wealth with a barge pole. If I invest money, I want to know where it's going, not let Lendy decide for me.
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Post by portlandbill on Feb 4, 2019 15:35:49 GMT
in Lendy Wealth, are Lendy still acting as the agent of the investor even if the investor doesn't know where his/her money is being loaned? i.e. could the London loan situation occur with black box schemes?
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sl75
Posts: 2,092
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Post by sl75 on Feb 4, 2019 16:54:15 GMT
... If I invest money, I want to know where it's going, not let Lendy decide for me. To be fair, many of the other P2P platforms also have investment options where the platform decides which loans you're invested in. Indeed, several have removed the self-select options entirely (or they never existed in the first place).
I'd be fascinated by what level of visibility Lendy Wealth clients have of what loan(s) their money is invested in, and indeed what level of diversification they are in fact getting... but no so fascinated as to use a £10k investigation fund!
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Post by loftankerman on Feb 4, 2019 19:15:53 GMT
in Lendy Wealth, are Lendy still acting as the agent of the investor even if the investor doesn't know where his/her money is being loaned? i.e. could the London loan situation occur with black box schemes? Obviously I don't know, but given their track record of getting things wrong, they'd have to be very confident of their future performance to increase their exposure beyond what it is with the current 'Nothing to do with me guv!"
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Post by charliebrown on Feb 6, 2019 11:30:55 GMT
Looks like LY just lost investors 69% of their invested capital on PBL068. On a positive note, investors got 31% back. Good work, LY.
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zlb
Member of DD Central
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Post by zlb on Feb 6, 2019 21:36:32 GMT
Yesterday Assetz admitted that all our millions lent to Midland Mineral Water Provider are in fact all lost because the loan terms were so broadly written that the borrower could spend the money on practically whatever they liked and while nobody was paying attention it was spent on something which would really have surprised investors, given the aims and purpose of the loans originally given. The security offered was an illusion. Compared to that debacle, the Lendy loans I hold do have tangible security and it's simply a question of how much will be returned. Which is a whole lot better than a big fat Assetz zero. Scary. My question elsewhere in Ly was how does one know that other platforms have erroneous practice.
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Post by captainconfident on Feb 6, 2019 22:26:45 GMT
Looks like LY just lost investors 69% of their invested capital on PBL068. On a positive note, investors got 31% back. Good work, LY. Top footwork there, shimmying onto the positive side. Get back on the subs bench. There's optimism in you yet, charliebrown.
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sl75
Posts: 2,092
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Post by sl75 on Feb 11, 2019 12:28:12 GMT
A good positive outcome on PBL133 (not that it was really in much doubt, being already reduced to 2% LTV).
Full repayment with full payment of interest and of bonus interest to those still holding, so plenty of juicy bonus for those of us who picked up extra holdings recently after the penultimate payment (tough luck to those who sold out early!)
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cwah
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Post by cwah on Feb 11, 2019 12:47:03 GMT
A good positive outcome on PBL133 (not that it was really in much doubt, being already reduced to 2% LTV).
Full repayment with full payment of interest and of bonus interest to those still holding, so plenty of juicy bonus for those of us who picked up extra holdings recently after the penultimate payment (tough luck to those who sold out early!)
2nd charge hasn't repaid yet
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sl75
Posts: 2,092
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Post by sl75 on Feb 11, 2019 12:57:13 GMT
2nd charge hasn't repaid yet No, but with the former 1st charge loan now fully repaid with no reduction in security, it's looking somewhat better as an investment than it did this time yesterday... in particular, referring to it as "2nd charge" now seems to me somewhat misleading.
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sl75
Posts: 2,092
Likes: 1,245
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Post by sl75 on Feb 14, 2019 11:08:17 GMT
2nd charge hasn't repaid yet ... and it has now.
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