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Post by masquedefer on Jan 16, 2019 8:32:40 GMT
In this new era of alleged improved communications from Lendy Tower to its Lenders, please, please can we have some meaningful updates to reassure us that Lendy Recovery are actually taking positive steps to recover defaulted loans.
The following monthly statement is just not acceptable.
“Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing and an update will be provided as and when we are able.”
No sensitivive information will be revealed if we are told at what stage the recovery proceedings have reached.
eg PBL081 - New build detached house, Le*******ad, Surrey. Has the borrower been declared bankrupt because he cannot pay and a claim now submitted to the surveyor for negligent valuation?
If we are not kept up to date we can only reasonably assume that Lendy are doing nothing and have the legal right to end our agreement with Lendy and appoint somebody who can act effectively as agent on our behalf.
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adrianc
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Post by adrianc on Jan 16, 2019 10:05:55 GMT
Maybe you're reading different updates to me. All the ones I'm reading are saying... If it's got no further by the end of Feb, then let's have a whinge. But, right now it seems a tad premature. We complained about the recoveries team - they seem to have been replaced, and the new guys are taking a proper look. Is that a bad thing?
As far as the outstanding 33.8% of PBL081 goes, the last non-boiler-plate update was... ...back in May. I dunno about you, but I'm not big on second-guessing legal advice given by paid professionals in full possession of facts.
FWIW, it's not hard to find the planning applicant's name, although there are two alternate spellings in use. Maybe one for L DD?
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Post by loftankerman on Jan 16, 2019 17:46:58 GMT
If we are not kept up to date we can only reasonably assume that Lendy are doing nothing and have the legal right to end our agreement with Lendy and appoint somebody who can act effectively as agent on our behalf. Just an old man's attempt at playing devil's advocate... I'm confused... We are not really a collective 'we'. We are individuals who are deemed to have agreed to Lendy's T&C. I know they shuffled them to suit their own ends and gave us an unrealistic means of exit. We had to immediately dispose of our loans and stop using the platform. Failure to do that was deemed acceptance of the T&C. Dodgy as that was, this far down the line, not having everything up for sale could be claimed to be a clear indicator of acceptance. So considering your statement, I think this is probably closer to the truth... If we are I am not kept up to date we can only reasonably I could assume that Lendy are doing nothing, and but have the no legal right to end our my agreement with Lendy and appoint somebody who can act effectively as agent on our my behalf.That is because I gave Lendy absolute right to chose what to do on my behalf (even to the point of doing nothing, or worse, it seems). Furthermore, I see no reason why I would have any right to effectively undermine Lendy's contractual relationship with every other individual lender, some of whom may be perfectly happy with, or blissfully unaware of the behaviour that upsets you. Aside from that I suspect your plan would cost more than could be recovered even if someone had the cat wrangling skills to get all lenders behind you with united objectives.
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Godanubis
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Post by Godanubis on Jan 16, 2019 18:54:04 GMT
If we are not kept up to date we can only reasonably assume that Lendy are doing nothing and have the legal right to end our agreement with Lendy and appoint somebody who can act effectively as agent on our behalf. Just an old man's attempt at playing devil's advocate... I'm confused... We are not really a collective 'we'. We are individuals who are deemed to have agreed to Lendy's T&C. I know they shuffled them to suit their own ends and gave us an unrealistic means of exit. We had to immediately dispose of our loans and stop using the platform. Failure to do that was deemed acceptance of the T&C. Dodgy as that was, this far down the line, not having everything up for sale could be claimed to be a clear indicator of acceptance. So considering your statement, I think this is probably closer to the truth... If we are I am not kept up to date we can only reasonably I could assume that Lendy are doing nothing, and but have the no legal right to end our my agreement with Lendy and appoint somebody who can act effectively as agent on our my behalf.That is because I gave Lendy absolute right to chose what to do on my behalf (even to the point of doing nothing, or worse, it seems). Furthermore, I see no reason why I would have any right to effectively undermine Lendy's contractual relationship with every other individual lender, some of whom may be perfectly happy with, or blissfully unaware of the behaviour that upsets you. Aside from that I suspect your plan would cost more than could be recovered even if someone had the cat wrangling skills to get all lenders behind you with united objectives. Just a thought I don’t think you can make legal challenges based on “assumptions “ I think they actually require proof. There are a lot of comments on all platforms based on assumptions which are slanted to the benefit the poster. I am a Scientist I deal in provable evidence backed accurate figures.
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Godanubis
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Post by Godanubis on Jan 16, 2019 19:21:12 GMT
Just a thought I don’t think you can make legal challenges based on “assumptions “ I think they actually require proof. There are a lot of comments on all platforms based on assumptions which are slanted to the benefit the poster. I am a Scientist I deal in provable evidence backed accurate figures. I'm an engineer. If you re-read the above you'll find you have nothing to disagree with in this regard. Scientists eh? It was not your submission it was the post you were commenting on. Sorry for confusion quoted wrong post.
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Post by loftankerman on Jan 16, 2019 20:02:11 GMT
GodanubisHad worked that out and was busy deleting my post while you were replying. 
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adrianc
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Post by adrianc on Jan 16, 2019 21:06:42 GMT
Just a thought I don’t think you can make legal challenges based on “assumptions “ I think they actually require proof. Oh, but you can... You almost certainly won't WIN, of course, but you can certainly make a challenge... Meanwhile, in return for the legal cost, you can tie up the other side for months, maybe to the point they get bored and just pay you to go away. Or they miss a response deadline and you win by default. It's a tactic that's working quite well for some borrowers, I've heard.
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Post by masquedefer on Jan 18, 2019 9:25:09 GMT
In reply to the various useful commentts above, I amend my original post to the following:
In this new era of alleged improved communications from Lendy Tower to its Lenders, please, please can we have some meaningful updates to reassure us that Lendy Recovery are actually taking positive steps to recover defaulted loans.
The following monthly statement seen on many loans is just not acceptable. “Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing and an update will be provided as and when we are able.”
Surely no sensitivive information will be revealed if we are told for example at what key stage the recovery proceedings have reached. Eg:
Disposing of security.
Pursuing borrower.
Pursuing guarantor.
Pursuing negligent surveyor/solicitor.
No realistic hope of pursuing any further capital recovery.
Loan shortfall being considered for top up from Lendy provision fund.
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adrianc
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Post by adrianc on Jan 18, 2019 11:28:23 GMT
The following monthly statement seen on many loans is just not acceptable. “Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing and an update will be provided as and when we are able.” Surely no sensitivive information will be revealed if we are told for example at what key stage the recovery proceedings have reached. Eg: Disposing of security. You can see if that's happened from partial repayments. The current "Legal proceedings to recover the outstanding" are, IIRC, all after the security has been disposed of, chasing the shortfall. Pursuing borrower. Pursuing guarantor. Pursuing negligent surveyor/solicitor. No realistic hope of pursuing any further capital recovery. If it was that, then they would close it. DFL025. Loan shortfall being considered for top up from Lendy provision fund. If it was that, they would just pay it (or not), then close it. Various previous defaults. So it's one of the middle three. Perhaps two, perhaps all of them.
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Post by masquedefer on Jan 19, 2019 5:40:24 GMT
Thank you Adrianc for your most useful comments. I think my main point is that often Lendy fails to provide meaningful information on loan recovery and investors just do not know if Lendy are still actively pursuing recovery on numerous old loans, many of which are over two years in default. This is on top of basic DD that Lendy patently failed to carry out and of course allowing borrowers to submit (and Lendy acceptkng without question) inflated valuations from their borrower’s “tame” RICS surveyor.
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adrianc
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Post by adrianc on Jan 19, 2019 8:15:09 GMT
I think my main point is that often Lendy fails to provide meaningful information on loan recovery and investors just do not know if Lendy are still actively pursuing recovery on numerous old loans Which loans are you thinking of? 'course, we all made the decision to lend based ON that information...
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Post by loftankerman on Jan 19, 2019 8:48:30 GMT
I think my main point is that often Lendy fails to provide meaningful information on loan recovery and investors just do not know if Lendy are still actively pursuing recovery on numerous old loans Which loans are you thinking of? 'course, we all made the decision to lend based ON that information... Nobody told me my capital was at risk! 
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Godanubis
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Post by Godanubis on Jan 19, 2019 11:46:42 GMT
Thank you Adrianc for your most useful comments. I think my main point is that often Lendy fails to provide meaningful information on loan recovery and investors just do not know if Lendy are still actively pursuing recovery on numerous old loans, many of which are over two years in default. This is on top of basic DD that Lendy patently failed to carry out and of course allowing borrowers to submit (and Lendy acceptkng without question) inflated valuations from their borrower’s “tame” RICS surveyor. Even a “Tame” surveyor If a members of RICS has to meet professional standards or they are liable We are turning into a “Blame Society “ “I’ve been affected so somebody has to be at fault. “ Sometimes yes others it is just the change in the general conditions prevailing . Valuations have two parts. Current for which there should be plenty of supporting evidence and the more controversial future value which is far more uncertain. That is why development loans should be for no more than 80% (highest repossessed value) of current value. This can be increased but only after revaluation taking into account prevailing circumstances but still maintaining buffer which should increase by lowering amounts to a max eventual 70% of valuation.
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Post by masquedefer on Jan 20, 2019 8:07:09 GMT
Thank you Adrianc and others for your most useful comments. My main point is that Lendy fail to provide meaningful updates on loan recovery and investors just do not know if Lendy are still actively pursuing recovery on the older loans, many of which are over two years in default.
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adrianc
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Post by adrianc on Jan 20, 2019 8:26:29 GMT
Thank you Adrianc and others for your most useful comments. My main point is that Lendy fail to provide meaningful updates on loan recovery and investors just do not know if Lendy are still actively pursuing recovery on the older loans, many of which are over two years in default. Point me to a specific loan or two that you're meaning, if you'd be so kind?
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