tony
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Post by tony on Feb 1, 2019 14:35:01 GMT
Were we not promised a comprehensive loan update by the end of January or before? In an email I had from Lendy about a week ago was assured that this would be done but as yet it has not appeared. I am beginning to wonder if Liam somehow got hold of a calendar, which is different to the one we use and understand, in some faraway place when on one of the holiday's he probably has at our expense.
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Post by charliebrown on Feb 1, 2019 14:46:35 GMT
Were we not promised a comprehensive loan update by the end of January or before? In an email I had from Lendy about a week ago was assured that this would be done but as yet it has not appeared. I am beginning to wonder if Liam somehow got hold of a calendar, which is different to the one we use and understand, in some faraway place when on one of the holiday's he probably has at our expense. Liam and all his team are pathological liars. They’ve lied time and time again. I obviously believe that the truth is going to hit us very hard, but I’d rather have the truth than have lies, deceit and subterfuge. The FCA stands by and watches all this and sees nothing wrong? Liam must be passing them a big slice of the pie ... allegedly 
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jcb208
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Post by jcb208 on Feb 1, 2019 15:59:32 GMT
The updates are now available to read ,dont get to excited as there's basically no progress
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sj
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Post by sj on Feb 1, 2019 16:11:57 GMT
I'm as keen as anyone to say how cr@p things are, but to be fair some of the updates do suggest some cogs turning in the background. I'll hold off opening the champagne for now though....
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Carter
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Post by Carter on Feb 1, 2019 16:23:32 GMT
Better crafted updates in my view. Giving the impression that some form of professional guidance is being sought and formal processes in play.
For my bunch of defaulted dfls they do seem to be inching towards exit options. At what cost remains to be seen.
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webwizard
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Post by webwizard on Feb 1, 2019 16:35:18 GMT
Seems there is more information of the processes behind the scenes and promises for some loans that there will be ad hoc updates within the month. Overall, I am glad to see more information coming out of Lendy, so patience for a while to see if this really translates into progress and repayments....
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sarahcount
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Post by sarahcount on Feb 1, 2019 16:39:24 GMT
Better crafted updates in my view. Giving the impression that some form of professional guidance is being sought and formal processes in play. For my bunch of defaulted dfls they do seem to be inching towards exit options. At what cost remains to be seen. Yes I agree. Updates generally sound like they have a plan.
Lendy still managed to post the wrong updates on the wrong Exeter loans though.
I could also comment that as well as selecting the wrong borrowers they then went and selected the wrong administrators too.
Lots of efforts to replace administrators that they themselves appointed.
Hopefully progress can be made to get us out of this mess though.
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invester
P2P Blogger
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Post by invester on Feb 1, 2019 16:43:13 GMT
It's an improvement, although virtually all of it is still 'jam tomorrow' and it remains to be seen if Lendy stick to their word, or simply go back to hiding under their rocks if the news turns out to be bad. There should be several ad-hoc updates throughout the next month according to this.
Rather concerningly on all the 'claims underway' loans one cut and paste message has simply been replaced by another - I very much doubt they got new people on those cases.
I don't think there will be deluge of news on these, and I think the news on these will almost universally be bad, so like the previous message I view it as postponing the inevitable.
What I want to know is why the hell none of this was done before, it should have been standard.
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Carter
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Post by Carter on Feb 1, 2019 16:57:58 GMT
Better crafted updates in my view. Giving the impression that some form of professional guidance is being sought and formal processes in play. For my bunch of defaulted dfls they do seem to be inching towards exit options. At what cost remains to be seen. Yes I agree. Updates generally sound like they have a plan.
Lendy still managed to post the wrong updates on the wrong Exeter loans though.
I could also comment that as well as selecting the wrong borrowers they then went and selected the wrong administrators too.
Lots of efforts to replace administrators that they themselves appointed.
Hopefully progress can be made to get us out of this mess though.
Yes it looks like they've tossed the administrators on a few of the dfl defaults. It's been my general view that we've been experiencing the pain of Lendy's extremely slow learning curve over the last few years were they have clearly shown themselves to be out of their depth. Mistake after mistake in an industry they reportedly had expertise in. It does appear that they have now engaged people with real expertise to bring some loans to a conclusion at least.
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neal
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Post by neal on Feb 1, 2019 17:48:17 GMT
On a positive note, the first 21 loans all have the same update so I think it a fair assumption that all 21 loans will pay out at the some time in the middle of the month  |
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pom
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Post by pom on Feb 1, 2019 18:53:42 GMT
What I want to know is why the hell none of this was done before, it should have been standard. Because they built their operation around sales and didn't think upfront about recoveries. Which actually is a very common mindset....too many optimists, not enough pessimists.
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Carter
Member of DD Central
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Post by Carter on Feb 1, 2019 19:09:59 GMT
What I want to know is why the hell none of this was done before, it should have been standard. Because they built their operation around sales and didn't think upfront about recoveries. Which actually is a very common mindset....too many optimists, not enough pessimists. In other words, they've been wingin it.
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pom
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Post by pom on Feb 1, 2019 19:14:39 GMT
You might think that.....
In "fairness" they wouldn't be the only ones. I see this all the time albeit in different industries
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sarahcount
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Post by sarahcount on Feb 1, 2019 19:49:56 GMT
You might think that..... In "fairness" they wouldn't be the only ones. I see this all the time albeit in different industries Yep - too many companies are in awe of their own flashest salesmen. The turnover looks good at the time but they've moved on before the problems start to appear.
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Post by GSV3MIaC on Feb 1, 2019 20:02:16 GMT
You might think that..... In "fairness" they wouldn't be the only ones. I see this all the time albeit in different industries Yep - too many companies are in awe of their own flashest salesmen. The turnover looks good at the time but they've moved on before the problems start to appear.
Ah yes, we used to have that joke about the fur trapper sitting in his tent when the second guy runs in chased by two angry polar bears; when guy#1 screams for help, the second guy says 'hey, I just have to find them .. skinning them is your job'.
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