Monthly Update

The thought of lobbing good money after bad to a "forensic investigation" of the route to market for these loans seems a bit like stable-door bolting to me.

Let's remember one pertinent fact: Lendy are not bringing new loans forward.

read lendys risk management section and wonder how the heck most of these borrowers got past the first 2 stages of their rigorous 5 stage DD.very misleading and thousands of lenders have been took in by lendys marketing.

I am not casting aspersions but I believe the FCA should investigate.

Isn’t it a fact that Liam has made millions whilst millions of investors’ money is quite likely to disappear. It can be said that investors were not forced to invest but I’m not a fan of that argument. People still send money to the wealthy Nigerian Prince emails, no one forced them to, doesn’t mean it’s ok. 

Sorry Charlie but I'm a big fan of the 'not forced to invest' argument, even when I'm on the losing side. Being in denial about my misjudgements and looking for a root cause honest or dishonest individual, company or circumstance to blame for my choices has no mileage in it. "I should have known better." is a less troubling state of mind.

Are you suggesting that there was no duty of care in compiling the information that was presented?    In anything but the most short of terms such an approach will attract nothing but unsound borrowers.   That is not a business.  It is akin to a Ponzi scheme.

Well if it transpires at any point that Lendy used investor funds for anything other than funding loans then there would be a case for it being an operation that was not compliant with the law. But frankly, I think it's doubtful that this happened, just more likely that Lendy has been run badly (for the interests of investors) skewed to return maximum profit to it's shareholders, for the longest possible time, regardless of the viability of the overall business case in the long term for both investors and borrowers. 

I suppose it might turn out to be proven that the valuations and other due diligence were so poor, that the directors are found to be liable, but I would also suppose that any profit has long been syphoned away to offshore accounts so liable or not, it won't be coming back to us.

I sorry to say, I'm a fan of the "I should have known better" school of thought now, many folks were savvy enough to get in and out when the going was good (AKA Saving Stream) and before this started to implode and the one thing there can be little doubt of now is that implode it will. 

Personally, I'm putting it down to experience, half of me wants to see Liam and team get ripped a new one by the FCA and the administrators leach a living from the carcass, the other half of me wants to see a few grand come back over time, whilst they manage to recover some capital. But I'm only in for a few K's and I know some others are much more exposed, so likely feel differently.

Edited to add - The only thing that confuses me if the PF. They are clearly not going to release it, so they must think there is a way to drain this fund in some way. I'll be watching closely to see what happens there.

I agree with almost all of your posts and often give you a thumbs up. However, we’ll have to agree to disagree on this one. Investors are looking down the barrel of millions of pounds of losses here, dished out without a care in the world from what is an FCA approved platform. It’s not really adequate to just say well people shouldn’t have been so stupid. Where would we stop with this argument? Does this mean any crook can part people from their money with the simple defence that stupid people deserve to be taken advantage of.