r1200gs
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Post by r1200gs on Mar 3, 2019 15:30:54 GMT
Mine all seems to suggest there is some slow progress and on some there are offers of purchase or refinance pending. There is little further detail or evidence. This is pretty much what I would expect in a monthly update so no criticism of Lendy there. The problem is that I/we have to trust Lendy to manage these loans towards a satisfactory conclusion and that is the problem. Lendy are on a hiding to nothing now due to their past/current conduct and in particular their lack of adequate communication. Consequently it is so difficult to judge whether this is reasonable set of updates. We're in the region of 30 defaults and over half a dozen legals, with very few live loans, so a satisfactory conclusion may not be on the cards. And Lendy continually kicking the toxic debt can down the road isn't the best way forward. Unless you're a borrower of course! Or being well paid in the external legal and recoveries team. I guess it would have to be external, there does not seem to be anyone in this operation(any more) that has a clue what to do.
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Post by princekie on Mar 4, 2019 15:35:21 GMT
We're in the region of 30 defaults and over half a dozen legals, with very few live loans, so a satisfactory conclusion may not be on the cards. And Lendy continually kicking the toxic debt can down the road isn't the best way forward. Unless you're a borrower of course! Or being well paid in the external legal and recoveries team. I guess it would have to be external, there does not seem to be anyone in this operation(any more) that has a clue what to do. Oh I don't know...their skills in copy and pasting, as well as can kicking, are legendary! I think you are correct in that the external teams and legals involved must be having an absolute field day. Hell they're probably in stitches over the Scottish gravel pit and the iffy Welsh castle! On a serious note, as someone who has invested in other projects and enterprises, the absolute contempt that Lendy appears to have for investors is unbelievable. And as for the FCA...don't get me started!
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Post by charliebrown on Apr 1, 2019 13:23:12 GMT
Are we expecting a Monthly BS instalment today?
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Mousey
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Post by Mousey on Apr 1, 2019 16:21:32 GMT
"For your information, the platform loan updates will be published by close of business 02/04/2019"
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Post by loftankerman on Apr 2, 2019 10:03:56 GMT
"For your information, the platform loan updates will be published by close of business 02/04/2019"
Lunchtime then?
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Post by loftankerman on Apr 2, 2019 16:25:06 GMT
Well, my update was just the clatter of cans being kicked down the road for another month. I can forget them and get back to seething about Brexit.
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zccax77
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Post by zccax77 on Apr 2, 2019 16:29:08 GMT
What do these clowns do for taking another 0.045% of my money for a month, how can we place these imbeciles into administration?
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Post by charliebrown on Apr 2, 2019 16:54:45 GMT
If you haven’t read the updates then I wouldn’t bother.
I’ll give a summary... ... we’ve had some meetings ... ... blah, blah, blah... ... nothing has changed.
Horendous. I’d prefer Administration.
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sl75
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Post by sl75 on Apr 2, 2019 19:04:25 GMT
Horendous. I’d prefer Administration. I suppose an administrator's quarterly update might have up to 3 times as much material to work with...
Where did you ever get the impression that protracted recovery processes during a period of unprecedented political uncertainty would be quick?
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trevor
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Post by trevor on Apr 2, 2019 19:17:42 GMT
Prefer administration. Really? Ridiculous. Updates every few months. Horrendous hourly rate costs that will be charged against lenders money. What we're getting at the moment if far from ideal but the idea of adminstration being preferable is stupid.
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richox
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Post by richox on Apr 2, 2019 21:32:45 GMT
Where's the incentive for a resolution to these disasters? The "external advisers" are happy to talk about them for ever at whatever exorbitant hourly rate they are charging. Lendy is happy to let them talk about them for as long as there is sufficient value left to pay their interest. All they are both doing is soaking up whatever they can from lenders cash, and they'll probably continue to do it until there's nothing left. That's when Lendy will call it a day. Expect monthly repeats of these updates until then.
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invester
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Post by invester on Apr 2, 2019 21:35:01 GMT
I actually think the idea of private portals for some of the other loans is a good one and should have been done beforehand. There surely would be information that could be given which doesn't prejudice the cases, just like there was for the London loan. In many of the cases, ie the fortified house I would have thought the process would be well underway.
That said, it remains to be seen if they are going to deliver it. Perhaps the FCA is going to make them front up to investors? I suspect that many of these 'claims underway' thing will result in virtually nothing being returned after expenses.
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zccax77
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Post by zccax77 on Apr 2, 2019 21:41:05 GMT
That castle was disposed over a year ago and no new news. I doubt Ly can get anything back, to date the wingin' it boys have had 0% success in any recoveries.
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Post by charliebrown on Apr 3, 2019 14:08:26 GMT
Prefer administration. Really? Ridiculous. Updates every few months. Horrendous hourly rate costs that will be charged against lenders money. What we're getting at the moment if far from ideal but the idea of adminstration being preferable is stupid. I was rather upset after reading another batch of patronising no progress updates. However, unless something changes, Administrators will need to be brought in sooner or later.
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adrianc
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Post by adrianc on Apr 3, 2019 14:27:00 GMT
I actually think the idea of private portals for some of the other loans is a good one and should have been done beforehand. There surely would be information that could be given which doesn't prejudice the cases, just like there was for the London loan. In many of the cases, ie the fortified house I would have thought the process would be well underway. That said, it remains to be seen if they are going to deliver it. Perhaps the FCA is going to make them front up to investors? I suspect that many of these 'claims underway' thing will result in virtually nothing being returned after expenses. How long do you think legal action against a recalcitrant guarantor takes? All the way from issuing a ~£2m claim, through getting judgement, to enforcing against their assets? We're talking about an "experienced property developer and landlord", so it's entirely likely that there's a web of companies and shareholdings, with most of the underlying wealth in complicated assets. And that's before we consider legal action against the surveyors. Remember, we all chose to lend based upon a branded and signed document issued by a "national, independent firm of highly-experienced surveyors and property consultants" stating that it was "adequate security for loan purposes"... yet it actually sold at auction for a third of their minimum figure. How did they get it so wrong?
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