michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Feb 21, 2019 16:45:51 GMT
They emailed me about DFL0019 at 7.30 this morning so they must be doing something! I'm in that loan but didn't get anything. Was it anything interesting?
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pi
Member of DD Central
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Post by pi on Feb 21, 2019 17:06:13 GMT
I didn't get anything either. Unfortunately it's one of the biggest holdings in Lendy for me.
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jane
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Post by jane on Feb 21, 2019 17:59:02 GMT
Since Liams email promising greater communication, communication has got worse and is almost non existent. They don't even bother to let you know that there are updates about loans you may have £1000's invested tied up in.
It's a bit like being in a relationship with someone and they start ghosting you. Yes technically the relationship does still exist as they have not dumped you yet, but really you know the score and you know whats inevitably coming in the not-too-distant future.
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averageguy
Member of DD Central
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Post by averageguy on Feb 21, 2019 20:16:36 GMT
Well I just looked at my loans again to see the promise of updates now two weeks late and I'm sure I could hear crickets.  No worries Lendy it's only a £160K of my money so it's not like I would really like to know what the bloody hell is going on.  Ouch
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Post by fhilomena on Feb 21, 2019 20:53:30 GMT
Approximately a fortnight ago I requested a copy of all the various saving stream and Lendy T & C that have been in place since I joined savingstream in 2016. All I got in response was a robot answer to the e mail, and have heard nothing since.
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Monetus
Member of DD Central
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Post by Monetus on Feb 21, 2019 21:07:51 GMT
"Enhanced" communications actually seems to be worse.
- Laughable 5 minute pre-recorded Youtube webinar
- Promises of an Investor Surgery in January that never materialised and has never been spoke of again.
- Constantly delayed loan updates and missed deadlines.
But never fear! This is the standard response I got this week when I asked what was going on with the Investor Surgery...
"Thank you for your follow up email and your patience.
We are presently putting full resources behind our recoveries activity and the embedment of the new recoveries process which utilises the expertise of external specialists to speed up recoveries and reduce our legal costs. Walker Morris are a well-respected law firm with a wealth of asset backed lending advisory expertise. SFP Group are nationally renowned for their expertise and have been voted as the Best Business Recovery Specialist 5 years in a row by the prestigious Business Moneyfacts Awards. Alongside these specialists, KSA Group act as our turnaround and insolvency practitioners to work proactively for investors to either work with borrowers or enforce to expedite payment and return of investor funds. We are also implementing a heavily revised recoveries process which should significantly improve the time taken to recover your funds and will help us provide enhanced notifications and loan updates.
Over and above this Liam Brooke our CEO and our core team are fully committed to the business and continue to work hard to protect you’re the funds you have lent.
Again, thank you for your patience in this matter while our new recoveries process is embedded and our revised communications strategy.
Kind regards,
The Lendy Support Team"
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Post by GSV3MIaC on Feb 21, 2019 21:34:45 GMT
/modferator hat off ..
See, they are no better at spotting, and dealing with, a p!$$ed-off lender than they are at spotting, and dealing with, a right dodgy borrower .. platitudes, platitudes, my kingdom for a platitude. I am just amazed that anyone ' nationally renowned for their expertise' would go within a boat-length of Ly at the moment - the pay must be really, really tempting!
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11025
Member of DD Central
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Post by 11025 on Feb 21, 2019 22:31:36 GMT
I have asked 5 times to explain this : on PBL068 an offer on the security property has been received and accepted at £950,000
I am trying to understand how on earth this offer becomes £401,448
Please can you explain ?
The reply :
Thank you for your email.
As previously mentioned, as information is made available we will provide either a notification or update on the platform.
At this present time we do not have any further detail on this matter.
Kind regards,
The Lendy Customer Support Team
Not sure if I am more alarmed that 950K has turned onto 401K or that apparently they don't even have the information
what a pantomime this company has become.
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Post by df on Feb 21, 2019 22:32:01 GMT
I didn't get anything either. Unfortunately it's one of the biggest holdings in Lendy for me. I have 8% of my SS/Ly scrap yard (loan book) in DFL019. Didn't get any e-mail. But received one 2 days ago announcing 20th tranche of DFL029 going live - if lending is still taking place, then I guess Lendy still exists.
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Monetus
Member of DD Central
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Post by Monetus on Feb 21, 2019 22:33:27 GMT
I have asked 5 times to explain this : on PBL068 an offer on the security property has been received and accepted at £950,000 I am trying to understand how on earth this offer becomes £401,448 Please can you explain ? The reply :Thank you for your email.
As previously mentioned, as information is made available we will provide either a notification or update on the platform.
At this present time we do not have any further detail on this matter.
Kind regards,
The Lendy Customer Support TeamNot sure if I am more alarmed that 950K has turned onto 401K or that they don't even have the information
what a pantomime this company has turned become.
I personally think it's absolutely outrageous that they didn't provide a breakdown when the asset was sold explaining what the missing 400k was spent on... The difference is a very large amount and investors deserve to know the truth.
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wuzimu
Member of DD Central
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Post by wuzimu on Feb 21, 2019 22:45:00 GMT
I have asked 5 times to explain this : on PBL068 an offer on the security property has been received and accepted at £950,000 I am trying to understand how on earth this offer becomes £401,448 Please can you explain ? The reply :Thank you for your email.
As previously mentioned, as information is made available we will provide either a notification or update on the platform.
At this present time we do not have any further detail on this matter.
Kind regards,
The Lendy Customer Support TeamNot sure if I am more alarmed that 950K has turned onto 401K or that apparently they don't even have the information
what a pantomime this company has become.
This is an insult to lenders in that loan ... why not take it to FOS? The following may help
(7) Communications with clients - 'A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.'
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11025
Member of DD Central
Posts: 740
Likes: 862
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Post by 11025 on Feb 21, 2019 22:47:20 GMT
I have asked 5 times to explain this : on PBL068 an offer on the security property has been received and accepted at £950,000 I am trying to understand how on earth this offer becomes £401,448 Please can you explain ? The reply :Thank you for your email.
As previously mentioned, as information is made available we will provide either a notification or update on the platform.
At this present time we do not have any further detail on this matter.
Kind regards,
The Lendy Customer Support TeamNot sure if I am more alarmed that 950K has turned onto 401K or that apparently they don't even have the information
what a pantomime this company has become.
This is an insult to lenders in that loan ... why not take it to FOS? The following may help
(7) Communications with clients - 'A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.'
Good call - Now you come to mention it I have a scheduled telephone callback from them tomorrow afternoon .
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invester
P2P Blogger
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Post by invester on Feb 21, 2019 23:11:53 GMT
There is something like £88m in non-performing loans and recoveries underway.
Looking at some of the loans in the live section I reckon the real figure is something over £100m.
By the time all of these debacles resolve themselves (with investors getting no interest with monies tied up) I think it'll be fairly likely that they will have lost £50m+ of lenders monies over the life of the company - incidentally, more than all the monies investors have earned collectively.
No-one is denying that they are in a tough spot which is of their making. I just find it incredulous that they would promise things like better communications and not deliver them.
Would have thought that Brooke employed these old boys to be taking the flak for him and be a bit of a public face, but it seems that they are not. Genuinely wouldn't be surprised if they slipped out of the back door quietly after a few months like others have.
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11025
Member of DD Central
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Post by 11025 on Feb 22, 2019 9:11:29 GMT
This is an insult to lenders in that loan ... why not take it to FOS? The following may help
(7) Communications with clients - 'A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.'
Lendy seem to think lying to Investors is perfectly acceptable , this was posted several days before the partial loan repayment was made ... This loan has now been repaid. Please see the loan specific update on this recovery which will outline the repayment breakdown. This will be published on 4 February.Well it hasn't and we are still waiting to hear where the other 69% of the sale price has gone .
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Post by cashmax on Feb 22, 2019 10:37:19 GMT
Look - If I had 5 or even 6 figures tied up in Lendy loans, I would still want to believe that there might be a chance too, but you guys must be invested in other platforms too and it's clear that they are not acting in the same way as Lendy. The odd loan gets paid back and they pass that through, but the reality is that this company has already failed and as time passes, the chances of even limited capital recovery diminishes.
Whilst I understand that some folks don't want to make a fuss and bury their head in the sand, if I had 5 or 6 figures on loan, I wouldn't be simply hoping for the best or take it lying down.
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