Mr_N
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Post by Mr_N on Feb 22, 2019 17:12:33 GMT
Many loans have received only one update since early November. Is Lendy winding down?
Far from the enhanced recovery promised, communication with lenders appears to have been terminated by Lendy. We went from weekly updates, to monthly, then missed January's update, what updates we did get at the end of January promised more updates in the first half of February which didn't transpire. We're now a week away from March.
If it were any other company severing communications with it's customers we would at this point assume it's turned the lights out and no longer in business. Has anyone had anything other than automated communications and generic email replies?
Bazaarly we see some activity on trust pilot which seems to indicate that at least one individual is still pottering about. We would have more meaningful communications from administrators at this point, and paying far fewer people to get the job done, actually working to recover funds, rather than wasting time reporting unfavourable reviews of the RMS Titanic.
At what point do we discontinue taking what little communications we've had over the last three months on face value <redacted>?
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Post by westcountryfunder on Feb 22, 2019 17:26:35 GMT
There was a repayment today, and there was an email announcing it.
I cannot see how you deduce that Lendy has gone into administration merely because of limited recent updates. Personally I would rather that they concentrate on clearing up the various defaults than telling us that they have nothing worthwhile to tell us.
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Mr_N
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Post by Mr_N on Feb 22, 2019 17:30:41 GMT
There was a repayment today, and there was an email announcing it. I cannot see how you deduce that Lendy has gone into administration merely because of limited recent updates. Personally I would rather that they concentrate on clearing up the various defaults than telling us that they have nothing worthwhile to tell us. I've had no communications from Lendy aside from automated emails for nearly three months. The communications I did receive promised further communications which didn't transpire. I've been waiting over a year now for various repayments. We would have more meaningful updates from 3rd party administrators, and paying far fewer people to get it done.
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Post by GSV3MIaC on Feb 22, 2019 17:52:15 GMT
I sort of doubt that 3rd party administrators would be any cheaper (see the Coll forum). I agree Ly could do (much) better at communicating, and in meeting their promises, but as far as I can see they are not only 'not in administration' but they are performing pretty much the same (i.e. BADLY, in many respects) as they have been for the last year.
So the short answer is 'No', and suggestions to the contrary, in the absence of any evidence, must be regarded as scaremongering (which would, of course, delight many of Ly's borrowers .. you aren't one of those are you, Mr_N ?).
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 22, 2019 20:15:51 GMT
There was a repayment today, and there was an email announcing it. I cannot see how you deduce that Lendy has gone into administration merely because of limited recent updates. Personally I would rather that they concentrate on clearing up the various defaults than telling us that they have nothing worthwhile to tell us. I've had no communications from Lendy aside from automated emails for nearly three months. The communications I did receive promised further communications which didn't transpire. I've been waiting over a year now for various repayments. We would have more meaningful updates from 3rd party administrators, and paying far fewer people to get it done. You might but only every 6 months. I expect they might charge considerably more
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reinvestor
Member of DD Central
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Post by reinvestor on Feb 22, 2019 22:07:31 GMT
Has anyone watched the documentary about the failed Fyre festival on Netflix? It has amazing correlations with what I imagine goes on in the background in the run up to Cowes week.
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Post by charliebrown on Feb 23, 2019 1:12:46 GMT
I am in COL. My observations are:
Adminstrators do not work in the best interests of Lenders, they work in the best interests of themselves.
No one works in the best interest of Lenders in this setup, so any outcome for us is likely to be extremely bad but the other parasites in the chain all do very well.
Time equals more money for everyone concerned, apart from Lenders, so expect them to execute any recoveries as slowly as they possibly can, years not months.
We’d be marginally better off letting LY run recoveries, assuming they’re capable, which is highly debatable. However, we are not coming out of this well under any scenario. Look at the recent LY recovery where hundreds of thousands of pounds disappeared in fees without any explanation.
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reinvestor
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Post by reinvestor on Feb 23, 2019 1:36:38 GMT
It isn’t just a matter of who will run the recoveries. Whenever a major lender goes into admistration, all of their customers rejoice. They know full well that if they don’t reply to those letters and don’t answer the door to strangers sooner or later they will stop knocking and the letterbox will be empty.
Look at Cattles PLC, latterly Cattles Ltd which was Welcome Credit. They provided high cost, high risk credit to those that couldn’t get it elsewhere. When too many defaulted, the pack of cards fell down to the tune of £230m. Companies house will tell you how much the Administrator got back. It was the square root of bugger all.
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Post by charliebrown on Feb 23, 2019 5:58:56 GMT
It isn’t just a matter of who will run the recoveries. Whenever a major lender goes into admistration, all of their customers rejoice. They know full well that if they don’t reply to those letters and don’t answer the door to strangers sooner or later they will stop knocking and the letterbox will be empty. Look at Cattles PLC, latterly Cattles Ltd which was Welcome Credit. They provided high cost, high risk credit to those that couldn’t get it elsewhere. When too many defaulted, the pack of cards fell down to the tune of £230m. Companies house will tell you how much the Administrator got back. It was the square root of bugger all. I fear the same. Even though our lending is asset backed, these are very poor quality assets, 1/2 finished buildings and overvalued plots of land. Add to that, highly paid Administrators, uncooperative borrowers and a slow and archaic legal system and I’d think we’d be lucky to get any decent recovery here. Unfortunately I only grasped that LY is a legalised con when it was too late to get out 
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Mr_N
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Post by Mr_N on Feb 24, 2019 13:40:04 GMT
"If Lendy Ltd were to stop trading for any reason it would present some risk to you in that we may no longer be able to manage borrower repayments back to your account. We administer our loans in a way that ensures the arrangement fees payable in relation to these loan contracts are sufficient to cover the costs of administering them during any winding down process. Contingency plans are in place for a third party administrator to take over administration of the loan parts for investors should it become necessary for any reason." lendy.co.uk/risk |
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