sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550 
Likes: 916
|
Post by sussexlender on Mar 9, 2019 18:05:21 GMT
I think it's fair to say that the interests of Lendy and its investors are not what you would call "aligned" Add to that the FCA requiring P2P platforms to have no skin in the game by being totally unexposed to the loans. Not sure that is correct. Kuflink have "skin in the game" on each loan and are doing rather well with repayments on time and in full. Hope that continues.
|
|
|
|
Post by Ace on Mar 9, 2019 20:05:52 GMT
Add to that the FCA requiring P2P platforms to have no skin in the game by being totally unexposed to the loans. Not sure that is correct. Kuflink have "skin in the game" on each loan and are doing rather well with repayments on time and in full. Hope that continues. Kuflink seem to circumvent the requirement by having a separate registered company that holds the actual skin-in-the-game.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Mar 10, 2019 14:00:07 GMT
Out of interest has anyone had a response to a Lendy support ticket/email this week? Mine have gone unanswered so far.
|
|
Carter
Member of DD Central
Posts: 250
Likes: 549
|
Post by Carter on Mar 10, 2019 14:36:42 GMT
Out of interest has anyone had a response to a Lendy support ticket/email this week? Mine have gone unanswered so far. I had an immediate response to a follow up email with someone at Lendy this week.
|
|
jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
|
Post by jlend on Mar 11, 2019 6:40:07 GMT
Not sure that is correct. Kuflink have "skin in the game" on each loan and are doing rather well with repayments on time and in full. Hope that continues. Kuflink seem to circumvent the requirement by having a separate registered company that holds the actual skin-in-the-game. Another example is Ratesetter who lend on their secondary market. Does RateSetter ever lend through its own Market?
Yes, from time to time RateSetter lends directly into its market in secondary loans to facilitate access to lenders. This is always limited and in no way means that access is any more guaranteed
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Mar 11, 2019 12:09:46 GMT
We will need to wait and see if they actually ever are stupid enough to take their money before investors. It has not as yet happened and also current loans that are years old were under the old conditions. : How can you be so certain this hasn't happened yet if Lendy haven't disclosed how recovery proceeds were calculated in the situations where lenders didn't receive 100% of their capital back?
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Mar 11, 2019 14:55:55 GMT
We will need to wait and see if they actually ever are stupid enough to take their money before investors. It has not as yet happened and also current loans that are years old were under the old conditions. : How can you be so certain this hasn't happened yet if Lendy haven't disclosed how recovery proceeds were calculated in the situations where lenders didn't receive 100% of their capital back? What loans did the lenders not get 100% paid to them that are compleated ??
|
|
|
|
Post by charliebrown on Mar 11, 2019 15:04:41 GMT
Godanubis : How can you be so certain this hasn't happened yet if Lendy haven't disclosed how recovery proceeds were calculated in the situations where lenders didn't receive 100% of their capital back? What loans did the lenders not get 100% paid to them that are compleated ?? I’d say any where the asset has been sold. PBL068 for example. Unless you are saying you have faith in “claims underway” to address the shortfall, which I think is extremely optimistic. They haven’t even explained what claims underway even means.
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Mar 11, 2019 15:10:48 GMT
What loans did the lenders not get 100% paid to them that are compleated ?? I’d say any where the asset has been sold. PBL068 for example. Unless you are saying you have faith in “claims underway” to address the shortfall, which I think is extremely optimistic. They haven’t even explained what claims underway even means. I know it looks likely but as yet there are no tax deductable losses to an investor. So anything can be "potentially" be a loss or gain with bonus.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Mar 11, 2019 15:52:05 GMT
What loans did the lenders not get 100% paid to them that are compleated ?? I’d say any where the asset has been sold. PBL068 for example. Unless you are saying you have faith in “claims underway” to address the shortfall, which I think is extremely optimistic. They haven’t even explained what claims underway even means. "Claims underway" means Lendy are trying to sue someone to compensate for Lendy's failures. It allows Lendy to claim that their investors haven't lost any money yet. By the time Lendy concede that a loss has been made, we won't have any Lendy income to offset with those losses. Which brings up a related question...
Does anyone know whether losses at Lendy can be used to offset P2P income earned at another platform?
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Mar 11, 2019 16:08:35 GMT
I’d say any where the asset has been sold. PBL068 for example. Unless you are saying you have faith in “claims underway” to address the shortfall, which I think is extremely optimistic. They haven’t even explained what claims underway even means. "Claims underway" means Lendy are trying to sue someone to compensate for Lendy's failures. It allows Lendy to claim that their investors haven't lost any money yet. By the time Lendy concede that a loss has been made, we won't have any Lendy income to offset with those losses. Which brings up a related question...
Does anyone know whether losses at Lendy can be used to offset P2P income earned at another platform?
Yes. Lendy are an authorised P2P platform so SAIM12000 can be applied to all loans undergoing “legal recovery procedures”
|
|
michaelc
Member of DD Central
Say No To T.D.S.
Posts: 5,710
Likes: 2,985
|
Post by michaelc on Mar 11, 2019 17:04:11 GMT
Out of interest has anyone had a response to a Lendy support ticket/email this week? Mine have gone unanswered so far. No but I have had a withdrawl processed this morning (small residue balance) which I'm 99% sure involves a manual step. Would still be interested if anyone has had a support question answered though.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Mar 11, 2019 18:00:30 GMT
I’d say any where the asset has been sold. PBL068 for example. Unless you are saying you have faith in “claims underway” to address the shortfall, which I think is extremely optimistic. They haven’t even explained what claims underway even means. I know it looks likely but as yet there are no tax deductable losses to an investor. So anything can be "potentially" be a loss or gain with bonus. Incorrect, as per my previous post DFL025 is complete & has a recognised loss on the tax statement for investors. DFL035 is probably the same. In both cases we do not know if Lendy received fees ahead of lenders as per T&C's and full interest was paid ahead of capital. mikes1531 Lendy can no longer make that claim as a result
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Mar 11, 2019 22:41:00 GMT
I know it looks likely but as yet there are no tax deductable losses to an investor. So anything can be "potentially" be a loss or gain with bonus. Incorrect, as per my previous post DFL025 is complete & has a recognised loss on the tax statement for investors. DFL035 is probably the same. In both cases we do not know if Lendy received fees ahead of lenders as per T&C's and full interest was paid ahead of capital. mikes1531 Lendy can no longer make that claim as a result Dfl035 and 025 don’t show as complete on updates ? They may be defaulted and therefore show as loss What was the ROC including paid interest. Do you have link to page on Lendy that shows there was a loss not paid by provision fund. Thanks
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Mar 11, 2019 22:51:37 GMT
Incorrect, as per my previous post DFL025 is complete & has a recognised loss on the tax statement for investors. DFL035 is probably the same. In both cases we do not know if Lendy received fees ahead of lenders as per T&C's and full interest was paid ahead of capital. mikes1531 Lendy can no longer make that claim as a result Dfl035 and 025 don’t show as complete on updates ? They may be defaulted and therefore show as loss Both shown as repaid. Statements were provided to affected lenders by email that these loans were completed and no further recoveries would be resulting.
Edit. No it doesnt show on Lendy because of the way it was done. Full capital & interest was repaid but then a capital deduction was made from accounts to generate the shortfall in capital repaid.
My XIRR is 13%
|
|
