jomantha
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Post by jomantha on Mar 9, 2019 20:48:24 GMT
This is a serious question.
What is everyone doing to keep records of that they have etc.
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mj
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Post by mj on Mar 9, 2019 20:57:19 GMT
Good question. I suppose the answer is to take a screenshot of your loans page. Make sure the date is showing. If ever the figures change, take another screenshot. It can't be long now.
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Post by mrclondon on Mar 9, 2019 21:10:04 GMT
Rather than screen grab, if you go to 'My Loans' and click on 'Export to Excel' you get a csv file named like 'Lendy_LoanParts_20190309.csv' which contains every loan part you've ever owned (Live, repaid, sold) each identified with a unique loan part id number. If you open this file in Excel and filter on Status - Live, the total of the amount column should equal your current 'Live Loan Parts' balance shown on the website.
And perhaps prudent to keep cash balances down to just the value of loan units that you will conceivably want to buy (!) in the next few days.
This is sensible account management irrespective of any (current) perceived threat to the availability of the website.
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mj
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Post by mj on Mar 9, 2019 21:17:23 GMT
Do both.
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dawn
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Post by dawn on Mar 9, 2019 22:23:31 GMT
In addition to a download of all transactions from the time I opened each of the 3 accounts I look after, I have also exported a copy of the loan parts for each account and a copy of this years Tax statement so far (all just in case). I will be updating copies of each every few days or whenever something changes.
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jomantha
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Post by jomantha on Mar 9, 2019 22:29:57 GMT
Thank you everyone - I am about to do everything suggested in here.
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Post by loftankerman on Mar 10, 2019 0:08:58 GMT
Does anyone think the 29th March would be a good day to bury bad news?
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Post by p2plender on Mar 10, 2019 0:32:55 GMT
I'm sure the administrators would allow us back in. Yes take records but it's not as though we'd not be able to anything if the inevitable happens.
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spareapennyor2
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Post by spareapennyor2 on Mar 10, 2019 7:54:28 GMT
i just hope L has paid more than a month in advance for IT DATABASE support
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rocky1
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Post by rocky1 on Mar 10, 2019 8:53:18 GMT
Surely the FCA must be watching what is going on here and scratching their heads as to what to do.lendys income seems to have dried up.where do we go from here.?it seems we are as good as in administration already with lendy hanging on like leeches.would webe any worse off without them now?just peeves me off that they will be taking even more of our money from recoveries when they allowed all this Sh.t to happen
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star dust
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Post by star dust on Mar 10, 2019 11:51:05 GMT
......would webe any worse off without them now?........
Of note "In most cases, an insolvency practitioner would be appointed with a view to either rescuing Lendy as a going concern, achieving a better result for creditors than might otherwise be achieved, or realising the assets of Lendy to make a distribution to creditors."
In my experience (not just in P2P) any 'insolvency practitioner' or administrator who is 'new' to Lendy's business will spend a considerable amount of billable time assessing the current situation before they begin doing anything at all. They might even spend time finding out whether it is possible to continue/ or resurrect Lendy as a trading organisation; they may decide to let existing loan recovery operations run their course, or they may decide to start over with a new set of recovery agents or perhaps (if they are a big enough firm) do it themselves. I think I can guarantee that this will result in significant delays to the recovery of any of investors capital or accrued interest (which will probably be out the window anyway), and quite likely a significant reduction in the amount returned to investors several (or many) years down the line. In addition you will get virtually zero information about what is going on. If Lendy is broke, and there is a loan book full of recalcitrant and difficult borrowers who do you think will pay for the insolvency practitioner or administrators?
I hope that what is being witnessed is the result of cutting out 'unnecessary' costs rather than turning the lights out myself. However, I have no information either way.
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ilmoro
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'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 Mar 10, 2019 13:06:07 GMT
There are two strands to this - the administration of Lendy the company/group and the administration of the loan book. These AIUI would be separate elements with the latter being the subject of a wind down plan which is a rolling annual contract with an identified third party (B**** T**** Creditor Services)
Question is how exactly BT would be paid and whether BT would still have any obligations to make payments to Lendy under the loan agreements it would be winding down.
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james21
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Post by james21 on Mar 10, 2019 13:11:28 GMT
Rather than screen grab, if you go to 'My Loans' and click on 'Export to Excel' you get a csv file named like 'Lendy_LoanParts_20190309.csv' which contains every loan part you've ever owned (Live, repaid, sold) each identified with a unique loan part id number. If you open this file in Excel and filter on Status - Live, the total of the amount column should equal your current 'Live Loan Parts' balance shown on the website.
And perhaps prudent to keep cash balances down to just the value of loan units that you will conceivably want to buy (!) in the next few days.
This is sensible account management irrespective of any (current) perceived threat to the availability of the website.
Downloaded mine a couple of days back and sold everything I could a week ago, not much comfort as I have too much tied up. Hope there is nothing in this that folk are suggesting
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jomantha
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Post by jomantha on Mar 10, 2019 17:45:10 GMT
I am not suggesting it is going down but in the face of a lack of communication I wanted to know what people more insightful than me think we should do just in case.
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gc
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Post by gc on Mar 10, 2019 20:57:43 GMT
I have always kept a spreadsheet with all loans I am in, 1 sheet with different tabs for different companies. That said, what mrclondon said is the same thing and my sheets and the downloaded csv file match up (there's a first).
If it is a part of your business then chances are you have all bank statements also that will tally with the dates and together this info should cover it.
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