Mousey
Member of DD Central
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Post by Mousey on Mar 27, 2019 11:29:04 GMT
Given the circumstances I'm giving Liam the benefit of the doubt with regards the ongoing situation. If he was only after the money he would have thrown the towel in by now. I look at the behaviour of Tim Gordon who resigned as a director July 2018 as someone slightly more cowardly but I don't know the full details of course.
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Balder
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Post by Balder on Mar 27, 2019 11:47:47 GMT
Tim Gordon had a heart attack.
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Mousey
Member of DD Central
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Post by Mousey on Mar 27, 2019 12:27:19 GMT
Tim Gordon had a heart attack. Ah I wasn't aware of that. My best wishes to him of course.
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james21
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Post by james21 on Mar 27, 2019 12:55:18 GMT
I think this discussion should be moved to the DD section and others that discuss such issues, the demise of L should it happen is not something I want, and its no help putting it on open view to guests
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Post by p2plender on Mar 27, 2019 12:59:43 GMT
I disagree re who is to blame.
There was a certain point a which investors appetite had began waining and the secondary market had all but dried up. Yet Lendy couldn't get enough business through the door in the shape of what are now mostly defaulted loans. I put much of the blame for investor's losses firmly at the door of LB and Lendy. Might be worth watching the video posted a while back, 'we're very good at blah, blah, blah'. No you're not, you were just in the right place at the right time and allowed to run riot (with other people's money)..
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Mousey
Member of DD Central
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Post by Mousey on Mar 27, 2019 13:17:46 GMT
Indeed, here's the video as a reminder:
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Post by loftankerman on Mar 27, 2019 16:18:48 GMT
Hmmm! The existence of the scammers of this world, along with various fund managers, oligarchs, despots and members of the UK and EU parliaments, make me wonder if there should be an addition to the world of Fantasy Football and Formula One. Might a Fantasy Death List serve as a wake up call to those who think they can get away with anything at the expense of everyone else?
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Post by charliebrown on Mar 27, 2019 17:35:49 GMT
Since Lendy is an FCA accredited platform, what happens when LY goes bust or loses 80% of investors’ capital or both. I think the answer is “absolutely nothing” but I was wondering whether there’s actually any benefit to investors when investing in an accredited platform? If the answer is “absolutely nothing” then why do we need the FCA?
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Post by loftankerman on Mar 27, 2019 17:57:35 GMT
Since Lendy is an FCA accredited platform, what happens when LY goes bust or loses 80% of investors’ capital or both. I think the answer is “absolutely nothing” but I was wondering whether there’s actually any benefit to investors when investing in an accredited platform? If the answer is “absolutely nothing” then why do we need the FCA? It looks like there is little benefit in having them if they have done nothing other than monitor Lendy's antics of the last five months. I had a lifelong friend whose cancer was being monitored up to the point where it went from monitoring to terminal between appointments. Its hard to anticipate a better outcome for Lendy. As a fellow former mariner he was buried at sea, maybe it would be appropriate for Lendy too.
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Post by df on Mar 27, 2019 18:47:54 GMT
Whilst i agree that the valuation were very optimistic in some cases, for those that were negligent the surveyor should be pursued For redress. Being optimistic though is sometimes part of business, and it is also the duty of nvestors to see through the optimism. this all seemed to start with the property slowdown. Thats not lendys fault. Valuations for some properties were drastically reduced because of the slowdown. Big estates become impossible to sell. Thats not lendys fault. not defending lendy. But this isnt all because if lendy. Investors need to take some responsibility too. Can't really use property slow down as a scapegoat. If valuations were proper, the overall outcome would've been ok with promised max 70% LTV. Of course we're responsible for our own actions, but we were also mislead by inadequate information presented to us by the platform.
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sydb
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Post by sydb on Mar 27, 2019 18:59:29 GMT
It looks like there is little benefit in having them if they have done nothing other than monitor Lendy's antics of the last five months. It would appear that the FCA have been putting pressure on Lendy to keep on the rails and, unless anybody has information showing this is not in our interest, I would like to thank them for anything they have done to help. Would you expect either the FCA or Lendy to want to publicly announce details? I wouldn't.
I think the FCA authorised Lendy in July 2018. Did the FCA authorisation cause you to increase the amount you had lent through them?
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Post by charliebrown on Mar 27, 2019 19:17:35 GMT
Whilst i agree that the valuation were very optimistic in some cases, for those that were negligent the surveyor should be pursued For redress. Being optimistic though is sometimes part of business, and it is also the duty of nvestors to see through the optimism. this all seemed to start with the property slowdown. Thats not lendys fault. Valuations for some properties were drastically reduced because of the slowdown. Big estates become impossible to sell. Thats not lendys fault. not defending lendy. But this isnt all because if lendy. Investors need to take some responsibility too. Can't really use property slow down as a scapegoat. If valuations were proper, the overall outcome would've been ok with promised max 70% LTV. Of course we're responsible for our own actions, but we were also mislead by inadequate information presented to us by the platform. A long time ago I took my accident damaged car to a garage to be repaired. The Mechanic asked me whether it was an insurance job. I asked why and he said they’d give me a more competitive and realistic price if it wasn’t an insurance job. I think this is the same scenario with the valuations, they are valued for Lendy’s benefit and to enable a loan to proceed. It’s akin to an “insurance job”.
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Post by GSV3MIaC on Mar 27, 2019 22:27:37 GMT
This is not news .. valuers regularly give answers which differ depending on what the customer needs. Or as my old sales manager said, when asked 'how far is it to Birmingham?' .. "Are you driving it, or claiming mileage?".
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