Jeepers
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Post by Jeepers on May 3, 2019 21:05:58 GMT
They have since apologised that the updates will not be available until Tuesday. Kicking the can. Surprised? The business is clearly not operating normally. Sadly upping my expected losses (again), not good. Just hoping the FCA prevents total meltdown (ie. grasping at straws). Can someone help me with this logic? The business hasn’t been operating normally for many months. Our money is in the assets, not Lendy. Why is Lendy still operating? To extract as much as possible from the recoveries. It cannot rebuild the brand to raise honest revenue. Things are too far gone.
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Post by martin44 on May 3, 2019 21:37:59 GMT
Kicking the can. Surprised? The business is clearly not operating normally. Sadly upping my expected losses (again), not good. Just hoping the FCA prevents total meltdown (ie. grasping at straws). Can someone help me with this logic? The business hasn’t been operating normally for many months. Our money is in the assets, not Lendy. Why is Lendy still operating? To extract as much as possible from the recoveries. It cannot rebuild the brand to raise honest revenue. Things are too far gone. If not lendy, then who would you rather extract the recoveries? Like you , i too have substantial funds tied up in non performing loans, but i would much prefer lendy in charge, since they have control of the defaulted assets/ loans and any recoveries will ultimately come back to us , the lenders, rather than some third party recovery firm, that will extract "probably" 90% of any funds remaining after the recovery process and leave us with virtually nothing.
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adrianc
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Post by adrianc on May 4, 2019 8:06:30 GMT
The administrators are the ones extracting the recoveries whether Lendy is in business or not. Lendy just takes another cut. No, you'd be adding another level of administrators. There would be administrators administering the administrations.
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jonno
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nil satis nisi optimum
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Post by jonno on May 4, 2019 8:17:41 GMT
The administrators are the ones extracting the recoveries whether Lendy is in business or not. Lendy just takes another cut. I'm the last one to defend Lendy, but just look what's going on in BDO Land; oops sorry, Collateral. 
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Mucho P2P
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Post by Mucho P2P on May 4, 2019 10:41:56 GMT
I'm the last one to defend Lendy, but just look what's going on in BDO Land; oops sorry, Collateral. AIUI COL’s issues stem from not being FCA regulated and therefore not having a wind down system in place. You can’t compare the two. There were several entities prepared to take over Collaretals operation, and to subsequently apply for approval. The FCA preferred to close them down.
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iRobot
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Post by iRobot on May 4, 2019 12:40:49 GMT
AIUI COL’s issues stem from not being FCA regulated and therefore not having a wind down system in place. You can’t compare the two. There were several entities prepared to take over Collaretals operation, and to subsequently apply for approval. The FCA preferred to close them down. I don't see how that would have worked in practice? If the Col operation were purchased, wouldn't the purchasers need to be fully authorised up front? (Interim permissions no longer being available) Otherwise, wouldn't it be situation of one un-authorised entity being replaced by another un-authorised entity and nothing will have changed (from an FCA perspective). I recall talk of the Col loanbook being bought out (partially or fully and for however many pennies in the pound), but that's seems to me to be a different thing entirely. However, if there is viable intel that the FCA were aware of acceptable (to the FCA) approaches which would have a allowed the ongoing operation of Col as a platform (other than the appointment of administrators by Col's directors) then I suspect duck and co over on the 'City regulator ...' would love to be made aware of it.
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duck
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Post by duck on May 4, 2019 16:45:44 GMT
... then I suspect duck and co over on the 'City regulator ...' would love to be made aware of it. Then make me aware, the PM facility is always available.
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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 May 4, 2019 19:46:40 GMT
... then I suspect duck and co over on the 'City regulator ...' would love to be made aware of it. Then make me aware, the PM facility is always available. think that was addressed to you. Think the subsequently is probably the issue.
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Greenwood2
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Post by Greenwood2 on May 4, 2019 20:09:30 GMT
AIUI COL’s issues stem from not being FCA regulated and therefore not having a wind down system in place. You can’t compare the two. There were several entities prepared to take over Collaretals operation, and to subsequently apply for approval. The FCA preferred to close them down. I thought Col decided they didn't have to be authorised and then closed themselves down when the FCA disputed this.
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Mucho P2P
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Post by Mucho P2P on May 4, 2019 20:34:41 GMT
Then make me aware, the PM facility is always available. think that was addressed to you. Think the subsequently is probably the issue. Thx Ilmoro, I have replied via PM to that post.
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Mucho P2P
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Post by Mucho P2P on May 4, 2019 20:43:06 GMT
There were several entities prepared to take over Collaretals operation, and to subsequently apply for approval. The FCA preferred to close them down. I thought Col decided they didn't have to be authorised and then closed themselves down when the FCA disputed this. That was part of the story, but a lot more was naturally involved.
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iRobot
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Post by iRobot on May 5, 2019 19:09:55 GMT
Mucho P2P think that was addressed to you. Think the subsequently is probably the issue. Thx Ilmoro, I have replied via PM to that post. Thanks for the PM - it is as interesting as it is potentially important to duck 's dealings with the FCA. However, and sorry to labour the point, but can you confirm you have also PM'd duck? (Just so there's no misunderstanding.)
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Mucho P2P
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Post by Mucho P2P on May 6, 2019 8:35:08 GMT
Thx Ilmoro, I have replied via PM to that post. Thanks for the PM - it is as interesting as it is potentially important to duck 's dealings with the FCA. However, and sorry to labour the point, but can you confirm you have also PM'd duck ? (Just so there's no misunderstanding.) Not replied to Duck yet. Will read/assimilate all his posts once back at my desk and PM him. Unless he wants to PM me first.
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jonno
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nil satis nisi optimum
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Post by jonno on May 6, 2019 8:55:19 GMT
I'm the last one to defend Lendy, but just look what's going on in BDO Land; oops sorry, Collateral. AIUI COL’s issues stem from not being FCA regulated and therefore not having a wind down system in place. You can’t compare the two. Carcasses emerge for many different reasons; vultures do not discriminate.
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richox
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Post by richox on May 7, 2019 17:09:21 GMT
The website banner now reads:
Apologies that the monthly platform updates have yet to be issued. These will be published by Thursday 9th May.
So much for Tuesday 7th May. Will the can be kicked even further down the road on 9th?
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