tombraider
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Post by tombraider on May 7, 2019 17:15:54 GMT
Not acceptable really. With interest situation. FCA will be taking control soon if they haven’t already.... another collateral
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Balder
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Post by Balder on May 7, 2019 17:20:42 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? They are clueless. Less than an hour before that change I got a support response confirming updates would be today. I wouldn't be surprised if a different announcement came out tomorrow driven by the FCA! Must be sharing the can with May.
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ptr120
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Post by ptr120 on May 7, 2019 17:21:53 GMT
I've just downloaded my Lendy loanbook in anticipation of the platform having their FCA permissions suspended and going in to administration before the end of the week. I can't see any other outcome from the current situation.
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beechside
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Post by beechside on May 7, 2019 18:06:12 GMT
It's pretty obvious that there are problems but I sincerely hope administration is not on the cards. The stated position is that there should be a takeover plan, with someone running the assets down. Seems to me another P2P company might be best placed to do that, as far as our returns are concerned.
Anyone who knows what's happening with Collateral is aware that the administrators are just sucking money out of the assets. Their fee rates are astronomical and there is potential conflict of interest in speed or processing versus income for them. I'm sure they would argue that they are doing things by the books but secrecy and time taken don't fill me with hope that the administration route is the best.
The question is are Lendy going broke and does that automatically mean administration? I remember cases with Insurance companies that closed their books and simply let them run down, managing assets appropriately. Didn't mean they had to go into administration.
Might it even be that the FCA would work for our interests? Administration would definitely not be the best way to maximise our returns.
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ptr120
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Post by ptr120 on May 7, 2019 18:12:43 GMT
It's pretty obvious that there are problems but I sincerely hope administration is not on the cards. The stated position is that there should be a takeover plan, with someone running the assets down. Seems to me another P2P company might be best placed to do that, as far as our returns are concerned. The question is are Lendy going broke and does that automatically mean administration? I remember cases with Insurance companies that closed their books and simply let them run down, managing assets appropriately. Didn't mean they had to go into administration. Might it even be that the FCA would work for our interests? Administration would definitely not be the best way to maximise our returns. I don't know why but I have never looked in to the living will arrangements that Lendy have in place (all P2P platforms have to have this according to FCA rules). Has anyone done this research that I should have done myself? I did find that one P2P platform's living will states that they will run down the loan book themselves which rather defeats the reason for having one.Baker Tilly Creditor Services LLP is the backup services provider. I have contacted them to enquire if the arrangement Lendy entered in to is still valid, and if they receive a snapshot of the loanbook daily.
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Greenwood2
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Post by Greenwood2 on May 7, 2019 19:47:42 GMT
It's pretty obvious that there are problems but I sincerely hope administration is not on the cards. The stated position is that there should be a takeover plan, with someone running the assets down. Seems to me another P2P company might be best placed to do that, as far as our returns are concerned. The question is are Lendy going broke and does that automatically mean administration? I remember cases with Insurance companies that closed their books and simply let them run down, managing assets appropriately. Didn't mean they had to go into administration. Might it even be that the FCA would work for our interests? Administration would definitely not be the best way to maximise our returns. I don't know why but I have never looked in to the living will arrangements that Lendy have in place (all P2P platforms have to have this according to FCA rules). Has anyone done this research that I should have done myself? I did find that one P2P platform's living will states that they will run down the loan book themselves which rather defeats the reason for having one.Baker Tilly Creditor Services LLP is the backup services provider. I have contacted them to enquire if the arrangement Lendy entered in to is still valid, and if they receive a snapshot of the loanbook daily. I hope the wind down procedures are properly in place, it's not looking good.
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zlb
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Post by zlb on May 7, 2019 20:03:32 GMT
The updates are coming on Thurs 9th May. Message on platform.
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Mucho P2P
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Post by Mucho P2P on May 7, 2019 20:09:15 GMT
The updates are coming on Thurs 9th May. Message on platform. I am sure they are, but which year?
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invester
P2P Blogger
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Post by invester on May 7, 2019 20:14:09 GMT
It's pretty obvious that there are problems but I sincerely hope administration is not on the cards. The stated position is that there should be a takeover plan, with someone running the assets down. Seems to me another P2P company might be best placed to do that, as far as our returns are concerned. Anyone who knows what's happening with Collateral is aware that the administrators are just sucking money out of the assets. Their fee rates are astronomical and there is potential conflict of interest in speed or processing versus income for them. I'm sure they would argue that they are doing things by the books but secrecy and time taken don't fill me with hope that the administration route is the best. The question is are Lendy going broke and does that automatically mean administration? I remember cases with Insurance companies that closed their books and simply let them run down, managing assets appropriately. Didn't mean they had to go into administration. Might it even be that the FCA would work for our interests? Administration would definitely not be the best way to maximise our returns. I don't think you're wrong, but just look at some of the loans. What P2P company would ever take them on? It would just ruin their reputation when the recovery turns out to be low. The slimmest chance might be the whole industry knowing that a disorganised Lendy failure would threaten them all, and the FCA coordinating something on a 'too big to fail' basis. But I can admit this is just wishful thinking.
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zlb
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Post by zlb on May 7, 2019 20:19:06 GMT
The updates are coming on Thurs 9th May. Message on platform. I am sure they are, but which year? Aw. C'mon. 
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voss
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Post by voss on May 7, 2019 20:31:03 GMT
So the latest update is that the latest update is ... er ... late ... again.
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lexo
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Post by lexo on May 8, 2019 16:29:47 GMT
Ok, they just emailed that the issues with Barclays have been resolved.
I still don't see interests in my Lendy's account and I'm struggling to understand how issues with Barclays prevented them from crediting the interests (or why the think the investors will believe that there is a connection between those two)
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Post by scerbera on May 8, 2019 16:52:28 GMT
Ok, they just emailed that the issues with Barclays have been resolved. I still don't see interests in my Lendy's account and I'm struggling to understand how issues with Barclays prevented them from crediting the interests (or why the think the investors will believe that there is a connection between those two) Have you never had an argument with someone so stupid that they think they are actually clever? That it hurts to converse with them because trying to understand how someone so stupid can still be alive is to much to comprehend? Because this is how i'd describe lundu, they are so utterly incompetent, so dreadful, so spectacularly incapable, yet they think they are doing a good job, that its best if you dont even attempt to reason with yourself how bad they are. What does banking transactions have to do with updates to the loan book? Can someone explain to me using small words please so my head doesn't explode.
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SteveT
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Post by SteveT on May 8, 2019 17:09:14 GMT
Ok, they just emailed that the issues with Barclays have been resolved. I still don't see interests in my Lendy's account and I'm struggling to understand how issues with Barclays prevented them from crediting the interests (or why the think the investors will believe that there is a connection between those two) Have you never had an argument with someone so stupid that they think they are actually clever? That it hurts to converse with them because trying to understand how someone so stupid can still be alive is to much to comprehend? Because this is how i'd describe lundu, they are so utterly incompetent, so dreadful, so spectacularly incapable, yet they think they are doing a good job, that its best if you dont even attempt to reason with yourself how bad they are. What does banking transactions have to do with updates to the loan book? Can someone explain to me using small words please so my head doesn't explode. Presumably the tech staff who would normally post updates to the loan pages have been a tad busy with the rather more pressing issue of getting the Barclays banking interface reinstated.
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Post by scerbera on May 8, 2019 17:20:57 GMT
Have you never had an argument with someone so stupid that they think they are actually clever? That it hurts to converse with them because trying to understand how someone so stupid can still be alive is to much to comprehend? Because this is how i'd describe lundu, they are so utterly incompetent, so dreadful, so spectacularly incapable, yet they think they are doing a good job, that its best if you dont even attempt to reason with yourself how bad they are. What does banking transactions have to do with updates to the loan book? Can someone explain to me using small words please so my head doesn't explode. Presumably the tech staff who would normally post updates to the loan pages have been a tad busy with the rather more pressing issue of getting the Barclays banking interface reinstated. How long does it take to copy and paste some nonsense. Lundu are a shower, end of, completely fed up with how useless they are. The only thing they have ever done clearly is buy an enormous book of excuses!
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