Garage246
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Post by Garage246 on May 28, 2019 8:58:10 GMT
Many of the borrowers are so called 'No Status' borrowers - the model is all about the security of the underlying asset, not the borrower's credit worthiness. With PBL, usually the borrower had enough skin in the game so even when the valuations didn't support a 70% LTV, there was still enough in the pot for a decent recovery. Check out PBL155, security sold at auction for ~30% of the valuation, ~70% loss to investors! PBL155 was mis-sold - at least parts on the secondary market should have been suspended after a certain cut off date. We have several family accounts in Lendy and those accounts where we purchased parts on PBL155 after a certain date were refunded with all capital and interest. (although Lendy didn't pay us for 6 months until I sent a firm of debt collector heavies in - then they paid same day). Lendy would never admit what the mis-selling was. There is a mis-match between what is listed on the valuation report, which the loan was secured against, versus what was sold at auction. I raised this with Lendy and had an ongoing complaint running about. Either way there was something not right on this loan in true LB style.
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jaswells
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Post by jaswells on May 28, 2019 9:06:44 GMT
Check out PBL155, security sold at auction for ~30% of the valuation, ~70% loss to investors! PBL155 was mis-sold - at least parts on the secondary market should have been suspended after a certain cut off date. We have several family accounts in Lendy and those accounts where we purchased parts on PBL155 after a certain date were refunded with all capital and interest. (although Lendy didn't pay us for 6 months until I sent a firm of debt collector heavies in - then they paid same day). Lendy would never admit what the mis-selling was. There is a mis-match between what is listed on the valuation report, which the loan was secured against, versus what was sold at auction. I raised this with Lendy and had an ongoing complaint running about. Either way there was something not right on this loan in true LB style. Shocking. One of many irregularities we will hear about in the coming months.
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Post by meyerlansky on May 28, 2019 20:38:28 GMT
Hi everybody, this is my first message ever here. Couple of questions: 1 have you received any email from lendy or FCA? 2 anybody knows anything about lendy wealth? 3 if my money was invested in live properties, will I have any loss? 4 all those information what lendy wrote each months about each investings are correct or false? Maybe this site can be interesting link.springer.com/article/10.1007/s40685-017-0047-x |
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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 28, 2019 22:13:17 GMT
Hi everybody, this is my first message ever here. Couple of questions: 1 have you received any email from lendy or FCA? 2 anybody knows anything about lendy wealth? 3 if my money was invested in live properties, will I have any loss? 4 all those information what lendy wrote each months about each investings are correct or false? Maybe this site can be interesting link.springer.com/article/10.1007/s40685-017-0047-xWelcome
1. No 2. In terms of what? Its a managed investment account where Lendy invests in loan on the platform and pays a fixed rate of interest. It is in the same situation as the rest of the platform. 3. Define live? Unsuspended (until admin) Probably, depends on whether the borrowers can refinance the loans or secure the funding via Lendy in Administration to complete the developments and repay. Many of the loans listed as live are actually already in default and likely to suffer shortfalls, some potentially substantial im afraid as most are to the same borrower who has run out of cash. 4. Potentially divorced form reality & economical with the truth.
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Post by picanto on May 29, 2019 16:22:48 GMT
I know nobody is going to have a definitive answer but does anybody know a realistic timescale as to when we are likely to hear any news from the administrators on how they are planning to proceed forward? Are we likely talking a few days or weeks/months?
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TitoPuente
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Post by TitoPuente on May 29, 2019 16:28:10 GMT
Statutory eight weeks.
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gc
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Post by gc on May 29, 2019 19:17:56 GMT
I haven't read every post within the discussions regarding Lendy folding, (sorry), but I would suggest that everyone get their loan information from the site whilst they still can/have access, and make sure it tallies (it should).. This may come in quite handy in the future.
I am sure everyone knows how to do this, but for anyone a little unsure or new to this...
1, Log into the Lendy site
2, select MY LOANS tab at the top
3, Select EXPORT TO EXCEL tab on the right
This will download a .csv file to your computer.
If you want to see a list of JUST the loans that you still have outstanding and make sure that the figure tallies with what the Lendy system says, then try the following if you are using Excel. Obviously if you are using other s/ware (Open Office, Libre Office etc, the commands may be different)
4, Open the spreadsheet
5, Select all the data (this can be done by clicking the little tab that is to the left of "A" and above "1"
6, Click on the Filter and Sort icon within Excel
7, Click on the dropdown box that is in the "Status" field
8, Deselect the bottom three boxes and just leave a tick in the "Live" box (you may notice that the "select all" box is filled in, this is fine)
Once you've done this, you should just be left with your "live" loans data on the screen.
9, Highlight all data in the "Amount" column, and also highlight two empty cells below this.
10, Click on the "Sum" tab, it may just be a symbol instead of saying Sum.
11, Save your file - (Personally, I prefer to save it as an Excel Workbook, or whatever prog you are using, than as a .csv file..)
The amount it has added up to, should tally with what is still outstanding within Lendy.
I am sure you've all done this, but just in case..
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Mucho P2P
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Post by Mucho P2P on May 29, 2019 20:33:14 GMT
This will be a highly complex case. Time till we hear something?? Days - no way, weeks - only if we are lucky and it is a basic email from RSM. RSM will be getting to grips with the situation, and also investigating if Lendy can be sold as a going concern (cough cough!, any takers???), liaising with the already individually appointed administrators (that will take time itself), discussing with Liam (oh yes!, he has a legal duty to help the Administrators – I would love to be a fly on the wall for this one!), discussing with the FCA, and above all, taking legal advice as to the standing of the individual P2P loans, as RSM, believe it or not, would rather not have law suits on their hands from a whole bunch of disgruntled lenders. Patience here, and lots of it is the order of the day, weeks and months. As TitoPuente correctly stated, 8 weeks statutory, but it can be extended for various reasons, which we will be notified about.
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Post by martin44 on May 29, 2019 20:51:20 GMT
It truly makes me feel sick to the stomach that there are pensioners out their who may have invested large amounts with those Lendy dogs, who will be relying on the monthly income to make ends meet, and the many hundreds who have invested in the wealth fund, with the same hopefully, seemingly wise move to secure their retirement, to now find themselves here really is truly sickening..... personally i can cope with my loss... i hope they all *at lendy.. rot in hell.
edit *
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Post by bb80 on May 29, 2019 22:07:44 GMT
Can someone tell me if we are/are not creditors if we're invested in a loan?
Its just that I'm thinking if the loan contract is directly between the lender and the borrower then that agreement can continue without Lendy. This would mean the administrators wouldn't need to take any money from the loan repayment or interest payments.
Also Lendy website said our money would not form part of their assets and would not be available to creditors in the event of insolvency.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 29, 2019 22:08:16 GMT
Check out PBL155, security sold at auction for ~30% of the valuation, ~70% loss to investors! PBL155 was mis-sold - at least parts on the secondary market should have been suspended after a certain cut off date. We have several family accounts in Lendy and those accounts where we purchased parts on PBL155 after a certain date were refunded with all capital and interest. (although Lendy didn't pay us for 6 months until I sent a firm of debt collector heavies in - then they paid same day). Lendy would never admit what the mis-selling was. There is a mis-match between what is listed on the valuation report, which the loan was secured against, versus what was sold at auction. I raised this with Lendy and had an ongoing complaint running about. Either way there was something not right on this loan in true LB style. One or two loans may well be outrageously wrong but there are still plenty of reasonable assets within the platform to give an overall positive outcome if the whole of your lending with Lendy is taken into consideration and not just a short timeframe. People still fixate on individual loans which should only be a tiny proportion of their total investments. Life is too short to give yourself stress for things you have very little control unless like Garage246 you are prepared to take drastic action. Usually if it affects you individually and not family it would be rarely worth the effort.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
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Post by ilmoro on May 29, 2019 22:51:10 GMT
Can someone tell me if we are/are not creditors if we're invested in a loan? Its just that I'm thinking if the loan contract is directly between the lender and the borrower then that agreement can continue without Lendy. This would mean the administrators wouldn't need to take any money from the loan repayment or interest payments. Also Lendy website said our money would not form part of their assets and would not be available to creditors in the event of insolvency. In theory correct. The contracts should continue with the backup service provider acting as the agent in place of Lendy. We should not be creditors of Lendy except in the case of the old term loans.
In practice we are awaiting confirmation from the administrators that the theory matches the reality.
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sydb
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Post by sydb on May 30, 2019 0:55:47 GMT
Many of the borrowers are so called 'No Status' borrowers - the model is all about the security of the underlying asset, not the borrower's credit worthiness. With PBL, usually the borrower had enough skin in the game so even when the valuations didn't support a 70% LTV, there was still enough in the pot for a decent recovery. Check out PBL155, security sold at auction for ~30% of the valuation, ~70% loss to investors! Check out PBL179. Wasn't it 83% loss?
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Post by masquedefer on May 30, 2019 4:58:04 GMT
Can someone tell me if we are/are not creditors if we're invested in a loan? Its just that I'm thinking if the loan contract is directly between the lender and the borrower then that agreement can continue without Lendy. This would mean the administrators wouldn't need to take any money from the loan repayment or interest payments. Also Lendy website said our money would not form part of their assets and would not be available to creditors in the event of insolvency. In theory correct. The contracts should continue with the backup service provider acting as the agent in place of Lendy. We should not be creditors of Lendy except in the case of the old term loans.
In practice we are awaiting confirmation from the administrators that the theory matches the reality.
I seem to remember Lendy asking me to tick a box so that old loans were under the newer loan terms. Ie individual loans to borrowers. In which case the 4 old loans are also ring fenced so we are not creditors on any loans. Can anyone remember this happening? How can we prove it to the administrator? Should he be told now so he doesn’t make an error that will be harder to undo later?
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rocky1
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Post by rocky1 on May 30, 2019 6:11:30 GMT
So what part do LB/LENDY now play in this mess?.has Liam just walked away unscathed to continue his schemes elsewhere.as our agents they showed contempt for its lenders and complete incompetence in its management of loans/lenders funds.i hope they will not be receiving any further fees/interest from any of further recoveries and the administrators can find out why LB/TIM/LENDY allowed this to happen when many lenders could see this coming months and months ago.
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