Greenwood2
Member of DD Central
Posts: 4,069
Likes: 2,568
|
Post by Greenwood2 on May 24, 2019 19:49:35 GMT
I suspect people on this forum have been trying to get as much out as possible for a while, I feel really sorry for the other lenders who had no idea what was going on, and for whom this will be a bombshell.
|
|
zccax77
Member of DD Central
Posts: 82
Likes: 76
|
Post by zccax77 on May 24, 2019 19:53:53 GMT
This is going blow up in the media. The FCA better be prepared, since they are already having to deal with the consequences of the LCF implosion, and I hope they have learnt some valuable lessons from the Collateral clusterf*ck.
|
|
Mucho P2P
Member of DD Central
Posts: 941
Likes: 1,623
|
Post by Mucho P2P on May 24, 2019 19:59:24 GMT
This is going blow up in the media. The FCA better be prepared, since they are already having to deal with the consequences of the LCF implosion, and I hope they have learnt some valuable lessons from the Collateral clusterf*ck. The FCA are interested in authorising as many companies as possible as it all adds up to their yearly intake of fees. All the signs were here last year that lendy was not in great health, yet the FCA believed them worthy of authorisation in July 2018!
|
|
|
|
Post by nickdavies on May 24, 2019 20:22:47 GMT
This was handily updated two days ago. Believe it or not.
|
|
averageguy
Member of DD Central
Posts: 1,153 
Likes: 834
|
Post by averageguy on May 24, 2019 20:29:32 GMT
If as I suspect they’ve already had the dough re the sale for DFL012 will that just get mixed up with whatever other cash they have or be earmarked for “investors” in this project?
|
|
Mucho P2P
Member of DD Central
Posts: 941
Likes: 1,623
|
Post by Mucho P2P on May 24, 2019 20:37:05 GMT
If as I suspect they’ve already had the dough re the sale for DFL012 will that just get mixed up with whatever other cash they have or be earmarked for “investors” in this project? That should be rightly our cash as I heard on the grapevine it was paid out on Monday this week to Lendy, so again, procrastination by Lendy looks like costing us all.
|
|
averageguy
Member of DD Central
Posts: 1,153
Likes: 834
|
Post by averageguy on May 24, 2019 20:43:00 GMT
If as I suspect they’ve already had the dough re the sale for DFL012 will that just get mixed up with whatever other cash they have or be earmarked for “investors” in this project? That should be rightly our cash as I heard on the grapevine it was paid out on Monday this week to Lendy, so again, procrastination by Lendy looks like costing us all. This is what’s concerning me..my biggest outstanding loan with Lendy 
|
|
Mucho P2P
Member of DD Central
Posts: 941
Likes: 1,623
|
Post by Mucho P2P on May 24, 2019 20:45:27 GMT
That should be rightly our cash as I heard on the grapevine it was paid out on Monday this week to Lendy, so again, procrastination by Lendy looks like costing us all. This is what’s concerning me..my biggest outstanding loan with Lendy It was mine as well. I somehow think that was LB giving us all the middle finger as he departed!
|
|
|
|
Post by star dust on May 24, 2019 20:47:00 GMT
Mod Hat On/ I’ve started another COL style locked thread for this, which the admin and moderation team will endeavour to keep updated. It contains the basic notices only at the moment, but I’ll add some links to the more important information and loan stuff over the coming days / weeks.
These are difficult times for any with funds still in Lendy I am sure, but please be reminded when you post, to keep it polite and free of defamatory or libellous comments; where we have concerns about any posts we will simply remove them to protect the poster, the voluntary forum staff, and the forum itself. Thank you all for your collaboration and understanding.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on May 24, 2019 20:51:35 GMT
I need some time to digest everything over the weekend but a few initial thoughts spring to mind. - Anyone invested in "old terms" loans may now be an unsecured creditor potentially? As they technically invested directly into Lendy they may have gone from being in allegedly "safe" loans that were "100% guaranteed by Lendy" to having no security at all and being at the back of the queue. Time will tell... - It seems that only the three FCA regulated companies are part of the administration and most of the tasty assets (fancy Lendy HQ, DFL012 freehold etc) were all held in other companies within the group such as Lendy Properties Ltd. This means they most likely won't be available for creditors of this administration in case there are shortfalls in the recoveries and will be treated separately. - Presumably the first charge on the provision fund held with Metro bank counts that out as a potential source of funding also. We shall have to see what the deal was with them. - I believe that Lendy have various PI claims underway and some may be quite advanced. I hope these are allowed to continue if they are cost effective and have a good chance of recovery.  |
|
jane
Posts: 145
Likes: 213
|
Post by jane on May 24, 2019 21:18:05 GMT
This was handily updated two days ago. Believe it or not.
Updated three days ago and still contains 'in the unlikely event that Lendy was to become insolvent' and 'We are well-capitalised'
|
|
jane
Posts: 145
Likes: 213
|
Post by jane on May 24, 2019 21:25:29 GMT
This was handily updated two days ago. Believe it or not.
The bit that seems to have changed is that they have added: "Barclays does not monitor the funds we place on the segregated client account or how we operate these accounts. As an FCA authorised firm, it is our responsibility to do so." Is that some sort of admission they have been doing naughty things with our funds which is why the FCA has had to step in and shut them down?
|
|
|
|
Post by hobbitcz on May 24, 2019 21:42:26 GMT
Oh man .. I have 74k stuck in Lendy .. how will that end I have very bad news for you. Just recently I was doing complete analysis of the Lendy portfolio. I believe that there is around 46% average real security (compared to the loan values) underlying. This assumes no costs to get this security back. The provision fund was plundered by Lendy before the administration and its value was laughable anyway. Therefore I wouldn't assume that if the whole portfolio get sold (what is one way to go) there will be offers of not much more than 20% value of the outstanding loans (forget any interest). Administrator will take its cut as well. Realistically I would expect nothing more than 10% of the loans outstanding to be recovered. 20% in the most optimistic scenario, anything over 30% net pay to investors is highly unrealistic right now. If you didn't do your taxes for 2018/19 yet, you can include easily 100% of your Lendy portfolio as a loss against any other P2P lending income. If there will be any recovery in the future, you will just use it as a net P2P income for tax purposes. Sorry for the bad news folks, but keep your hopes down. Very down.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,573
Likes: 10,748
|
Post by ilmoro on May 24, 2019 21:43:32 GMT
As an aside it should be noted that SSSH holds charges in relation to corporate borrowers for the Devon loans so there is some form of direction relationship between lenders & borrowers. However, main security is in personal name of borrower.
|
|
|
|
Post by hobbitcz on May 24, 2019 21:52:37 GMT
If as I suspect they’ve already had the dough re the sale for DFL012 will that just get mixed up with whatever other cash they have or be earmarked for “investors” in this project? I wouldn't be surprised to find out there is actually no cash left. Including the cash on investor's accounts (if anyone was that foolish to keep any cash still in - I was immediately transferring out even like £5 in remaining monthly interest as soon as it hit my account.
|
|
