michaelc
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Say No To T.D.S.
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Post by michaelc on May 24, 2019 23:01:06 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. Do you not have any compassion for pence ? What are you trying to achieve by spamming this thread?
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zccax77
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Post by zccax77 on May 24, 2019 23:07:26 GMT
I have just looked up the linkedin profiles of some of the partners assigned to this administration by the FCA. All I can say is LB is going to get some heat.
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Post by hobbitcz on May 24, 2019 23:29:05 GMT
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. Do you not have any compassion for pence ? What are you trying to achieve by spamming this thread? Sorry for honestly answering questions people have here. I feel sorry for anyone who lost money in this endeavour. I did as well, I am ending up most probably on net loss. I just feel lucky I managed to get my exposition down to 1/6th before they put the loans on suspended and I couldn't sell the rest. But no point to lie each other in the face in the name of compassion. This is a blunder and we don't get all our money back. This is the hard cold truth and it's better to brace ourselves than keep unfounded hopes and be in stress for all the time.
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Greenwood2
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Post by Greenwood2 on May 25, 2019 7:18:51 GMT
Do you not have any compassion for pence ? What are you trying to achieve by spamming this thread? Sorry for honestly answering questions people have here. I feel sorry for anyone who lost money in this endeavour. I did as well, I am ending up most probably on net loss. I just feel lucky I managed to get my exposition down to 1/6th before they put the loans on suspended and I couldn't sell the rest. But no point to lie each other in the face in the name of compassion. This is a blunder and we don't get all our money back. This is the hard cold truth and it's better to brace ourselves than keep unfounded hopes and be in stress for all the time. Nobody knows what the final outcome will be, there are many routes of potential recovery. One thing for certain it will take a long time.
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zlb
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Post by zlb on May 25, 2019 7:37:39 GMT
Cowes is now sponsored by Rolex it appears. Rolex sponsor the Fastnet Race - not the same thing as Cowes week. oh....ok. But does that mean that sponsorship money to Cowes can be stopped? Doubt it... but can a company in administration be seen as a sponsor on this scale? Suppose it came from separate company.
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orvilorvil
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Post by orvilorvil on May 25, 2019 7:46:29 GMT
Does anyone how much total capital is tied up in Lendy?
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rocky1
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Post by rocky1 on May 25, 2019 7:46:44 GMT
I doubt very much LB/LENDY will be lording it up this year at cowes he might bump into a lot of his lendy wealth clients.
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zlb
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Post by zlb on May 25, 2019 8:01:27 GMT
Any idea why this is? I would hope the entire group come under FCA scutiny so all assets can be used to pay for administrators and repay lenders.
We need a Court sanctioned claw-back from the entire group and UBO. is there a way that money put elsewhere can be reclaimed if it's only been put elsewhere to protect it from being used in such situations?
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zlb
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Post by zlb on May 25, 2019 8:13:10 GMT
It's just the P2P entities on FCA site, not the wider group entities. This is the rundown plan, whether Lendy as whole has appointed administrators will show up on Gazette. If that were the case, would that mean that the loans can't be sold off as junk purchase? The wind down plan lists different people ("A key part of this plan is our appointment of a back-up service provider (Baker Tilly Creditor Services LLP)" [https://support.lendy.co.uk/hc/en-us/articles/115002020969-What-happens-to-my-lending-if-Lendy-goes-out-of-business-or-closes-]), to the names on the website now (Damian Webb, Phillip Sykes and Mark Wilson, all of RSM Restructuring Advisory LLP).
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zccax77
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Post by zccax77 on May 25, 2019 8:16:05 GMT
Look at the profiles of the RSM partners, I think they are going to be going beyond just realising cash from liquidations. <removed by mod>
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jomantha
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Post by jomantha on May 25, 2019 8:19:08 GMT
Any ideas what will (or even should) happen to the HQ monies they were "going to distribute".
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mary
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Post by mary on May 25, 2019 8:32:31 GMT
Any ideas what will (or even should) happen to the HQ monies they were "going to distribute". Don’t expect any distribution anytime soon. Possibly years. However, it is possible that the FCA have done us all a favour. We know the FCA had already placed significant restrictions on cash movements. It is possible the FCA forced this outcome by withdrawing permissions to stop Lendy misusing this large cash infusion <uncorroborated assertion removed>
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agent69
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Post by agent69 on May 25, 2019 8:32:42 GMT
Assuming this is a pre planned run down, it will be interesting to see how the costs and timescale compare with Col.
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rocky1
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Post by rocky1 on May 25, 2019 8:33:12 GMT
Look at the profiles of the RSM partners, I think they are going to be going beyond just realising cash from liquidations. <removed by mod> and maybe his good mate mr SD of student development loans fame with over 30mill of our money with his debentues and PGs worth sod all.making below loan value offers on his defaulted loans where is he getting funding from to make offers?.come on RSM sort the bloody lot of them out.i think this will work out a lot better for all of us with liam/lendy out of the way.but keep him close enough and bring back tim to explain what/where he thinks things went wrong before he threw the towel in and left a very wealthy man.
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zlb
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Post by zlb on May 25, 2019 8:40:11 GMT
Any ideas what will (or even should) happen to the HQ monies they were "going to distribute". Don’t expect any distribution anytime soon. Possibly years. However, it is possible that the FCA have done us all a favour. We know the FCA had already placed significant restrictions on cash movements. It is possible the FCA forced this outcome by withdrawing permissions to stop Lendy misusing this large cash infusion <uncorroborated assertion removed> Would e.g. can this use of our repayments as fees and pay enhancement be found unreasonable? be a reason for owing it back to lenders? Is there any similarity with Phillip G***n? Will RSM fees now use the equivalent?
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