adrianc
Member of DD Central
Posts: 8,970
Likes: 4,801
|
Post by adrianc on Dec 23, 2021 16:45:25 GMT
Thus when lots of new P2P lenders appeared and created competition it then led them into taking on almost any loan no matter how dodgy to fuel their business. That's pretty much exactly what happened. Look back at the happy days of Fastest-Finger funding on the rare occasions a new loan came to the market. Loans were repaid, interest rates were high, all was rosy. The problems started when the lure of the money available just became too tempting, and the quality of the loans started to nose-dive. Then there were the development loans... HUGE development loans, where the subsequent tranches kept falling slightly short, a bit shorter, quite short, VERY short... simply because everybody had as much of it as they wanted. And that left the developers short of finance... and a development that's short of finance is a doomed development. And a doomed development is an unfinished development. And an unfinished development is a fire sale. ...despite all the warnings that this was insecure lending, and that loans may not repay... They weren't "robbed". They just threw their money at iffy loans because they didn't bother to read the material that was available. They weren't stupid, just gullible. Look at some of the threads on here - take the H**p**n C***t c**l*t and b**ty**d fiasco. Why would anybody even vaguely sane read that, then hand their money to the borrower...? Yet it was fully funded, £5m... Madness.
|
|
jane
Posts: 145
Likes: 214
|
Post by jane on Dec 23, 2021 22:01:14 GMT
So are those PGs worthless ?? They were very important to lending. I believe that was the opinion of the judge in the London Loans case
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,848
Likes: 11,077
|
Post by ilmoro on Dec 23, 2021 23:34:58 GMT
So are those PGs worthless ?? They were very important to lending. PG only have the value of any assets available to support them (most platforms assign zero security value to them as unsecured)... in most cases this appears to be zero though PBL193 has so far realised an addition 67k from the PG
|
|
merlin99
Member of DD Central
Posts: 126
Likes: 269
|
Post by merlin99 on Dec 23, 2021 23:40:28 GMT
Adrianc if you think syphoning of millions of £ into foreign accounts is OK. I would like to know what you think robbery is?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,848
Likes: 11,077
|
Post by ilmoro on Dec 24, 2021 6:59:44 GMT
Adrianc if you think syphoning of millions of £ into foreign accounts is OK. I would like to know what you think robbery is? Pretty sure that isnt what he was saying. Remember the alleged 'robbery' wasnt from lenders, it was from the company, HMRC, and hence now its creditors, it was money legitimately due to Lendy which has allegedly been 'syphoned off'. Ultimately it may be money due to lenders if they are creditors for other reasons but the alleged 'robbery' has nothing to do with the loans in the context advanced by the OP.
|
|
merlin99
Member of DD Central
Posts: 126
Likes: 269
|
Post by merlin99 on Dec 24, 2021 15:01:03 GMT
Adrianc if you think syphoning of millions of £ into foreign accounts is OK. I would like to know what you think robbery is? Pretty sure that isnt what he was saying. Remember the alleged 'robbery' wasnt from lenders, it was from the company, HMRC, and hence now its creditors, it was money legitimately due to Lendy which has allegedly been 'syphoned off'. Ultimately it may be money due to lenders if they are creditors for other reasons but the alleged 'robbery' has nothing to do with the loans in the context advanced by the OP. Perhaps my use of the word "robbery" was inaccurate and it should have been "Obtaining money by false pretences" which is after all a bit of a mouthful. So many of us lenders on here and else where have used the word "robbery" more as a colloquialism than a legalistic fact. Never the less many of the lenders do see the actions of the directors of Lendy to use another colloquialism "criminal" and would wish to see the same directors "banged up" to use a further colloquialism.
|
|
Brainer
Member of DD Central
Posts: 186
Likes: 323
|
Post by Brainer on Dec 24, 2021 16:47:56 GMT
About 15 years late, I recently watched The Sopranos. Couldn't help having a wry smile at the character of 'Vic the Appraiser' in Season 4, cooking up dodgy valuations for Tony's HUD scam. Wonder if he was a member of RICS?
|
|
adrianc
Member of DD Central
Posts: 8,970
Likes: 4,801
|
Post by adrianc on Dec 24, 2021 16:48:30 GMT
Pretty sure that isnt what he was saying. Remember the alleged 'robbery' wasnt from lenders, it was from the company, HMRC, and hence now its creditors, it was money legitimately due to Lendy which has allegedly been 'syphoned off'. Ultimately it may be money due to lenders if they are creditors for other reasons but the alleged 'robbery' has nothing to do with the loans in the context advanced by the OP. Perhaps my use of the word "robbery" was inaccurate and it should have been "Obtaining money by false pretences" which is after all a bit of a mouthful. So many of us lenders on here and else where have used the word "robbery" more as a colloquialism than a legalistic fact. Never the less many of the lenders do see the actions of the directors of Lendy to use another colloquialism "criminal" and would wish to see the same directors "banged up" to use a further colloquialism. ilmoro 's point still stands. Don't get the actions of LB and the loan details confused.
|
|
merlin99
Member of DD Central
Posts: 126
Likes: 269
|
Post by merlin99 on Dec 24, 2021 20:22:23 GMT
Perhaps my use of the word "robbery" was inaccurate and it should have been "Obtaining money by false pretences" which is after all a bit of a mouthful. So many of us lenders on here and else where have used the word "robbery" more as a colloquialism than a legalistic fact. Never the less many of the lenders do see the actions of the directors of Lendy to use another colloquialism "criminal" and would wish to see the same directors "banged up" to use a further colloquialism. ilmoro 's point still stands. Don't get the actions of LB and the loan details confused. I am not a lawyer and I don't want to run this nonsense much further but it is virtually impossible to decouple LB from the details of the loans. This is simply because as a director he must take responsibility for the contracts that his business enters into and the communications that the business makes to induce potential investors to buy in. If in doing so the communications contain provable falsehoods that were material to inducing investors to buy in then both he and his business can be sued for a return of any moneys lent and costs and damages to boot. Clearly you do not have to look far to find falsehoods in the many loans that are now only fetching small fractions of what they were valued at originally RICS or no RICS. Just out of curiosity are you associated in anyway with LB?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,848
Likes: 11,077
|
Post by ilmoro on Dec 24, 2021 20:47:50 GMT
ilmoro 's point still stands. Don't get the actions of LB and the loan details confused. I am not a lawyer and I don't want to run this nonsense much further but it is virtually impossible to decouple LB from the details of the loans. This is simply because as a director he must take responsibility for the contracts that his business enters into and the communications that the business makes to induce potential investors to buy in. If in doing so the communications contain provable falsehoods that were material to inducing investors to buy in then both he and his business can be sued for a return of any moneys lent and costs and damages to boot. Clearly you do not have to look far to find falsehoods in the many loans that are now only fetching small fractions of what they were valued at originally RICS or no RICS. Just out of curiosity are you associated in anyway with RB? There seems to be a conflation of two different things here which was the point I was making. There are lenders making decisions to invest in loans promoted on the Lendy platform based on information provided and because of perceived inaccuracies/misrepresentation in the information provided (so far accepted in 4 cases) you defined them as being robbed and Adrian argued otherwise. You then responded that the syphoning of funds overseas should be considered as robbery My point is that the alleged syphoning of funds doesnt relate to loans or lenders so is not a counter argument to Adrians argument as its a separate issue.
|
|
|
Post by billy169 on Dec 24, 2021 20:54:43 GMT
The loan details ARE the actions of LB..it's his company,,how can they not be.!
|
|
|
Post by slgrafton on Feb 2, 2022 10:08:07 GMT
For the last few days the Lendy website has been down. Does anyone have any information about this?
|
|
|
Post by billy169 on Feb 2, 2022 11:01:19 GMT
Website working as usual for me.
|
|
jhamster
Member of DD Central
Posts: 102
Likes: 143
|
Post by jhamster on Feb 2, 2022 11:46:30 GMT
For the last few days the Lendy website has been down. Does anyone have any information about this? Works for me too, if you can call a 6 figure sum stuck in an unusable website for 3 years "working".
|
|
Greenwood2
Member of DD Central
Posts: 4,243
Likes: 2,686
|
Post by Greenwood2 on Feb 2, 2022 12:05:30 GMT
For the last few days the Lendy website has been down. Does anyone have any information about this? Works for me too, if you can call a 6 figure sum stuck in an unusable website for 3 years "working". Ouch!
|
|