hazellend
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Post by hazellend on May 27, 2019 17:38:09 GMT
The recovered funds and the expenses so far are not related. Even if total expenses were 4 million that would be 20% if the collateral loan book, Let's hope the remaining loan book which is harder to recover does do well then. I had few defaulted loans which sold at 70-80% of loan price but with years of administrators fees ended up to 20-30% back. Just check some of FS recovery. Or even some of Lendy's! Yes that can easily happen with overvalued assets.
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Post by brightspark on May 27, 2019 18:47:09 GMT
This is not like the Collateral platform collapse where lenders were effectively left with no website and FCA appointed Administrators had nothing with which to work initially. Because of concerns the Financial Conduct Authority has had Lendy under very close scrutiny for several months prior and has insisted that a backup mechanism is in place should the platform fail. That explains why the website remains live. Provided fraud has not occurred your investments should be in the system and will have value. It will take time (think months and years not weeks) to completely unlock that value and you probably will not recover your full investment but it is unlikely that your substantial savings are all gone. It helps too that you are in a big boat with a lot of other unfortunates as together they have a voice. For the moment investors just have to sit tight and wait for the dust to settle and the Administrators to get into their stride. How do you know that it's unlikely that a substantial saving isn't gone? Have you seen the recovery progress on the other collapsed platform Collateral? Out of good loans with 100% recovery they have to date got about £700k. And the administrators fees are around £600k. So most of the recovered funds go to administrators. It's likely they'll recover around 10-20% of their initial amount. How can that not be substantial? As a Collateral investor I am fully conversant with the events surrounding its disorderly demise. Collateral portfolio was £15M so relatively small. Administrators had to reconstruct the business records of a FCA non-regulated company and have had to charge fees accordingly on top of more usual costs. At demise Lendy has a loans portfolio of £347M value with £162M outstanding and overall loan to value of 47%. Its demise was reasonably ordered. Each Lendy lender will experience a different recovery depending on the secured assets with which they are involved. To imply that all and sundry will lose most of their capital is over-pessimistic. Seriously exposed lenders are naturally very worried by the situation and it is beholden on everyone not to fuel those concerns by speculation.
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Post by rhea117 on May 27, 2019 18:50:19 GMT
How do you know that it's unlikely that a substantial saving isn't gone? Have you seen the recovery progress on the other collapsed platform Collateral? Out of good loans with 100% recovery they have to date got about £700k. And the administrators fees are around £600k. So most of the recovered funds go to administrators. It's likely they'll recover around 10-20% of their initial amount. How can that not be substantial? As a Collateral investor I am fully conversant with the events surrounding its disorderly demise. Collateral portfolio was £15M so relatively small. Administrators had to reconstruct the business records of a FCA non-regulated company and have had to charge fees accordingly on top of more usual costs. At demise Lendy has a loans portfolio of £347M value with £162M outstanding and overall loan to value of 47%. Its demise was reasonably ordered. Each Lendy lender will experience a different recovery depending on the secured assets with which they are involved. To imply that all and sundry will lose most of their capital is over-pessimistic. Seriously exposed lenders are naturally very worried by the situation and it is beholden on everyone not to fuel those concerns by speculation. Thanks. I will sleep better tonight
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zccax77
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Post by zccax77 on May 27, 2019 19:05:57 GMT
Some of the scaremongering is unbelievable. I do not expect a materially different outcome than what we had if LB was running the show. Atleast RSM will behave more profesionally with the FCA looking over their shoulders. This catastrophy is not dissimilar to the size of the LCF debacle and the media attention on that is huge with FSCS compensation being discussed, therefore the FCA will be mindful of the wider impact if this administration goes off the rails, they certainly do not want another LCF on their hands hence the involvement of Mark Wilson.
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cwah
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Post by cwah on May 27, 2019 19:16:29 GMT
How do you know that it's unlikely that a substantial saving isn't gone? Have you seen the recovery progress on the other collapsed platform Collateral? Out of good loans with 100% recovery they have to date got about £700k. And the administrators fees are around £600k. So most of the recovered funds go to administrators. It's likely they'll recover around 10-20% of their initial amount. How can that not be substantial? As a Collateral investor I am fully conversant with the events surrounding its disorderly demise. Collateral portfolio was £15M so relatively small. Administrators had to reconstruct the business records of a FCA non-regulated company and have had to charge fees accordingly on top of more usual costs. At demise Lendy has a loans portfolio of £347M value with £162M outstanding and overall loan to value of 47%. Its demise was reasonably ordered. Each Lendy lender will experience a different recovery depending on the secured assets with which they are involved. To imply that all and sundry will lose most of their capital is over-pessimistic. Seriously exposed lenders are naturally very worried by the situation and it is beholden on everyone not to fuel those concerns by speculation. I really wish that's the case as I have similar amount stuck in lendy. Lendy's loan book is bigger, but their loans are more complex and there are also way more loans. So I'm not sure how it'd save on cost. After 2 years of administration fees (remember £400+/h they charge) and overvalued loans by a large amount I wasn't expecting much anyway. Let's hope I'm wrong
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Post by meyerlansky on May 29, 2019 4:53:36 GMT
... Finally invested another £10k in April!!!!! Sadly after that no more interest payments!!! April interest payments were significantly delayed for self-select investors too (due on 1 May, finally credited on 15 May, and took about a week more for it to hit external bank accounts for those who withdrew). Are you saying you've not even had this (delayed) payment?
Other replies have crossed over some of the other stuff else I was going to say... but having looked at your screenshot, there appear to be a links near the bottom for more details - "view account statement" and "investment breakdown". Don't those give some extra info? I didn't get any interest in may. I called them last week on " that" Friday. I was told they pay me end of this month. Couple of hours later google sent me the news they were in administration.
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rocky1
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Post by rocky1 on May 29, 2019 5:03:30 GMT
It seems lendy wealth was proper black hole I mean black box gambling.many many of us on here warned about this final grab from Liam/lendy.
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jomantha
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Post by jomantha on May 29, 2019 5:54:11 GMT
I'm so sorry.
I'm not an expert like others in here. However I would take up that solicitor.
Lendy were clearly in trouble when they set up wealth - there must be a case for false advertising somewhere.
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adrianc
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Post by adrianc on May 29, 2019 8:21:35 GMT
So, if I'm reading that correctly, for the privilege of being a 'wealth' client, the detailed information Lendy provide about your investment is a circle and a line saying 'active' ? Geeez, that is sad. Woah, hold on... Look at the shadeing! The OP knows he's equally diversified across five different loans. It doesn't say which, but weren't there only about five loans active on the platform...? So that £30k is £6k in each of them.
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Post by meyerlansky on Jun 11, 2019 15:38:21 GMT
It looks we cannot check our account. Can anybody see the amount of money, interest ,etc?
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Post by meyerlansky on Jun 11, 2019 15:39:05 GMT
It looks we cannot check our account. Can anybody see the amount of money, interest ,etc?
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jun 11, 2019 16:02:00 GMT
It looks we cannot check our account. Can anybody see the amount of money, interest ,etc? You got two accounts?  
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garfield
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Post by garfield on Jun 11, 2019 16:03:23 GMT
It looks we cannot check our account. Can anybody see the amount of money, interest ,etc? I don't know about Wealth, but the self-select area looks as normal.
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Post by meyerlansky on Jun 11, 2019 17:46:10 GMT
It looks we cannot check our account. Can anybody see the amount of money, interest ,etc? You got two accounts? Yes I have. Or had😪
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sl75
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Post by sl75 on Jun 12, 2019 7:02:23 GMT
It looks we cannot check our account. Can anybody see the amount of money, interest ,etc? I think that HMS Ardent (and wife) are the only other persons to have stated here that they invested in the Wealth product. [so tagging in this post in case he wants to compare notes]
There are undoubtedly many others, but unlikely to be much if any intersection between "Wealth investors" and "established forum users".
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