adrianc
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Post by adrianc on May 29, 2019 16:50:44 GMT
And now I see BM are winding down ... Not exactly, they are changing their strategy... seems like a good move! Even they describe it as "winding down" what they're now calling "BM Core". No new investment, no sell-outs. Just receive all income and repayments, and pay that cash automatically to you each month.
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garfield
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Post by garfield on May 29, 2019 17:20:49 GMT
Not exactly, they are changing their strategy... seems like a good move! Even they describe it as "winding down" what they're now calling "BM Core". No new investment, no sell-outs. Just receive all income and repayments, and pay that cash automatically to you each month. Yeah, I'm finding it hard to digest ATM. I liked what they were doing. Sounds like it all got too costly. Now I'm not so sure about the new product.
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Post by rooster on Jun 1, 2019 6:45:48 GMT
So all investors are losing here. The winners are LB, Administrators and Borrowers. Administrators would sell to the highest bidder which would be none other than borrowers themselves. Nice way of getting it all back in 10-20% of the loan amount. That's not how I understood the terms. Quoting from lendy.co.uk/managing-risk/lendy : "a back-up service provider (Baker Tilly Creditor Services LLP). We have an appointed global business process outsourcing company that would step in and run our business as if we were fully operating, in the unlikely event that Lendy were to become insolvent. This is designed to minimise any potential disruption to you and give you confidence in your investment"
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Post by Ace on Jun 1, 2019 9:08:19 GMT
So all investors are losing here. The winners are LB, Administrators and Borrowers. Administrators would sell to the highest bidder which would be none other than borrowers themselves. Nice way of getting it all back in 10-20% of the loan amount. That's not how I understood the terms. Quoting from lendy.co.uk/managing-risk/lendy : "a back-up service provider (Baker Tilly Creditor Services LLP). We have an appointed global business process outsourcing company that would step in and run our business as if we were fully operating, in the unlikely event that Lendy were to become insolvent. This is designed to minimise any potential disruption to you and give you confidence in your investment" I don't think anyone wants it run as if Lendy was fully operating it! We're expecting a lot better than that.
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btb
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Post by btb on Jun 1, 2019 13:45:51 GMT
I'm probably classed as one of the fortunate ones. As of today I have just under £4K with them (tied up in defaults). But at peak I had £125K in there and have managed to get around £7K over the time in interest.
I started pulling out when Lendy replied in a smarmy, non-businesslike manner to concerns/comments on here. So at least their amateur unprofessional staff did me a favour on that score.
I feel for anyone who is in a bad position because of this.
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