ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 29, 2019 12:22:18 GMT
joe91 - the large deduction is as a result of the Lendy T&C's that we all agreed to when making loans on Lendy, and is evidenced by large deductions on recoveries of other defaulted loans earlier this year. Given DFL012 repaid (to Lendy) before the administration of Lendy, this should have been anticipated as a possibility/probability.
The other loans repaid today were not in default (or not in default for long ? there have been various extensions to these loans since Lendy went into admin)
The DDC discussion is of wider implications, and is not necessarily related to DFL012.
Are you saying that the missing 20% (a substantial sum) has not been held back by RSM but has been swiped by LB as he ran for the exit. Unbelievable. I think I have just qualified for DDC membership so I will request access to get more info. Thanks to the senior members on here for sharing their knowledge. No, the money goes into the pot for Lendy creditors/ admin fees, which includes lenders on model 1 loans. It also includes Lendy Group of which Liam is main shareholder (assuming it doesnt get struck of in the meantime.
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bulletbill
Member of DD Central
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Post by bulletbill on Oct 29, 2019 12:25:15 GMT
Lendy once famously said the integrity of the borrower is irrelevant, the quality of the security is all that matters. What about the integrity of the guy running the platform? Is that important? Clearly it should be.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Oct 29, 2019 12:32:32 GMT
Indeed, unsecured creditors got most of their money back. The reason we have 45 percent is that we investors were robbed, simple as that. It’s hard to come up with an alternative explanation. Presumably the FCA or fraud office are too busy to look at this type of robbery. They probably werent unsecured creditors. Legal judgements potentially made them secured creditors (contrary to admins comments). In any event the UN's meant any sale had to take into account the contractual obligations to them. The main question is why the administrators didnt go to court to get clean title to remove the issue as happened with BH on MT.
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Monetus
Member of DD Central
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Post by Monetus on Oct 29, 2019 13:21:28 GMT
Lendy once famously said the integrity of the borrower is irrelevant, the quality of the security is all that matters. What about the integrity of the guy running the platform? Is that important? Clearly it should be. Absolutely. My experiences with Collateral and Lendy have shown me that platform risk and the integrity of the ownership should be your number one priority when investing. Be very careful who you lend your hard-earned money too. Also don’t add much, if any, weight to FCA regulation within the P2P sector currently IMO as there are barely any safeguards when it comes to protecting your funds from shady individuals and practices.
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Post by sma1tman on Oct 29, 2019 14:24:18 GMT
I have loans in DFL012 and DFL037. I have received an interim payment for 012 yesterday, but as yet nothing for 037. Anyone have an idea as to why this should be?
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Post by picanto on Oct 29, 2019 14:37:04 GMT
I have loans in DFL012 and DFL037. I have received an interim payment for 012 yesterday, but as yet nothing for 037. Anyone have an idea as to why this should be? Very odd, I think you should contact Lendy support on that. I'm in DFL037 and received nearly the full amount of capital back.
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Post by patright on Oct 29, 2019 17:01:49 GMT
I have also received money but without the possibility to withdraw..it's just digits on a screen and does nothing for me
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trevor
Member of DD Central
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Post by trevor on Oct 29, 2019 17:12:25 GMT
Banner on Lendy website says aiming to allow withdrawals but close of business tomorrow
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Post by ericandy on Oct 29, 2019 18:58:30 GMT
Personally I hoped for more on DF012. I think 45% is a travesty and this particular loan should be looked at as potentially fraudulent. I think I saw someone write that unsecured creditors lost less than we holding the security, and that LB did some crooked deal to retain the freehold. What a piece of sh*t that man is  Indeed, unsecured creditors got most of their money back. The reason we have 45 percent is that we investors were robbed, simple as that. I received 83% partial repayment for DFL012, so did my wife.
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Post by picanto on Oct 29, 2019 19:10:52 GMT
Indeed, unsecured creditors got most of their money back. The reason we have 45 percent is that we investors were robbed, simple as that. I received 83% partial repayment for DFL012, so did my wife. Wait...what? How did you and your wife get 83% back?
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Post by df on Oct 29, 2019 19:19:29 GMT
Indeed, unsecured creditors got most of their money back. The reason we have 45 percent is that we investors were robbed, simple as that. I received 83% partial repayment for DFL012, so did my wife. That's significantly more than everyone else. I've received 45.5%. Could it be a miscalculation?
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Post by brightspark on Oct 29, 2019 19:28:38 GMT
I too received 45.5%. I imagine that's standard as it seems to be the experience of all others who have advised their payment.
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Post by vfr800 on Oct 30, 2019 4:22:31 GMT
Edited,
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Post by nevets on Oct 30, 2019 7:43:49 GMT
I also have 83% shown in my account for DFL012 (83.48% to be exact). I'm missing repayments for another loan though (don't have the number to hand). And my paperwork was only received by them on Monday, so I doubt I'm verified yet. I'll be keeping a close eye on my account today, that's for sure!
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awk
Posts: 276
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Post by awk on Oct 30, 2019 7:52:48 GMT
If you had £100 invested, then you will have received £45.50 (45.5%), leaving £54.50 showing as an investment.
if you divide £45.50 by £54.50, you get 0.8348
but, .... you wouldn’t want to do that would you
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