ped
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Post by ped on May 28, 2016 19:06:19 GMT
Is anyone here buying parts of this loan? An hour ago it had 86k on the SM now it is down to 66k. It could take weeks or months or years to sell to get the money out. Even if the interest and capital is paid in full, why would you buy a default loan?
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tx
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Post by tx on May 28, 2016 19:06:50 GMT
Lendy can always default the investor loan, right? After all, investor capital is at risk. Lendy does not have an obligation as such to repay investor the capital of these loans. This make it a very strong position to stay afloat I think.
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mikes1531
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Post by mikes1531 on May 28, 2016 19:14:44 GMT
Now close to £90k on the SM Looking at the loan now, there's £67k available on the SM. That's down more that £20k in the last few hours. And yet, IIRC, it appears that there's been very little sold in that period. Has anyone been keeping track of the 'Investor Activity' closely enough to know whether I'm remembering correctly? If I'm not misremembering, then it would appear that some investors have removed their parts from sale. (Another possibility would be SS buying parts, but if they were going to do that I'd have expected them to have bought more than just a small portion of what was available.) Have these investors become more confident in this loan? Or have they decided to wait until next week to sell, when there will be £1M of interest credited to lenders' accounts? Or are we about to see a consequence of the recently enabled ability to withdraw parts from sale -- with most of the parts now on offer being withdrawn from sale before midnight and going back on sale after midnight just so that investors can accrue another day's interest?
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star dust
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Post by star dust on May 28, 2016 19:16:49 GMT
Is anyone here buying parts of this loan? An hour ago it had 86k on the SM now it is down to 66k. It could take weeks or months or years to sell to get the money out. Even if the interest and capital is paid in full, why would you buy a default loan? I saw that the loan availability dropped circa £20k+ (down to around £66k) in seconds with no obvious sale. Then it suddenly struck me that someone/s must have used the 'new' cancel sale facility. I wonder if we are going to see a yo-yoing in availability around midnight so investors hang onto their accruing interest if there are few sales in prospect and they were already some way back in the Q  In edit: X posted with mikes1531
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Post by dualinvestor on May 28, 2016 19:24:26 GMT
Lendy can always default the investor loan, right? After all, investor capital is at risk. Lendy does not have an obligation as such to repay investor the capital of these loans. This make it a very strong position to stay afloat I think. You will have to check this for yourself but it has been stated more than a few times this loan was under the old terms and conditions which meant that the lender placed money on the platform but the debtor was Lendy Ltd, Lendy Ltd then lent the money to the borrowers. IF this is correct there is no contractual link between the borrower and lender, the lender does however have a direct cliam on Lendy Ltd as a creditor.
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Post by Deleted on May 28, 2016 20:24:45 GMT
It will be very interesting to see what sale price can be achieved.
The valuations the loan was based on appear to me to be rather vague. I'd feel more comfortable if all loans were based on much more detailed valuations carried out by RICS registered valuers. I think SS has improved in this respect and the later valuations are more comprehensive than some of the earlier ones.
Valuation 1 (Dec 2014) - Not a detailed, RICS 'Red Book' valuation. Valuation not carried out by a Chartered Surveyor. It appears to be a letter giving an opinion of value from an estate agent - no detail about purpose of valuation, the interests being valued, assumptions/information the valuation is based on etc.
Valuation 2- Is a business valuation based, obviously, on historic accounts. Given the turn of events, I'm unsure of the relevance of this to today's matter in hand?
Valuation 3 (July 2013) - This is a short letter not a formal 'Red Book' valuation. It is not stated on what basis the property has been valued. "Valuation" is a very vague word. No information about the legal interest being valued, what information the values reported are based on and no statement these are Market Values or of any assumptions made.
Given the loan to value was at Lendy's top end 70% figure, and that this loan was under the old terms where Lendy was doing the lending rather than the SS investors, I'm sure we will all be watching this one very closely.
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Post by earthbound on May 28, 2016 20:39:02 GMT
Lendy can always default the investor loan, right? After all, investor capital is at risk. Lendy does not have an obligation as such to repay investor the capital of these loans. This make it a very strong position to stay afloat I think. this is correct there is no contractual link between the borrower and lender, the lender does however have a direct cliam on Lendy Ltd as a creditor. hi dualinvestor out of interest (pardon the pun) would the lender have any claim against lendy for accrued interest, in light of the may 11th t&cs change by SS.
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Post by dualinvestor on May 28, 2016 20:52:48 GMT
IF this is correct there is no contractual link between the borrower and lender, the lender does however have a direct cliam on Lendy Ltd as a creditor. hi dualinvestor out of interest (pardon the pun) would the lender have any claim against lendy for accrued interest, in light of the may 11th t&cs change by SS. I have to be honest that I am relying on what other people have said regarding the contractual relationships. As a general rule contracts are made on the date of agreement and consist of three parts (offer, e.g. you offer Lendy Ltd £x at 12%, acceptance, Lendy Ltd agree subject to their then terms and conditions, and consideration you give them the money, they give you the interest and repay the money at the end of the term). It is not usually possible to alter the offer and acceptance bits as this would be "post-contractual" (that is why you should only take security for a loan at the time you make the loan not at some time in the future). However I would be astounded if the Lendy Ltd old t&cs did not have a provision for such things as interest in the case of borrower default, descretion for late payment and rate of interest changes etc. To not have them would be commercial suicide. Therefore unless the t&cs state otherwise (which they probably do) you have a right to pursue Lendy Ltd for interest as they are your debtor.
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Post by earthbound on May 28, 2016 21:02:51 GMT
hi dualinvestor out of interest (pardon the pun) would the lender have any claim against lendy for accrued interest, in light of the may 11th t&cs change by SS. I have to be honest that I am relying on what other people have said regarding the contractual relationships. As a general rule contracts are made on the date of agreement and consist of three parts (offer, e.g. you offer Lendy Ltd £x at 12%, acceptance, Lendy Ltd agree subject to their then terms and conditions, and consideration you give them the money, they give you the interest and repay the money at the end of the term). It is not usually possible to alter the offer and acceptance bits as this would be "post-contractual" (that is why you should only take security for a loan at the time you make the loan not at some time in the future). However I would be astounded if the Lendy Ltd old t&cs did not have a provision for such things as interest in the case of borrower default, descretion for late payment and rate of interest changes etc. To not have them would be commercial suicide. Therefore unless the t&cs state otherwise (which they probably do) you have a right to pursue Lendy Ltd for interest as they are your debtor. . thanks for that, i have tried to look at the amendments between old and new t&cs and then linked them to the 11th may update.. and to be honest, i have no idea what might happen, i would add , that it seems to me , SS have added the may 11th update in anticipation that pbl020 was going to default, i personally read something into that, trouble is i don't know what yet.
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david42
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Post by david42 on May 28, 2016 21:06:30 GMT
Or are we about to see a consequence of the recently enabled ability to withdraw parts from sale -- with most of the parts now on offer being withdrawn from sale before midnight and going back on sale after midnight just so that investors can accrue another day's interest? Why would anyone want to withdraw fund from sale across midnight? Interest now continues to be paid on loans while they are for sale: p2pindependentforum.com/post/104149/thread
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Post by dualinvestor on May 28, 2016 21:09:20 GMT
, that it seems to me , SS have added the may 11th update in anticipation that pbl020 was going to default, i personally read something into that, trouble is i don't know what yet. given that it usually takes a few days to get the necessary papaerwork together to obtain a Administration Order and appoint a Receiver that would seem a perfectly reasonable conclusion. Unless Savings Streamm has incredibly strong Chinese walls for such a small organisation 
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boble
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Post by boble on May 28, 2016 21:10:10 GMT
Is anyone here buying parts of this loan? An hour ago it had 86k on the SM now it is down to 66k. It could take weeks or months or years to sell to get the money out. Even if the interest and capital is paid in full, why would you buy a default loan? I saw that the loan availability dropped circa £20k+ (down to around £66k) in seconds with no obvious sale. Then it suddenly struck me that someone/s must have used the 'new' cancel sale facility. I wonder if we are going to see a yo-yoing in availability around midnight so investors hang onto their accruing interest if there are few sales in prospect and they were already some way back in the Q In edit: X posted with mikes1531 If you look at Investor Activity for this loan, it is currently showing: DATE INVESTOR AMOUNT 28/05/2016 t*******t £694.44 28/05/2016 k*********a £1,164.43 28/05/2016 l****n £29.23 28/05/2016 m******m £510.00 28/05/2016 w********r £100.00 28/05/2016 C**********n £3,000.00 28/05/2016 C**********n £2,000.00 28/05/2016 s*******n £2,000.00 28/05/2016 n****n £1.00 28/05/2016 s*******6 £500.00 I would really like to know whether these are intentional or accidental/uninformed bids.
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Post by earthbound on May 28, 2016 21:12:36 GMT
, that it seems to me , SS have added the may 11th update in anticipation that pbl020 was going to default, i personally read something into that, trouble is i don't know what yet. given that it usually takes a few days to get the necessary papaerwork together to obtain a Administration Order and appoint a Receiver that would seem a perfectly reasonable conclusion. Unless Savings Streamm has incredibly strong Chinese walls for such a small organisation <belly laugh> i like that answer. ta.
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ilmoro
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'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 May 28, 2016 21:20:22 GMT
Or are we about to see a consequence of the recently enabled ability to withdraw parts from sale -- with most of the parts now on offer being withdrawn from sale before midnight and going back on sale after midnight just so that investors can accrue another day's interest? Why would anyone want to withdraw fund from sale across midnight? Interest now continues to be paid on loans while they are for sale: p2pindependentforum.com/post/104149/threadNo not implemented AIUI. That was a forthcoming changes post.
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cooling_dude
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Post by cooling_dude on May 28, 2016 21:20:59 GMT
Or are we about to see a consequence of the recently enabled ability to withdraw parts from sale -- with most of the parts now on offer being withdrawn from sale before midnight and going back on sale after midnight just so that investors can accrue another day's interest? Why would anyone want to withdraw fund from sale across midnight? Interest now continues to be paid on loans while they are for sale: p2pindependentforum.com/post/104149/threadNo you don't; SS may have suggested that you would continue to earn interest on loan parts you put on the SM but didn't follow through (I think because of some negative feedback at the prospect of this). When you go and sell a loan part you get the following message;
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