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 Feb 28, 2017 15:24:26 GMT
 And here he is , happy to get back to his day job after the recent election debacle (he blames jonah for opening the wrong envelope apparently), and he's picked up a lovely pot plant from the garden centre on the way to celebrate. Flying solo today as his colleague 'interest' is currently missing, (lets us know if you see it as we are concerned he might be lost) 
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Balder
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Post by Balder on Feb 28, 2017 15:27:09 GMT
The provision fund is still showing as 2% of the loan book. So if it was used the shortfall has been replaced. (or the website has a calculation coded for display!)
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vmail
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Post by vmail on Feb 28, 2017 15:59:20 GMT
With interest tomorrow?
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GeorgeT
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Post by GeorgeT on Feb 28, 2017 16:00:15 GMT
If interest at 12% is paid tomorrow with the normal interest run there will quite a few people here with egg on their faces and they will have turned out to have been the mugs for doubting SS - and the people who carried on buying into this loan after it defaulted (and when the SM was dry) will be feeling very smug.
SS can continue advertising that no investor has lost a penny.
My only concern is that this could lull investors into a false sense of security and might encourage others to put money into defaulted loans.
I sold out of this one long before it defaulted but I'm very pleased that the 1,000 or so people whon were still in it have got their money back. Not only is that great news for them, it's great news for all of us because it maintains confidence in the platform.
I will be very interested to find out how much the garden centre sold for and how much SS were able to recover.
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sg
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Post by sg on Feb 28, 2017 16:08:40 GMT
I'm not sure that anybody will come out of this feeling smug. Even if the interest is repaid in full there has been 9 months of interest that has not been compounded. So everybody loses.
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Post by brummiefred on Feb 28, 2017 16:18:31 GMT
Reminds me of the saying ''you can please some of the people some of the time.........''
Suppose there will always be one! I for one are pleased, not smug, to have the capital returned, this is p2p not a FCSC bank account. Now if only Eppy over at AC. towers had the same news!
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r1200gs
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Post by r1200gs on Feb 28, 2017 16:32:40 GMT
If interest at 12% is paid tomorrow with the normal interest run there will quite a few people here with egg on their faces and they will have turned out to have been the mugs for doubting SS - and the people who carried on buying into this loan after it defaulted (and when the SM was dry) will be feeling very smug. SS can continue advertising that no investor has lost a penny. My only concern is that this could lull investors into a false sense of security and might encourage others to put money into defaulted loans. I sold out of this one long before it defaulted but I'm very pleased that the 1,000 or so people whon were still in it have got their money back. Not only is that great news for them, it's great news for all of us because it maintains confidence in the platform. I will be very interested to find out how much the garden centre sold for and how much SS were able to recover. I think if these people do get all their money back, the emotion should be one of relief, not smugness. There is nothing clever about investing in loans that have or are about to default and hoping you get paid anyway. Given the huge over supply of investment money being thrown at the platform, I don't think a full pay out to investors in this loans is good for us all at all. Those who invested in this when it was clearly in trouble should expect to lose money, and be very grateful if they don't and take it as a lesson learned. It should also be remembered that funds taken from the PF to pay people who should have known better are funds not available to pay people genuinely caught out.
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locutus
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Post by locutus on Feb 28, 2017 16:37:33 GMT
I'm not sure that anybody will come out of this feeling smug. Even if the interest is repaid in full there has been 9 months of interest that has not been compounded. So everybody loses. I'm no defender of SS but you sound like my ex-wife; impossible to please. By my calculations, for every £1,000 invested, the lost interest as a result of lack of compounding at 12% equates to £3.69 over 9 months. Happy to be corrected by the maths wizards on here but if the figure is accurate, then to describe this as a situation "where everybody loses" is plain hyperbole.
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Post by richardb67 on Feb 28, 2017 16:49:55 GMT
If interest at 12% is paid tomorrow with the normal interest run there will quite a few people here with egg on their faces and they will have turned out to have been the mugs for doubting SS - and the people who carried on buying into this loan after it defaulted (and when the SM was dry) will be feeling very smug. SS can continue advertising that no investor has lost a penny. My only concern is that this could lull investors into a false sense of security and might encourage others to put money into defaulted loans. I sold out of this one long before it defaulted but I'm very pleased that the 1,000 or so people whon were still in it have got their money back. Not only is that great news for them, it's great news for all of us because it maintains confidence in the platform. I will be very interested to find out how much the garden centre sold for and how much SS were able to recover. It's (almost) all in the email that was sent an hour or so ago. "The accrued interest to date will be included in the end of the month interest payments. " "it was sold for £1.3m, with the difference in capital made up by our Provision Fund."
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elliotn
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Post by elliotn on Feb 28, 2017 16:55:31 GMT
Admin, OP, may we update the thread title please  |
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SteveT
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Post by SteveT on Feb 28, 2017 16:57:57 GMT
Admin, OP, may we update the thread title please Done
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jo
Member of DD Central
dead
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Post by jo on Feb 28, 2017 17:07:15 GMT
..... Those who invested in this when it was clearly in trouble should expect to lose money, and be very grateful if they don't and take it as a lesson learned. It should also be remembered that funds taken from the PF to pay people who should have known better are funds not available to pay people genuinely caught out. Welcome to showbiz!
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am
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Post by am on Feb 28, 2017 17:19:50 GMT
If interest at 12% is paid tomorrow with the normal interest run there will quite a few people here with egg on their faces and they will have turned out to have been the mugs for doubting SS - and the people who carried on buying into this loan after it defaulted (and when the SM was dry) will be feeling very smug. SS can continue advertising that no investor has lost a penny. My only concern is that this could lull investors into a false sense of security and might encourage others to put money into defaulted loans. I sold out of this one long before it defaulted but I'm very pleased that the 1,000 or so people whon were still in it have got their money back. Not only is that great news for them, it's great news for all of us because it maintains confidence in the platform. I will be very interested to find out how much the garden centre sold for and how much SS were able to recover. I expected this loan to be repaid in full - I couldn't see any reason why Lendy weren't on the hook for this one under the old T&Cs - but I wasn't willing to gamble on being correct, and I was reluctant to express my expectation in print in case I was wrong and people relied on my comments. What I didn't understand was why Lendy didn't put an end to all the speculation with a statement that they accepted they were on the hook, and why they didn't reduce their losses by buying back the loan once they concluded that a full recovery wasn't expected. This loan will have made a dent in Lendy's profits this year - they have to write off their equity investment and the shortfall in the recoveries.
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lobster
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Post by lobster on Feb 28, 2017 17:35:38 GMT
So whats the financial cost to the provision fund ? Loan of 1.7m , sold for 1.3m so that's 400k for starters. Cost of receivers and selling ? Any suggestions ? 50k ?? When did the garden centre stop paying interest ? 6 months ago ? If so, that's 102 k interest (ie. 12% for 6 months on 1.7m). So total cost to PF = 400 + 50 + 102 = 552 k ?? But I've almost certainly missed something and am really only guessing anyway  . Anyone able to approximate better ? |
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GeorgeT
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Post by GeorgeT on Feb 28, 2017 17:36:47 GMT
It's (almost) all in the email that was sent an hour or so ago. "The accrued interest to date will be included in the end of the month interest payments. " "it was sold for £1.3m, with the difference in capital made up by our Provision Fund." Thanks. I didn't get the email. (Perhaps the matter was important enough to have justified sending the email to all SS investors, for their information?). So the security was valued at £2.43 million in Dec 2014 and the loan of £1.7m had a claimed LTV ratio of 70%. It sold in early 2017 for £1.3 million. Therefore the actual LTV ratio has turned out to be 131%. (This ignores changes in value between the respective dates and the distressed sale situation).
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