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Post by Proptechfish on Mar 30, 2019 18:06:52 GMT
Well I had given up all hope on ever seeing any further recoveries from my remaining lendy loans, so i'm pleasantly surprised. I don't get why people are assuming because it's 36.00% repayment than the property must have been sold at 64.00% discount based on LTV or something close. As is almost always the case it is no doubt more complicated than it appears and there are very likely numerous creditor claims on the realised sale, so 36.00% is likely a starting figure that could be agreed by all parties.
At least it's action and not just platitudes.
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dovap
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Post by dovap on Mar 30, 2019 19:51:18 GMT
Not sure it's at all complicated tbh.
Good old Des bought the shed for 875K and used it to extract the michael from the winging it boys.
suppose there's still the personal guarantees etc etc
all about the security innit
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Post by picanto on Mar 31, 2019 12:16:07 GMT
Well I had given up all hope on ever seeing any further recoveries from my remaining lendy loans, so i'm pleasantly surprised. I don't get why people are assuming because it's 36.00% repayment than the property must have been sold at 64.00% discount based on LTV or something close. As is almost always the case it is no doubt more complicated than it appears and there are very likely numerous creditor claims on the realised sale, so 36.00% is likely a starting figure that could be agreed by all parties. At least it's action and not just platitudes. I understand there are fees regarding a sale to pay, but that is the same with other loans which have fully repaid. To only recover 36% on a loan that was only meant to have 70% LTV which we had first legal charge over is appalling and the valuation must be way off for that to happen.
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SteveT
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Post by SteveT on Mar 31, 2019 12:51:27 GMT
IIRC, Lendy deduct all of their accrued interest margin from recovered funds, ahead of any payment to lenders. I imagine that’s what’s paying to keep the lights on.
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Post by charliebrown on Mar 31, 2019 13:42:55 GMT
Well I had given up all hope on ever seeing any further recoveries from my remaining lendy loans, so i'm pleasantly surprised. I don't get why people are assuming because it's 36.00% repayment than the property must have been sold at 64.00% discount based on LTV or something close. As is almost always the case it is no doubt more complicated than it appears and there are very likely numerous creditor claims on the realised sale, so 36.00% is likely a starting figure that could be agreed by all parties. At least it's action and not just platitudes. You might want to post this on the “positive thread”. That 36% is a great result as you were expecting zero.
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Mucho P2P
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Post by Mucho P2P on Mar 31, 2019 16:30:36 GMT
IIRC, Lendy deduct all of their accrued interest margin from recovered funds, ahead of any payment to lenders. I imagine that’s what’s paying to keep the lights on. Lendy eat first, even though we pay for the food. Guess Lendy never heard about "he who pays the piper, calls the tune". I prefer, "no debt has even gone unpaid".
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Mucho P2P
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Post by Mucho P2P on Mar 31, 2019 16:35:32 GMT
IIRC, Lendy deduct all of their accrued interest margin from recovered funds, ahead of any payment to lenders. I imagine that’s what’s paying to keep the lights on. So is it in our interest to keep the lights on? Nope, its in Lendy interest that we do not turn out the lights before they have stuffed at our expense. Lendy is lucky we are not Kamikaze pilots! Whilst their practice is a short term solution to keep them alive, in the long term, it will not keep a bounty of lenders chucking cash at them. Lendy will have to adapt/change to survive in the years ahead.
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Monetus
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Post by Monetus on Mar 31, 2019 19:15:08 GMT
So is it in our interest to keep the lights on? Nope, its in Lendy interest that we do not turn out the lights before they have stuffed at our expense. Lendy is lucky we are not Kamikaze pilots! Whilst their practice is a short term solution to keep them alive, in the long term, it will not keep a bounty of lenders chucking cash at them. Lendy will have to adapt/change to survive in the years ahead. The sad fact of the matter is that we've invested in a P2P company where the interests of the platform aren't aligned with its investors. Lendy don't need to worry about kicking the can down the road for all entirety (in fact it could be argued that it's beneficial for them) as they know they'll get paid their fees and accrued interest ahead of lender capital regardless. This is in deep contrast to other platforms where fees and accrued interest rank behind investor capital ensuring that the platform is only rewarded in the case of successful recovery or performing loans. Knowing what I know now in regards to the fee structure I would have avoided Lendy like the plague from the offset. Really it's my own fault for not studying the terms and conditions in greater detail prior to investing so I only have myself to blame...
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Post by charliebrown on Mar 31, 2019 19:33:03 GMT
Nope, its in Lendy interest that we do not turn out the lights before they have stuffed at our expense. Lendy is lucky we are not Kamikaze pilots! Whilst their practice is a short term solution to keep them alive, in the long term, it will not keep a bounty of lenders chucking cash at them. Lendy will have to adapt/change to survive in the years ahead. The sad fact of the matter is that we've invested in a P2P company where the interests of the platform aren't aligned with its investors. Lendy don't need to worry about kicking the can down the road for all entirety (in fact it could be argued that it's beneficial for them) as they know they'll get paid their fees and accrued interest ahead of lender capital regardless. This is in deep contrast to other platforms where fees and accrued interest rank behind investor capital ensuring that the platform is only rewarded in the case of successful recovery or performing loans. Knowing what I know now in regards to the fee structure I would have avoided Lendy like the plague from the offset. Really it's my own fault for not studying the terms and conditions in greater detail prior to investing so I only have myself to blame... I don’t think victims of a con should blame themselves. I also don’t think the FCA should have granted LY a license on a basis of all these underhand tactics. Some of these defaults are almost 3 years overdue, even with reasonable sales proceeds there’s going to be nothing left once LY and Brookes claim their slice. No wonder they’re in no rush to recover anything and also no wonder why they are keeping the business going. It’s certainly not a goodwill gesture !
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zccax77
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Post by zccax77 on Mar 31, 2019 19:42:10 GMT
Maybe administration would be a better route.
Lendy should not benefit due to their incompetence. We are where we are due to their rigorous DD afterall.
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Post by charliebrown on Mar 31, 2019 20:45:49 GMT
Maybe administration would be a better route. Lendy should not benefit due to their incompetence. We are where we are due to their rigorous DD afterall. I’d previously said and agreed with others that Administration is not a good option. I’ve changed my mind, I believe this needs to stop. The professionals need to take over and start executing a viable recovery plan, honestly and transparently. Yes, I’m painfully aware of how badly BDO are performing in the COL Administration so the caveat would be that a skilled, experienced and honest Administrator comes in and shuts LY down and takes over recoveries.
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Mucho P2P
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Post by Mucho P2P on Mar 31, 2019 21:15:10 GMT
Nope, its in Lendy interest that we do not turn out the lights before they have stuffed at our expense. Lendy is lucky we are not Kamikaze pilots! Whilst their practice is a short term solution to keep them alive, in the long term, it will not keep a bounty of lenders chucking cash at them. Lendy will have to adapt/change to survive in the years ahead. The sad fact of the matter is that we've invested in a P2P company where the interests of the platform aren't aligned with its investors. Lendy don't need to worry about kicking the can down the road for all entirety (in fact it could be argued that it's beneficial for them) as they know they'll get paid their fees and accrued interest ahead of lender capital regardless. This is in deep contrast to other platforms where fees and accrued interest rank behind investor capital ensuring that the platform is only rewarded in the case of successful recovery or performing loans. Knowing what I know now in regards to the fee structure I would have avoided Lendy like the plague from the offset. Really it's my own fault for not studying the terms and conditions in greater detail prior to investing so I only have myself to blame... We all have ourselves to blame as we "trusted" Lendy. It has amounted to a Breach of Trust. I can not see Lendy surviving in the long term unless they genuinely place lenders first. This does not seem to be in the MO of Lendy, otherwise, they would be taking first hit as so many other platforms do.
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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 Mar 31, 2019 22:23:12 GMT
Maybe administration would be a better route. Lendy should not benefit due to their incompetence. We are where we are due to their rigorous DD afterall. I’d previously said and agreed with others that Administration is not a good option. I’ve changed my mind, I believe this needs to stop. The professionals need to take over and start executing a viable recovery plan, honestly and transparently. Yes, I’m painfully aware of how badly BDO are performing in the COL Administration so the caveat would be that a skilled, experienced and honest Administrator comes in and shuts LY down and takes over recoveries. The company who would manage the runoff is known. They would be distinct form any administrators of Lendy themselves who would merely deal with the realisation of Lendy assets. It is far from clear that the fees due to the agent ie Lendy would not merely pass to the runoff agent or the administrators under existing contracts instead Any loans currently in recovery are controlled by administrators or receivers who control the process and that would not change, though runoff agents may be willing to accept inferior outcomes. Any legal claims being pursued by Lendy would probably cease.
It is far from clear that platform administration would alter or improve the situation.
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zccax77
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Post by zccax77 on Mar 31, 2019 22:40:49 GMT
Lendy and LB are finished. They screwed up the DD on loan origination, delayed and/or failed to monitor the loans some of which are 800+ days overdue and now think they are good at recovering money from the sc*m of the earth. I am surprised the SFO are not getting involved as they did with LCF and ask them to return their profits/ill gotten gains. The outcomes on LCF where they are recovering 20% of sums invested is not materially different to lendy where approx 20-30% of the loan values are recovered on some loans.
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Post by picanto on Apr 1, 2019 9:07:29 GMT
The outcomes on LCF where they are recovering 20% of sums invested is not materially different to lendy where approx 20-30% of the loan values are recovered on some loans. That's worse case scenario though. There have been many loans whereby 100% of capital and interest has been repaid. I'm not expecting the same outcome for Lendy that has been the case for LCF.
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