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Post by charliebrown on Feb 6, 2019 10:37:56 GMT
No mention of that in the email to investors. Not sure if i'm allowed to quote directly from it but it specifically says only 31% of the original capital loan has been repaid and no mention of any further installments (except any unspecified return from legal action). So a sale of £950k had been agreed but only £400k of that returned to investors? I know there are fees that need to be taken from the original sale but investors receiving less than 50% of the sale price is ridiculous! It’s absolutely criminal. All they did was stick it up on RightMove. Where did the 550k go? I think there’s a lot more pain coming to investors on LY defaults. 31% might end up looking like a good result on some of the loans. There should be some consequences for LY / Liam to face here. It’s not on making millions of pounds of people’s money evaporate and then just saying whoops sorry about that, but we did tell you your capital was at risk. Profiting from other people’s losses should not be called a “business”.
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Post by picanto on Feb 6, 2019 12:17:05 GMT
So a sale of £950k had been agreed but only £400k of that returned to investors? I know there are fees that need to be taken from the original sale but investors receiving less than 50% of the sale price is ridiculous! Perhaps they took the decision on our behalf to set aside a big chunk to cover legal costs of recovering the rest?
I await Lendy's more detailed explanation...
Can Lendy do that? If that is indeed the case then that money belongs to investors to decide what the best cause of action is, not Lendy. I'm sure if Lendy put forward a vote asking investors whether they want the full amount of capital minus sale fees repaid now or whether to put that money towards legal fees in attempt to recover the outstanding capital/interest which may or may not be successful, then the result would overwhelmingly be for the money to be repaid to investors now. Also, what about all the money that has been put up for sale on the secondary market for the past 18 months or so that Lendy have saved in paying out interest that was meant to be paid upfront by borrowers before the loans get drawndown? That must equate to a few hundred thousand pounds in total so why can't that money be put towards legal fees?
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Post by nyquest on Feb 6, 2019 12:21:19 GMT
You've done well...on the Hotel loan in Norfolk sold at auction last month we got 17% of our capital returned. Yep a haircut / scalping of 83%...I had £4k in that. It's the shape of things to come I am afraid.
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IFISAcava
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Post by IFISAcava on Feb 6, 2019 12:24:31 GMT
You've done well...on the Hotel loan in Norfolk sold at auction last month we got 17% of our capital returned. Yep a haircut / scalping of 83%...I had £4k in that. It's the shape of things to come I am afraid. That's more like a partial beheading. I always found the term "haircut" somewhat too euphemistic for large losses.
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SteveT
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Post by SteveT on Feb 6, 2019 12:32:31 GMT
That’s nothing. FundingSecure’s development scheme in Whitehaven managed to return about 2% to lenders after the site was sold for £30k (against £800k loans advanced) 😂
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jonno
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nil satis nisi optimum
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Post by jonno on Feb 6, 2019 12:39:14 GMT
That’s nothing. FundingSecure’s development scheme in Whitehaven managed to return about 2% to lenders after the site was sold for £30k (against £800k loans advanced) 😂 I think that's known as "Hung, Drawn and Quartered"
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Post by kharne on Feb 6, 2019 13:28:38 GMT
So a sale of £950k had been agreed but only £400k of that returned to investors? I know there are fees that need to be taken from the original sale but investors receiving less than 50% of the sale price is ridiculous! It’s absolutely criminal. All they did was stick it up on RightMove. Where did the 550k go? I think there’s a lot more pain coming to investors on LY defaults. 31% might end up looking like a good result on some of the loans. There should be some consequences for LY / Liam to face here. It’s not on making millions of pounds of people’s money evaporate and then just saying whoops sorry about that, but we did tell you your capital was at risk. Profiting from other people’s losses should not be called a “business”. Has anyone got any info on what Lendy's 'fees' are? For example, are the recovery team's wages paid out of recovered money? I don't see much incentive for Lendy to be proactive in recoveries if they get money either way.
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Godanubis
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Post by Godanubis on Feb 6, 2019 16:11:32 GMT
It’s absolutely criminal. All they did was stick it up on RightMove. Where did the 550k go? I think there’s a lot more pain coming to investors on LY defaults. 31% might end up looking like a good result on some of the loans. There should be some consequences for LY / Liam to face here. It’s not on making millions of pounds of people’s money evaporate and then just saying whoops sorry about that, but we did tell you your capital was at risk. Profiting from other people’s losses should not be called a “business”. Has anyone got any info on what Lendy's 'fees' are? For example, are the recovery team's wages paid out of recovered money? I don't see much incentive for Lendy to be proactive in recoveries if they get money either way. I believe they get fees after the Lenders and receivers.
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dApps
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Post by dApps on Feb 6, 2019 16:14:19 GMT
Has anyone got any info on what Lendy's 'fees' are? For example, are the recovery team's wages paid out of recovered money? I don't see much incentive for Lendy to be proactive in recoveries if they get money either way. I believe they get fees after the borrower and receivers. I don't think even Lendy's very variable approach to repayments includes passing fees to the borrowers 
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Godanubis
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Post by Godanubis on Feb 6, 2019 16:21:33 GMT
I believe they get fees after the borrower and receivers. I don't think even Lendy's very variable approach to repayments includes passing fees to the borrowers Having a senior moment corrected thanks. A bit like a funeral director receivers get their dosh before anyone else when picking over a corpse or dead loan 
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r1200gs
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Post by r1200gs on Feb 7, 2019 15:40:53 GMT
What on earth is going on here? Last I looked it said the loan had been repaid. Where's the money? I can't even find the loan on the site, let alone the detailed update promised for the 4th? Where the hell has a half a million pounds gone?!
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Godanubis
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Post by Godanubis on Feb 7, 2019 15:58:13 GMT
What on earth is going on here? Last I looked it said the loan had been repaid. Where's the money? I can't even find the loan on the site, let alone the detailed update promised for the 4th? Where the hell has a half a million pounds gone?! Don’t burst into flames 🔥 yet. The loan and link
It can be found under “claims underway” tab
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Post by wanderer on Feb 7, 2019 19:32:52 GMT
What on earth is going on here? Last I looked it said the loan had been repaid. Where's the money? I can't even find the loan on the site, let alone the detailed update promised for the 4th? Where the hell has a half a million pounds gone?! your guess is as good as mine. the security property sold for £950k but somehow this has only translated into a payment to investors of £277k. There were bound to be fees for gaining vacant possession and suing the valuer but ~£500k?? how is that even possible...
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SteveT
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Post by SteveT on Feb 7, 2019 19:56:51 GMT
your guess is as good as mine. the security property sold for £950k but somehow this has only translated into a payment to investors of £277k. There were bound to be fees for gaining vacant possession and suing the valuer but ~£500k?? how is that even possible... Erm, PBL068R1 repaid £401,448 according to the "Partial Repayments" tab
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Godanubis
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Post by Godanubis on Feb 8, 2019 0:00:12 GMT
You don't have to say it twice to make a point/ |
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