Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 8, 2019 0:28:45 GMT
31% recovery. Wow. Nice to see the enhanced recovery team living up to the hype and delivering as promised. With such excellent recovery rates, I can fully understand the worry of Lendy entering administration. Would hate for the professionals to come in and wind the loan book down.  They are not finished yet. This is just the start of the recovery process. Would you rather they just not bother ? 
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Jeepers
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Post by Jeepers on Feb 8, 2019 0:35:11 GMT
31% recovery. Wow. Nice to see the enhanced recovery team living up to the hype and delivering as promised. With such excellent recovery rates, I can fully understand the worry of Lendy entering administration. Would hate for the professionals to come in and wind the loan book down. They are not finished yet. This is just the start of the recovery process. Would you rather they just not bother ? If they’re going to sell assets off at a 26% loss (and half the RICS valuation) and then distribute 58% of the proceeds in fees, yes I’d rather they didn’t bother.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 8, 2019 0:43:15 GMT
They are not finished yet. This is just the start of the recovery process. Would you rather they just not bother ? If they’re going to sell assets off at a 26% loss and then distribute 58% of the proceeds in fees, yes I’d rather they didn’t bother. That is of course your view and you have every right to hold that view. I think others for whom any repayment after years would be welcome. With the chance of more to follow.
Perhaps you could just ask that your stalled loans be donated to their provision fund. Which would benefit all.
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Post by p2plender on Feb 8, 2019 0:46:38 GMT
"They are not finished yet. This is just the start of the recovery process. Would you rather they just not bother?"
Do you mean would you rather they just carry on doing what they've been doing for the last 12/18 months?
A shambles of a situation for many. I'd like to know just how much the founders have taken out of this company. I know several people who have lost 6 figures here (though not in the eyes of can kicking Lendy). People were naive to invest life savings I agree, but these LTVs and GDVs we were fed appear plucked from the land of make believe. I'm still astonished nothing is being done here.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 8, 2019 2:14:51 GMT
Godanubis Since you’re in such a charitable mood, perhaps you’d like to make a donation. I’m sure all donations will be welcome. The way it’s looking, I hope Liam has his banjo and collection hat ready to make up the deficit. Rather than try to decide who deserves my money I use it to make my life more comfortable. I do give to lendwithcare much like P2P without the platform taking a cut. You invest in the person directly who then benefits their community. When they pay back you then pass the money on in an never ending cycle of support. We all All know things were bad. The are trying to correct the errors which they did admit. I’m willing to defer judgment for a year or so which is not an excessive timeframe for things to improve.
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Post by vfr800 on Feb 8, 2019 3:44:40 GMT
Godanubis Since you’re in such a charitable mood, perhaps you’d like to make a donation. I’m sure all donations will be welcome. The way it’s looking, I hope Liam has his banjo and collection hat ready to make up the deficit. Have you read the last few years of Lendy's accounts, it is probably a solid 24ct gold jewel encrusted banjo with matching hat.
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Post by p2plender on Feb 8, 2019 7:36:46 GMT
"I’m willing to defer judgment for a year or so which is not an excessive timeframe for things to improve."
Jeez I hope Brookes doesn't read that! A year to Lendy is like cat years! You are charitable sir, just the type of investor Lendy thrives on and looks for.
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r1200gs
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Post by r1200gs on Feb 8, 2019 11:02:49 GMT
They are not finished yet. This is just the start of the recovery process. Would you rather they just not bother ? If they’re going to sell assets off at a 26% loss (and half the RICS valuation) and then distribute 58% of the proceeds in fees, yes I’d rather they didn’t bother. That's the horror here. Somebody is being paid obscene amounts of our money here. For what, putting this on Rightmove? How on earth can this amount in fees even be remotely justified?! If this is going to be the pattern for the rest of the loan book, this is going to be a disaster.
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Monetus
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Post by Monetus on Feb 8, 2019 11:24:31 GMT
I'm really struggling to put together how it sold for 950k and only £401k has been distributed to investors on a fairly standard 1st charge property bridging loan? Is this the cost of the new "enhanced" recovery team I wonder?
If I was in this one I'd be pushing for a breakdown from Lendy on where exactly this 400k has been spent.
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Post by GSV3MIaC on Feb 8, 2019 11:46:47 GMT
I believe you'll find that someone on DD central has already pushed, and we await the reply with interest. I'm not in it either, or I'd be asking for Ly to 'show their working' as my math teacher used to say ..
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rocky1
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Post by rocky1 on Feb 8, 2019 12:17:00 GMT
In the next update could the ERT explain to us exactly the pecking order on any future recoveries from this disaster of a loan book.we have already been shafted by lendy and these borrowers and now due to lendys lncompetance,greed and many other failings we are being shafted again right to the end.surely our capital return should come first before lendy take anything more. rewarding themselves for failure. we should have a breakdown of all these recovery costs on every loan and who it is going to and whether we are being charged fairly.i will be glad when this is all over in a few years time and can finally close the door on lendy once and for all.even though I will be many thousands of pounds out of pocket this p2p business really has been an eye opener as to what people will do to part you from your hard earned savings. repeating myself as there are over 50 more loans to be sorted and lendy/ERT need to keep these extortionate fees/costs under control.disclose all charges to us lenders it is our money you are still giving it away adding further insult and another kick in the teeth to the people took in by lendy and these scamming borrowers.
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Post by p2plender on Feb 8, 2019 12:31:39 GMT
I stated many moons ago, this is how Lendy will now make their money hence why Liam was only to happy to write a loan.
Provision fund! Pfffft.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 8, 2019 13:12:20 GMT
"I’m willing to defer judgment for a year or so which is not an excessive timeframe for things to improve."Jeez I hope Brookes doesn't read that! A year to Lendy is like cat years! You are charitable sir, just the type of investor Lendy thrives on and looks for. Written them off mentally already. Dosn't mean they should get away with bad practice or overcharging.
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Post by loftankerman on Feb 8, 2019 14:28:51 GMT
I do give to lendwithcare much like P2P without the platform taking a cut. You invest in the person directly who then benefits their community. When they pay back you then pass the money on in an never ending cycle of support. Nice to see the flag waved for Lendwithcare's crowd funding. I'm in my 5th year of supporting them. Starting off and only making minimum sized loans of £15 a time, I gradually increased my overall amount lent to about £1000 some years ago. I only increase it minimally now if a couple of extra pounds will facilitate making another loan. Re-lending the current receipts of around £140 each month has meant that I have now lent over £6000. If I chose I could stop lending and withdraw my money each month until my account balance had been cleared. Doing that, my overall outlay would have mostly been returned. Lendwithcare measure the impact of loans in terms of the number of entrepreneurs (borrowers) in each loan, the number of dependants they have who will benefit from the loan, and the number of any jobs that the loan will create. Due to the purpose of the loans, the number of jobs created is most often zero. So far, statistics indicate that I have made 404 loans, contributing to helping 5945 entrepreneurs, benefiting 18,913 dependants and creating 1745 jobs. I think that's a worthwhile use of the relatively small amount of money that I haven't actually parted with. Alternatively it could otherwise be similarly earning nothing in a bank account or be funding some crook's champagne lifestyle, never to be seen again.
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r1200gs
Member of DD Central
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Post by r1200gs on Feb 8, 2019 14:52:11 GMT
Nice to see the flag waved for Lendwithcare's crowd funding. I'm in my 5th year of supporting them. Starting off and only making minimum sized loans of £15 a time, I gradually increased my overall amount lent to about £1000 some years ago. I only increase it minimally now if a couple of extra pounds will facilitate making another loan. Re-lending the current receipts of around £140 each month has meant that I have now lent over £6000. If I chose I could stop lending and withdraw my money each month until my account balance had been cleared. Doing that, my overall outlay would have mostly been returned. Lendwithcare measure the impact of loans in terms of the number of entrepreneurs (borrowers) in each loan, the number of dependants they have who will benefit from the loan, and the number of any jobs that the loan will create. Due to the purpose of the loans, the number of jobs created is most often zero. So far, statistics indicate that I have made 404 loans, contributing to helping 5945 entrepreneurs, benefiting 18,913 dependants and creating 1745 jobs. I think that's a worthwhile use of the relatively small amount of money that I haven't actually parted with. Alternatively it could otherwise be similarly earning nothing in a bank account or be funding some crook's champagne lifestyle, never to be seen again. I would suggest this already appears to be happening and like all the best crooks, it's probably all nice and legal and the police won't want to know. There's no way that the fees for closing this loan should be anywhere near what they appear to be, the vultures have arrived to feed and feed they are. There does not appear to be the slightest attempt to explain where all this money has gone and we all know why, any attempt to explain it is going to be a little difficult. Sure, there have been costs, but a £400.000 return on a £950,000 sale?! Oh, I'm sure there is legalised robbery going on here.
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