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Post by mrclondon on Feb 8, 2019 15:16:08 GMT
Perhaps worth bearing in mind that costs of disposal of the AC Epp*ng loan asset were not dis-similiar* to the shortfall seen here (in some ways a similiar style of property). Once legal action to evict an owner occupier comes into the picture costs quickly escalate.
Which is not to excuse Lendy's lack of explanation here, merely to point out that the discrepancy probably has a valid explanation.
* For those in the AC loan, the details are in the email from AC dated 29th May 2018.
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Godanubis
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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 16:28:51 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. Perhaps FS ,Lendy and others could do their public image a bit of good by investing .001% of every loan granted into Lendwithcare.And show all P2P platforms are not heartless exploiters.  Instead of sponsoring rich folks pastimes. Example
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Post by queenvictoria on Feb 8, 2019 17:46:18 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 hadn't heard of Lendwithcare until I read these posts earlier. I've looked at the website and registered now. I'll give it a go. It looks very worthwhile. Just think, if we all parked a small % of our P2P investments in this initiative we could make a real difference at very little cost to ourselves.
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Steerpike
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Post by Steerpike on Feb 8, 2019 18:24:41 GMT
A number of P2P lenders have been supporting Kiva for some time now and there is a team on Kiva that supports many of these microfinance sites including Lendwithcare. |
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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.
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Post by Godanubis on Feb 8, 2019 19:18:43 GMT
A number of P2P lenders have been supporting Kiva for some time now and there is a team on Kiva that supports many of these microfinance sites including Lendwithcare. Yes a very little from awful lot would make a huge difference.. Labour policy in reverse. For the few from the many.
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rocky1
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Post by rocky1 on Feb 8, 2019 19:43:15 GMT
lendy policy=from the many for the few.
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cwah
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Post by cwah on Feb 11, 2019 12:57:33 GMT
Have investors lost 70% of their money on this one? Is this the first defaulting loan loosing that much?
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Post by p2plender on Feb 11, 2019 12:59:58 GMT
Only when Lendy declare it a loss which should be in the year 3027. Until then, no investor has ever lost a penny with Lendy.
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Post by mrclondon on Feb 11, 2019 13:05:37 GMT
Have investors lost 70% of their money on this one? Is this the first defaulting loan loosing that much? Too soon to know, ask again in 2024.
Following on from the disposal of the secured asset, it is then possible to commence legal action to recover additional funds from any PG, or from any party who may have misrepresented aspects of the underlying security. Such action will take several years to even be able to guess at what the eventual capital write off on the loan will be.
The Welsh castle similiarly recovered c. 30% of the loan value from the secured asset. Several Thincats and FS loans have recovered nothing from the secured asset, and there are a couple of AC loans which look to be the same.
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cwah
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Post by cwah on Feb 11, 2019 13:05:58 GMT
Only when Lendy declare it a loss which should be in the year 3027. Until then, no investor has ever lost a penny with Lendy. I've declared all my 1 years + defaultd loan for my current tax return! Otherwise i'd pay tax on money i lost!
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Post by p2plender on Feb 11, 2019 14:33:45 GMT
When will they kick in the PF??
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sl75
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Post by sl75 on Feb 11, 2019 15:11:22 GMT
When will they kick in the PF?? Current policy is that the PF won't consider any claim until all other possible recovery strategies have been fully exhausted.
As some of those strategies can potentially involve actions that may take years to enforce, assume "not any time soon".
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Post by hammertime on Feb 11, 2019 15:29:36 GMT
How are things at Lendy at the moment any better.
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invester
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Post by invester on Mar 4, 2019 7:41:14 GMT
Did anyone manage to get a breakdown onto why so much money has gone missing here?
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11025
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Post by 11025 on Mar 4, 2019 12:10:23 GMT
Did anyone manage to get a breakdown onto why so much money has gone missing here? Despite in excess of 6 requests to show the breakdown from the sales price to the 31% return to investors nothing has been advised , The last we heard was : This loan has now been repaid. Please see the loan specific update on this recovery which will outline the repayment breakdown. This will be published on 4 February.
Incredible , a total disregard and disrespect for Investors , I think this really tells us what Lendy think of us .
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Instead of sponsoring rich folks pastimes. 
