zedi
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Post by zedi on Apr 6, 2018 16:12:56 GMT
The problem will always be to determine the point in time where the "losses crystalised"...
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withnell
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Post by withnell on Apr 6, 2018 17:51:12 GMT
The problem will always be to determine the point in time where the "losses crystalised"... When the security is sold and reasonable attempts to recover funds have been made/agreement has been made to not pursue those routes would seem reasonable
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withnell
Member of DD Central
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Post by withnell on Apr 9, 2018 9:01:52 GMT
56.7% in favour of refinancing and taking a haircut.
8.9% voted to reject and sell
35.4% didn't vote
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Apr 9, 2018 17:48:05 GMT
56.7% in favour of refinancing and taking a haircut. 8.9% voted to reject and sell 35.4% didn't vote Or, to put that another way, 56.7% in favour of refinancing, taking a haircut and moving the money to a more reputable platform asap
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Post by excalibur on Apr 9, 2018 21:22:24 GMT
Didn't even see this voting option in my Inbox, and now I see voting is closed.
I'd have rejected it.
Oh it turns out they sent an email 4 days ago and already the voting is closed. Title of email was "Have your say PBL084.." so that's why it didn't ring any alarm bells. Something along the lines of "VOTE on DEFAULTED loan.." would have got my attention. I'm not sure this is legally binding when they've communicated it so ineffectively. They did leave me a voice message the other week on did I want to invest in some new loans... but something more important of a vote on a chunk of money I am owed they did not leave me a voice message, just the obscure titled email on the subject.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Apr 9, 2018 21:54:12 GMT
Message deleted (fat fingers)
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xpubman1
Member of DD Central
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Post by xpubman1 on Apr 10, 2018 0:43:41 GMT
Dump the PF, it gives people a false sense of security. If and when it is used once more, there would be an outcry against whichever default it supports, so I say forget about it and post something useful to us all.
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zedi
Member of DD Central
Posts: 80
Likes: 47
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Post by zedi on Apr 10, 2018 8:07:01 GMT
Didn't even see this voting option in my Inbox, and now I see voting is closed. I'd have rejected it. Oh it turns out they sent an email 4 days ago and already the voting is closed. Title of email was "Have your say PBL084.." so that's why it didn't ring any alarm bells. Something along the lines of "VOTE on DEFAULTED loan.." would have got my attention. I'm not sure this is legally binding when they've communicated it so ineffectively. They did leave me a voice message the other week on did I want to invest in some new loans... but something more important of a vote on a chunk of money I am owed they did not leave me a voice message, just the obscure titled email on the subject. Sorry but how long should they wait for you? I am happy that the vote was over so quickly and didn´t cause additional delay in the recovery process. Almost two-thirds of investors (or of money invested) did take part within that short time frame, so the communication cannot be that inefficient. Beside the announcement via E-Mail, Lendy also listed it under the "recent update" tab.. they didn´t try to hide it and I also don´t want to get ten automatic E-Mail reminders just to get informed about some not legally binding voting of some loan part, just because someone might miss the first mail...
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p2p2p
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Post by p2p2p on Apr 10, 2018 13:09:14 GMT
I think 4 days is far too short when the recovery process takes months. 3 weeks would allow people a chance to return from holidays and consider things from home, not hotel rooms, and is still negligible compared with the delays getting valuations and instigating legal proceedings.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 400
Likes: 416
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Post by brianlom1 on Apr 10, 2018 14:00:22 GMT
Didn't even see this voting option in my Inbox, and now I see voting is closed. I'd have rejected it. Oh it turns out they sent an email 4 days ago and already the voting is closed. Title of email was "Have your say PBL084.." so that's why it didn't ring any alarm bells. Something along the lines of "VOTE on DEFAULTED loan.." would have got my attention. I'm not sure this is legally binding when they've communicated it so ineffectively. They did leave me a voice message the other week on did I want to invest in some new loans... but something more important of a vote on a chunk of money I am owed they did not leave me a voice message, just the obscure titled email on the subject. Sorry but how long should they wait for you? I am happy that the vote was over so quickly and didn´t cause additional delay in the recovery process. Almost two-thirds of investors (or of money invested) did take part within that short time frame, so the communication cannot be that inefficient. Beside the announcement via E-Mail, Lendy also listed it under the "recent update" tab.. they didn´t try to hide it and I also don´t want to get ten automatic E-Mail reminders just to get informed about some not legally binding voting of some loan part, just because someone might miss the first mail... I also received a pop-up informing me of the vote when I logged on to the Lendy website
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gwenynwyr
Member of DD Central
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Post by gwenynwyr on Apr 10, 2018 14:28:22 GMT
Sorry but how long should they wait for you? I am happy that the vote was over so quickly and didn´t cause additional delay in the recovery process. Almost two-thirds of investors (or of money invested) did take part within that short time frame, so the communication cannot be that inefficient. Beside the announcement via E-Mail, Lendy also listed it under the "recent update" tab.. they didn´t try to hide it and I also don´t want to get ten automatic E-Mail reminders just to get informed about some not legally binding voting of some loan part, just because someone might miss the first mail... I also received a pop-up informing me of the vote when I logged on to the Lendy website Tyhe vote isn't binding anyway!
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withnell
Member of DD Central
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Post by withnell on Apr 10, 2018 14:55:22 GMT
I think 4 days is far too short when the recovery process takes months. 3 weeks would allow people a chance to return from holidays and consider things from home, not hotel rooms, and is still negligible compared with the delays getting valuations and instigating legal proceedings. But along with another 2.5weeks lost interest, there's a likelihood that one of the parties to the deal will walk away / find another quick win in that timeframe
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withnell
Member of DD Central
Posts: 550
Likes: 491
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Post by withnell on Jun 6, 2018 10:33:39 GMT
So, it's been 2 months since the vote, and it seems like the documentation hasn't been signed, and the property hasn't been listed for sale...
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Post by charliebrown on Jun 6, 2018 12:00:34 GMT
Looks like we voted for an outcome they cannot execute. Can’t say I’m surprised, I’m now conditioned to take everything they say with a pinch of salt. The only time I believe anything is when I see it.
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Post by da2279 on Jul 17, 2018 15:11:10 GMT
Update showing online as a Pop up.
"Investor update: PBL084
Investors in PBL084 will be aware that an investor vote was held as a result of a detailed settlement agreement that had been negotiated.
Before the deal settlement concluded, Lendy received a letter from the borrower’s solicitors disputing various issues that had not been raised previously.
Whilst we sought to resolve the issues amicably, the borrower is not now in agreement with the terms of the previously agreed settlement and has offered a substantially reduced settlement sum.
This revised offer from the borrower has been rejected because it is not acceptable to Lendy, as it would have resulted in an unacceptable change to the risk profile of the loan and therefore an unsatisfactory outcome for our investors.
In line with our regulatory requirements, Lendy has suspended trading of the loan on the secondary market. It has also now appointed an administrator over the borrower company. Please be assured that this decision has not been taken lightly.
In light of the latest property valuation we are hopeful that we will be able to repay all outstanding capital to investors following the conclusion of the administrator’s appointment and the disposal of the security property,
We will provide a further update as soon as we have new information."
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