69m
Member of DD Central
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Post by 69m on Jul 17, 2018 15:16:52 GMT
Well, the votes on these loans were a waste of time.
Today's updates for PBL084 and PBL166 state: "...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..."
Administrator now appointed. The saga continues.
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Post by picanto on Jul 17, 2018 15:17:06 GMT
A dark day for Lendy investors; it's been bad news after bad news. And I was feeling rather positive with the latest loan repayments in the past week...
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reinvestor
Member of DD Central
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Post by reinvestor on Jul 17, 2018 15:24:13 GMT
Looks like having gained full authorisation from the FCA, Lendy are kitchen sinking the bad news all on one day!!
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rocky1
Member of DD Central
Posts: 1,139
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Post by rocky1 on Jul 17, 2018 15:32:28 GMT
how can we believe anything that lendy put out. greed and self praise are their motivation and borrowers are well aware of once lendy get their fees they do not give a sh*t about lenders monies.
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rocky1
Member of DD Central
Posts: 1,139
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Post by rocky1 on Jul 17, 2018 15:35:40 GMT
Looks like having gained full authorisation from the FCA, Lendy are kitchen sinking the bad news all on one day!! plenty more of this to come. if i was a borrower now you can guess what i would be telling lendy.
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elliotn
Member of DD Central
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Post by elliotn on Jul 17, 2018 15:44:31 GMT
how can we believe anything that lendy put out. greed and self praise are their motivation and borrowers are well aware of once lendy get their fees they do not give a sh*t about lenders monies. That would be a strange way to run a business, missing out on exit fees and fees from writing future business for a start. They’ve invested heavily in compliance and recovery, do you think they did that just to waste their profits?
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Post by spareapennyor2 on Jul 17, 2018 17:16:07 GMT
not in this
but as it`s north of the boarder will this go to a blackout listing
as PBL 101/2 land loan
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webwizard
Member of DD Central
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Post by webwizard on Jul 28, 2018 9:39:33 GMT
Appointment of administrator on 18 July 2018 is available under the company filing history at CH.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
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Post by ilmoro on Sept 13, 2018 13:42:52 GMT
Administrators proposals now available on CH (click the link for the appointment on 18/7 not the proposal which is apparently still processing) Apparently you can get sheep on hire purchase, who knew.
£1.5m predicted shortfall so 1st charge potentially ok, not sure where 2nd charge & Lendy top up facilities rank.
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Post by Please turn me over on Sept 13, 2018 16:46:41 GMT
Administrators proposals now available on CH (click the link for the appointment on 18/7 not the proposal which is apparently still processing) Apparently you can get sheep on hire purchase, who knew.
£1.5m predicted shortfall so 1st charge potentially ok, not sure where 2nd charge & Lendy top up facilities rank.
HP sheep, eh? Sounds like a Des type of financing. Wonder if he does HP pigs too. 
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Sept 13, 2018 16:50:44 GMT
Lendy Support, Paul70 Good chance to get ahead of the curve. Most investors won't have seen this. So publish the report with explanatory notes. Narrative is going to be negative anyway but chance to control it.
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invester
P2P Blogger
Posts: 612
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Post by invester on Sept 13, 2018 18:28:15 GMT
That document is going to be full of legalese and jargon, and because 'maybe' someone won't understand it, therefore nobody gets to see it, right Lendy?
We'll all have to wait until the end of the month now for an update which no doubt buys them another month.
If there is a £1.5m shortfall, isn't that a wipeout for the 2nd charge? Not sure there has been one of those on this platform yet, so perhaps a prime candidate for the PF to kick in.
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Post by GSV3MIaC on Sept 13, 2018 19:28:40 GMT
I'll put the actual links up in DD central, to save folks some time ..
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webwizard
Member of DD Central
Posts: 157
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Post by webwizard on Sept 14, 2018 7:13:45 GMT
So the amount lent by Lendy for both loans was £885,254 (PBL166) and £5,050,000 (PBL084) which is £5,935,254.
The administrators document gives the outstanding owed to Lendy as £8,771,555. So the remaining amount (£2.83m) must be for all interest, bonus, exit fees, late payment penalties etc. There is a predicted shortfall of £1.44m in the administrators document, so presumably all capital invested should be covered but outstanding interest, bonus and exit fees may not.
What happens if there is a shortfall following disposal of the asset. Do ALL the Lendy exit fees and penalties get paid in full or is everything reduced by a percentage? I cannot find any details on the Lendy website about the process. That is, does the investors first charge rank higher than the exit fees for Lendy, which presumably are contractual but not a secured debt? Any ideas/thoughts/knowledgeable facts?
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empirica
Member of DD Central
Posts: 326
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Post by empirica on Sept 14, 2018 7:52:32 GMT
So the amount lent by Lendy for both loans was £885,254 (PBL166) and £5,050,000 (PBL084) which is £5,935,254. The administrators document gives the outstanding owed to Lendy as £8,771,555. So the remaining amount (£2.83m) must be for all interest, bonus, exit fees, late payment penalties etc. There is a predicted shortfall of £1.44m in the administrators document, so presumably all capital invested should be covered but outstanding interest, bonus and exit fees may not. What happens if there is a shortfall following disposal of the asset. Do ALL the Lendy exit fees and penalties get paid in full or is everything reduced by a percentage? I cannot find any details on the Lendy website about the process. That is, does the investors first charge rank higher than the exit fees for Lendy, which presumably are contractual but not a secured debt? Any ideas/thoughts/knowledgeable facts? Item 13.3 of the Ts&Cs covers it in general, although there may be further detail elsewhere within them: My annotation and emphasis. (And note the final sentence.)
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