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Post by patright on Sept 14, 2018 7:53:18 GMT
I would pretty much take a cut at this point on all loans just to exit this platform, so tired of it really
let's not forget time is also money and with Lendy ...it takes years to accomplish the simplest task so all hope is gone and it's been gone for a while
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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 14, 2018 9:02:33 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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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 Sept 14, 2018 9:34:51 GMT
I would pretty much take a cut at this point on all loans just to exit this platform, so tired of it really let's not forget time is also money and with Lendy ...it takes years to accomplish the simplest task so all hope is gone and it's been gone for a while My sentiments exactly, the sooner I exit Lendy the better, that day will mark the end of an error
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Post by p2plender on Sept 14, 2018 9:37:56 GMT
I would pretty much take a cut at this point on all loans just to exit this platform, so tired of it really let's not forget time is also money and with Lendy ...it takes years to accomplish the simplest task so all hope is gone and it's been gone for a while That was my plan with the dfl04 vote, take a hit and be on my way. Lendy snatched defeat from (a form of) victory for me by holding a vote then changing the result a few weeks later - no idea why they wasted weeks organising a vote then more time telling us the outcome of the vote, then a couple more weeks and then finally telling us they were going against the result of the original vote. Tired? Knackered more like lol. Carry on Lendy!
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Post by charliebrown on Sept 14, 2018 11:44:31 GMT
I would pretty much take a cut at this point on all loans just to exit this platform, so tired of it really let's not forget time is also money and with Lendy ...it takes years to accomplish the simplest task so all hope is gone and it's been gone for a while Totally agree. LY need a lesson in the time value of money. As an investment LY is a total disaster. If I could turn the clock back I’d just have used RateSetter which would have been a far better option. On LY current performance there’s no way this bunch can return 10%. Most of us want out and would accept some losses just to move on.
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Post by charliebrown on Sept 14, 2018 11:50:26 GMT
I would pretty much take a cut at this point on all loans just to exit this platform, so tired of it really let's not forget time is also money and with Lendy ...it takes years to accomplish the simplest task so all hope is gone and it's been gone for a while That was my plan with the dfl04 vote, take a hit and be on my way. Lendy snatched defeat from (a form of) victory for me by holding a vote then changing the result a few weeks later - no idea why they wasted weeks organising a vote then more time telling us the outcome of the vote, then a couple more weeks and then finally telling us they were going against the result of the original vote. Tired? Knackered more like lol. Carry on Lendy! Total morons. They said they listened to investors by going against the vote, which to me makes no sense on any level. The investors spoke by voting - gives us some of our money back and set us free to invest somewhere else.
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empirica
Member of DD Central
Posts: 326
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Post by empirica on Sept 14, 2018 12:26:04 GMT
ISTM that the C/R doc doesn't specifically cover the shortfall situation (beyond mentioning the 'optional' PF), but where it does cover priority of repayments, it would appear to contradict the Ts&Cs with regard to the 'running order' _ eg: interest ahead of principal in Ts&Cs, but vice versa in the other; and the point which point Lendy ("the Agent") are entitled to their wedge. Or am I going misreading it / them?
(Additionally, in a formal customer-facing Policy document issued by a company, I'd expect an explicit statement as to whether or not the Ts&Cs take priority in the case of a conflict, but ... ) Something for Compliance to look at, Paul70?
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nsinvestor
Member of DD Central
Posts: 105
Likes: 110
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Post by nsinvestor on Sept 14, 2018 15:53:34 GMT
are Lendy the 'Agent' or does this refer to the LPA who is being paid to get money back?
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Post by meg on May 2, 2019 18:30:42 GMT
Positive news in the update? Is that the first offer that has been received?
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Post by masquedefer on May 5, 2019 10:39:23 GMT
Positive news in the update? Is that the first offer that has been received? Can someone explain how I find the new update page (portal??) There is nothing new in the old updadte page. TIA
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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 May 5, 2019 11:40:59 GMT
Positive news in the update? Is that the first offer that has been received? Can someone explain how I find the new update page (portal??) There is nothing new in the old updadte page. TIA Don't think these have specific portal. Last updates were begining of april.
"We have received an offer that is being reviewed, with a view to obtain the best possible outcome."
Can one of you nice Jolly London chaps Sell a flat in Clapham and buy this huge Estate and rent it on Air B&B 
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Post by walkmill on Jan 22, 2021 14:23:34 GMT
Anyone out there got any updates to share on this one??
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adrianc
Member of DD Central
Posts: 10,022
Likes: 5,148
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Post by adrianc on Feb 9, 2021 15:27:42 GMT
Anyone out there got any updates to share on this one?? Have you seen the August 2020 administrator's report, on CoHo? Seems to be awaiting eviction (still!) of the borrower, so the property can be sold. Coronavirus has put that on hold.
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Post by walkmill on Feb 9, 2021 15:34:06 GMT
Thanks...roll on vaccinations then!!
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