moist
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Post by moist on Sept 25, 2017 10:53:20 GMT
guess a reply would be good Lendy...or can see this becoming very public
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Balder
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Post by Balder on Sept 25, 2017 10:57:29 GMT
I doubt if Paul64 will respond as I believe unfortunately that Lendy have become all about PR rather than meaningful communications. |
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rrrupert
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Post by rrrupert on Sept 25, 2017 15:26:52 GMT
DFL001 AND DFL002 just vanished from the loans list.
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n
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Yet another Nick
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Post by n on Sept 25, 2017 15:30:51 GMT
I see them in Live Loans, but they are Suspended.
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Monetus
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Post by Monetus on Sept 25, 2017 15:36:07 GMT
DFL001 AND DFL002 just vanished from the loans list. It's in the Live Loans Section with the statement " This loan cannot be invested in because it has been suspended." Crossed with n But..... but..... what does this all mean? 
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treeman
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Post by treeman on Sept 25, 2017 15:44:07 GMT
would seem a bit of a coincidence the first working day after developer posted .................... |
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Monetus
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Post by Monetus on Sept 25, 2017 15:44:35 GMT
But..... but..... what does this all mean? Who knows. It's Lendy we're dealing with and logic doesn't enter the equation  Could the forum postings by the borrower be prompting some legal action?
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Post by zzr600 on Sept 25, 2017 15:50:40 GMT
Well, it seems they will be transfered to the 'defaulted loans' section, meaning investor money will be tied up in them for over a year until the asset is disposed of. Very annoying.
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Post by zzr600 on Sept 25, 2017 15:57:27 GMT
Maybe, but with £9m on loan between DFL 01 and 02, this will cause a dent in Lendy's finances, regardless of the T&Cs. Regardless, an update from Lendy about these two loans will be appreciated.
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GeorgeT
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Post by GeorgeT on Sept 25, 2017 15:57:52 GMT
Well, it seems they will be transfered to the 'defaulted loans' section, meaning investor money will be tied up in them for over a year until the asset is disposed of. Very annoying. Yes but if under the old T's & C's then the lenders will be entitled to full capital repayment and interest irrespective of how much Lendy recovers and that will include full interest until the loan is repaid. Which could do great damage to the ongoing viability of the LY platform. Can someone confirm if these are old T&C (pre pure P2P) loans?
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rrrupert
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Post by rrrupert on Sept 25, 2017 16:52:23 GMT
The cynic in me tells me that maybe by accelerating the default process then Lendy can tap into the provision fund to make up any shortfall before said fund runs dry. Or is that too cynical?
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ianj
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Post by ianj on Sept 25, 2017 17:15:59 GMT
According to ilmoro 's table at the head of the 'Lendy Live loans updates list' thread these loans were offered under the old T&Cs. Edit: he has added the proviso that "the terms & conditions loans are operating is based on evidence avaliable but may not be correct" |
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 25, 2017 17:30:36 GMT
Maybe they have decided apply proper default rules in line with HMRC/FCA guidance ie in legal recovery, in default. Non of this psuedo-default buisness. As far as I can see if they have embarked on legal recovery they havent informed the relevants authorities as no notification of appointment of recievers/managers has been posted at CH or in the gazette. As an RM01 has to be filed within 7 days (assume business days) of appointment, if the appointment was 15th then should be appearing tomorrow or Wed at latest. Maybe todays move is pre-empting formal notification. As for the terms/structure ... both loans were launched under the old T&Cs/structure with Lendy as the beneficiary of the charge not SSSH. This remain the case for DFL001 but DFL002 had new charges filed in June in favour of both SSSH (presumably for lenders) and Lendy (for the extra mezzanine advance) against both the original borrower & the company who now owns the leaehold of the commercial units. My assumption is that DFL002 has migrated but DFL001 hasnt. Perhaps Lendy Support could clarify the situation regards which terms/structure apply. edit ianj just added another qualifier to DFL002 |
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 25, 2017 18:27:53 GMT
The first loan officially announced on new structure was PBL064 (see update 23/10/15). PBL37/8/9 were migrated when PBL69/70/71 launched as they are same security, PBL59 migrated when PBL072 launched, PBL055/057 migrated when they were extended, PBL058 migrated when PBL166 launched.
The problem with DFL001/002 is they were to replace loans written under the old structure and seem to have remained under the old structure even though they drew down after the new structure had been introduced. DFL002 had no new charges filed in support of the new loan just continued to use the existing old charges in favour of Lendy. DFL001 had a new charge in favour of Lendy filed against a new entity but I suspect there is another fixed charge against an individual for the original loan and the new charge (debenture) was filed under the old structure to mirror the exisitng charge
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Post by chielamangus on Sept 25, 2017 19:05:52 GMT
And what happens about all the interest on those loan parts that were up for sale when Lendy announced their coup d'etat? Ly have firmly stopped those parts from being sold so the interest foregone on those parts should be refunded by Lendy. It is one thing to be in a queue, albeit a queue which Lendy was jumping, and quite another for that queue to be dispersed.
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