|
|
Post by charliebrown on Nov 9, 2017 11:56:23 GMT
He is thinking about himself and his financial position at the expense of all of our investments. And why would you expect him to do anything else? If there is a ransom strip, then the only people at fault are Lendy for not identifying and dealing with the problem before the loan went live. I put 99% blame on LY. It’s fair to say that most of the long list of loans that have turned sour are largely due to LY being asleep at the wheel. I still put 1% blame on the borrower if as stated he has purposely taken advantage of a weak target. You could rob a granny of her purse because she is weaker than you, but most people still wouldn’t do it. Those that would do it are lowlifes.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Nov 9, 2017 12:26:50 GMT
I put 99% blame on LY. It’s fair to say that most of the long list of loans that have turned sour are largely due to LY being asleep at the wheel. I still put 1% blame on the borrower if as stated he has purposely taken advantage of a weak target. You could rob a granny of her purse because she is weaker than you, but most people still wouldn’t do it. Those that would do it are lowlifes. That's a reasonable apportionment. Only 1% because Ly is hardly a "granny", bigger, richer and with more DD staff than the developer.
|
|
Yintara
Member of DD Central
Posts: 61
Likes: 83
|
Post by Yintara on Nov 9, 2017 13:27:41 GMT
Not sure if it's been mentioned yet on this thread but the asking price for the son's house was reduced to £695k on 8/9/17, so presumably it hasn't had much interest (much like us investors)  |
|
|
|
Post by loftankerman on Nov 9, 2017 17:19:58 GMT
I've sold a couple of houses fairly recently and was surprised to find the amount of quizzing I got about them compared to my previous sale in 1986. When I asked our solicitor how on earth I was supposed to have such information, I was told that 'Don't know', if truthful, is an acceptable answer. Of course when it comes to questions about related boundary disputes, problems with neighbours and problematic local issues a "Don't know" might be a little difficult to be convincing about if one is effectively ankle deep in them. It could be that even if the property does come down to a 'snatch your hand off' price prospective buyers would be scared off by disclosures or deeper investigation that might point to failures of disclosure.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Nov 9, 2017 23:54:12 GMT
Am I the only who feels that without us, the lenders, Lendy is a worthless company or am I overestimating our importance? I sure as hell try to keep all of my business customers....... Nope. I reckon you are right. Lendy are just a worthless company... With respect to tombraider's question... It all depends on whether Lendy can find investors for their 6% bonds. If they can, and can find enough takers, then all of us lenders will become superfluous -- and Lendy would not be a worthless company without us.
|
|
spyrogyra
Member of DD Central
Posts: 386 
Likes: 148
|
Post by spyrogyra on Nov 10, 2017 9:39:44 GMT
In conclusion, we were the re-ards who felt for the 12%. Now they are looking for bigger such and the offer is 6%. Not as bad as banks though, they have managed to hold most of the money against 0%
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Nov 10, 2017 14:08:23 GMT
So, update today says that prospective purchase do not wish to proceed. I'm just thinking out loud ... why don't the holders of the loan simply become owners of the property? We could potentially finish this off diy. I managed to build a shed, lay the laminate flooring and paint the house after a few videos on youtube. I think it took me a good two weeks due to the tea, football and barbecue breaks etc but oh it was so much fun.
|
|
mosaic
Member of DD Central
Posts: 69
Likes: 57
|
Post by mosaic on Nov 10, 2017 14:17:49 GMT
izigor I'm game, if you've got a helicopter to transport us across the alleged* ransom strip *delete as necessary
|
|
withnell
Member of DD Central
Posts: 550
Likes: 491
|
Post by withnell on Nov 10, 2017 15:37:31 GMT
I wish there was a view on the gap between the borrower's offer and the outstanding balance?
For example, if I was given the choice of capital plus standard interest vs chasing for the bonus interest, I'd happily forego the 2.4% bonus in order to cash out
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Nov 10, 2017 15:54:00 GMT
I wish there was a view on the gap between the borrower's offer and the outstanding balance? For example, if I was given the choice of capital plus standard interest vs chasing for the bonus interest, I'd happily forego the 2.4% bonus in order to cash out IMO you should count your blessings if you get your full capital back. I fear a severe haircut coming eventually. It could possibly have been avoided or at least reduced if Lendy were not kicking the can down the road to postpone as long as possible their first lender losses.
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Nov 10, 2017 16:00:16 GMT
I wish there was a view on the gap between the borrower's offer and the outstanding balance? For example, if I was given the choice of capital plus standard interest vs chasing for the bonus interest, I'd happily forego the 2.4% bonus in order to cash out IMO you should count your blessings if you get your full capital back. I fear a severe haircut coming eventually. It could possibly have been avoided or at least reduced if Lendy were not kicking the can down the road to postpone as long as possible their first lender losses. With the latest update, it looks to me that the PLA may decide to build the site out. Of course, this will have to include legal actions on the ransom strip - and/or alternative access produced (if that is at all possible). Where and how will the PLA obtain the fund to finish it off will also be interesting.
|
|
zlb
Member of DD Central
Posts: 1,422
Likes: 333
|
Post by zlb on Nov 11, 2017 21:14:52 GMT
Nope. I reckon you are right. Lendy are just a worthless company... With respect to tombraider 's question... It all depends on whether Lendy can find investors for their 6% bonds. If they can, and can find enough takers, then all of us lenders will become superfluous -- and Lendy would not be a worthless company without us. does anyone know how much of L finance comes from private finance? Am I right to presume that they aren't supported by shares at this point? Is securitisation the right term for that??
|
|
|
|
Post by dualinvestor on Nov 12, 2017 9:34:49 GMT
With respect to tombraider 's question... It all depends on whether Lendy can find investors for their 6% bonds. If they can, and can find enough takers, then all of us lenders will become superfluous -- and Lendy would not be a worthless company without us. does anyone know how much of L finance comes from private finance? Am I right to presume that they aren't supported by shares at this point? Is securitisation the right term for that?? Lendy has a share capital of £100 and has, since incepcion, declared profits that it has used to finance operations, allegedly substantial in the last financial year although they have failed to submit the last accounts which are now six weeks late. Securtisation is the grouping together of loans and sale in small portions of the whole so I suppose the bonds fall into that category, the strict definition would include individual loans but it is not the principle of P2P.
|
|
coda
Posts: 21
Likes: 23
|
Post by coda on Nov 12, 2017 9:45:32 GMT
The exact term is repackaging not securitisation in my view. A securitisation would imply that the loans that are "securitised" have been isolated into an SPV first. I am not sure that it will be the case here.
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Nov 24, 2017 15:36:33 GMT
Today's update doesn't mention anything about whether the new offer covers all capital and accrued interests.
|
|
