GeorgeT
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Post by GeorgeT on May 25, 2018 17:59:05 GMT
Latest update -
"After further discussions with the borrower, it is expected that it will be in a position to move forward with legals this week, with a specific completion date to be set thereafter. Further information will be provided as and when we are able to do so. "
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mary
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Post by mary on May 25, 2018 18:38:38 GMT
Latest update - "After further discussions with the borrower, it is expected that it will be in a position to move forward with legals this week, with a specific completion date to be set thereafter. Further information will be provided as and when we are able to do so. "Given that the prior offer, several months ago, across DFL01/02 was a £3m haircut, I doubt if it has improved much, if at all, as no other offers have apparently come forward, the original borrower has the whip hand. As no figures are disclosed, I can only assume it's not good news. While I wish for return of capital, at least (fortunately I'm only in each for a minor sum) and sooner rather than later, I struggle to see how Lendy is going to square the circle on this one. Old T&Cs, etc, this is likely going to be ugly, unless they have a very cunning plan?
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GeorgeT
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Post by GeorgeT on May 25, 2018 18:45:02 GMT
Maybe the provision fund will be brought into action as it was with the garden centre which was also an old terms loan.
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littleoldlady
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Post by littleoldlady on May 26, 2018 9:31:48 GMT
I don't think the head honchos give a damn about lenders money. If the result is a loss to lenders, I am sure we will see the Ts & Cs altered to avoid liability. No chance. Lendy is the borrower. They cannot change the terms of the loan contract or free themselves of their obligations. They can only change platform terms and any changes would apply to new loans only. Why don't you see if you can find a no-win-no-fee lawyer who agrees with you and sue Lendy?
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agent69
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Post by agent69 on May 26, 2018 10:47:25 GMT
No need. It's not our loan/problem. But it will become your problem when Lendy take a haircut and decide to pass the pain onto lenders. As littleoldlady suggested, you may think you hold the moral high ground, but who is going to fund the legal action to prove your case?
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SteveT
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Post by SteveT on May 26, 2018 11:15:53 GMT
The Provision Fund long pre-dates the change from "Old T&Cs" to "New T&Cs", so why was a Provision Fund needed if the "Old T&Cs" committed Saving Stream (now Lendy) to repay its lenders in full under all circumstances, taking the hit themselves on any capital shortfalls?
I suspect there's a good chance that the Provision Fund will be used to mitigate losses on DFL001/002, but the oft-repeated view that "Old T&Cs" loans are guaranteed to be repaid in full by Lendy is a rather one-eyed reading of the situation, IMHO.
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ilmoro
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Post by ilmoro on May 26, 2018 12:20:34 GMT
Ah, that time of the year again when the old T&C's/Lendy liability dance starts up again.
Two things are true - the old terms are still attached to the loans & they state Lendy is the borrower. Beyond that it's the equivalent of predicting the arrival of the Spanish Inquisition.
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SteveT
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Post by SteveT on May 26, 2018 12:28:35 GMT
I think the best bet might be to claim it a "fake development" under 5.2.5: " In the event that the asset turns out to be stolen or fake, Lendy will reimburse all invested funds to Investors"  |
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ilmoro
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Post by ilmoro on May 27, 2018 13:54:56 GMT
You really need to read the old Ts & Cs carefully. There is no firm commitment for Lendy to repay the monies lent unless they have received all of the monies from the ultimate borrower and if this isn't the case then Lendy does not need to pay the shortfall until they have exhausted all avenues of recovery. In other words they will pay you whatever they receive. You also need to read the ever changing terms of the PF . Are these two the last on the old terms ? No, PBL027 & PBL031, residual PBL056
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izigor
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Post by izigor on Jun 1, 2018 2:26:49 GMT
In the recent update, does anyone have an idea what 'completion date' refers to here? i.e, does it refer to the build completion date or the head of terms completion date?!?
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littleoldlady
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Post by littleoldlady on Jun 1, 2018 8:30:17 GMT
In the recent update, does anyone have an idea what 'completion date' refers to here? i.e, does it refer to the build completion date or the head of terms completion date?!? I don't think it can mean build completion as it is referring to the option where an agreement is reached with the borrower over a partial repayment and a haircut for us. I therefore suppose that it means completion of the legalities of that agreement.
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izigor
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Post by izigor on Jun 1, 2018 18:52:19 GMT
In the recent update, does anyone have an idea what 'completion date' refers to here? i.e, does it refer to the build completion date or the head of terms completion date?!? I don't think it can mean build completion as it is referring to the option where an agreement is reached with the borrower over a partial repayment and a haircut for us. I therefore suppose that it means completion of the legalities of that agreement. I think I agree with you with regards to what the completion date means. As for your haircut speculation, reaching some kind of agreement so quickly probably means a haircut is now not currently anticipated. You mentionned 'partial repayment' - is that speculation too or is the 'agreement' published somewhere?
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littleoldlady
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Post by littleoldlady on Jun 2, 2018 7:05:20 GMT
I don't think it can mean build completion as it is referring to the option where an agreement is reached with the borrower over a partial repayment and a haircut for us. I therefore suppose that it means completion of the legalities of that agreement. I think I agree with you with regards to what the completion date means. As for your haircut speculation, reaching some kind of agreement so quickly probably means a haircut is now not currently anticipated. You mentionned 'partial repayment' - is that speculation too or is the 'agreement' published somewhere? I don't know any more than you, but I will be amazed (and delighted) if there is no haircut simply because otherwise I suppose Lendy would have agreed a deal much sooner.
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michaelc
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Post by michaelc on Jun 2, 2018 12:29:05 GMT
How many crystalised haircuts have their been?
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mary
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Post by mary on Jun 2, 2018 14:32:03 GMT
How many crystalised haircuts have their been? Looking at the "Claims Underway" tab you will see £5m of Capital Losses to date. Obviously Lendy don't class them as losses as there is (unspecified/unsubstantiated) routes that they may be pursuing in an attempt to recover the outstanding sums overdue, but the original Assets have been sold, all these claims are unsecured. However, this may only be the tip of the iceberg as £115m of the £220m loan book is either overdue or defaulted (sorry non-performing in Lendy speak). Some of the overdue will likely be ok, but £37m is between 6 months and 2 years overdue, and there will be further losses on these, one can only guess at how much, I think the worst is a 70% haircut to date.
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