Liz
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Post by Liz on Mar 17, 2018 10:41:54 GMT
I am also voting for no1, at least I can pull a bit more money out of Lendy. No mention of the provision fund and as for chasing the remaining money i'm not holding my breath......but it would be a nice bonus. The PF used to pay out and was actually of value to lenders, now it is an illusionary marketing tool to new members.
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11025
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Post by 11025 on Mar 17, 2018 10:54:04 GMT
I am also voting for no1, at least I can pull a bit more money out of Lendy. No mention of the provision fund and as for chasing the remaining money i'm not holding my breath......but it would be a nice bonus. The PF used to pay out and was actually of value to lenders, now it is an illusionary marketing tool to new members. On that subject what has actually happened to the provision fund and the funds it contain or contained ?
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elliotn
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Post by elliotn on Mar 17, 2018 10:55:45 GMT
With two seven figure losses confirmed in two weeks and a third about to happen (Leatherhead) I am honestly surprised anyone is contemplating lending through this platform uunder any circumstances whatsoever and am astounded by the number of threads on new loans that show some people are. I'm surprised too. Some folk are just suckers for pain. What is they say about fools and their money 😆 If you’re not invested in Ly, do you post on here from morbid curiosity? You were quite sensitive regarding FS when a lender initimated the fools on there being parted with their money (where I have several loans 1-2 years in default and none on Ly).
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dovap
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Post by dovap on Mar 17, 2018 10:58:31 GMT
wonder how much of the purported 2 mill
will 'approximately' find it's way back 'in a couple of weeks'
I suppose it all depends how much faith you have left in Ly comms.
Have they said who the lucky purchaser of such a bargain is ?
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Liz
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Post by Liz on Mar 17, 2018 11:20:32 GMT
I'm surprised too. Some folk are just suckers for pain. What is they say about fools and their money 😆 If you’re not invested in Ly, do you post on here from morbid curiosity? You were quite sensitive regarding FS when a lender initimated the fools on there being parted with their money (where I have several loans 1-2 years in default and none on Ly). I was sensitive when somebody wished for a platform to fail, which would leave lenders millions of pounds out of pocket. I dont want anyone to lose money because I know how it feels. I want Lendy to improve loan offerings and prove it can deal with bad loans, then I might lend through them again. So I do follow how Lendy are performing wrt dealing with their default loans. I do think lenders are mad to be lending despite the mounting evidence to the quality of of loans, the PF promises not being auctioned and the unproven record of dealing with defaults. Judging by the falling participants iin new loans, less and less members are willing to support the Lendy owners.[ Sorry I said stupid, maybe naive is a better way to describe people. Not just on Lendy, lots of people are backing loans that are far higher risk than the rate offered. I have been guilty of being naive too in the past and it has cost me several thousand pounds and maybe rising a lot. Have a good day.
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indy
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Post by indy on Mar 17, 2018 12:51:31 GMT
wonder how much of the purported 2 mill will 'approximately' find it's way back 'in a couple of weeks' I suppose it all depends how much faith you have left in Ly comms. Have they said who the lucky purchaser of such a bargain is ? We will soon find out when they apply to Lendy for a loan.......
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SteveT
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Post by SteveT on Mar 17, 2018 12:56:40 GMT
Out of interest, did holders of this loan receive an email from Lendy about the vote? There was no mention of it in yesterday's update for PBL94, and it's hardly obvious on the website unless you go looking for it.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Mar 17, 2018 13:02:17 GMT
Out of interest, did holders of this loan receive an email from Lendy about the vote? There was no mention of it in yesterday's update for PBL94, and it's hardly obvious on the website unless you go looking for it. Yes
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SteveT
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Post by SteveT on Mar 17, 2018 13:16:15 GMT
Out of interest, did holders of this loan receive an email from Lendy about the vote? There was no mention of it in yesterday's update for PBL94, and it's hardly obvious on the website unless you go looking for it. Yes Thanks. Were I involved, I'd be livid that the nature / cause of the security's impairment is not revealed. I'm not sure how anyone can fairly make a judgement on the options presented without knowing this (although, as presented, Lendy have obviously "stacked the deck" in favour of Option 1).
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littleoldlady
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Post by littleoldlady on Mar 17, 2018 13:41:37 GMT
Out of interest, did holders of this loan receive an email from Lendy about the vote? There was no mention of it in yesterday's update for PBL94, and it's hardly obvious on the website unless you go looking for it. They email everyone when a loan repays whether invested or not, but when it's bad news it is kept as restricted as possible.
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Post by dualinvestor on Mar 17, 2018 14:47:52 GMT
I'm surprised too. Some folk are just suckers for pain. What is they say about fools and their money 😆 If you’re not invested in Ly, do you post on here from morbid curiosity? You were quite sensitive regarding FS when a lender initimated the fools on there being parted with their money (where I have several loans 1-2 years in default and none on Ly). I think there is a huge distinction between losses caused by a succession of very bad loans and extremely poor credit underwriting decisions and platform failure. Lendy have at least four bad loans where the losses to lenders could be more than £10 million and a default tab adding up to £34 million, Collateral failed, it seems, for regulatory reasons, the next failure if there is one could be for something entirety different I think anyone whether they are a lender in the platform or not is entitled to question the lending record and wisdom of continuing to put further money with it.
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Post by Proptechfish on Mar 17, 2018 16:00:06 GMT
How is it possible to make any informed voting choice when the 'informed' aspect is totally missing from Lendy's description of the situation - like what are the planning issues ? "We were also advised that due to planning issues not identified by the relevant parties during our initial due diligence period, any sale of the Property was significantly restricted."From the phraseology used in 'The three options' it is clear that Lendy don't want to be bothered with options 2 & 3, so I'd guess at an 80+% of the vote being in favour of option 1. You literally 'pays your money and makes your choice' and in the present circumstances, my choice will probably be for option 1. Totally agree. I think LY want option 1 and option 2 and 3 are worded in a way that would persuade most towards the option 1 loss. If i was a vindictive guy i would be tempted to vote for 3 just to annoy LY, but of-course they would continue to bleed the security for the privilege and the appointment of a 'planing consultant' would most likely be the same chimps that miss-valued and overlooked the land ownership problems in the first place.
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ric
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Post by ric on Mar 17, 2018 20:55:25 GMT
How is it possible to make any informed voting choice when the 'informed' aspect is totally missing from Lendy's description of the situation - like what are the planning issues ? "We were also advised that due to planning issues not identified by the relevant parties during our initial due diligence period, any sale of the Property was significantly restricted."From the phraseology used in 'The three options' it is clear that Lendy don't want to be bothered with options 2 & 3, so I'd guess at an 80+% of the vote being in favour of option 1. You literally 'pays your money and makes your choice' and in the present circumstances, my choice will probably be for option 1. Totally agree. I think LY want option 1 and option 2 and 3 are worded in a way that would persuade most towards the option 1 loss. If i was a vindictive guy i would be tempted to vote for 3 just to annoy LY, but of-course they would continue to bleed the security for the privilege and the appointment of a 'planing consultant' would most likely be the same chimps that miss-valued and overlooked the land ownership problems in the first place. Have to agree 100% with you. This has to be the most rhetorical question ever. I don't see how someone can choose option 2 or 3 based on the wording proposed. Lendy clearly is only covering their bottom with this move. Once again, very arrogant approach from Lendy.
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copacetic
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Post by copacetic on Mar 17, 2018 20:57:00 GMT
To save us from ourselves - since people often seem to vote against their own best economic interests on emotional grounds (see also: Brexit). Totally off topic re Brexit comment but moving to free trade out of a protectionist customs union is beneficial to consumers like you and I. It's bafflingly misunderstood by the media and consequently much of the public that tariffs are some sort of weapon against foreign businesses but the person who pays is the consumer from the country that imposes the tariff in the form of higher priced goods and the people who benefit are inefficient home industries. This doesn't even benefit jobs in this country necessarily. Take steel for example. We (EU) impose a tariff on cheap foreign steel, our steel industry benefits by continuing to be able to sell locally/within the customs union but the precision steel engineering manufacturing businesses get relocated outside the customs union where there are no tariffs on their raw materials. Another example, food tariffs increase the cost of living for everyone in the country (and protect home farmers) and consequentially require higher wages and make our industries less efficient when exporting. I'm of the opinion that the UK would be better off economically outside the EU with unilateral free trade with the rest of the world and consequently voted that way ... not on emotional grounds. Thats only one reason though, I felt there were significant risks to democracy allowing the EU to continue as is unchecked. Of course the way our government is leaning with the pressure of the 73% remain bias from politicians we likely won't make a clean break and may end up staying in the EU in all but name.
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Post by masquedefer on Mar 18, 2018 10:47:21 GMT
Option 1: If we accept this option we will likely lose any claim against the valuer (if any exists) becasue the property was not sold on the open market so the market has not been tested and there is no contemporary valuation from say 2/3 independent valuers to confirm that the offer is at current market value.
Also is this buyer a "connected person" (vis a vis the existing loan/borrower?). I don't want anyone who had a hand in the now apparent "inflated valuation" from having any further interest or making further profit out of this shambles.
Option 2: What is current sale price? Is there a current independent valuation which fairly reflects the current market value and modified hope value (caused by the alleged planning issue)? How can we decide without basic information.
Option 3: This alternative is most sensible. The question begs itself why hasn't Lendy done this already so that an informed decision can be made.
Please vote for option 3!!
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