PBL103 - Site with PP nr Hastings DEFAULT (Partial Recovery)

The most recent Bu***** from Lendy was:-  

"the refinance/joint venture (to fully repay the loan) is expected to complete relatively soon afterwards. The borrower expects to fully repay the loan before Christmas".

So a very full 2 1/2 days to go before Lendy once again fail to protect investors by refusing to enforce the terms of this contract.

Some might think that the Borrower continues to enjoy an interest free loan whilst pretending to dabble in the world of high finance. How many of the wonderful projects boasted about on the At*** Part******* site have actually been started?  Ho, ho, bloody ho.

Instead of wasting time by making daily contact with this tardy Borrower, or giving investors a pointless webinar (during which you have already stated you will not be able to give any details of any actual recoveries), I suggest you get one of your new highly experience members of staff to get in a car and drive to this site, fix the substandard fence, visit the borrower and demand instant repayment.

The website for this ingenious Borrower (see the Lendy DD section) boasts that he can "take the uncertainty out of commercial borrowing". Easy to do if you borrow loads from Lendy and simply fail to repay anything.

Bet the webinar does not include the word "default" at any stage.

PS Lendy now 129 / 137 on Trustpilot.

To the CEO and Founder,

In case you have not noticed it is now Christmas Eve and for the second Christmas in a row you have failed to secure the return of investors cash from this junk project.

Despite your daily unproductive telephone chats, this "highly experienced", but many might think, highly suspect borrower [Mr Nic***** Br*** ; Chairman of the At*** Part***** Gr*** Ltd - see the Lendy DD for more details] has failed to fulfil the obviously false disingenuous statement to "...fully repay the loan before Christmas".

What new / repeated excuse will you allow him to use this time round to substantiate your inability / obvious failure to take action against him?  

Where is this mystery JV capital?

Many will see this for what it really is:-  a borrower enjoying a vastly unjustified interest free loan provided by a ineffectual P2P platform with no intention of taking action whilst hiding behind a ineffective and misnamed "recovery team".

Whilst you enjoy spending your up front fees from this and all the other loans and numerous tranches, the registered charities that I had intended to benefit from the interest repayments on this loan will need to continue to wait for funds to provide urgent medical equipment for seriously ill children in Sussex.  

You, and this borrower, are a disgrace to the P2P sector. 

No interest paid on this loan (and many others)

No repayment on this loan of the Capital expected "...before Christmas". It was an obvious load of bluff by this Borrower.

No point in continuing to fund this pretence of a P2P platform.

Lendy where you can watch as your cash goes in and rarely returns.

Any one still going into the highly experienced Lendy team office ? 

576 days "non performing"; Lendy reality Bullsh** translator = " default / refusal to pay / can't repay / just disappeared / given up trying to collect etc"

It is now the second week in January 2019 and still nothing has been done to collect / enforce this vast debt and the second promised mystery JV has once again failed to come up from the depths with a bundle of used notes. 

No doubt the cosy "daily" chats we were told were happening with this borrower did not take place over the long Christmas / New Year break.

So what are the ineffectual recovery team at Lendy doing to get investors cash back in January 2019?

2019 and here we are with the same repeated excuse trotted out by the weaklings who run Lendy (using investors money) in order to protect this defaulting Borrower.

What do they talk about during their "daily" little chats? How is the weather in the wonderland outside the UK ? Got any hot tips for investments Hastings rock or seagull guano?

The fact that there are oversea investors is such an obvious bit of bulls*** and an irrelevance given the fact that the fax machines / the internet exists and instant contact can be made and contracts agreed / signed on line. 

This is the most blatant example of the total incompetence of Lendy to achieve any result with a borrower who clearly has no intention of making any repayments. 

What has happened to the other projects boasted about on the very out of date webpage for the borrowers At*** Par*******? (see the Lendy DD section for more details of this lot).

What is the bet that this borrower will suddenly say "Sorry, I can't afford to pay it all back" after having paid nothing in interest for in excess of 550 days.

Something is very wrong with the way this loan is being handled. How many more months will Lendy continue to let this drift?

Any disingenuous individual can continue to say "we are nearly there" - month after month as is the case with this unmanaged and absurd loan. The borrowers solicitor can only repat what he is told. It is meaningless and sounds the same as the pub sign that says "free beer tomorrow " and we all know that tomorrow never arrives. 

Time to call it what it really is - it is not "non performing" it is a default. 

Call in an LPA Administrator and see what this useless Borrower will suddenly come up with. If nothing then Spring is coming and another real developer may well step in and take this land and do something with it. 

The local residents are sick of looking at this disgraceful waste site. Perhaps Hastings BC could threaten to issue a compulsory purchase notice? That might get this borrower to get off the phones and find some cash from behind the enormous corporate sofa.

Not for those who make an early claim, which is prudent given the fact that the business is hanging by a thread.