Monetus
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Post by Monetus on Apr 25, 2018 20:22:02 GMT
Lendy Support Thanks for the response but as far as anyone can see, all of the prior planning approvals mentioned in your previous updates have now expired, so if you're waiting on confirmation of those then it appears you may be waiting forever. It also seems that the borrower has no new planning application in progress, so the whole thing just seems to be at a total dead end. Do you know something different that we are missing? Investors have been stuck in a suspended loan for 6 months with very little actual detail on what's happening, and the borrower isn't paying any interest which is naturally leading to a lot of frustration. Could you please clarify what exactly you are waiting on the planning authority for? The confirmation of existing planning permission from October, or something else? You mention a "process" but what is this "process" exactly? The updates for the past six months have been that you're waiting on an update.... but an update on what exactly? If you could please explain the status of the planning and what exactly the borrower is waiting upon/trying to establish then it would be much appreciated and would really help bring some clarity to the situation. Lendy seems to be taking positive steps towards improving communications... can we get some more detail here so we're not totally in the dark?
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sussexlender
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Post by sussexlender on Apr 26, 2018 17:02:12 GMT
Lendy.
Instead of telling us about an irrelevant event e.g. the May local election, which cannot have any effect on existing planning permissions, have you bothered to actually go and look at the planning file? You can just turn up and ask to see it.
If you do, you will be able to check the real positon against that which you are receiving from this Borrower and his solicitor (who of course is only acting on his clients instructions).
Go and see the file at the planning department at Hastings.
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Monetus
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Post by Monetus on Apr 26, 2018 17:15:41 GMT
Lendy Support Totally agree with the above post. I can't see how the upcoming May local elections have any effect on a council being able to confirm existing planning permission. Are you just believing what the borrower is telling you or are we talking about waiting on some other kind of update from planning authorities? How are we to know unless you give us some actual detail? The update you posted on October 2017 about waiting for confirmation of existing planning permission makes zero sense anymore. If we have the wrong end of the stick and/or we're missing a key piece of information here is your opportunity to clear all of this up in the next update tomorrow...
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Post by loftankerman on Apr 26, 2018 18:48:01 GMT
Lendy.
Instead of telling us about an irrelevant event e.g. the May local election, which cannot have any effect on existing planning permissions, have you bothered to actually go and look at the planning file? You can just turn up and ask to see it.
If you do, you will be able to check the real positon against that which you are receiving from this Borrower and his solicitor (who of course is only acting on his clients instructions).
Go and see the file at the planning department at Hastings. Whilst I totally applaud your sentiment, I think there is one aspect to it that might deter some people from following such advice. Not accepting professional advice provided through formal channels and undertaking one's own detective work instead, might drive a coach and horses through any plausible deniability their company might in future wish to have.
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empirica
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Post by empirica on Apr 26, 2018 19:51:03 GMT
Don't most planning portals have search facilities? It might take a week or two for systems to catch up with actual events, but won't it be possible to search the planning portal and see if any decisions have been made (of any kind) during the period in question?
Some local authorities also publish the times and dates of their planning meetings along with agendas, even if they are to be behind closed doors. Those that are open to the public sometimes get minutes made public too.
Lendy will know this and have considered it before releasing such an update, surely?
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sussexlender
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Post by sussexlender on Apr 27, 2018 14:30:53 GMT
Thanks for adding to this thread.
It is important we keep it in the Public eye especially after the recent laughable "we blame it on the local elections" update from Lendy.
They appear to be applying the "We see no ships / la la la I'm not listening" approach to this borrower and his solicitor  .
Indeed Hastings does have a very good planning portal.
If you want to check back to page 5 of this thread you can see 2 entries with some information - March 11th 9.16 am and March 25th at 8.09 pm.
There are no new plans on the portal so there is nothing new for the planning department to consider / approve or be in challenged by the threat of "decisions purdah" in any event.
The borrower appears to be doing nothing to help himself 
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Monetus
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Post by Monetus on Apr 27, 2018 15:12:25 GMT
Latest weekly update: "We have been chasing the borrower’s Solicitor for an update from the local planning authority. Disappointingly the local authority is proving to be very slow in responding and as such progress is painfully slow. We will continue to chase and monitor for progress."
Lendy Support you had an opportunity to clear this matter up and respond to some of the pertinent questions and discussion points raised in this thread (all totally ignored in your response here a couple of days ago) but it seems that it's still business as usual at Lendy HQ and the same old "copy and paste" nonsense will still be rolled out, completely ignoring investors concerns... I thought we were starting to see some progress when it comes to Lendy communications, but clearly not. It seems you've learnt nothing. It's no wonder Lendy are being forced to fight a barrage of negative reviews on Trustpilot. I'm about to head over there and air my views myself... |
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sussexlender
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Post by sussexlender on May 4, 2018 6:59:01 GMT
Good morning Lendy
The local elections have now occurred so that obstruction has been removed from this Borrower and his inefficient solicitor's collection of excuses / reasons for failure & or refusal to pay any due interest to lenders.
Why are you being so generous and understanding towards this particular Borrower?
Now you should make the effort to send someone who knows about planning to inspect the full planning file yourself to discover the real position concerning the lack of any new plans being submitted so you can confront this borrower. The on line file clearly shows no new plans have been submitted so it is not the local authority that are being "painfully slow".
Time to call this Borrowers bluff and take over this loan.
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mary
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Post by mary on May 4, 2018 8:10:34 GMT
Good morning Lendy
The local elections have now occurred so that obstruction has been removed from this Borrower and his inefficient solicitor's collection of excuses / reasons for failure & or refusal to pay any due interest to lenders.
Why are you being so generous and understanding towards this particular Borrower?
Now you should make the effort to send someone who knows about planning to inspect the full planning file yourself to discover the real position concerning the lack of any new plans being submitted so you can confront this borrower. The on line file clearly shows no new plans have been submitted so it is not the local authority that are being "painfully slow".
Time to call this Borrowers bluff and take over this loan. For me, the lack of action at 10 months overdue completely undermines Lendy's slight improvement in tackling a few of the other problem loans.
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Post by patright on May 4, 2018 17:32:21 GMT
I called my bank today to explain that I could not repay my loan this month because of the local election ..surprisingly enough, he did not buy it
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sussexlender
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Post by sussexlender on May 7, 2018 19:53:35 GMT
The list of available excuses for the total failure to make payments (and for Lendy to check out this loan) has just got shorter as the local elections have been and gone and now the Bank Holiday has finished. There is ample time for action before the next Bank Holiday takes place.
So Lendy, prove you are actually trying to get investors cash and interest back, by getting out of your office and taking a day trip to the Hastings planning department (cheap day returns are available) to check the file to see if you are just being had over by this Borrower with whom you seem determined to simply accepted any old excuse fed to you by their solicitor. Go and check their file as well to see what they have actually been doing - don't leave it until an Administrator gets called in at investor expense.
Just how much interest is now outstanding after 300 + days failure to repay? Why have you not made any demand for interest to be paid at the very least?
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Post by charliebrown on May 8, 2018 12:59:21 GMT
The list of available excuses for the total failure to make payments (and for Lendy to check out this loan) has just got shorter as the local elections have been and gone and now the Bank Holiday has finished. There is ample time for action before the next Bank Holiday takes place.
So Lendy, prove you are actually trying to get investors cash and interest back, by getting out of your office and taking a day trip to the Hastings planning department (cheap day returns are available) to check the file to see if you are just being had over by this Borrower with whom you seem determined to simply accepted any old excuse fed to you by their solicitor. Go and check their file as well to see what they have actually been doing - don't leave it until an Administrator gets called in at investor expense.
Just how much interest is now outstanding after 300 + days failure to repay? Why have you not made any demand for interest to be paid at the very least?
Totally agree. Of all the examples of LY incompetence and laissez-faire attitude this is one of the worst. After suspending the loan every update just says waiting for an update. 2 million quid of our money overdue for almost a year with no explanation or corncern from LY. Unacceptable!
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moist
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Post by moist on May 8, 2018 14:38:52 GMT
Simple issue...site is worthless.
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Monetus
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Post by Monetus on May 9, 2018 10:20:09 GMT
I can't see any reason why they aren't immediately defaulting this loan or at least getting the borrower to pay interest.
The only possible suggestion I can come up as to why Lendy are acting like this and ignoring all of our questions is that they know they've been mis-lead by the borrower from the start in regards to the planning permission.
This makes the value of the land much less than the valuation and they are letting the story play out before they eventually start legal proceedings against borrower and/or valuer. But that begs the question.... why on earth wasn't this discovered in DD and why aren't they taking swifter and decisive action?
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sussexlender
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Post by sussexlender on May 10, 2018 18:47:04 GMT
Hello Lendy
Why not book a cheap day return to the sunny south coast at Hastings for Friday to enjoy the sunshine and pop in to the planning department and ask to inspect the file on this disastrous loan that you promoted and now seem intent on allowing to drift on ?
Some investors might be asking if you checked to see if the seller and borrower were connected in some way?
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