star dust
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Post by star dust on Jan 19, 2021 17:56:53 GMT
Administrators email in, asset sold for £476k of which lenders get less than £131k. What a joke especially when Lendy keep nearly £164k for risking absolutely nothing, if these waterfall payments don't get overturned it is completely ridiculous. Also how come the administrators aren't required to keep the asset name hidden in the public domain like the rest of us are doing?I think Lendy's administrators probably have a (well funded  ) legal team unlike this forum. We're run entirely by volunteers and funded by generous donations from 'ordinary' members but thus devoid of any surplus funds at all. So here on the P2PIF, we maintain the redaction of borrower's (or the assets their loans are secured on) identities in keeping with the initial legal advice that we received gratis on set-up some 7 years ago.
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rocky1
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Post by rocky1 on Jan 19, 2021 18:35:50 GMT
it is wrong that even lendy interest and default interest come before any lender capital. they never had any incentive to chase repayment as the longer all these loans went on the more they will eventually receive.i hope the judge sees all this for what it is and how the directors have conducted themselves with their shifting of millions of pounds around the globe and overturns this illegal waterfall  and lenders get a bit better returns from this farce of a loanbook. |
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quidco
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Post by quidco on Jan 19, 2021 19:21:30 GMT
Some capital repayment made today...pittance 🤔 And there's the email with the figures... £476k realised £85k (18%) external costs £42k (9%) Lendy costs £55k (11.5%) "3% Lendy service fees"...?!? £164k (34%) Lendy contractual entitlement £131k (27.5%) left over for lenders. 45% in Lendy entitlement plus fees. Lendy "entitlement" greater than the capital returned to lenders...
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tony9239
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Post by tony9239 on Jan 20, 2021 10:52:06 GMT
And there's the email with the figures... £476k realised £85k (18%) external costs £42k (9%) Lendy costs £55k (11.5%) "3% Lendy service fees"...?!? £164k (34%) Lendy contractual entitlement £131k (27.5%) left over for lenders. 45% in Lendy entitlement plus fees. Lendy "entitlement" greater than the capital returned to lenders...
This repayment exposes some real iniquities in this whole Admin process. £42k repayment of Lendy costs - presumably incurred here before the RSM Administration. How come they get 100% repayment of that when we end up with only about 5% of our capital back? £55k - 3% Lendy service fees. This is not 3% of the amount realised (£476k, so 3% is £14k) but must be of the original loan. Again, Lendy enjoy priority treatment. £164k - Lendy "contractual" entitlement - not in any contract I signed it wasn't. 34% of any realisation straight to Lendy - where's the justification for that? So, in total, from £476k realised (only about 20% of original loan, so an 80% capital loss) the split is: 18% to Admins, Lawyers & assorted vultures; 55% to Lendy - in some shape or form; 27% to lenders - whose money this all was in the first place. So, we end up with a quarter of the 20% recovered. Perhaps we should ask the Mafia to run this administration, I'm sure they'd be fairer than this.
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Post by billy169 on Jan 20, 2021 11:33:23 GMT
Yes..I seem to remember making LOANS at 12% return..not GIFT'S and paying everyone else's fees.. especially administration costs..THIS IS NOT WHAT THE PLATFORM SOLD US.!!
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jonno
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nil satis nisi optimum
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Post by jonno on Jan 20, 2021 12:16:56 GMT
Yes..I seem to remember making LOANS at 12% return..not GIFT'S and paying everyone else's fees.. especially administration costs..THIS IS NOT WHAT THE PLATFORM SOLD US.!! Quite. Undoubtedly this is THEFT; whether it's "Legalised" or not depends on the outcome of ongoing action by LAG which we all chipped in to fund.
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richox
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Post by richox on Jan 20, 2021 18:49:35 GMT
To complete the figures, this was valued at $3,750,000 in 2016 by valuers who went into administration the following year. Investors understood that the £2,320,000 loan was about 62% of the value. Lendy's fees were based on the value of the loan, which makes you wonder about the valuation process. Also if the valuation was correct why was only £476K realised? 5% of capital returned, it makes you wonder about the other loans.
If it looks like a scam, smells like a scam and feels like a scam, what do you think it probably is?
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rocky1
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Post by rocky1 on Jan 21, 2021 8:04:39 GMT
FCA authorised and regulated. professional RICs valuations. lendys 5 point stringent/rigorous DD. how could any of this be a scam? P2P platforms take no risk in presenting first charge loans.lenders are taking a lot more than the advertised LTV when the cards are stacked massively in favour of dodgy borrowers and even worse dodgy directors.hindsight hey what would we do without it.
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) legal team unlike this forum. We're run entirely by volunteers and funded by generous donations from 'ordinary' members but thus devoid of any surplus funds at all. So here on the P2PIF, we maintain the redaction of borrower's (or the assets their loans are secured on) identities in keeping with the initial legal advice that we received gratis on set-up some 7 years ago.
and lenders get a bit better returns from this farce of a loanbook.