Mousey
Member of DD Central
Posts: 1,598 
Likes: 6,768
|
Post by Mousey on May 10, 2018 14:05:31 GMT
I bet one piece of cheese Lendy will redeem at par.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,334
Likes: 11,557
|
Post by ilmoro on May 10, 2018 14:05:43 GMT
33.02% to redeem at par, 32.42% to reject, 34.55% didn't vote - so hardly conclusive! Predicatable. I conclude that the majority of lenders probably didnt have enough info to really make a decision which is why youve got a split decision. Interesting to see whether Lendy consider that a big enough mandate to proceed.
|
|
Jeepers
Member of DD Central
Posts: 818
Likes: 721
|
Post by Jeepers on May 10, 2018 14:12:59 GMT
There should have been a third option:
Renegotiate with factoring company or find another one.
It's a good proposition to them even if they pay out all sums due.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 10, 2018 14:31:21 GMT
Farcical.  If Lendy can't recoup what is owed when the LTV is as low as this, then it really doesn't bode well for other loans. This is the equivalent of folding a royal flush against a pair. |
|
copacetic
Member of DD Central
Posts: 306
Likes: 667
|
Post by copacetic on May 10, 2018 14:44:29 GMT
I wonder how much all the negative comments on this board had to do with the outcome of this vote. From the way some posters here comment they make it sound as if Lendy will be closed next week and it might have influenced people to vote to get their capital back quickly at firesale prices.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 10, 2018 14:56:19 GMT
How about the people who bought on the SM when the bonus was accruing? They conducted their DD, did their analysis, invested in a solid loan and then had the rug pulled from under them and end up with nothing. Lendy have effectively ended the SM for any loans where interest is accruing as who in their right mind would buy one now?
Losses on the open market are one thing but this is something very different and is a new risk of P2P I hadn't factored in. I can't believe Lendy put this to the vote (not exactly in lenders' best interests) and I'm even more shocked that people voted for it.
|
|
69m
Member of DD Central
Posts: 122
Likes: 215
|
Post by 69m on May 10, 2018 15:52:08 GMT
Having voted to reject the offer, this result is disappointing (if not surprising for various reasons).
My concern is does this set a precedent? In order to get other non-performing loans resolved more quickly, Lendy might now feel encouraged to begin applying similar 'fire sale' tactics to them.
|
|
sarahcount
Member of DD Central
Posts: 359
Likes: 815
|
Post by sarahcount on May 10, 2018 16:02:40 GMT
33.02% to redeem at par, 32.42% to reject, 34.55% didn't vote - so hardly conclusive! Like Brexit all over again.
(Let's not get distracted by talking about Brexit here though)
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 10, 2018 16:18:00 GMT
Paul64 Lendy Support Please can you comment on the result. The result says that Option 1 had the most votes but in the original vote, Option 1 was to reject the offer. Thanks to Please turn me over for the images.  
|
|
macro
Member of DD Central
Posts: 86
Likes: 70
|
Post by macro on May 10, 2018 16:34:42 GMT
From Section 9 of Lendy's Terms & Conditions, re. Interest and repayments:
9.6 Notwithstanding any other clause in these Terms you agree that, in certain circumstances, for example a change in the borrower’s circumstances, and in its absolute discretion, Lendy (acting as agent on your behalf) may agree with the borrower to restructure the loan and amend the Loan Contract (including, for the avoidance of doubt, to agree to extend the term of any loan) and you will be bound by these amendments.
9.10 You agree that Lendy may charge the borrower a fee for arranging any amendments to the loan in accordance with clause 9.6 above.
Lendy may be acting on my behalf, but AFAIAC not in my interest(s). I'm interested to know what fee they 'may' charge the borrower for arranging any poorly sanctioned amendment to my loan. And whether they will be passing on their 'bonus' to me in lieu of interest owed.
|
|
michaelc
Member of DD Central
Say No To T.D.S.
Posts: 5,712
Likes: 2,986
|
Post by michaelc on May 10, 2018 17:25:49 GMT
I'm not in this loan but I wonder who the independent auditor of this vote was?
|
|
Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
|
Post by Steerpike on May 10, 2018 17:30:25 GMT
I'm not in this loan but I wonder who the independent auditor of this vote was? It is non-binding anyway, and as I understand it, this vote was to remain in the loan or not, and there have been calls for a further vote on the terms of leaving ;-)
|
|
Carter
Member of DD Central
Posts: 250
Likes: 549
|
Post by Carter on May 10, 2018 17:32:21 GMT
Farcical. If Lendy can't recoup what is owed when the LTV is as low as this, then it really doesn't bode well for other loans. This is the equivalent of folding a royal flush against a pair. Yup. No issue with them selling the debt, but surely they could have negotiated for the full amount. The outstanding interest is a drop compared to the overall value. If they had taken a stronger stance then there would have be no need for the vote and Ly could have taken some credit. But, as it is....
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
|
Post by sqh on May 10, 2018 18:09:18 GMT
I feel that there is going to be be real animosity if Lendy sell us down the river. I think the new borrower should be allowed to pay back those who want out now, without interest and bonuses, and leave those lenders who don't want to sell out with a first charge that can be settled at a later date.
|
|
|
|
Post by rb5286 on May 10, 2018 19:13:41 GMT
Trust pragmatic and sincere actions, not words. Sorry Lendy, I'm out.
|
|
