mary
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Post by mary on Nov 23, 2017 11:53:38 GMT
£87k part repayment today.
Would be nice to know how this fits in with the whole plan to (hopefully) repay in full with outstanding interest and bonus?
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Yintara
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Post by Yintara on Nov 23, 2017 13:46:55 GMT
I had a loan partly sold at the front of the queue when the repayment happened (selling as I have another use for the money, not because of any particular worries with the security). Weirdly, the sold part of the loan has been credited to my account but the other part is now £1981.38 back in the queue instead of still being at the front. My second loan part is also £1981.38 back in the queue, which is obviously not right. My third loan part is the sum of loans 1 & 2 + £1981.38 back in the queue. It seems there's a bug in the sales queue following the repayment, or something's jumped ahead of my part-sold loan. Will have to sit down later after work and try and figure it out.
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Yintara
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Post by Yintara on Nov 23, 2017 14:19:25 GMT
Now someone has just bought £339.99 but my remaining loan parts are still 0% sold. Seems to confirm that Lendy have made a couple of grand leapfrog the queue.  |
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withnell
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Post by withnell on Nov 23, 2017 14:25:36 GMT
Now someone has just bought £339.99 Sorry, that was me rebuying with the capital repayment!
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Yintara
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Post by Yintara on Nov 23, 2017 22:12:00 GMT
Ha, no worries! Glad you bought it, not so glad that Lendy feel the need to change the goalposts whenever they feel like it.
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Post by mrclondon on Jan 14, 2018 15:55:04 GMT
At the time the charge against the security was registered against the borrowing company at CH, a debenture was also registered against a (loosely) connected company whose ultimate shareholder is probably the husband of the ultimate shareholder of the borrowing company.
The company that debenture is against is now (effective Dec 20th 2017) in compulsory liquidation following a court order to wind up the company successfully petitioned by what appears to be a construction contractor.
Links to CH are on DD Central.
(Given the connections between the companies, it is probable the debenture was also providing additional security for DFL012 )
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stokeloans
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Post by stokeloans on Feb 7, 2018 11:58:42 GMT
Can anyone explain what is happening here? The development looks in good shape. Not complete, but not too far off. Why is Lendy not taking control of it and sell in its current state? I am confident there would be more than enough money to cover the remaining parts of the loan and interest. What I do not understand is what are they waiting for?  Any day they wait, the situation gets worse. As I understand it we're waiting for a new contractor to be lined up
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elliotn
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Post by elliotn on Feb 17, 2018 4:20:00 GMT
Is anyone passing by that can check if the works restarted or not? If the borrower has so many problems in finishing this off, why is Lendy not taking control of it and sell in its current state? Tthere would be more than enough money to cover the remaining parts of the loan and interest (which is the only thing Lendy should look after and is not doing!!!). Ly provided the initial day 1 loan although the borrower was then paying for the development from buyers’ deposits. If this is quite advanced and has stalled then there may be quite complex legal issues at stake that have held Ly back. There is mention of some sales making an interim repayment (as previously); presumably Ly don’t want to wreck the whole development at a delicate stage which could leave everyone worse off although hopefully, as you intimate, Ly lenders are fairly secure at this point in time.
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hazellend
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Post by hazellend on Feb 17, 2018 8:15:54 GMT
Ly provided the initial day 1 loan although the borrower was then paying for the development from buyers’ deposits. If this is quite advanced and has stalled then there may be quite complex legal issues at stake that have held Ly back. There is mention of some sales making an interim repayment (as previously); presumably Ly don’t want to wreck the whole development at a delicate stage which could leave everyone worse off although hopefully, as you intimate, Ly lenders are fairly secure at this point in time. The only and exclusive goal for Lendy is (should be) to secure the full repayment to its lenders. Lendy apply a certain degree of flexibility, but PBL120 is 204 days late and it is time to take control of it, also because interest will eat into the potential recovery value if they wait for complex legal situations to be solved. Taking control of the building and selling it (to an interested party that can finish it off) does not mean wrecking it. It just means taking care of the interests of the real stakeholders here (we lenders). If the borrower looses its potential profit, that's entirely his own fault, as he had over 200 extra days and made a lot of promises which did not materialise. Waiting and waiting is not a solution and is the only reason why Lendy default books got so much crowded and most investors stopped ptting any money in. Lenders want to see things moving and waiting another 100-200-300 days (when Lendy have the chance to take control now) is unacceptable to me. I disagree, P2P lenders are more human than corporate banks. I want to see developments finished where it is possible
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elliotn
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Post by elliotn on Feb 17, 2018 8:32:58 GMT
The only and exclusive goal for Lendy is (should be) to secure the full repayment to its lenders. Lendy apply a certain degree of flexibility, but PBL120 is 204 days late and it is time to take control of it, also because interest will eat into the potential recovery value if they wait for complex legal situations to be solved. Taking control of the building and selling it (to an interested party that can finish it off) does not mean wrecking it. It just means taking care of the interests of the real stakeholders here (we lenders). If the borrower looses its potential profit, that's entirely his own fault, as he had over 200 extra days and made a lot of promises which did not materialise. Waiting and waiting is not a solution and is the only reason why Lendy default books got so much crowded and most investors stopped ptting any money in. Lenders want to see things moving and waiting another 100-200-300 days (when Lendy have the chance to take control now) is unacceptable to me. I disagree, P2P lenders are more human than corporate banks. I want to see developments finished where it is possible I was thinking more in terms of the people that had already paid for the substantial part of the development themselves thegrumbler with their deposits (I believe a lot more than our loan amount), certainly not the developer/contractor that have failed to complete. Receivership/administration requires demonstrable treating customer fairly and they will be a legitimate stakeholder to consider (a complexity which I believe has contributed to the delay on Birkenhead settlement despite MTs intra-term administration). I think Ly would have stepped in if it were as simple as you portray it, they certainly weren't shy in the latest update to tell us that threatening/actioning bankruptcy of borrowers has been actively used as a tactic to repay lenders.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 19, 2018 13:20:14 GMT
Hi Paul64Loan PBL120 seems to be drifting with no sign of imminent repayment. The borrower has exceeded the 180 tolerance period, lenders are not receiving monthly interest and the system shows the bonus payments have stopped increasing. Does that mean the borrower stops accruing default interest or are Lendy bagging the default interest, without having to pay for recovery costs? Can you please arrange for Lendy to either call in the receivers now, or extend the bonus period until "tolerance" has expired. |
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hazellend
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Post by hazellend on Feb 19, 2018 13:42:47 GMT
Hi Paul64Loan PBL120 seems to be drifting with no sign of imminent repayment. The borrower has exceeded the 180 tolerance period, lenders are not receiving monthly interest and the system shows the bonus payments have stopped increasing. Does that mean the borrower stops accruing default interest or are Lendy bagging the default interest, without having to pay for recovery costs? Can you please arrange for Lendy to either call in the receivers now, or extend the bonus period until "tolerance" has expired. I agree the bonus 180 days should be locked in for current holders and continue to accrue. This loan is a special sitiation
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oldgrumpy
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Post by oldgrumpy on Feb 21, 2018 11:21:17 GMT
I will be very interested to read Lendy's next update. Don't make it bland, Paul64. Spades are spades, you know, (they don't spin very well) and some people are much more aware than Lendy (apparently) seems to think. |
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mickj
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Post by mickj on Feb 24, 2018 14:10:50 GMT
Is there news on this loan somewhere, am I missing it?
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oldgrumpy
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Post by oldgrumpy on Feb 24, 2018 14:20:29 GMT
Look at the Stoke Sentinel 18 Dec 2017, type in the name of the development, and read the recent comments after the article, Faseeha in particular. We all await what Lendy decides to say about the loan.
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