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Post by p2plender on May 27, 2018 4:51:26 GMT
significant resourses should have been used a long time ago on all of these defaulted loans.no good closing the gate after the horse has bolted.we are having to also having to lose significant loss of interest/ba/and most likely capital and pay for lendys incompetance across many many loans.can lendy tell us what they reckon the true default figures are on their big big loan book. 'Nobody has ever lost a penny'. That's all you need to know...
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mh
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Post by mh on May 29, 2018 13:55:45 GMT
I have always thought that this was one of the better loans, so I'm not particularly worried about getting all my capital back, with full interest.
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Post by p2plender on May 29, 2018 14:32:52 GMT
I'd like to think the same yet the borrower seems to think different. He's made an offer though Lendy seem fit not to inform the very people who have funded this venture, what this offer is. I mean, why on earth should we be told?
Work has stopped, interest (on account) is rackin up.. lol
No, expect a haircut, anything better is a bonus.
Still incredible how Lendy have 'managed' this one given the size and this is why I feel Lendy's days are over and wouldn't put another cent their way.
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Post by loftankerman on May 29, 2018 15:34:23 GMT
I don't see any reason to expect a haircut. We should get a partial repayment now and the rest when it's finished. Just because we accept a lower amount now, it's no reason to write off the remaining amount. That's true but also dependent on someone on Lendy's side not accepting a fractional repayment as a final settlement to get it out of the way. Perhaps someone could organise a poll to vote on which guy on the web cast they'd like going out to bat for us on this one. I can't do it, I can't type and laugh at the same time.
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rocky1
Member of DD Central
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Post by rocky1 on May 30, 2018 8:04:39 GMT
lendy update 24/11/2017 says tranche 11 was to cover final build and costs to cover extention for 5 months.the following updates led us us to believe every thing was going well with this borrower who was highly recommended by lendy.where did those funds go if we are now looking at 100s of thousands to finish project.is this going to be another vote for how much do you want to lose.
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Post by p2plender on May 30, 2018 8:41:50 GMT
Indeed and why I now see as a complete and utter joke of an outfit feeding us any old rubbish. According to the article, it seems it is far from finished, which begs the question just who the hell was 'monitoring' it?
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orvilorvil
Member of DD Central
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Likes: 60
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Post by orvilorvil on May 30, 2018 9:56:10 GMT
The updates on this loan count for nothing when you read them back.
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Post by loftankerman on May 30, 2018 10:41:54 GMT
Towards the end of last year I became of the impression that the refinance that would see our repayment was really a planned phase stage on the borrower's part rather than ultimate completion. I can't point to anything stating that but at the time when refinance negotiations were allegedly doing well, parts of the site were still looking near derelict. I can't imagine that the prospective lenders or their agents hadn't noticed that already and had it factored into their discussions. Prior to the new prospective lender pulling out I had seen a promo video on Youtube that had concerned me. I could not see it turning out to be an attractive place to live and wondered if they'd seen that video too. To me it would explain the across the board expressions of confidence up to the withdrawal.
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Post by charliebrown on May 30, 2018 12:38:39 GMT
The updates on this loan count for nothing when you read them back. <iframe style="position: absolute; width: 20.360000000000014px; height: 3.640000000000015px; z-index: -9999; border-style: none;left: 15px; top: -5px;" id="MoatPxIOPT1_28634777" scrolling="no" width="20.360000000000014" height="3.640000000000015"></iframe> <iframe style="position: absolute; width: 20.36px; height: 3.64px; z-index: -9999; border-style: none; left: 961px; top: -5px;" id="MoatPxIOPT1_48557845" scrolling="no" width="20.360000000000014" height="3.640000000000015"></iframe> <iframe style="position: absolute; width: 20.36px; height: 3.64px; z-index: -9999; border-style: none; left: 15px; top: 122px;" id="MoatPxIOPT1_97685397" scrolling="no" width="20.360000000000014" height="3.640000000000015"></iframe> <iframe style="position: absolute; width: 20.36px; height: 3.64px; z-index: -9999; border-style: none; left: 961px; top: 122px;" id="MoatPxIOPT1_30767546" scrolling="no" width="20.360000000000014" height="3.640000000000015"></iframe> The updates on every loan count for nothing when you read them back. The thing that makes me suspicious is that Lendy changed their T&C to state that monitoring loans is not their responsibility and they did that just before they dropped the bombshell that S****** was defaulted and only half finished. Not sure how we’re going to get out of this mess now.
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Jeepers
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Post by Jeepers on May 30, 2018 12:42:27 GMT
When Lendy is taking around 50% of the interest, I expect them to monitor it.
By the time the monitoring term came in, I was already locked in. Clearly it hasn't been monitored. Has Lendy been negligent?
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ptr120
Member of DD Central
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Post by ptr120 on May 30, 2018 12:46:49 GMT
Clearly it hasn't been monitored. Has Lendy been negligent? In my opinion, yes. I'll be watching how this plays out and will take this as a complaint to the Ombudsman if I don't eventually received 100% capital and interest back.
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xpubman1
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Post by xpubman1 on May 30, 2018 13:01:41 GMT
just sit tight, the omsbudsman would not even look at this as has just been posted.. i still have confidence in this loan, even though the bossman plays the wrong rugby.
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ptr120
Member of DD Central
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Likes: 1,350
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Post by ptr120 on May 30, 2018 13:08:07 GMT
To win with the ombudsmen, you'd have to show Lendy's negligence has caused financial loss. Would we have had a different outcome if lendy had been monitoring it ? If Lendy had been monitoring appropriately would the last tranche have been paid out? Would I have been led to believe that I'd have my money back by now? Posted by xpubman13 minutes ago just sit tight, the omsbudsman would not even look at this as has just been posted.. i still have confidence in this loan, even though the bossman plays the wrong rugby. I agree. Sometimes more harm can be done by taking a case to the Ombudsman too early as they won't look at a case again if further facts come to light later in the administration. I'll have to wait for this to play out in full, and then exhaust the Lendy complaints procedure first.
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orvilorvil
Member of DD Central
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Post by orvilorvil on May 30, 2018 14:59:38 GMT
The updates on this loan count for nothing when you read them back. The updates on every loan count for nothing when you read them back. The thing that makes me suspicious is that Lendy changed their T&C to state that monitoring loans is not their responsibility and they did that just before they dropped the bombshell that S****** was defaulted and only half finished. Not sure how we’re going to get out of this mess now. I queried this with Lendy who said: 'In order to monitor our development loans on our platform we instruct an Independent Monitoring Surveyor (IMS), who will certify build costs and satisfactory progress of the development, then monitors progress of a development finance project. Drawdowns from the loan will be made based on the IMS interim reports.'
Draw from that what you will.
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Post by charliebrown on May 30, 2018 15:09:05 GMT
The updates on every loan count for nothing when you read them back. The thing that makes me suspicious is that Lendy changed their T&C to state that monitoring loans is not their responsibility and they did that just before they dropped the bombshell that S****** was defaulted and only half finished. Not sure how we’re going to get out of this mess now. I queried this with Lendy who said: 'In order to monitor our development loans on our platform we instruct an Independent Monitoring Surveyor (IMS), who will certify build costs and satisfactory progress of the development, then monitors progress of a development finance project. Drawdowns from the loan will be made based on the IMS interim reports.'
Draw from that what you will. That kind of makes sense to me. So my next question is, what went wrong with S******, it was supposed to be finished but it’s not, surely the IMS must have noticed.
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