TenKay
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Post by TenKay on Jul 18, 2018 10:00:21 GMT
is there any independent verification of the poll results? not implying anything, no really
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rocky1
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Post by rocky1 on Jul 18, 2018 10:02:34 GMT
question to liam and tim.is this really how you envisaged your business ending up a few years down the line?
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Post by p2plender on Jul 18, 2018 10:06:51 GMT
They've done well to keep this going for so long!
I think even they must realise this can't go on and the end is nigh.
Thankfully there name is pretty much mud now and Cowes week is little more than a shindig.
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invester
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Post by invester on Jul 18, 2018 10:07:22 GMT
Having slept on it, option 2 is more of a no-brainer to me.
If a newbie posted about moaning about losses on P2P, I am sure everyone would be condemning them as losses are par for the course in P2P, and this is what you get when you signed up for a loan.
Yet here we have people running for the exit, willing to take a loss now so they can invest money elsewhere (which also might be subject to the same treatment if in similar loans!) without considering the actual valuations or potential returns if other courses of action are taken.
We need to have sight of the latest valuations, because it would provide the latest information on our asset. It seems crackers that we are expected to proceed without that, or that we only get 3 days.
Voting option 2 does not, and should not preclude accepting an offer down the line depending on what it is. But I think if you can't trust Lendy to do the right thing by lenders, then we need to make these decisions ourselves, as it stands we cannot.
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r1200gs
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Post by r1200gs on Jul 18, 2018 10:07:30 GMT
Lendy have their money.
The borrower will be getting a bargain.
The only loser is the lenders.
Now, does anyone think the money is not there to make lenders whole?
Damned right it is, they just want us to go away and thank you very much, suckers.
No, I will not vote to take the offer because of the above reasons and I will bet a penny to a pound that the million will not show but there will be another offer.
In my opinion, the money is there and if we take this offer, we have set the tone for every borrower on the platform.
I suspect others have come to the same conclusion but if we're wrong and the borrower is making his last desperate effort, I'm sure Lendy will tell us, right?
This platform is fooked.
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Monetus
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Post by Monetus on Jul 18, 2018 10:08:06 GMT
It simply staggers me that lenders (the ones putting their hard-earned cash on the line) are the only ones losing out here.
- Lendy have already made a ton from loan origination and interest fees (which allegedly Liam has spent on a nice garden). - The borrower borrowed £14.3 million from us and now only wants to pack back £12 million (but presumably will walk away with a tidy profit from the development). - The valuation and IMS companies who told us everything was on track have received their fees.
It seems that if this is how things are going to play out with DFL's then the P2P model simply isn't fundamentally suited to them. We are the ones assuming all of the risk (and the risks are considerably higher than we were lead to believe as valuations and IMS simply can't be trusted)
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r1200gs
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Post by r1200gs on Jul 18, 2018 10:09:35 GMT
It simply staggers me that lenders (the ones putting their hard-earned cash on the line) are the only ones losing out here. - Lendy have already made a ton from loan origination and interest fees (which allegedly Liam has spent on a nice garden). - The borrower borrowed £14.3 million from us and now only wants to pack back £12 million (but presumably will walk away with a tidy profit from the development). - The valuation and IMS companies who told us everything was on track have received their fees. It seems that if this is how things are going to play out with DFL's then the P2P model simply isn't fundamentally suited to them as we're the ones assuming all of the risk (and the risks are considerably higher than we were lead to believe as valuations and IMS simply can't be trusted) Exactly. The money to pay us back is there, they would just rather keep it. It's that simple.
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empirica
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Post by empirica on Jul 18, 2018 10:10:40 GMT
is there any independent verification of the poll results? not implying anything, no really The vote isn't binding, so little point in going to the expense of an adjudicator / auditor, I'd say. Lendy can quite legitimately say: " we saw the way you voted, but as we know a lot of things you don't, we believe it to be in your best interests to adopt option 'x'." Investors may not agree with it, but that is the way it is as per the Ts&Cs.
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Jeepers
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Post by Jeepers on Jul 18, 2018 10:16:57 GMT
Seems more than coincidental that voting finishes at 6PM on Friday (after close of business) to give them the weekend to decide whether to just go with what they want in any case.
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dandy
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Post by dandy on Jul 18, 2018 10:37:12 GMT
So we are asked to vote for something despite the fact Ly acknowledge they cannot give us the info required to vote Got to love their example too - that's honestly the best way of explaining a 23% haircut that I have ever seen
What a shambles
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averageguy
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Post by averageguy on Jul 18, 2018 10:41:19 GMT
It simply staggers me that lenders (the ones putting their hard-earned cash on the line) are the only ones losing out here. - Lendy have already made a ton from loan origination and interest fees (which allegedly Liam has spent on a nice garden). - The borrower borrowed £14.3 million from us and now only wants to pack back £12 million (but presumably will walk away with a tidy profit from the development). - The valuation and IMS companies who told us everything was on track have received their fees. It seems that if this is how things are going to play out with DFL's then the P2P model simply isn't fundamentally suited to them. We are the ones assuming all of the risk (and the risks are considerably higher than we were lead to believe as valuations and IMS simply can't be trusted) That last paragraph is so relevant and I’ve learnt the hard way to not fund anymore..12% certainly isn’t sufficient to cover the risk ..although i’m Not sure what higher figure would be
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 18, 2018 10:46:00 GMT
"A farce of a valuation again" - yep, and it will keep happening of course, with various interested parties gleefully filling their pockets scot free at your expense. Until * you DO something about it. [Removes broken record from turntable.] * A collective " you", not aimed at any individual.
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Monetus
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Post by Monetus on Jul 18, 2018 11:07:24 GMT
Got to love their example too - that's honestly the best way of explaining a 23% haircut that I have ever seen The workable example of circa 103%-105% return before recovery is twisting the facts ridiculously. That's clearly only the case if you invested on Day 1 of the initial loan which simply isn't the case for a large number of people considering there were 11 total DFL tranches. What about all of the investors who purchased on the secondary market or the 11th tranche in November 2017? They are being expected to take a significant haircut.
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mw
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Post by mw on Jul 18, 2018 11:12:34 GMT
As soon as some of my others loans are finished I’m cutting my losses with them. I also funds in another loan that I have to vote on! This is shocking!
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r1200gs
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Post by r1200gs on Jul 18, 2018 11:29:31 GMT
Got to love their example too - that's honestly the best way of explaining a 23% haircut that I have ever seen The workable example of circa 103%-105% return before recovery is twisting the facts ridiculously. That's clearly only the case if you invested on Day 1 of the initial loan which simply isn't the case for a large number of people considering there were 11 total DFL tranches. What about all of the investors who purchased on the secondary market or the 11th tranche in November 2017? They are being expected to take a significant haircut. I think I'm looking at about a 6 percent loss, thereabouts. It doesn't have to be that way, it is that way because the borrower and Lendy have decided to keep my money and split it between them. The money's there, make no mistake.
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