NSFW
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Post by NSFW on Jul 18, 2018 11:36:54 GMT
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. It was there for PBL120 in the end. But here we go again. Thought things were looking up when Lendy got full FCA authorisation and 3 borrowers paid back in full. Ah well.
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Post by p2plender on Jul 18, 2018 11:47:04 GMT
I think the press need to be involved here.
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registerme
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Post by registerme on Jul 18, 2018 11:48:31 GMT
Just linking to this thread, mainly for the benefit of forum (or Lendy) newbies who may not have seen it. I followed my own advice......
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Post by charliebrown on Jul 18, 2018 12:05:55 GMT
I voted for option 1. Anything that gives me a quicker exit from LY with at least some of my capital back gets my vote. I’ve been criticised for being too negative about LY, but all I’ve really got to say is if you enjoy loosing money or giving interest free loans then go ahead, but I want out. I love the way LY position getting capital back as a terrific outcome. Yeah, great outcome, LY, in the same way as me burying my money at the bottom of the garden and digging it up 2 years later. Great result. Borrowers, if you’re looking for an interest free loan, LY is the platform for you.
EDIT: The only positive here is that LY got the options on the table quite quickly. I fully expected them to kick the can down the road for another 2 years. Credit to them for going for a quick vote.
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Post by charliebrown on Jul 18, 2018 12:24:57 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. I certainly think they’ve lost the vast majority of their current investors. I can’t wait to get out and erase all traces of LY from my browser history. If they can’t replace the bitter set of old investors with a fresh set of naive investors then it’s hard to see where they go from here. I think their business is headed for the rocks. They’ll have a soft landing though as disgraced multi-millionaires.
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NSFW
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Post by NSFW on Jul 18, 2018 12:36:49 GMT
Just makes things worse to vote option 1, at least not right away. More borrowers will try this trick. If you need money out quick you shouldn't have risked locking it up in loans in the first place.
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Brainer
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Post by Brainer on Jul 18, 2018 12:44:26 GMT
Option 2 for me as well for many of the reasons already mentioned:
1) I expect Option 2 is effectively the ‘renegotiate’ option. These people are taught that all debts are negotiable.
2) If someone is willing to lend the borrower £11m for the first charge, then it seems likely there is more value in this project than what we’re being offered.
3) Lendy haven’t given enough information to decide for myself whether this really is the likely best offer, and haven’t provided an explanation of how this situation occurred.
4) Misalignment of interests. A quick resolution suits Lendy far more than it does us lenders. It gets the loan off their books so their recovery team can work on one of the other numerous defaults they have stockpiled, and they’ve already made a tidy sum off this (read: us).
5) I don’t like the scaremongering/manipulative tactics Lendy have used to encourage people into Option 1. They tried the same thing with the PBL120 vote, encouraging us to take the quicker but worse option with the threat that declining would mean a long drawn out “12-18 months to sell”. End result: the vote was split and lo and behold full repayment magically appeared a few weeks later.
6) It sets a bad precedent for all future repayments, across the whole of p2p.
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KoR_Wraith
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Post by KoR_Wraith on Jul 18, 2018 12:44:59 GMT
Having read and reflected, I have amended my vote to option two. I dislike the extremes of both options and would rather a middle ground third option.
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Post by p2plender on Jul 18, 2018 12:49:50 GMT
Just makes things worse to vote option 1, at least not right away. More borrowers will try this trick. If you need money out quick you shouldn't have risked locking it up in loans in the first place. Bit harsh given most Lendy loans end up over running thus many become forced holders.
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nsinvestor
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Post by nsinvestor on Jul 18, 2018 13:04:09 GMT
Take the £11 million now but with a 2nd charge over the remaining £4 million (not the £1 being offered).
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huxs
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Post by huxs on Jul 18, 2018 13:12:00 GMT
Take the £11 million now but with a 2nd charge over the remaining £4 million (not the £1 being offered). Agreed, that is more like a proper option 1, especially for people like me who invested steadily across the tranches to "do my bit" to help this get over the line. Instead it looks like I am going to learn the hard way that you should only invest in first tranche or not at all (the latter being the most likely going forward).
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rocky1
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Post by rocky1 on Jul 18, 2018 13:13:58 GMT
take the the bloody whole development off him and refinance/ complete / get rid ourselves. leave this ar*ehole borrower with sod all.lendy the lion has got no teeth and all the borrowers know this.
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huxs
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Post by huxs on Jul 18, 2018 13:16:18 GMT
take the the bloody whole development off him and refinance/ complete / get rid ourselves. leave this ar*ehole borrower with sod all.lendy the lion has got no teeth and all the borrowers know this. and that is a better option 2
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joe91
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Post by joe91 on Jul 18, 2018 13:23:07 GMT
Option 2 for me.
This 'borrower' (for want of a better B word) is trying to steal our money. Are we really going to let him get away with it? Bankrupt the 'b*rr*wer'!
I remember looking at the press articles on this development, and how impressed I was. Thinking it was a great advert for P2P. Now I see the truth!
I want it all back, Capital, all Interest, plus costs. That's what we should be going for. Make an example of him.
I've got other loans on Lendy, many in default. I'd rather fight them all the way than see the 'borrowers' take us for fools & get away with it. If we're going down, he's coming with us!
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orvilorvil
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Post by orvilorvil on Jul 18, 2018 13:35:09 GMT
Can we refer the DAY 1 example shown in the Options for the vote to the FCA as a (VERY) misleading statement?
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