Carter
Member of DD Central
Posts: 250
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Post by Carter on Jul 19, 2018 11:05:46 GMT
This vote is farcical and frankly I still don't get it. In simple terms if the development is still viable via a refinance, which costs money, and there's still some degree of profit for the borrower ( or else why go ahead) why can't it work for the existing lenders, us. Nevermind the current income stream which was supposed to be assigned to Lendy. Any news on that Lendy Support ? Just supply some basic information, how much to complete? What's the revised gdv? You are burning down your own house.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Jul 19, 2018 12:14:32 GMT
Lendy Support , @paul64, Paul70 The vote is farcical, it's unclear what we're voting on so you'll be unable to read anything into the results. The only logical and professional course of action is to cancel the vote, provide the missing information, clarify the options (+ include additional options in which Ly shares the pain) and re-launch the vote. Edit: I won't be taking part in the vote until these actions are taken
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Post by charliebrown on Jul 19, 2018 12:26:40 GMT
There's so many holes in this it really is unbelievable. If we get the press involved, publicising that a funder is willing to Lend at least £11m, it will be bound to go for more than that at auction. Could we ask The Telegraph to look at this. Since they ran their first article saying Lendy was a disaster waiting to happen..... things have gotten a whole lot worse. Since I still have a lot of money stuck in Lendy I’m reluctant to purposely invoke any bad publicity on them. I haven’t even left a negative Trust Pilot review yet, but once I get what money I can out, I’m going to leave the Mother of all negative TP reviews for these shysters.
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Post by charliebrown on Jul 19, 2018 12:29:36 GMT
Lendy Support , @paul64, Paul70 The vote is farcical, it's unclear what we're voting on so you'll be unable to read anything into the results. The only logical and professional course of action is to cancel the vote, provide the missing information, clarify the options (+ include additional options in which Ly shares the pain) and re-launch the vote. Edit: I won't be taking part in the vote until these actions are taken All you really need to know is... Option 1 you lose. Option 2 you lose. Either Option 1 or Option 2 Lendy wins.
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empirica
Member of DD Central
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Post by empirica on Jul 19, 2018 12:53:12 GMT
All you really need to know is... Option 1 you lose. Option 2 you lose. Either Option 1 or Option 2 Lendy wins. Appreciate that you probably trying to be sensationalist, but you miss, I think, a vital element. Perhaps the vital element. Option 1: You potentially lose capital to an amount between 0% and 23% Lendy retain their interest and fees. Borrower retains their site and future profits. Option 2: You potentially lose capital to an amount between 0% and 100% Lendy retain their interest and fees. Borrower forfeits their site and future profits. For some the possibly (theoretical) 100% loss of capital in option is acceptable, so that the real culprit here _ the Borrower _ doesn't 'get away with it'. I think I'd be like minded.
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rocky1
Member of DD Central
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Post by rocky1 on Jul 19, 2018 12:54:27 GMT
it is a pity we can not sack lendy in this case and bring in somebody who really is working in our best interests.borrower does not want to meet his legal obligations to us for whatever reasons. enforce OUR security and take the damm development and any PG assets he has.refinance/complete/get rid of in the best way for us.NOT LENDY/NOT THE BORROWER.as in all these loans lendy/borrower relationship seems very shifty.
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invester
P2P Blogger
Posts: 612
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Post by invester on Jul 19, 2018 13:06:46 GMT
Appreciate that you probably trying to be sensationalist, but you miss, I think, a vital element. Perhaps the vital element. Option 1: You potentially lose capital to an amount between 0% and 23% Lendy retain their interest and fees. Borrower retains their site and future profits. Option 2: You potentially lose capital to an amount between 0% and 100% Lendy retain their interest and fees. Borrower forfeits their site and future profits. For some the possibly (theoretical) 100% loss of capital in option is acceptable, so that the real culprit here _ the Borrower _ doesn't 'get away with it'. I think I'd be like minded. Yes, I agree. I have so little trust in Lendy nowadays that I reckon it would not be beyond unrealistic to see them do their own deal where they stiff the lenders under option 1 and negotiate a nice backhander for themselves under the guise of additional exit fees. Of course the borrower doesn't have a problem, he's already got a reduced cost loan and control of the asset. There appears to be so little transparency around dealings that this sort of thing could go unnoticed.
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11025
Member of DD Central
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Post by 11025 on Jul 19, 2018 14:49:22 GMT
All you really need to know is... Option 1 you lose. Option 2 you lose. Either Option 1 or Option 2 Lendy wins. Appreciate that you probably trying to be sensationalist, but you miss, I think, a vital element. Perhaps the vital element. Option 1: You potentially lose capital to an amount between 0% and 23% Lendy retain their interest and fees. Borrower retains their site and future profits. Option 2: You potentially lose capital to an amount between 0% and 100% Lendy retain their interest and fees. Borrower forfeits their site and future profits. For some the possibly (theoretical) 100% loss of capital in option is acceptable, so that the real culprit here _ the Borrower _ doesn't 'get away with it'. I think I'd be like minded. The sickening bit is that Lendy retain their interest and fees while the very people that have enabled them to earn money get shafted.
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gareot
Member of DD Central
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Post by gareot on Jul 19, 2018 14:55:55 GMT
Well for what it's worth I've gone for option 2 but reading a lot of the comments here about Lendy makes me wonder whether we'll get a true result to the poll anyway.
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capucino
Member of DD Central
Posts: 89
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Post by capucino on Jul 19, 2018 15:30:47 GMT
Well for what it's worth I've gone for option 2 but reading a lot of the comments here about Lendy makes me wonder whether we'll get a true result to the poll anyway. The poll is only advisory. They can still go for option 1 even if we all vote for option 2.
It is still worth it to vote option 2 to voice your displeasure with Lendy, I did.
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juliana
New Member
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Post by juliana on Jul 19, 2018 16:22:25 GMT
New to this Blog site but as a Lendy investor who has invested over £100K in the last 12 months and have money invested in this loan I am really disappointed in Lendy. There have been some great posts and I have tried to read them all to get up to speed. I also have another loan - PBL167 that has gone the same way ie vote for losing lots of money.
I don't mind losing money when there is a disaster that was not known about etc but all we have to go on as P2P investors is the details from Lendy and specifically LTV and current valuations. With regard this loan all was fine and really not close to the knuckle. The property has been developed and finished(almost?) . If the current Borrower is offering what he is, then he know what it is worth and that is more than being offered. It all sounds like a good strategy to borrow money at one rate then hold Lendy to ransom to get a 2% loan rate.
I thought I read somewhere that this Borrower is well known to Lendy - surely there is a way of putting pressure on the only loans/development to get money back etc.
I feel so powerless and that Lendy are not in my corner. I think it is time Lendy felt some heat against their brand - without us investors, what do they have?
What action can we take, collectively or individually?
Julian
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empirica
Member of DD Central
Posts: 326
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Post by empirica on Jul 19, 2018 16:36:24 GMT
What action can we take, collectively or individually? Individually. For starters, leave a review on Trust Pilot _ see: uk.trustpilot.com/review/www.lendy.co.uk _ keep it factual and avoid naming specific loans as that would give Lendy grounds to pull it. Lendy should respond with an offer for some one to call you. Take them up on it. Voice your opinions and get their feedback and comments on what they can do for you. Collectively. Keep posting here _ but not hourly rants, please (leastways not if wish to be taken seriously) _ this is still the most viewed resource (when access is allowed!!!) and rational, considered opinion does carry weight and influence potential investors. (It has influenced me, anyway.)
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TenKay
Member of DD Central
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Post by TenKay on Jul 19, 2018 17:03:31 GMT
What action can we take, collectively or individually? take your money else where would be the most effective option if your talking long term and not this particular loan thats gone sour
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TenKay
Member of DD Central
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Post by TenKay on Jul 19, 2018 17:07:48 GMT
just checked TP and apparently we are all worrying about nothing
Wolves DFL004 we are expected to take a loss (with vague promises of some future recovery)
lendy.co.uk's reason for reporting Untrue, accusatory and defamatory content. A review providing an opinion will always be welcome. A review containing material mistruths has to be questioned and challenged in fairness to all users of Trustpilot. Lendy Compliance
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reinvestor
Member of DD Central
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Post by reinvestor on Jul 19, 2018 17:23:07 GMT
What about Google Reviews? They can only be commented on, not taken down I think.
Anyone googling Lendy will see these first rather than the TP reviews.
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