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Post by jackpease on Jul 26, 2018 6:52:41 GMT
On a loan this size the majority of the the funding will have come from BH (big hitters / professional investors) who will take a less emotional / more pragmatic view of the situation.
I cannot quite buy this. Is a less emotional/more pragmatic response to trust what the platform says without doing your own DD? As more and more loans default (Lendy and all other mature platforms) what seems to happen is that this forum clogs up with angry investors. Even ex-darling Moneything now has angry investors. Some people mightconsider reading this forum as due diligence by treating this forum as a bellweather for whether a loan/platform is safe - and i'm not sure this board is any longer a fair representation of reality. Reading this board and you may come across the impression that defaults are due to incompetence or deliberate fraud - and that subsequent silence after a default means a platform is doing SFA. I think this vote is an important reminder that this board no longer represents a fair snapshot of what the majority of investors are thinking - the danger with that is that at best forum users may miss out on good investments - at worst the genuine shockers could get lost amidst the blanket anger. Eg when the Swiss Chalet came up it stood out as being very smelly indeed. I'm not sure such a loan would stick out any more amidst the loud background noise. Also new, younger platforms shine out as being apparently safe merely because the inevitable defaults (and hence anger) have yet to materialise. jack P
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madpierre
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Post by madpierre on Jul 26, 2018 7:43:02 GMT
This vote has set a major precedent for future defaults. Borrowers will find it a heart-warming result and a ticket to deceive. We have declared ourselves as a soft touch and given platforms licence to go easy on defaults. We have only ourselves to blame, well not me because, despite the initial temptation of seeing some of my funds returned, I could not willingly watch dishonesty triumph and voted accordingly.
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copacetic
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Post by copacetic on Jul 26, 2018 9:02:23 GMT
Nearly 3:1 in favour of Option 1 - take the money now! Staggered, just shows how far Lendy has fallen that most (I assume) just want out asap. Expect other Borrowers to attempt the same trick! Borrower on DFL01/02 must be having a right laugh, and lowering his offer. Take the money now and Lendy to take further recovery action to attempt to recover the lost capital and interest. There's a significant difference between that and just taking the money now and that be the end of it. The borrower is still in debt to the investors.
There were a few posts earlier in this thread about this. The borrower has effectively been let off the hook for their personal guarantee (it's been capped at £1m despite him having companies listed on Companies house with net assets of £2.5m plus whatever other personal assets he might have). He's also had £2.3m (or perhaps £3.3m) knocked off his loan amount. It's pretty scandalous that Lendy didn't bother clarifying this in the vote and instead tried to pull the wool over investors' eyes by spinning a 16% haircut (or 23% if the £1m doesn't come through) as a 103-5% return.
I suspect the borrower's pretty hung over this morning or, if he's just received the news, enjoying his champagne breakfast .
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Post by p2plender on Jul 26, 2018 10:04:41 GMT
The borrower will be very happy at the charitable donation offered to him by Lendy and its borrowers. No doubt all the other DFLs are readying offers.
Lendy the charitable platform. P2Pgivingnotlending.
Thank heavens Wolves is my last loan here.
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Kyrios
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Post by Kyrios on Jul 26, 2018 10:25:33 GMT
This vote has set a major precedent for future defaults. Borrowers will find it a heart-warming result and a ticket to deceive. We have declared ourselves as a soft touch and given platforms licence to go easy on defaults. We have only ourselves to blame, well not me because, despite the initial temptation of seeing some of my funds returned, I could not willingly watch dishonesty triumph and voted accordingly. Investors are digging their own grave... What a great illustration of Game Theory.
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Post by p2plender on Jul 26, 2018 11:17:25 GMT
Any thoughts when we will get back some of our investment?
Lendy say immediately which could mean days to years in Lendy language.
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averageguy
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Post by averageguy on Jul 26, 2018 11:46:22 GMT
Any thoughts when we will get back some of our investment? Lendy say immediately which could mean days to years in Lendy language. Was thinking the same ...month?
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11025
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Post by 11025 on Jul 26, 2018 12:06:56 GMT
This vote has set a major precedent for future defaults. Borrowers will find it a heart-warming result and a ticket to deceive. We have declared ourselves as a soft touch and given platforms licence to go easy on defaults. We have only ourselves to blame, well not me because, despite the initial temptation of seeing some of my funds returned, I could not willingly watch dishonesty triumph and voted accordingly. I concur totally and voted the same way , I had nearly 100k with Lendy/Savingstream a few years back , now under 1/5 of that and decreasing , this is sadly now a typical example of the what they deem to be an acceptable way to treat the people that make their business model work . Not able to pass on any pertinent details and hiding behind the statement " may jeopardise future recovery" then setting out a bias in the voting options that suits themselves more than their Investors. If this is Lendy's game then I don't want to play.
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rocky1
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Post by rocky1 on Jul 26, 2018 12:13:26 GMT
This just about sums it all up.what borrower now isn't going to follow suit.the borrowers with grossly inflated LTVs/GDVs and lendy screwing every penny they can working closely to secure the best outcome.p2p is now becoming the biggest risk option of all investing.
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Jeepers
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Post by Jeepers on Jul 26, 2018 12:29:17 GMT
Lendy should publish the fees they charged for this deal. I doubt the borrower got a free lunch.
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Post by loftankerman on Jul 26, 2018 12:46:09 GMT
I assume that in their heart of hearts and in spite of all the bravado, Lendy have themselves pegged as losers in all potential recovery attempts and as Boris J. so aptly said of other matters, they are sailing into battle flying the white flag.
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Balder
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Post by Balder on Jul 26, 2018 12:55:02 GMT
As we know from earlier days and Lendy comments about Des in his shed. Lendy did not understand the types of people that can be involved in this market, unfortunately despite assurances from Lendy this still seems to be true.
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Post by charliebrown on Jul 26, 2018 13:20:19 GMT
I voted for Option 1. I hate LY with a passion and I want them out of my life as soon as is physically possible. I’ve got a large amount in this loan so my £ weighting would have been reasonably high. I think the so called “whinging lot” on here do represent the general sentiment of the masses.
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Post by charliebrown on Jul 26, 2018 13:31:46 GMT
I cannot quite buy this. Is a less emotional/more pragmatic response to trust what the platform says without doing your own DD? As more and more loans default (Lendy and all other mature platforms) what seems to happen is that this forum clogs up with angry investors. Even ex-darling Moneything now has angry investors. Some people mightconsider reading this forum as due diligence by treating this forum as a bellweather for whether a loan/platform is safe - and i'm not sure this board is any longer a fair representation of reality. Reading this board and you may come across the impression that defaults are due to incompetence or deliberate fraud - and that subsequent silence after a default means a platform is doing SFA. I think this vote is an important reminder that this board no longer represents a fair snapshot of what the majority of investors are thinking - the danger with that is that at best forum users may miss out on good investments - at worst the genuine shockers could get lost amidst the blanket anger. Eg when the Swiss Chalet came up it stood out as being very smelly indeed. I'm not sure such a loan would stick out any more amidst the loud background noise. Also new, younger platforms shine out as being apparently safe merely because the inevitable defaults (and hence anger) have yet to materialise. Investors are angry for a reason. Many defaults are indeed due to incompetence and deliberate fraud. What I would agree with is that it’s a shame those highly trusted, experienced and helpful board members no longer seem to frequent and post here any more, such as Cooling Dude etc. That is a real shame.
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Post by brightspark on Jul 26, 2018 13:35:58 GMT
I agree your overall argument. Hating is OTT. The Lendy business model places their needs before their customers. Trust has been lost. Hence yours and my desire to sever the relationship as soon as is practically possible.
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