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Post by holmesy999 on Jul 26, 2018 13:40:59 GMT
so if option 1 does come off, does that mean £ for £ I put in, I am looking at a reduced capital being returned but they are suggesting that this has been offset by the interest I have already received, thus I am breaking more than even and should be getting around 3%? (I got confused with their example maths)
And does this also mean I need to wait 12 months to get that break even point (with this additional payment), or do I break even from whenever this gets settled?
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Post by charliebrown on Jul 26, 2018 13:44:02 GMT
so if option 1 does come off, does that mean £ for £ I put in, I am looking at a reduced capital being returned but they are suggesting that this has been offset by the interest I have already received, thus I am breaking more than even and should be getting around 3%? (I got confused with their example maths) And does this also mean I need to wait 12 months to get that break even point (with this additional payment), or do I break even from whenever this gets settled? Yes, that’s what they’re telling you, but it wouldn’t be the first thing they told you that wasn’t correct.
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withnell
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Post by withnell on Jul 26, 2018 13:56:40 GMT
so if option 1 does come off, does that mean £ for £ I put in, I am looking at a reduced capital being returned but they are suggesting that this has been offset by the interest I have already received, thus I am breaking more than even and should be getting around 3%? (I got confused with their example maths) And does this also mean I need to wait 12 months to get that break even point (with this additional payment), or do I break even from whenever this gets settled? Yes, that’s what they’re telling you, but it wouldn’t be the first thing they told you that wasn’t correct. 3% if you invested from the beginning, but ignoring what return you might have got on your funds if invested elsewhere. I have quite a cheap mortgage, but would have been better paying it off...
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Post by nyquest on Jul 26, 2018 13:56:49 GMT
Taking a hit is bad for anyone, shape of things to come maybe but, if this is so lets see how this is conducted. There will only be so many times they can implement this. I voted against but am willing to take the hit. I have 16 further non performers with £48k involved in those. This won't go down well with the Liverpool waterfront development or many of the others. They must realise they will be selling the same investors out over and over, cottages, Scottish Estates, central London Parish Halls, Swiss chalets.....I suspect we are all in the same (sinking) boats.
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michaelc
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Post by michaelc on Jul 26, 2018 14:07:18 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. jack P I agree that endless doom is nigh posts (and the opposite) add nothing. However, I prefer that to posts which have an air of authenticity about them whose result is investors investing in more or less in a particular loan or platform. I like to think the majority of interesting posts are made altruistically or at least honestly but I can't rule out some of the conspiracy theories around some posters encouraging this or that loan or platform. I can't rule that out and if it did go on I think it was happening more historically than is the case now. Regarding the vote, we know more cash votes went for option 1 and that may well be institutional investors acting pragmatically. It remains to be seen whether those investors remain engaged with the platform.
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Post by charliebrown on Jul 26, 2018 14:10:19 GMT
Taking a hit is bad for anyone, shape of things to come maybe but, if this is so lets see how this is conducted. There will only be so many times they can implement this. I voted against but am willing to take the hit. I have 16 further non performers with £48k involved in those. This won't go down well with the Liverpool waterfront development or many of the others. They must realise they will be selling the same investors out over and over, cottages, Scottish Estates, central London Parish Halls, Swiss chalets.....I suspect we are all in the same (sinking) boats. I’m in the same sinking boat. Frankly, borrowers are only able to offer low-ball settlement figures when they default the loan and the asset is worth <70% of the initial valuation. Accepting a low-ball offer once shouldn’t mean we always have to. However, the reality is it always seems to be the case that when the borrower defaults a second valuation is done and shock horrotr it’s worth <70% of the initial valuation. So the root cause of borrowers making mugs of us is the initial valuation. I also think all this “claims underway” nonesense is just a scam so they don’t have to explain why the PF didn’t cough up any money.
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TenKay
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Post by TenKay on Jul 26, 2018 14:23:48 GMT
according to my rudimentary maths they have £128,207,130 in live loans £47,082,591 in none performing loans
and £4,964,535 in claims underway
so that's about 40 odd percent of their loans not doing well
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rocky1
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Post by rocky1 on Jul 26, 2018 14:38:12 GMT
Had a large 4 figure in this so another 1 where I lose a large amount of interest and capital.have sold everything that was possible and now just have to sit back and watch as lendy decimate my last 40k. Not 1 penny will be going back into lendys broken and crooked business model.
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empirica
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Post by empirica on Jul 26, 2018 14:49:45 GMT
I agree that endless doom is nigh posts (and the opposite) add nothing. However, I prefer that to posts which have an air of authenticity about them whose result is investors investing in more or less in a particular loan or platform. I like to think the majority of interesting posts are made altruistically or at least honestly but I can't rule out some of the conspiracy theories around some posters encouraging this or that loan or platform. I can't rule that out and if it did go on I think it was happening more historically than is the case now.Regarding the vote, we know more cash votes went for option 1 and that may well be institutional investors acting pragmatically. It remains to be seen whether those investors remain engaged with the platform. This has been hinted at previously (possibly by yourself?), but I've read an awful lot of posts on most of the troubled loan threads for this platform, MT and FS and I don't recall any 'ramping' or anything remotely like it. Quite the opposite in fact. Warnings on loans, warnings on over exposure to single Borrowers, warnings against over reliance on the Secondary Market and the Provision Fund, and so on. Can you point to any posts / threads / examples? Compared to some the S&S / CrowdFunding / bitcoin and VC sites I've visited, those early posts reflected a sanctuary of conservative consideration, although I'd agree that it is changing now, and not for the better.
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Post by p2plender on Jul 26, 2018 15:14:52 GMT
People have been sounding alarm bells on here for over a year. Well done to those that have stayed and repeatedly warned what was happening here.
I suspect this may be seen as a good outcome to what is probably coming for many other 'loans'.
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elliotn
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Post by elliotn on Jul 26, 2018 15:21:07 GMT
...I hate LY with a passion and I want them out of my life as soon as is physically possible... That is palpable ad nauseam.
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elliotn
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Post by elliotn on Jul 26, 2018 15:24:41 GMT
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. Do you think they all escaped this and Herc or would have helped you do so? What did you think of oldgrumpy’s photos in this thread suggesting this was materially behind schedule?
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gustapher
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Post by gustapher on Jul 26, 2018 15:58:10 GMT
They are going with option 2.
Don't agree with it personally but let's see what happens.
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grahamg
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Post by grahamg on Jul 26, 2018 15:58:41 GMT
Email just in Lendy went for option 2 wow
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Monetus
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Post by Monetus on Jul 26, 2018 16:01:36 GMT
"Further to the investor votes for DFL004 (S****** factory) please find an update on the next steps. We have received a significant amount of feedback from our investors following the vote, which we have taken seriously. After listening to all opinions Lendy will proceed with option 2 and now revert back to the borrower to confirm that the offer in its current form is unacceptable. Unless the borrower provides a proposal resulting in investor’s capital being repaid in full as a minimum, Lendy will proceed with enforcement action against the property, and the borrower, as well as all other available avenues, to recover the outstanding capital, accrued interest and bonus accrual in full. We will write to you again when we have further information to share."
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