Carter
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Post by Carter on Jul 26, 2018 16:01:58 GMT
Just seen it, what the hell is going on in that office?
Edit: and more to the point who are Lendy listening too. Not the forum feedback prior to the vote and not the majority of the voters. Feels like someone with clout just picked up the phone and told them what was what. ( Wasn't me by the Way)
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Post by nyquest on Jul 26, 2018 16:02:11 GMT
Isn't this "the oldest trick in the book" over value property, take your fee based on the whole amount, watch the explosion from a safe distance pockets lined? Lendy....Spendy (your money) Will we see them "donate at least half their fee back to investors? That would be ethical practice.
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Balder
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Post by Balder on Jul 26, 2018 16:03:32 GMT
Lendy lets have a vote and do the opposite without explaining why in the email. Further proof of the incompetence in this platforms management yes they may have listened BUT the wording on the vote was biased to option 1 so now they see option 2 as best following feedback - they should not need the feedback they are supposed to be the experts!
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mickj
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Post by mickj on Jul 26, 2018 16:08:58 GMT
wowsers............ who would have thought it............ gets brownie points from me
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adrianc
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Post by adrianc on Jul 26, 2018 16:11:28 GMT
Blimey, what did I miss? Last time I looked, option 2 was the preference, with option 1 being seen as a cop-out that let the developer get away with it... But, hey, that was a couple of days and about a dozen pages ago...
<edit, after reading back> OK, only half a dozen pages. I'll admit - I voted 1. Then I read the first few opinions here, and wished I'd voted 2. I'm still leaning towards 2 as the best option, both for return (I wouldn't be at all surprised if the "option 1" deal came back on the table with bigger numbers) and in terms of encouragering les autres.
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orvilorvil
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Post by orvilorvil on Jul 26, 2018 16:11:30 GMT
Woah - was not expecting that!
Credit to them though.
I'd really like to know the split of voters when capital investment is taken out of the equation and we each get 1 vote
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SteveT
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Post by SteveT on Jul 26, 2018 16:12:52 GMT
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11025
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Post by 11025 on Jul 26, 2018 16:13:02 GMT
It's what I voted for but w t f !
I am not sure what is going on here , but I sincerely hope it is for the good of everybody Invested with Lendy , not just this loan , hopefully a turning point.
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copacetic
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Post by copacetic on Jul 26, 2018 16:15:57 GMT
I think this is the right decision and I hope that Lendy are able to make the borrower come up with an improved offer. Mind you I expect they'll be crucified in this thread for going against the vote ... for 2 weeks at least when the borrower comes back with an offer of full capital repayment!*
*Lovely weather for the rose tinted sunshades today
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Carter
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Post by Carter on Jul 26, 2018 16:25:30 GMT
Ha, yes it appears that way. I like it but I just don't understand their thought process or who is ultimately influencing them. Also they've made an executive decision over-riding the result of a vote. If eventual outcome is worse then some people might have something to say about that.
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averageguy
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Post by averageguy on Jul 26, 2018 16:28:23 GMT
Just goes to show what a waste of time voting was...they listen but don’t listen
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Post by GSV3MIaC on Jul 26, 2018 16:39:04 GMT
Perhaps they added the votes up wrong, or maybe Mr BH chucked in £2m of option 2 (or 3) at the last minute. Whatever, I am glad they have figured out that if the let the borrower off ~£3m of what he/she/it owes, the floodgates will open on all the other dodgy loans. Why not sell the Gloucester portfolio, or Scottish estate, back to the defaulting borrowers for 20% off?
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TenKay
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Post by TenKay on Jul 26, 2018 16:40:13 GMT
dont get it , the significant amount of feedback was to accept option 1 surely, 3-1
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hazellend
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Post by hazellend on Jul 26, 2018 16:40:37 GMT
I wish Lendy just did this from the beginning
IMO the voting is pointless as amateurs don’t know what the best thing to do is.
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chriscross
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Post by chriscross on Jul 26, 2018 16:41:38 GMT
Wow, option 2 was a big surprise to me, so much so that I wonder if Option 1 suddenly became unavailable forcing their hand, as interestingly they state that the decision was made via investors opinion, no mention of which way the vote went.
I'll be open and say that I voted option 1 all day. I've seen the Lendy default list only too clearly and it rarely seems to shorten.
Lets hope they just go ahead and sell it now and recoup what we can..
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