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Post by charliebrown on Jul 27, 2018 11:55:03 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 Not sure why it’s credit to them? They held a vote and then didn’t listen to the result. Instead they said they listened to some investors who expressed that they didn’t like the outcome of the vote. No further info has been released but regardless whether option 1 is better or option 2 is better what’s the point of voting? I also don’t understand the call for 1 investor 1 vote. Where I have a high 5 figure sum in the loan and Joe Bloggs has a tenner in the loan why shouldn’t I have a greater say? My preferred mechanism would be to abolish the voting system for any recovery decisions. As soon as the loan passes due date and there’s been no explanation (with proof) from the borrower just immediately pass the loan to receivers and let them decide what course of action to take. They can still use the voting mechanism to get answers to questions like “should LY sponsor Cowes” and “should LY make handsome profits from investors losses”.
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Post by p2plender on Jul 27, 2018 12:03:38 GMT
Never thought I'd be lending money to a p2p platform then voting for how I might get some of it back and then be told my vote doesn't count and we've a change of plan. Will I ever be able to extract myself from Lendy?
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Post by charliebrown on Jul 27, 2018 12:22:49 GMT
Some wanted option 1, some wanted option 2. They can't please everyone. We're in a good position. £11m on the table and its obviously worth considerably more to the borrower and financing company. With our backing, Lendy has a much stronger hand in negotiations. We'll no doubt get an increased offer. I just hope the terms are more clear in the next vote. And hope it happens this century.
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Post by p2plender on Jul 27, 2018 12:22:49 GMT
Anyhow it's another week wasted so 1-0 to the borrower.
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Post by brightspark on Jul 27, 2018 15:36:00 GMT
I always wondered what the Grand Old Duke of York nursery rhyme was about. Now I realise he was a Lendy investor.
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rocky1
Member of DD Central
Posts: 1,132
Likes: 1,951
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Post by rocky1 on Jul 27, 2018 19:33:04 GMT
Did not know where to post this.pensions locked up in hotel rooms.penman investigates.thursdays daily mirror.if penman calls this,from the fishy to the fraudulent he would have a bloody field with lendy and a few other platforms.take a look if poss and see what is happening here.page 27.
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Post by p2plender on Aug 3, 2018 23:24:33 GMT
The latest update tells us Lendy are just buying time.
This platform is a total farce.
Option 1 would have given us a good chunk of our cash back - the option that the majority voted for. Lendy for some reason decided to go against the result of the vote and give us option 2. I presume they see more fees for themselves etc. This will just drag on along with the rest of the junk loans in default. How on earth the FCA can put their name to this shambles and excuse of a business.
I'm going to write to the FCA and several media outlets this week. Lendy shouldn't be allowed to carry on their 'business' any longer.
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Post by charliebrown on Aug 3, 2018 23:43:36 GMT
I imagine regulators are just like Auditors, it’s a compliance and box ticking exercise. Once you understand what boxes need to be ticked you can “game the system”. I’m not sure FCA has any interest in whether LY’s investors are happy or whether they’re losing large chunks of their invested capital.
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Post by p2plender on Aug 4, 2018 0:05:19 GMT
Lendy are seen as a joke by both investors and borrowers.
It's too late for investors now, the borrowers have the upper hand and Lendy have no urgency in repatriating lenders funds - or in most cases what little is left of them. The platform and loan book is in such a mess that an outside influence is needed to take control. One that might help get lenders some of their monies back. It's a huge mess and current 'management' seem way, way out of their depths. In nearly 10 yrs of p2p investing I've never seen such a situation. What sort of management sits on TP trying to stop investors posting honest reviews all the while avoiding addressing investors here - this shows exactly the caliber of the company, right there.
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hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
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Post by hazellend on Aug 4, 2018 8:42:58 GMT
I think Lendy will turn things around. The initial defaulted loans will likely lose a lot of capital, but when you look at these with the retrospectoscope, the interest rate was far too low on most of them for the risk.
I am still happy to keep investing in any new decent loans, even big DFLs if they show they can monitor them adequately.
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Post by brightspark on Aug 4, 2018 9:13:06 GMT
The latest update tells us Lendy are just buying time. This platform is a total farce. Option 1 would have given us a good chunk of our cash back - the option that the majority voted for. Lendy for some reason decided to go against the result of the vote and give us option 2. I presume they see more fees for themselves etc. This will just drag on along with the rest of the junk loans in default. How on earth the FCA can put their name to this shambles and excuse of a business. I'm going to write to the FCA and several media outlets this week. Lendy shouldn't be allowed to carry on their 'business' any longer. The FCA is responsible for compliance with the Regulations governing p to p platforms. unless Lendy is in breach of the Regulations the FCA has no remit. If you believe that Lendy has been grossly negligent in the handling of affairs the procedure is in the first instance to lodge a complaint with Lendy. If you are not satisfied with the response the complaint could then raised with the Financial Ombudsman.
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TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
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Post by TheDriver on Aug 4, 2018 14:42:24 GMT
I think Lendy will turn things around. The initial defaulted loans will likely lose a lot of capital, but when you look at these with the retrospectoscope, the interest rate was far too low on most of them for the risk. I am still happy to keep investing in any new decent loans, even big DFLs if they show they can monitor them adequately. I certainly HOPE L turn things around, but after sampling their self-denial of the issues first hand I am not confident enough to THINK they will. My "retrospectoscope" says that the risk on some was too high at ANY practical interest rate, and now I have looked at some of the recent offerings in more detail I am of that opinion for several more! I am still potentially prepared to invest my original pocket-money stake further, but won't be adding further funds unless things improve dramatically. I think the recent initiative of investors monitoring progress on development sites, - and possibly querying valuations up-front - will help @lendy focus on some real issues which they have yet to prove competent to handle.
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Post by charliebrown on Aug 5, 2018 2:14:50 GMT
I think Lendy will turn things around. The initial defaulted loans will likely lose a lot of capital, but when you look at these with the retrospectoscope, the interest rate was far too low on most of them for the risk. I am still happy to keep investing in any new decent loans, even big DFLs if they show they can monitor them adequately. I certainly HOPE L turn things around, but after sampling their self-denial of the issues first hand I am not confident enough to THINK they will. My "retrospectoscope" says that the risk on some was too high at ANY practical interest rate, and now I have looked at some of the recent offerings in more detail I am of that opinion for several more! I am still potentially prepared to invest my original pocket-money stake further, but won't be adding further funds unless things improve dramatically. I think the recent initiative of investors monitoring progress on development sites, - and possibly querying valuations up-front - will help @lendy focus on some real issues which they have yet to prove competent to handle. Having experienced LY’s arrogance, I’m sure LY don’t think there’s anything to turn around. Everything’s working perfectly and they’re still getting richer by the day and able to swan around at Cowes Week like big shots, further fueling their egos. The only thing that will wake them up is for us investors to stop investing. I’ve done my bit and haven’t invested a penny for months. I do not want LY to fail, I just want them to change their attitude and working practices to put investors’ interests at the centre of everything they do.
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Post by brightspark on Aug 5, 2018 7:16:22 GMT
Lendy is required to balance the requirements of borrowers and lenders. Adopting your proposal would disadvantage borrowers.
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Post by charliebrown on Aug 5, 2018 10:13:45 GMT
Lendy is required to balance the requirements of borrowers and lenders. Adopting your proposal would disadvantage borrowers. I do not agree. LY needs to be more selective on who they lend money to and be tougher on enforcing loan T&Cs. Good borrowers would still come, and the borrower’s that are put off are the ones we don’t want. What requirements of borrowers are you talking about? The requirement to offer to repay less than they borrowed? Or the requirement to get interest free loans for a few years without repercussions?
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