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Post by mrclondon on Aug 9, 2018 15:12:03 GMT
A partial repayment (PBL167R1) just credited to our accounts, 65.5% of capital recovered 34.5% outstanding
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johnfleet
Member of DD Central
Posts: 170 
Likes: 85
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Post by johnfleet on Aug 9, 2018 16:16:00 GMT
Another 2 per cent of my capital prised out of Lendy’s claws! Small mercies and all that. At least these funds can now start working again, but where?
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stokeloans
Member of DD Central
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Post by stokeloans on Aug 9, 2018 16:16:14 GMT
No investor has ever lost capital on Lendy though  |
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Post by GSV3MIaC on Aug 9, 2018 16:23:05 GMT
'Temporarily misplaced' is rather too common though. Or in the case of DFL 1,2,4,5 we know where it is, we just can't reach it.
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mary
Member of DD Central
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Post by mary on Aug 9, 2018 16:29:46 GMT
No investor has ever lost capital on Lendy though Of course, but "Claims Underway" now totals £5.5m, across 5 loans where the Asset has been sold, and therefore the only recovery possibility is via PG or Bankruptcy, which, to date has produced Zero, not even an offer to buy out the remaining obligation at a discount. It does not seem that those being pursued are too worried from my distant, ill informed viewpoint (because theres far too much legal risk in giving us poor Lenders any updates). Although I'm unsure if the legal risk is to the recovery process, or Lendy when it becomes obvious that most of these legal pursuits are likely to produce little if anything!
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rocky1
Member of DD Central
Posts: 1,139
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Post by rocky1 on Aug 9, 2018 17:07:41 GMT
183k for legals agents and administrators. We really are getting shafted from all sides. Lendy and all these lot will make millions from our capital and interest losses. Well done again lendy 5 stars from me.
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Post by doonio on Aug 9, 2018 17:13:48 GMT
How nice feelings when valuation of property was 4,6 mil. GBP (LTV 51%) and it is sold for 1,9mil. GBP in situation where realities all around the Europe are getting more and more expensive. Somebody made really nice deal, or valuation experts from Lendy missed some lesson at "3month valuation experts course". In both way, I missed my money and nobody sees to care about.
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scraggs
Member of DD Central
Posts: 75
Likes: 62
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Post by scraggs on Aug 9, 2018 17:51:26 GMT
I would really like an explanation as to why Lendy went with an agent charging 3.7%
Let alone the other charges.
But then I would like a lot of explanations from Lendy but won't get bugger all.
TBH I am glad I have something back and it's another one that gets me further away from this shower of sh;te.
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Post by p2plender on Aug 9, 2018 23:57:18 GMT
Well I don't think Lendy will be making anymore money from originating loans so I guess big fees for 'recovery efforts' is where they now see their income stream before the rug is pulled. Surprised it's taking this long.
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TheDriver
Member of DD Central
Slightly bonkers
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Likes: 190
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Post by TheDriver on Aug 10, 2018 2:53:23 GMT
I would really like an explanation as to why Lendy went with an agent charging 3.7% Let alone the other charges. But then I would like a lot of explanations from Lendy but won't get bugger all. TBH I am glad I have something back and it's another one that gets me further away from this shower of sh;te. I understood the original £4.3M valuation was "revised" to £3M under administration, and am still waiting for a meaningful reply as to why L then recommended selling at £1.9M. All they keep repeating is the risk factor, but I hadn't allowed for the fact of them giving away the security!
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invester
P2P Blogger
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Post by invester on Aug 10, 2018 7:29:43 GMT
£75k for legal costs is interesting.
If this is the going rate I dread to think what these 'claims underway' stuff will be costing for the various other failures.
At the moment in the absence of any success we can conclude that these are protracted cases, in the worst case achieving nothing but costing a lot.
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Post by charliebrown on Aug 10, 2018 11:16:31 GMT
Since I’m desperately trying to exit Lendy I see this as 65% gained rather than 35% lost. Having said that, I think this illustrates exactly why LY is a bad “investment”. Everyone from the borrower, to the Lawyers, to the agents and of course LY are all winners, yet poor hapless investors take all the losses. This was meant to be a simple PBL with a low LTV. Badly managed, shrouded in secrecy and seemingly incompetence. Everyone comes out on top apart from investors. Looking at the loanbook it looks like the capital losses and investor pain is going to start trickling through.
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Post by boudicca on Aug 10, 2018 11:39:56 GMT
Once the sale has completed, Lendy will proceed with the claims to recover the balance of investors' capital, accrued interest and bonus accrual by claims which our legal advice suggests have a good prospect of success.
The prospects to recover the balance of investors' capital are described as good, is this based on anything tangible or just the standard text for all partial repayments ?
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scraggs
Member of DD Central
Posts: 75
Likes: 62
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Post by scraggs on Aug 10, 2018 11:55:35 GMT
Once the sale has completed, Lendy will proceed with the claims to recover the balance of investors' capital, accrued interest and bonus accrual by claims which our legal advice suggests have a good prospect of success.
The prospects to recover the balance of investors' capital are described as good, is this based on anything tangible or just the standard text for all partial repayments ?
I would imagine going by Lendy's performance we stand more chance of flying to the moon on a pencil than seeing anything else back on this. I now take what Lendy says with a pinch of salt.
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elliotn
Member of DD Central
Posts: 3,064
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Post by elliotn on Aug 10, 2018 11:57:58 GMT
Another 2 per cent of my capital prised out of Lendy’s claws! Small mercies and all that. At least these funds can now start working again, but where? Did you have 3% cap in this loan?  How about a bank account?
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