PBL123 - G******* Lodge, Bucks - LIVE

I'm waiting for the audited accounts, just to make sure 
Did they say if they were paying the interest at month end? 

I am getting out of Lendy. I have zero confidence in their valuations. Defaults are not the problem if the defaulted property covers the losses but at the moment it dosn't

For what it's worth, getting your capital back and receiving many months of interest before it went into default isn't too bad an outcome. We stupidly put a rather large sum with House Crowd 2 years ago, into what was advertised as a 10 month 10% fixed return. Now, two years on, we hear today that they screwed up badly with the projected refurbishment costs and the anticipated sales price, and now propose to market the house for a low price to get a quick sale. We will almost certainly get back nothing more than our original sum invested. So lots of money tied up for two years, with ZERO return. Lendy's repayment today of PBL123 seems positively generous compared to that.

It's not just LY that manage to claim that no losses have been incurred although if you factor in the lost interest which by some magic may or probably not materialise, then with LY (and others) you're effectively at the mercy of the discretionary PF. Another platform simply kicks the can down the road rather than default so they can claim no losses. Good marketing tool though regarding 'never suffered any losses' even though IMO it is a false claim.

What is coming home to roost are those initial valuations and the ongoing monitoring by the platform(s). There are a couple of platforms that I'm withdrawing from as once the trust issue comes into my thinking then it's better to leave and invest elsewhere. I'd prefer a lower headline rate, backed by a more realistic valuation, background checks on the borrowers and on-going monitoring where applicable.

When I carry out DD on some of the borrowers then I wouldn't lend them 50p for parking let alone 'invest' in their proposed projects. This information is known to the platform but hey ho - it's not relevant in their opinion. This loan has proven (along with others) that it is!

In P2P I fully expect losses and never expect my XIRR to always display the headline 12-13% over time. My expectations are in the region of 8%. So with defaults I prefer simply to take them as they crop up and move on rather than live in fools paradise. That's just me of course.

If capital losses are slight (less than £100,000?) it is unlikely to be worth even a small court case.

If they are large (as I*** of W***** promises to be) , in the multimillion pound loss of value, then a court case would make more sense.

But if it was Lendy asleep at the wheel and not asking the right questions when they received the valuation, there is nothing they can do except tell investors (and the world) that there has been a multimillion loss on one project.

No one will be interested in doing a documentary on it, I doubt it will even feature in the local press.

Thx, found the e-mail in my junk folder.  Microsoft knows best