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Post by picanto on Jan 16, 2018 11:48:34 GMT
This loan seems to have gone worryingly quiet. I'm very interested to know what timings of repayment the borrower has provided in this week's update. If Lendy fail to provide a meaningful update of when repayment is expected with evidence to back it up, I will be very disappointed. The fact that this loan has gone overdue is concerning to me because it seemed a relatively safe one and I question why a further extension wasn't given. With the high amount of money in this loan, I think the outcome of this loan has a massive bearing for the confidence for Lendy's investors in Lendy themselves.
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Post by loftankerman on Jan 16, 2018 15:02:30 GMT
This loan seems to have gone worryingly quiet. I'm very interested to know what timings of repayment the borrower has provided in this week's update. If Lendy fail to provide a meaningful update of when repayment is expected with evidence to back it up, I will be very disappointed. The fact that this loan has gone overdue is concerning to me because it seemed a relatively safe one and I question why a further extension wasn't given. With the high amount of money in this loan, I think the outcome of this loan has a massive bearing for the confidence for Lendy's investors in Lendy themselves. I can understand your concern here. The situation reminds me of the time I had an engine management fault on my new '96 Vectra and left it at the garage to be fixed under warranty. When I went to collect it they said it was ready but offered me a drink while I waited while they gave it a wash. It didn't take me long to get bored so I wandered out and in through the workshop doors. It was in bits, bonnet open and with 'technicians' engaged in a conversation that suggested they understood the urgency but hadn't a clue.
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Post by GSV3MIaC on Jan 16, 2018 16:28:48 GMT
The maid (Minnie) in 'Larkrise to Candleford' (TV version) .. "Minnie, Is breakfast ready?" .. "It surely will be, ma'am. In a minute"
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Jeepers
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Post by Jeepers on Jan 18, 2018 13:24:49 GMT
I don't know what's worse, the state of the loan book or Lendy's arrogance. We were promised an update 'early next week'2 weeks ago.
With over £20 million outstanding from this borrower, the future of Lendy relies on successful repayment of both loans.
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Post by skint4achange on Jan 18, 2018 13:34:30 GMT
I don't know what's worse, the state of the loan book or Lendy's arrogance. We were promised an update 'early next week'2 weeks ago. With over £20 million outstanding from this borrower, the future of Lendy relies on successful repayment of both loans. Think you are slightly confused, the update said that "The borrower has advised that they will have more certainty over timings early next week". They probably told Lendy about it, but do you really think that WE the lowly investors with all OUR money at risk are entitled to be informed about what goes on in Lendy towers?
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Jeepers
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Post by Jeepers on Jan 18, 2018 13:47:29 GMT
'The borrower will have more certainty over timings next week'
Implies lendy are expecting an update, so why not pass it on ? Being as it's our £20m at risk, it would be nice to be kept in the loop.
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Post by skint4achange on Jan 18, 2018 13:49:05 GMT
'The borrower will have more certainty over timings next week' Implies lendy are expecting an update, so why not pass it on ? Being as it's our £20m at risk, it would be nice to be kept in the loop. Please note my use of the term "Lowly investor", hence why they don't have to tell us? 
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jcb208
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Post by jcb208 on Jan 18, 2018 14:33:05 GMT
I took Lendys word for it and invested more then usual in the final tranche thinking this was going to be paid back on time,It is getting very frustrating not knowing whats going on with this loan and the fact Lendy will not tell us anything,so until a satisfactory update happens hopefully tomorrow I'm just slowly withdrawing funds each day
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elliotn
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Post by elliotn on Jan 18, 2018 14:53:07 GMT
'The borrower will have more certainty over timings next week' Implies lendy are expecting an update, so why not pass it on ? Being as it's our £20m at risk, it would be nice to be kept in the loop. I agree material updates should be added when known - ahead of the business as usual fortnightly BS - however, apart from the recent Suspended category, this does not happen.
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Post by skint4achange on Jan 18, 2018 15:08:11 GMT
'The borrower will have more certainty over timings next week' Implies lendy are expecting an update, so why not pass it on ? Being as it's our £20m at risk, it would be nice to be kept in the loop. I agree material updates should be added when known - ahead of the business as usual fortnightly BS - however, apart from the recent Suspended category, this does not happen. I must confess that I do not like this non dissemination of information. It does offer (And I am not saying this happens!) somebody in a position of knowledge possession to have a bit of an advantage.
For example: Who is to say that A, who works in Lendy offices, doesn't have a friend, herein called B, who has large investments in Lendy loans (And can jump the queue on the SM? No that that is what I am saying happens!). A calls B to tell him the "Good" news that there has been an update on the loan that B has £20k in. Now B doesn't like the new update, but that's ok, it's the Monday after the last fortnightly BS, so B has plenty of time to list his loan part and get shot.
Not that I am saying this happens of course.
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Jeepers
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Post by Jeepers on Jan 18, 2018 15:48:47 GMT
Surely all information should be disclosed to investors at the earliest opportunity (especially on such a large loan) unless Lendy can demonstrate that doing so would prejudice the recovery.
Still not repaid- No news is looking like bad news.
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Post by skint4achange on Jan 18, 2018 15:53:19 GMT
Surely all information should be disclosed to investors at the earliest opportunity (especially on such a large loan) unless Lendy can demonstrate that doing so would prejudice the recovery. Still not repaid- No news is looking like bad news. Indeed it should, but that is not how Lendy operate.
I wouldn't get too worked up over this loan just yet. Although it is overdue, it is only by 12 days and these things take time.
The fact that it is a large loan makes the refinance all the more difficult. Although the updates seem to be making all the right noises about the progress, only time will tell.
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Post by picanto on Jan 19, 2018 17:01:01 GMT
According to the recent update, repayment is still expected by the end of this month so that is good news. It just makes me confused as to why a short extension wasn't given because surely the borrower will have to pay increased charges for the loan going overdue?
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webwizard
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Post by webwizard on Jan 20, 2018 7:27:18 GMT
Update still sounds positive. Given the rest of the loan book, getting all the capital back will be positive, I suspect there will be an excuse about the bonus.
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Jeepers
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Post by Jeepers on Jan 20, 2018 8:13:02 GMT
As far as I'm concerned, they're contractually obliged to pay it. They can't fiddle the rules to suit.
I've a fair bit in this so will raise a complaint with the FOS if it's not paid.
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