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Post by skint4achange on Feb 11, 2018 9:25:00 GMT
I must say that I have been wondering to what extent my favourite platform will be diminished from a returns point of view if they can source their funding more cheaply from their own planned IFISA and input from others. I assume you don't mean Lendy? 
I do not think this will just affect Lendy. The whole world of P2P is about to change, and not for the good of the small/medium investor.
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Post by picanto on Feb 11, 2018 10:20:15 GMT
They've set themselves up for the next update: 'Following the legal due diligence as advised in the previous update, the lender has pulled out. We will be releasing another tranche to cover the interest. We are confident the loan will repay before the end of 2018' Should I apply for a job ? How about we wait a couple of weeks and see what happens? At least wait to see the outcome from the recent update as there may be absolutely nothing to be worried about regarding Lendy's comment about legal DD; you seemed to have gone from being very positive regarding this loan update to being negative based on what another member on this board has said. At the moment, I still have hope of repayment in the very near future because a Lendy representative has given confidence of this and at this stage (of course factors may change) I have no reason to doubt this.
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Post by skint4achange on Feb 11, 2018 11:04:02 GMT
Indeed, and my point was not to say that the loan will not repay as outlined in the latest update. My point was, don't pin all your hopes on it as things can still go wrong, like you have said.
<Quote> At the moment, I still have hope of repayment in the very near future because a Lendy representative has given confidence of this and at this stage (of course factors may change) I have no reason to doubt this. <Quote>
Unfortunately, I have about 35,000 reasons to doubt this. I have been given "Comfort" statements before and they turned out badly.
However, all that said, regardless of updates, promises etc. the loan will repay when it repays. I have said for a very long time that Lendy, despite all it's sabre rattling, really has no sway in when a loan is repaid.
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Post by picanto on Feb 11, 2018 12:40:07 GMT
Yes, and you might well be correct. This loan may drag on for months despite Lendy's updates and it certainly won't be the first loan to not been repayed despite Lendy saying repayment was expected months ago. However, I'm just a bit confused as to why Jeepers has had a sudden mood change regarding this loan; all I'm saying is give it a couple of weeks and see what happens. If nothing happens by the end of February, then I can understand a lot of skepticism and worry. But it's barely been a weekend and he/she has gone to all doom and gloom...
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Post by skint4achange on Feb 11, 2018 12:48:47 GMT
Let's put this into perspective. We have no idea how much he has in this loan. Along with that, we have no idea how much of his portfolio it is. He may have his whole life savings invested in this one loan (I doubt it but just bear with me).
People are easily spooked when it comes to money and, depending on how much the repayment is of importance, the lender will always have mood swings when they are not given full and open information.
My point is don't push them for a truthful answer because they will tell you what you want to hear. If Lendy was more open, investors wouldn't get spooked so easily.
Wishing I hadn't made my original post now! 
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Jeepers
Member of DD Central
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Post by Jeepers on Feb 11, 2018 13:06:28 GMT
On the face of it the update looks positive and as if we're all set to go. Then I see 'legal due dillienge' is still ongoing which suggests the positive outlook is just a smoke screen and nothing is finalised as we've been lead to believe for the past month, if due diligence is still ongoing.
I think I must have been tempted by some cashback offer on this because I've got a lot more in than I would usually invest in a single loan.
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Post by loftankerman on Feb 11, 2018 16:14:24 GMT
I've been in this for the past 15 months. I found the progress reports a bit puzzling when they were read carefully rather than skimmed. Until about July last year they mostly consisted of 'they've got more of your money' with a couple of 'no changes'. In July it looked as though Lendy had started taking more of an interest in it but given that the many descriptions of progress and positive messages seemed somewhat repetitive, erratic and possibly conflicting, I wondered if they were reporting progress against different new plans as failing predecessors fell away. It could be that Lendy are just useless at reporting progress even when they have something to say. Regarding Bonus Interest, I never bothered to get my head round that one as I was down to my last two loans with no intention of taking on any more. It came as a surprise to me to find that I am supposed to be getting bonus interest on this.
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sl75
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Post by sl75 on Feb 11, 2018 21:43:07 GMT
I have seen the same user buy 10 x £10k in one loan and then buy 10 x £10k in another loan. If that was an individual, why not just buy it as a £100k lump and not mess around with different loan parts? Anyone other than the investor in question can only speculate... But based on my own preferences and experience, my speculation would be that it avoids Lendy messing around with previous months statements when you want to sell (in that investor's case) £10k. In the past when I've told the system to sell (e.g.) £100 of a £500 loan part, all the past statements ended up being modified to make it look as though I always had two separate loan parts of £100 and £400, and that's a real pain to reconcile with any system that expects past transactions not to change. These days if I actually want to sell £100 of a £500 loan part, I'll put the whole £500 up for sale and buy back £400. This seems less feasible as a workaround to the issue for a 6-figure investor... and dividing the amount in advance into £10k tranches seems sensible.
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Brainer
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Post by Brainer on Feb 12, 2018 14:14:20 GMT
The fact that we got an on forum update at all is probably a positive sign, pretty sure we'd have got silence if Lendy were concerned about the repayment.
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sirius
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Post by sirius on Feb 12, 2018 21:22:14 GMT
The fact that we got an on forum update at all is probably a positive sign, pretty sure we'd have got silence if Lendy were concerned about the repayment. innov I love your optimism when one update tells you "funds in place" and the next says ....."subject to DD". We obviously speak a different language, as that appears as a definite negative to me! 
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Brainer
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Post by Brainer on Feb 13, 2018 1:26:10 GMT
innov I love your optimism when one update tells you "funds in place" and the next says ....."subject to DD". We obviously speak a different language, as that appears as a definite negative to me! I wouldn't call it optimism, more an observation of the general 'no news is bad news' nature of p2p platform's updates. As to the content, I imagine "legal due diligence" is quite a wide ranging term. They could be at the dotting i's, crossing t's and double checking they're sending several million pounds to the correct account number stage, which wouldn't be out of line with the rest of the update. Or they could still be weeks/months away, in which case Lendy has had another communication malfunction. Time will tell.
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blata
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Post by blata on Feb 13, 2018 7:30:14 GMT
How about a sweepstake on when this may pay?
Or a poll on the excuse why it is late?
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sirius
Member of DD Central
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Post by sirius on Feb 13, 2018 11:43:49 GMT
How about a sweepstake on when this may pay? Or a poll on the excuse why it is late? A poll would be a good idea, except there are only about 17,500 lenders and many more excuses!
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Post by picanto on Feb 15, 2018 16:28:42 GMT
Lendy have uploaded some recent photographs and I must admit, they do look very nice. Now, how's that repayment getting on?
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Balder
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Post by Balder on Feb 15, 2018 17:36:42 GMT
Lendy have uploaded some recent photographs and I must admit, they do look very nice. Now, how's that repayment getting on? Let us hope this isn't a repayment has fallen through but hey look at how good the security looks!
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