johnfleet
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Post by johnfleet on Mar 20, 2018 17:20:44 GMT
To me it’s nothing short of embezzlement of my money. Lendy claimed as recently as 16th February that they would receive enough funds to repay the loan in which I invested. But instead and without my consent it would appear that they have chosen to withhold 80 per cent of MY money and lend it out again. Perhaps it’s legal, but it’s sharp practice and makes me more convinced than ever that this company is not fit to handle another penny of mine.
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poppyland
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Post by poppyland on Mar 20, 2018 18:15:27 GMT
I must admit that I didn't look too closely at the details of the repayment. I was just glad to see my investment amount go down, and some cash appear in my account. What you say is horrifying. I just hope it all comes good in the end - we are so powerless in P2P. Once we have handed our money over, some of the platforms seem to feel free do whatever they like with it until the day that they finally decide to hand it back with a great fanfare and the expectation that we will be obsequiously grateful. On another note, I'm happy to see that not everyone on this forum has ended up with worrying amounts of capital tied up in overdue and defaulted loans, but I find it shocking that extreme sifting and additional due diligence was needed in order to end up in that position (plus, I imagine, a strong dose of good luck). None of the loans were supposed to be bad ones, and none of us should feel that our failure to be extremely skeptical and run our own background checks on borrowers etc make any of this our fault.
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bugs4me
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Post by bugs4me on Mar 20, 2018 18:41:38 GMT
I must admit that I didn't look too closely at the details of the repayment. I was just glad to see my investment amount go down, and some cash appear in my account. What you say is horrifying. I just hope it all comes good in the end - we are so powerless in P2P. Once we have handed our money over, some of the platforms seem to feel free do whatever they like with it until the day that they finally decide to hand it back with a great fanfare and the expectation that we will be obsequiously grateful. On another note, I'm happy to see that not everyone on this forum has ended up with worrying amounts of capital tied up in overdue and defaulted loans, but I find it shocking that extreme sifting and additional due diligence was needed in order to end up in that position (plus, I imagine, a strong dose of good luck). None of the loans were supposed to be bad ones, and none of us should feel that our failure to be extremely skeptical and run our own background checks on borrowers etc make any of this our fault. Carried out my own DD on DFL005 and now we are indirectly involved with DFL019. If DFL019 goes south then maybe the rest of DFL005 will go the same way.
I did some DD on DFL019 but wasn't for me but I'm in it now albeit against my better judgement!!
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elsee
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Retired:D
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Post by elsee on Mar 24, 2018 9:15:27 GMT
Looking at the new interest tabs Lendy have put in my interest on this loan is going to be zero for a while. I think they have applied the bonus interest to the normal 12% due. It would be clearer if they had kept the figures under IA and shown the bonus interest there as paid, with a balance due going forward of zero, and the normal 12% under the IOA tab. As an example now IOA interest due to date 100 paid 120 last paid on **/03 balance due 0. Nothing under IA (this makes it look as though I've had interest in advance rather than bonus interest) preferred IOA interest due to date 100 paid 80 last paid on **/03 balance due 20. IA Bonus interest due 20 paid 20 last paid on **/03 balance due 0 (this shows the actual position) Has everyone else checked theirs? Could Paul64 maybe have a look at this? (not sure if I've tagged correctly) Tag looks OK now I've posted. |
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hazellend
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Post by hazellend on Mar 24, 2018 9:19:33 GMT
While I admire you brave folks who are reinvesting in Lendy, I have whisked my money straight out in order to put it somewhere safer. I won't even consider reinvesting money into Lendy until every single one of my defaulted loans has repaid. I am somewhat consoled today by the fact that the value of my capital currently being sat on by Lendy is now slightly less than the total earnings I have made on the platform in the 2+ years I have invested with them. So my worst case scenario at the moment is a slight overall gain. But hopefully you optimists are right, and Lendy are getting their act together. These partial repayments, though not exactly exciting, are a lot better than nothing, and a move in the right direction. I understand your reasoning and I would welcome any partial repayment, if was so. Unfortunately this is not. It is a sale of part of the security, where we only get 75% of the money. So, we sold 100% of our freehold rights in our security and got only 75% of its value. Not a great deal, specially considering the status (completed) of this development. There was also another property added as additional security. If you have to be locked into a loan this one is solid.
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blata
Posts: 77
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Post by blata on Mar 24, 2018 11:41:21 GMT
Feel like the moaners are investors who want to release their capital and cant as it is a long term investment, at least the security on this one is there ie bricks and mortar. Happy to take the interest and I can say I have had a little moan but looks better now.
Give this a chance
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dovap
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Post by dovap on Mar 24, 2018 11:55:41 GMT
can't believe anyone would want their money back for this finished development
once they've been inspired by the youtube footage of sheds in a grim waterlogged field
Zzzzzzzzzzzzz
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 24, 2018 12:17:32 GMT
Everyone does realise that lending on this loan has always been connected to the other project. The first tranche issued was to cover an extension on the original PBL035.
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elsee
Member of DD Central
Retired:D
Posts: 201
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Post by elsee on Mar 24, 2018 12:51:17 GMT
Looking at the new interest tabs Lendy have put in my interest on this loan is going to be zero for a while. I think they have applied the bonus interest to the normal 12% due. It would be clearer if they had kept the figures under IA and shown the bonus interest there as paid, with a balance due going forward of zero, and the normal 12% under the IOA tab. As an example now IOA interest due to date 100 paid 120 last paid on **/03 balance due 0. Nothing under IA (this makes it look as though I've had interest in advance rather than bonus interest) preferred IOA interest due to date 100 paid 80 last paid on **/03 balance due 20. IA Bonus interest due 20 paid 20 last paid on **/03 balance due 0 (this shows the actual position) Has everyone else checked theirs? Could Paul64 maybe have a look at this? (not sure if I've tagged correctly) Tag looks OK now I've posted. I've raised a ticket on this
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geoff
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Post by geoff on Mar 24, 2018 14:14:17 GMT
I also raised a ticket for this a few days ago. It would seem that the error has occurred because the figure for the interest paid on the remaining loan parts includes the interest for the recently repaid loan parts.
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Post by brightspark on Mar 24, 2018 15:26:41 GMT
The psychology of not investing anymore until your defaulted loans are repaid is an interesting one. It is vaguely similar to the behavioural error stocks and shares investors make called “anchoring” where they hold onto an investment they bought for a much higher price. Actually it is what is known as not throwing good money after bad.
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hazellend
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Post by hazellend on Mar 24, 2018 15:30:56 GMT
The psychology of not investing anymore until your defaulted loans are repaid is an interesting one. It is vaguely similar to the behavioural error stocks and shares investors make called “anchoring” where they hold onto an investment they bought for a much higher price. Actually it is what is known as not throwing good money after bad. Better to chalk it down to a learning experience and invest better
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Post by brightspark on Mar 24, 2018 15:33:39 GMT
To me it’s nothing short of embezzlement of my money. Lendy claimed as recently as 16th February that they would receive enough funds to repay the loan in which I invested. But instead and without my consent it would appear that they have chosen to withhold 80 per cent of MY money and lend it out again. Perhaps it’s legal, but it’s sharp practice and makes me more convinced than ever that this company is not fit to handle another penny of mine. I totally agree. I do wonder what might happening the borrower did not eventually repay the loan and everything went pear-shaped. I think it would drive lenders to litigate against Lendy. Lendy terms and conditions would come under close scrutiny and I suspect the conclusion would be that they amounted to unfair trading.
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hazellend
Member of DD Central
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Post by hazellend on Mar 24, 2018 15:35:53 GMT
To me it’s nothing short of embezzlement of my money. Lendy claimed as recently as 16th February that they would receive enough funds to repay the loan in which I invested. But instead and without my consent it would appear that they have chosen to withhold 80 per cent of MY money and lend it out again. Perhaps it’s legal, but it’s sharp practice and makes me more convinced than ever that this company is not fit to handle another penny of mine. I totally agree. I do wonder what might happening the borrower did not eventually repay the loan and everything went pear-shaped. I think it would drive lenders to litigate against Lendy. Lendy terms and conditions would come under close scrutiny and I suspect the conclusion would be that they amounted to unfair trading. Maybe we take control of the asset and just give lenders free holidays 
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Post by GSV3MIaC on Mar 24, 2018 16:34:32 GMT
Maybe we take control of the asset and just give lenders free holidays If you mean the garden sheds (which are not actually, really, part of this loan's assets), I think I'll pass .. I can get several years holiday in a nicer spot, on Dartmoor, just by robbing the odd mail train or similar. 8>.
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