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Post by brightspark on Jan 27, 2020 14:43:19 GMT
The other issue is where is the money? No doubt sat in someone's account generating interest for someone else. The buyer probably hasn't even paid yet, but it is in somebody's account and earning interest. That is business, every one wants to earn interest on their money. Your motive for P2Plending was to earn interest, maybe you should have put yours under your mattress.
Placing money in a bank account where interest is earned can be a form of theft.
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Post by rooster on Jan 27, 2020 23:28:38 GMT
The other issue is where is the money? No doubt sat in someone's account generating interest for someone else. The buyer probably hasn't even paid yet, but it is in somebody's account and earning interest. That is business, every one wants to earn interest on their money. Your motive for P2Plending was to earn interest, maybe you should have put yours under your mattress.
Or he could have borrowed a few million from Lendy, not kept his repayments up and ripped all of us lenders off good and proper. After all, it's what countless others have done with seemingly little recourse. My only regret is that I was brought up with morals preventing me from such acts..... "damn you parents"!
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toffeeboy
Member of DD Central
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Post by toffeeboy on Jan 28, 2020 11:06:21 GMT
The other issue is where is the money? No doubt sat in someone's account generating interest for someone else. The buyer probably hasn't even paid yet, but it is in somebody's account and earning interest. That is business, every one wants to earn interest on their money. Your motive for P2Plending was to earn interest, maybe you should have put yours under your mattress.
As far as I am concerned, pretty sure wrongly, I lent my money out at 12% plus bonus percentage and I haven't been paid back yet so I am still earning 12% plus bonus percentage on the amount that I lent no matter who is holding the money. I haven't received it back so why would it stop earning me interest, I haven't agreed to lend to anyone else at 0%. Whoever has it should be paying me 12%+ on it.
probably never see any of the accrued interest anyway
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Post by investorni on Jan 28, 2020 20:20:14 GMT
The buyer probably hasn't even paid yet, but it is in somebody's account and earning interest. That is business, every one wants to earn interest on their money. Your motive for P2Plending was to earn interest, maybe you should have put yours under your mattress.
As far as I am concerned, pretty sure wrongly, I lent my money out at 12% plus bonus percentage and I haven't been paid back yet so I am still earning 12% plus bonus percentage on the amount that I lent no matter who is holding the money. I haven't received it back so why would it stop earning me interest, I haven't agreed to lend to anyone else at 0%. Whoever has it should be paying me 12%+ on it.
probably never see any of the accrued interest anyway
Correct however all the while your accruing interest lendy are also accruing default interest. And guess what their interest out ranks your interest. Eventually their share of any recovery will swallow up 100% of any and all recoveries... That is after the admins fill their boots. Basically we get sweet FA out of this. Even though the bonus interest was supposed to rank above lendys cut.
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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 Jan 28, 2020 20:41:00 GMT
As far as I am concerned, pretty sure wrongly, I lent my money out at 12% plus bonus percentage and I haven't been paid back yet so I am still earning 12% plus bonus percentage on the amount that I lent no matter who is holding the money. I haven't received it back so why would it stop earning me interest, I haven't agreed to lend to anyone else at 0%. Whoever has it should be paying me 12%+ on it.
probably never see any of the accrued interest anyway
Correct however all the while your accruing interest lendy are also accruing default interest. And guess what their interest out ranks your interest. Eventually their share of any recovery will swallow up 100% of any and all recoveries... That is after the admins fill their boots. Basically we get sweet FA out of this. Even though the bonus interest was supposed to rank above lendys cut. No, their interest ranks the same as your interest, it just increases much faster. While it is theoretically possible for their share to swallow up 100% (it can never be 100% but but sub-division of lenders share would ultimately be fraction of pence) that cant be the case here as the asset has sold so interest on that portion will be frozen at point of completion and allocations should be based on the entitlements at that point in time. Bonus interest is an interesting point as it is probably non-contractural as outside the t&cs and loan contracts so likely died with administration. No clear reference to it in any admin docs.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 6, 2020 14:28:35 GMT
There's a partial repayment tab now Date Percentage Amount Ref 20/03/2018 20.3% £1,998,911 DFL005R1 Was this the first waterfall payment that went under the radar, or just blatant fraud. Lenders received £2m from the sale of the freehold but according to the following link the freehold sold for 4m. The date is very shortly after the T&C's were altered for the benefit of Lendy. time-investments.com/property/<link identifying asset redacted>/ wuzimu This information may need forwarding to the CC and/or appropriate persons.
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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 Feb 6, 2020 20:13:12 GMT
sqh Some rough maths Loan 9.845m Interest owed c72days @18% = £350,000 Bonus interest = £100,000 Interest for extension @18% = £706,000 (loan 7.846m) Retained by borrower = £400,000 Exit fee/arrangement fee 2% £200,000? (Maybe twice that if both exit & extension arrangement fees charged So £1.75-1.95m on top of capital repayment, (Default interest would be something like £600k so new terms dividend distribution profile probably not applied or not fully) Info on freehold has been posted on both LAG FB/LAG www previously
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Post by gaza77 on Jul 6, 2020 16:26:22 GMT
Good gosh!
D*L005 sold today. I just checked and the loan was around £7.8M (similar to HR).
The lenders have received LESS THAN 5%.
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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 Jul 6, 2020 16:32:35 GMT
Good gosh! D*L005 sold today. I just checked and the loan was around £7.8M (similar to HR). The lenders have received LESS THAN 5%. It sold in Dec (LR entry), lenders havent received anything yet. 5% is just a guesstimate.
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Post by scerbera on Jul 6, 2020 16:54:22 GMT
dfl 5 has sold in december? This is my only loan, how can this have not been returned yet? who is guessing only 5%? where is this information??
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Post by billy169 on Jul 6, 2020 16:57:57 GMT
I would guess the return is so low,that the waterfall has swallowed it and there is nowt left for us !!!??
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Post by angel19 on Jul 6, 2020 17:27:54 GMT
A little off topic, but 20.3% of DFL005 was repaid back in March 2018 when the freehold was sold.
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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
Posts: 11,330
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Post by ilmoro on Jul 6, 2020 17:32:10 GMT
dfl 5 has sold in december? This is my only loan, how can this have not been returned yet? who is guessing only 5%? where is this information?? Replying here to shift to right thread. New charges over security against a new an SPV in Dec and the house price sale info on LR lists a price for Dec 19. The guestimate is on LAG FB. Its Lendy so Im guessing the delay is probably something legal.
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Post by picanto on Jul 7, 2020 13:39:42 GMT
We will have to wait until the funds are distributed but it's clear the outcome is going to be absolutely terrible. Is there any likely chance of further recovery or is circa 5% likely to be all we receive?
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Post by scerbera on Jul 7, 2020 18:33:13 GMT
can anyone give some more info, how can there possibly be such a low return? what is going on here?
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