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Post by dualinvestor on Nov 23, 2017 13:15:53 GMT
So where is the PF? Is it empty? We need to know! Good luck with getting answers to those enquiries.
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r1200gs
Member of DD Central
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Post by r1200gs on Nov 23, 2017 13:34:19 GMT
an abject lesson in all that matters is the securitywho fixes the value of the security? in this case the borrower did by flipping the asset through a related company land registry transaction at a vastly inflated never achievable price, and then instructing the valuer himself who valued it at the 'purchase price' doubt if Ly will squeeze another penny out of this lot, they're far too streetwise Given that they can run rings around the courts, major banks, the police and HMRC, I would say you are right. The thing is, these simple facts were available to anyone that cared to look. The outcome of this loan could be seen quite simply by looking at the outcome that many others have met when doing business with D**. Dear Lendy - I TOLD YOU SO! But you said "all that matters is the security". Thankfully, you won't be learning your lesson at my expense, though others will not be so fortunate.
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Post by shyinvestor on Nov 23, 2017 14:07:28 GMT
So who is principally in the firing line for the balance, the valuer or the borrower?
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Post by harryvederci on Nov 23, 2017 14:19:16 GMT
the unfortunate investors imo
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Post by dualinvestor on Nov 23, 2017 14:45:32 GMT
So who is principally in the firing line for the balance, the valuer or the borrower? If the loan was to an individual, the borrower, if a company still the borrower but one with, probably, no assets. The valuer may have been negligent but he probably won't get sued (too small against cost of action), the PF. But probably as harryvederci says the investors.
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ingwer
Member of DD Central
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Post by ingwer on Nov 23, 2017 19:31:45 GMT
Maybe it is a positive thing that the PF has not been used yet.
Maybe it suggests that there is some possibility that the balance is recoverable.
Otherwise for the £ 172k remaining, the PF should stretch as there was a Lendy statement fairly recently that there was £2m available.
Maybe Lendy could explain their overall strategy on this loan to put minds at ease that there isn't a new accounting methodology being employed to ensuring nobody has lost any capital ?
Lots of maybes and no answers ... until tomorrow when all will become clear, maybe.
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1stwaz
Member of DD Central
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Post by 1stwaz on Nov 23, 2017 21:54:44 GMT
the unfortunate investors imo If the part payment is all can be expected in the short term. What is the tax situation can any losses so far be set against interest in this tax year? Do anyone have any answers?
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Post by skint4achange on Nov 23, 2017 22:41:20 GMT
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withnell
Member of DD Central
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Post by withnell on Nov 24, 2017 11:47:33 GMT
Key points to me are:
"the platform would usually be in a position to determine when a loan has become irrecoverable"
"If the platform does not undertake this action, then the lender may still determine that the loan has become irrecoverable. However it will be the responsibility of the lender to show that there is no reasonable prospect of the recovery of the loan and it is NOT simply a case of late payment."
"in certain circumstances a loan may be treated as irrecoverable for the purposes of the relief even if there may be a prospect that the lender could recover some of the amount outstanding [...] When loans are made against security, a loan may be treated as becoming irrecoverable as if the security did not exist [...] When the borrower has entered legal recovery procedures such as liquidation, administration, receivership or bankruptcy the loan may be treated as becoming irrecoverable as if such action was not available."
There is clarity required around whether the receivers are appointed over the whole company or just the loan security
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Post by skint4achange on Nov 24, 2017 12:02:56 GMT
To me, the statement above is the most prudent. What they are basically saying AIUI, you can claim that it is a loss when the above BOLD actions are taken. All you have to do is declare any proceeds that come back to you in future as normal earnings.
That is how I read that, but I am not an accountant or a tax adviser and anything I say should not be interpreted as if I have a clue what I am talking about! 
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Post by toonboy24 on Jan 22, 2019 10:47:19 GMT
If you have a considerable sum (£20,000+) spread across the old structured loans (DFL001, DFL002, PBL027, PBL056) please send me a PM. Hmmm, I have ~£7k+ in these. Somehow I feel doubly dejected  Me too...
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Post by polonius on Jan 22, 2019 10:58:17 GMT
Hmmm, I have ~£7k+ in these. Somehow I feel doubly dejected Me too... Same for me . But between the three of us (toonboy, dllive and me) we have >£20,000. Does that count?
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sl75
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Post by sl75 on Nov 15, 2019 16:30:19 GMT
Today's update states that an interim distribution should have been received w.r.t. this loan, but I'm not seeing anything.
Hopefully I've not been singled out for special treatment, and they're either in the middle of distributing it, or decided to leave it until next week but didn't update the announcement...
Not that it makes much difference as they're still not letting me transfer it to my bank account yet!
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Post by picanto on Nov 15, 2019 16:52:36 GMT
Today's update states that an interim distribution should have been received w.r.t. this loan, but I'm not seeing anything.
Hopefully I've not been singled out for special treatment, and they're either in the middle of distributing it, or decided to leave it until next week but didn't update the announcement...
Not that it makes much difference as they're still not letting me transfer it to my bank account yet!
At the moment, there is no further information on the partial repayments tab apart from the 2017 interim repayment so I assume no funds have been distributed yet.
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garfield
Member of DD Central
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Post by garfield on Nov 15, 2019 17:42:53 GMT
Nothing through on my a/c either. It's not just me then!
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