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Post by peterpea on Mar 13, 2018 19:28:02 GMT
Didn't an astute investor post earlier in this thread that very good money was made managing about £2m on Lendy? On the other hand, less astute investors have not fared as well. we should not feel ashamed for believing what was promised when there is so much "protection" with the FCA etc. We are victims here. Never believe it was your own fault because you chose to "invest". I hope that Lendy will get our money back. I am unhappy about the 10% bill for selling though. A breakdown would needed here. £150,000 to sell ?? Normally there is a set fee to market a property for auction, usually £5000. Commission I am uncertain of as when I looked into it I needed to contact them for details as I recall.
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Post by peterpea on Mar 13, 2018 19:31:04 GMT
WAAC you are. I`m not wishing for any platform to fail. I have a lot more money than you have probably ever seen in Lendy. Point is people should know what is going on. If you do not want to know then I hope you lose your money too. Some people ares o uneducated. I know who it is. (Has he missed the le from his penultimate mis-spelled word?)  You naughty person. Wish I had the hair.
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Post by peterpea on Mar 13, 2018 19:36:40 GMT
peterpea i agree about how lendy present loans and all their spin on the signing up pages gives a very different picture to what actually happens once they have got you on the hook into afew of these 20 plus tranche loans. i personally have spoken with a person i know who is a HCEO and as these debts are between lender[me] and borrower as lendy cannot enforce my repayments i could possibly obtain writs and the sheriffs will pursue these dodgy borrowers to the full extent. i will also be contacting LENDY for details of these people as i also have had enough of loans 3/4/5 hundred days over due.so try to calm down as your health is more important than all the worry of this I am calm. The thing is this..... the loan is between you and the borrower but the info supplied is from the agent which is Lendy. They have to provide accurate information in order for you to make an informed decision.
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rgog
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Post by rgog on Mar 17, 2018 14:49:18 GMT
Well we now have the 39.3%, the fun bit will be seeing if/how Lendy get the remaining 60.7%. I have my popcorn ready, but it might prove to be a rather long "movie"!
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stevio
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Post by stevio on Apr 5, 2018 13:31:17 GMT
Still not clear why the provision fund hasn't been used on this loan
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Liz
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Post by Liz on Apr 5, 2018 13:40:56 GMT
Still not clear why the provision fund hasn't been used on this loan Simple, it will fall below 2% and Lendy will have to top-it up from new loans and Tranches. All about Lendy's bottom line. When was the last time Lendy paid money into the PF BTW?
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stevio
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Post by stevio on Apr 5, 2018 13:46:06 GMT
Still not clear why the provision fund hasn't been used on this loan Simple, it will fall below 2% and Lendy will have to top-it up from new loans and Tranches. All about Lendy's bottom line. When was the last time Lendy paid money into the PF BTW? To be honest I haven't looked t see how it is funded, some one will be along shortly I imagine to confirm..... This is a typical loan that would warrant the provision fund - what is the point in a provision fund if it is not used?
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Liz
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Post by Liz on Apr 5, 2018 13:54:06 GMT
To be honest I haven't looked t see how it is funded, some one will be along shortly I imagine to confirm..... This is a typical loan that would warrant the provision fund - what is the point in a provision fund if it is not used? None - get rid of it. But... hold on! Might it have some advertising value?    Seriously though, Lendy Support, just get shot of it. It will be one less stick for disgruntled lenders to beat you with. Agreed on both points. They use the PF to create a false sense of security, to help it fill otherwise unpalatable loans. I bet they haven't paid into it for 6 months, neither has it paid out for 6 months.
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stevio
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Post by stevio on Apr 5, 2018 13:56:30 GMT
To be honest I haven't looked t see how it is funded, some one will be along shortly I imagine to confirm..... This is a typical loan that would warrant the provision fund - what is the point in a provision fund if it is not used? None - get rid of it. But... hold on! Might it have some advertising value? Seriously though, Lendy Support , just get shot of it. It will be one less stick for disgruntled lenders to beat you with. Or better! Use it! Then we will lovingly caress you instead Lendy SupportIf its function is shown, it might then be even better advertising
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dandy
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Post by dandy on Apr 5, 2018 13:57:26 GMT
To be honest I haven't looked t see how it is funded, some one will be along shortly I imagine to confirm..... This is a typical loan that would warrant the provision fund - what is the point in a provision fund if it is not used? None - get rid of it. But... hold on! Might it have some advertising value? Seriously though, Lendy Support , just get shot of it. It will be one less stick for disgruntled lenders to beat you with. and keep it? or do what with it exactly?
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Liz
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Post by Liz on Apr 5, 2018 14:01:40 GMT
Just imagine if they had put 2% of every loan into the PF, £7.6m would have been paid in, against around £3.1m, that L has paid in(£2m cash+£1.1m paid out)
There is likely to be £20m+ of lossses, only 10% of all losses could be covered. If that figure was £40m then that's a 5% payout. The PF can't afford to pay out in full.
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Post by charliebrown on Apr 5, 2018 15:24:14 GMT
and keep it? or do what with it exactly? Good question. It barely scratches the surface of the current batch of defaults so distributing it evenly would amount to a hill of beans in the scheme of things, and distributing it unevenly as a 'closing down' event, would no doubt cause howls of protest. Giving it to charity might be a way to go? I doubt anyone would have strong objections; the PF was never a guaranteed safety-net and if lenders are affluent enough to partake in P2P, then ... Speaking as a lender with monies owed (and likely to see some more monies owed) I'd vote giving it to charity. Lendy are boaty people so RNLI might be a good fit ... I wouldn't have a problem with that. ( Kiva could potentially be a popular choice if that route were taken, perhaps as the start of an ongoing initiative in a BondMason stylie.) I don’t like to mix business with charity. We all probably give to charity in our own good ways, I know I do. I came to LY to invest not do charity work. Let’s keep the 2 separate.
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stevio
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Post by stevio on Apr 5, 2018 17:41:46 GMT
I don’t like to mix business with charity. We all probably give to charity in our own good ways, I know I do. I came to LY to invest not do charity work. Let’s keep the 2 separate. Understood. Given the level of defaults and the comparative paucity of the PF, what would you see done with it? Which loans would it cover and which would it have to not cover? Just capital or capital and interest? It should work as they describe it on their website - no? Why should there be a need for anyone to determine anything different or their individual preference over someone elses? Is it not, apparently, supposed to be replaced if used? They are currently (or has that ended, I no longer currently invest with them) offering 2% cashback on a loan. If they can afford to do that, they can afford to give 2% to a PF. After all, Lendy keep telling us they are the most profitable P2P platform of all time. Is that by using the provision fund as a marketing gimmick that never gets used?
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mary
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Post by mary on Apr 5, 2018 17:50:50 GMT
It should work as they describe it on their website - no? It's discretionary, and is therefore working as advertised!Is it not, apparently, supposed to be replaced if used? No, the only funding is 2% of each new loan, added over the period of the loan, not all at once.They are currently (or has that ended, I no longer currently invest with them) offering 2% cashback on a loan. If they can afford to do that, they can afford to give 2% to a PF. After all, Lendy keep telling us they are the most profitable P2P platform of all time. Is that by using the provision fund as a marketing gimmick that never gets used? They're a business, get real.
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Jeepers
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Post by Jeepers on Jun 8, 2018 21:45:34 GMT
Most of the update was the most informative we've seen for a long time. However, the same can't be said for the update for this loan:
Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing and an update will be provided as and when we are able.
Exact same as the last update so what progress has been made? None. Can't kick the can down the road forever.
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