mary
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Post by mary on May 21, 2019 13:54:13 GMT
It appears we are the victims of a form of “legal” theft.
The new SPV seems to have access to over £20m of funding.
This is the purchase price (assumed to be £7.5m), £9m of credit being “given” back to the original depositors in return for them stumping up an 8% investment to the SPV (in spite of the Administrators saying they would be wiped out) and the ~£5m to finished the project.
Not believing in Father Christmas, the only logical explanation is that the missing money from the original SPV has magically materialised to fund the new SPV, and we are the poor idiots who are out of pocket.
I have learnt another painful lesson.
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mickj
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Post by mickj on May 21, 2019 14:32:17 GMT
Email updates have been sent by Lendy. As it says at the top in bold, DON'T DISCUSS IT HERE! I am sick of certain plonkers on here ignoring these warning and putting *MY* money at risk. For those of you that did not get the email, it isn't that exciting, you're not missing out on anything really. Private portal on the website will probably be updated soon too I guess. Frankly, I am becoming more concerned with the comments of other investors, than Lendy management updates. It is pointless speculating until the facts are known. ( what a late friend of mine referred to as 'the mutual exchange of ignorance' (of the facts))
It is what it is. Not too many moaning when being paid 1% gross per month. Your first post 65zodiac , welcome. "Not too many moaning when being paid 1% gross per month" of course not, that's what we were offered and accepted, regular updates as the loan progressed were glowing, now we have problems and we seem to be stuck with what we have "It is what it is" as you say, but would be nice to know exactly what it is and why, also be nice if this was an isolated case but............. Edit: and this afternoon I get April's interest into my bank (that's from the odd loans that are not accruing interest).
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Post by pmac67 on May 21, 2019 14:32:55 GMT
Email updates have been sent by Lendy. As it says at the top in bold, DON'T DISCUSS IT HERE! I am sick of certain plonkers on here ignoring these warning and putting *MY* money at risk. For those of you that did not get the email, it isn't that exciting, you're not missing out on anything really. Private portal on the website will probably be updated soon too I guess. Frankly, I am becoming more concerned with the comments of other investors, than Lendy management updates. It is pointless speculating until the facts are known. ( what a late friend of mine referred to as 'the mutual exchange of ignorance' (of the facts))
It is what it is. Not too many moaning when being paid 1% gross per month. There's nobody being paid 1% gross per month to moan...
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rocky1
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Post by rocky1 on May 21, 2019 14:42:12 GMT
I think we will have a better idea of what is/has happened when lendy update with the partial repayment and a breakdown of all of the other fees and costs that have been taken out of our funds.as I have said before this messed up loan book is worth millions to Liam/lendy and they will not be going anywhere until they have extracted as much as possible from it.no need to bother anymore bringing new loans that will not fill.with minimum staff and very little effort the next couple of years will be very profitable for Liam/lendy.all we can do now is sit back and watch the circus.
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Garage246
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Post by Garage246 on May 21, 2019 16:07:46 GMT
It looks like the unsecured creditors have effectively faced a 92% recovery ahead of the secured creditors which are facing a loss.
All while the freehold is owned by Lendy Properties Ltd
Smells worse than some of my cheeses!
If unsecured creditors get 92% recovery which is what the article I referred to seems to indicate, then one can reasonably expect full recovery of capital, interest and costs for secured lenders, so I'm with you there Mousey. Wouldn't that be a nice outcome! Somehow the kick in the groin is coming soon. The wider implication is that being a secured creditor where lendy are concerned is meaningless - that's where the FCA should throw the book at them as it completely undermines the whole P2P sectors if that's what allowed to happen.
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sydb
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Post by sydb on May 21, 2019 18:35:46 GMT
Is it just my innate cynicism or have Lendy created the 'private' portals in an attempt to prevent people bad mouthing them on forums ahead of a raft of losses to come? They tell us next to nothing claiming it to be highly sensitive. If anybody can tell me what information has been disclosed so far regarding DFL012 that would jeopardise any future returns of investment, then do PM me.
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mary
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Post by mary on May 21, 2019 18:46:53 GMT
Is it just my innate cynicism or have Lendy created the 'private' portals in an attempt to prevent people bad mouthing them on forums ahead of a raft of losses to come? They tell us next to nothing claiming it to be highly sensitive. If anybody can tell me what information has been disclosed so far regarding DFL012 that would jeopardise any future returns of investment, then do PM me. The only point of substance, and this is not prejudicial as it is known by all who it effects, is that Lendy has not accepted the outcome as a Full and Final Settlement. Hence the option of recourse to other securities or guarantees or actions against professional advisors remains. If these have any value likely will only be apparent in the far and distant future.
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stokeloans
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Post by stokeloans on May 22, 2019 6:04:43 GMT
Is it just my innate cynicism or have Lendy created the 'private' portals in an attempt to prevent people bad mouthing them on forums ahead of a raft of losses to come? They tell us next to nothing claiming it to be highly sensitive. If anybody can tell me what information has been disclosed so far regarding DFL012 that would jeopardise any future returns of investment, then do PM me. These private portals must be really private, I have seen no information on where to find them
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SteveT
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Post by SteveT on May 22, 2019 6:12:33 GMT
Is it just my innate cynicism or have Lendy created the 'private' portals in an attempt to prevent people bad mouthing them on forums ahead of a raft of losses to come? They tell us next to nothing claiming it to be highly sensitive. If anybody can tell me what information has been disclosed so far regarding DFL012 that would jeopardise any future returns of investment, then do PM me. These private portals must be really private, I have seen no information on where to find them Log in and navigate to the relevant loan page. Just below the usual loan summary info is “RECOVERIES PORTAL” and a blue “View portal” link (but only visible if you have a holding in the loan)
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Post by gaspilot on May 23, 2019 8:10:38 GMT
I am now starting to get extremely irritated by this bunch of ............. (insert suitable word).
Where is the effing money they promised at the BEGINNING of May??
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Mucho P2P
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Post by Mucho P2P on May 23, 2019 8:28:07 GMT
I am now starting to get extremely irritated by this bunch of ............. (insert suitable word). Where is the effing money they promised at the BEGINNING of May?? Maybe "banking issues", or maybe working out what legal deductions/fees they can levy from it, before passing the remainder onto the lenders.
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nsinvestor
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Post by nsinvestor on May 23, 2019 8:37:25 GMT
or need FCA approval for every payment out?
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Mucho P2P
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Post by Mucho P2P on May 23, 2019 8:43:11 GMT
or need FCA approval for every payment out? That they do, but it does not prevent them in issuing updates on the deal, how much was involved, what lenders can expect, or even an apology for exceeding their own imposed time limit 
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averageguy
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Post by averageguy on May 23, 2019 9:12:17 GMT
or need FCA approval for every payment out? Its got to get to the account first before it can be paid out...i’d Like to see it ...especially so I can know how little it is
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averageguy
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Post by averageguy on May 24, 2019 13:52:00 GMT
I understand that the administrators got their cut on Monday, so I PRESUME Lendy were paid the same day.
Lendy where’s our money?
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