|
|
Post by mrclondon on Nov 10, 2017 12:54:26 GMT
Lets call the director cooling_dude referred to "Mr A" As reported, Mr A resigned as a director of the borrowing company this week, leaving the company in the hands of his five fellow directors, incl Mrs A who is presumably his wife. EDIT: Mr A was (as of 5th August 2017, the effective date of the most recent confirmation statement) the sole shareholder.A new confirmation statement filed 10th November 2017 shows the shareholding transferred to a corporate entity, of which Mr A is the sole shareholder (as at 26/01/17) Mr A is also a director in, and the sole shareholder of a FS borrower (Property in Brough Haven, Hull) which has been over due for over 6 months (maturity date 20th April), the FS updates describe a protracted attempt at refinance. There is another common director between the two companies, Mr G. Links to companies house records of both borrowers are available on DD Central's X Platform board (thread is Mr A of Hull), along with a link to the property group's corporate website.
Disclosure: I have never been in this loan or its precursor one, mainly beacuse I had a regular client in Hull, and having visited Hull every few months for over five years felt the prospect of a build actually happening on this particular site was zero. |
|
GeorgeT
Member of DD Central
Posts: 1,322 
Likes: 1,576
|
Post by GeorgeT on Nov 17, 2017 15:32:33 GMT
Folks in this one may wish to check their updates.
It's going overdue but there won't be any bonus interest.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Nov 17, 2017 16:21:05 GMT
On the plus side, a surprisingly upbeat update. I'm still glad I got out long ago.
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on Nov 17, 2017 16:58:41 GMT
If mr dodgy is still associated with the loan then bargepole
|
|
|
|
Post by skint4achange on Nov 17, 2017 19:13:53 GMT
I am quite new to Lendy.......................... Might not be there much longer if the payments you are promised are only if they feel like it!  |
|
bloodycat
Member of DD Central
Posts: 184
Likes: 84
|
Post by bloodycat on Nov 18, 2017 10:22:26 GMT
I got out of this one a long time ago as the general informed consensus wasn't very positive with regards to anything actually happening with this land.
The latest update looks very much like an attempt to just kick the can further down the road. Repackaging the loan with a bit of extra land to try and justify an increase in loan doesn't look to me like a very good business plan from a lenders point of view.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Nov 19, 2017 3:01:35 GMT
I am quite new to Lendy.......................... Might not be there much longer if the payments you are promised are only if they feel like it! ... and they rarely feel like it! If any other business advertised incentives to potential customers and then, after people signed up for the promotion, decided not to pay them they would be crucified for dodgy -- or worse -- business practices. I really don't understand why Lendy think they can get away with such a policy. If this isn't a clear case of not treating customers fairly, I don't know what is. And this is a company that appears dependent on the support of their customers, not to mention that they're also trying to obtain a licence from their regulator to continue to operate.
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on Nov 19, 2017 7:34:19 GMT
So they’ve done nothing this entire time?
|
|
GeorgeT
Member of DD Central
Posts: 1,322
Likes: 1,576
|
Post by GeorgeT on Nov 24, 2017 14:43:34 GMT
I note that despite LY saying in a past update there would be no bonus interest on this loan, bonus interest is being offered to investors on the Available Loans page - currently at 0.12%.
|
|
1stwaz
Member of DD Central
Posts: 57
Likes: 29
|
Post by 1stwaz on Nov 24, 2017 17:59:03 GMT
I note that despite LY saying in a past update there would be no bonus interest on this loan, bonus interest is being offered to investors on the Available Loans page - currently at 0.12%. I have been misled regarding the accrued interest on loans. They seem to be paid only if Lendy feel like it! It seems that it is a pilot and so it is not sure to pay out!
|
|
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
Likes: 11,549
|
Post by ilmoro on Nov 24, 2017 18:09:08 GMT
I note that despite LY saying in a past update there would be no bonus interest on this loan, bonus interest is being offered to investors on the Available Loans page - currently at 0.12%. I have been misled regarding the accrued interest on loans. They seem to be paid only if Lendy feel like it! It seems that it is a pilot and so it is not sure to pay out! How have you been misled? Interest is paid up till the end of term, unless there is an extension it accrues until sufficient sums are recovered to pay it. Bonus interest is dependent on sufficient sums being recovered over & above capital & interest.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Nov 28, 2017 23:49:39 GMT
I have been misled regarding the accrued interest on loans. They seem to be paid only if Lendy feel like it! It seems that it is a pilot and so it is not sure to pay out! How have you been misled? Interest is paid up till the end of term, unless there is an extension it accrues until sufficient sums are recovered to pay it. Bonus interest is dependent on sufficient sums being recovered over & above capital & interest. I have been misled on bonus accruals -- not on this loan, because I'm not in it, but on other loans. IMHO, if someone invests in a loan that is showing BA that's increasing daily, they have been misled if Lendy decide they're not going to pay that BA. ISTM that in most of those cases, Lendy say it's because the loan subsequently was extended. But they don't make it the least bit clear on the loan itself that the BA that's shown as accruing actually isn't going to be paid. IMHO, if they know they're not going to pay it, they shouldn't be showing it to be accruing! I'm sorry, but IMHO it doesn't require a rocket scientist to add a flag to their database to indicate which loans are going to be given extensions, and for the website to be modified so that BA doesn't appear for those loans. And to make matters worse, IIRC there have been cases where BA was shown and there was no mention in the loan's updates of a potential extension. Letting the BA mount up, and then removing it at a later date when an extension is announced is misleading IMHO. And how about PBL142? That loan showed BA. It never was extended. It was repaid when Lendy raised a DFL and at that point Lendy decided not to pay the BA. If that wasn't misleading to investors, then I guess I just don't know what misleading is!
|
|
|
|
Post by skint4achange on Nov 29, 2017 8:15:33 GMT
The trouble is Mike is that Lendy have said that if the borrower goes back into credit they do not have to pay the interest for the Bonus Accrued (Well, at least WE don't get any Bonus interest if the loan is brought back up to date! Not so sure about Lendy not getting the money??)
I think that the borrower should have to pay the bonus regardless of whether they pay the interest back up to date or not. This might make the borrower a bit quicker to ensure funds are in his account to cover the interest payments, and as a bonus to us, it might make the platform have fewer loans that are currently in "Technical" default.
|
|
webwizard
Member of DD Central
Posts: 157
Likes: 145
|
Post by webwizard on Nov 29, 2017 9:43:32 GMT
The trouble is Mike is that Lendy have said that if the borrower goes back into credit they do not have to pay the interest for the Bonus Accrued (Well, at least WE don't get any Bonus interest if the loan is brought back up to date! Not so sure about Lendy not getting the money??)
I think that the borrower should have to pay the bonus regardless of whether they pay the interest back up to date or not. This might make the borrower a bit quicker to ensure funds are in his account to cover the interest payments, and as a bonus to us, it might make the platform have fewer loans that are currently in "Technical" default. My reading of the last few updates was that the borrower is taking out another DFL loan which is going through approval and DD at present. Therefore, once that loan is agreed it will pay the outstanding interest but as this is ongoing and requires funds from Lendy to repay the existing loan that a bonus would not apply.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Dec 10, 2017 16:47:16 GMT
My reading of the last few updates was that the borrower is taking out another DFL loan which is going through approval and DD at present. Therefore, once that loan is agreed it will pay the outstanding interest but as this is ongoing and requires funds from Lendy to repay the existing loan that a bonus would not apply. That may well be the way things will work out, and I have no problem with that. But if that is Lendy's intention then they shouldn't be misleading potential investors by showing a bonus accruing that they have no intention of paying.
|
|
