invester
P2P Blogger
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Post by invester on Nov 9, 2017 21:25:34 GMT
If our debt ends up being a 2nd charge I actually think that will be the end for Lendy. That's a level of incompetence that goes beyond getting done by ransom strips.
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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 Nov 9, 2017 21:31:49 GMT
If our debt ends up being a 2nd charge I actually think that will be the end for Lendy. That's a level of incompetence that goes beyond getting done by ransom strips. Pretty sure it cant. You cant change the priority of a charge without the existing holders consent. However it does mean that the other claimant could seek to enforce their charge which would force Lendy to appoint a receiver to secure their position. It would then become a distressed sale and the value of the assets would inevitably head south.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 9, 2017 23:00:15 GMT
Ho Ho Ho, my favourite Loan, endless entertainment!!! Had "Don't Invest In Me" stamped all over it. But then, I do have some in The Power Boat, so I guess we're all mugs at some time or another?!
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blueninja
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Post by blueninja on Nov 9, 2017 23:36:33 GMT
Ho Ho Ho, my favourite Loan, endless entertainment!!! Had "Don't Invest In Me" stamped all over it. But then, I do have some in The Power Boat, so I guess we're all mugs at some time or another?! Snap. Could not quite get my head round how it it would ever repay, given the borrowers track record, certainly knows their way round the legal system. Still funny thinks happen, an earlier investment of mine in domain names mysteriously paid back 100% of capital after a lengthy default........
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mary
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Post by mary on Nov 10, 2017 7:17:10 GMT
What exactly does this mean from Lendy "Lendy has been served with court documentation confirming that interim charging orders have been entered against the borrower and are to be secured against the property." They make no mention of how much money is being claimed by the other lender, and is it a fact that Lendy really do have priority over the other lender for the security? I suspect, but don't know, that this is the result of enforcement proceedings to recover the ~£2m awarded against the borrower in the recent case about the boat that he built. Unlikely to be much left after satisfying all the charges against the assets now.
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spyrogyra
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Post by spyrogyra on Nov 10, 2017 8:52:24 GMT
So here's a game to be played. Find a valuer to come up with a much higher valuation than what was paid half a year ago. Agree to heavy charges, negotiate less upfront interest. Wait a few months and make a debt mess with someone else. When suddenly the first charge holder receives the "charging orders", they have to default the loan. The borrower is lining up "an interested party" who is "totally unconnected to him". The fight would be b/n someone with ready money (the same money the lenders provided) and others who need months to do DD and arrange finance. Sounds too easy.
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Post by GSV3MIaC on Nov 10, 2017 9:55:44 GMT
That assumes the 'bigger fool' theory and that there is 'someone else' who would lend this borrower a plugged nickel. I suppose if he offers a 50% interest rate, and the new lenders are unable to read ... or I guess he could try some place where the lenders don't even get to see borrower details any more ..
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moist
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Post by moist on Nov 10, 2017 10:03:07 GMT
No game going on here. The house and boatyard with doubtful panning permission and an 'interesting' owner will end up defaulting and costing lenders a lot of money.
Are you surprised?
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rgog
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Post by rgog on Nov 10, 2017 19:32:06 GMT
Always thought this one wasn't one to hold to completion but I think I was very lucky to get out before the S**T intersected with the fan! Wish I could say the same about a couple of other loans .
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Post by chrisuk on Nov 11, 2017 14:04:36 GMT
I have just searched the borrower on Google . I sincerely hope that Lendy have not loaned OUR money to similar characters. If so, we have every reason to be concerned!!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 11, 2017 14:11:17 GMT
Prepare to be concerned, Sir! Very.
To be fair to Lendy, all the Platforms loan to such, errr, "Characters".
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Post by chrisuk on Nov 11, 2017 15:51:00 GMT
Prepare to be concerned, Sir! Very. To be fair to Lendy, all the Platforms loan to such, errr, "Characters". I've been concerned enough to sell every loan I can. It was fun while it lasted though!
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 11, 2017 16:06:02 GMT
I concur! I too got shot of my last Lendy Loan a week or so ago and am soooooooo glad to be out of them, all the "indicators" have been there for a while now. The "indicators" are also flashing wildly red on one or more other Platforms, as most of us are aware.
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1stwaz
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Post by 1stwaz on Nov 11, 2017 20:26:37 GMT
The history of the borrower meant that I was always too nervous to be involved in this loan! It was simply a matter of time before problems developed. I am surprised It took this long!
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homes119
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Post by homes119 on Nov 12, 2017 11:28:29 GMT
To the experts,
In your view are the two loans going to 0 (or thereabouts)?
I got blindsided by the suspension of the loans on the SM ahead of term.
I usually check my portfolio monthly (relatively small amount of overall assets) and it looks like I was a couple of days late. I must admit that I have slacked on the DD over the last year because of the time it took relative to how much it would improve my returns on an absolute basis. Selling ahead of term was one of the ways I attempted to mitigate this. Had worked well so far this being my first 2 default/suspension events since I started in 2014.
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