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Post by peterpea on Mar 12, 2018 14:03:55 GMT
As a precaution I won`t use the word lie again. Lendy DOES have knowledge of falsehood at the time of display as they have repeated the same "mistake". They still do this the last time I looked at new loans available. I have informed them of their misleading information but they do nothing. FCA rules state that financial offers must not be misleading. Words have legal meanings. I am being lead by false information into making an incorrect decision for me. i.e. misled. The FOS can`t see that as plain as it is. What's the difference between a lie and a falsehood? Beats me ?? If you know something is not true and keep doing it then it is a pie
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Post by peterpea on Mar 12, 2018 14:13:25 GMT
I'm sorry, but you're kidding yourself if you think that argument is going to win the day with the FOS. There is no formal legal definition of how "LTV" must be calculated and so nothing that Lendy can be held liable for. Unless you know how the L and the V have been arrived at, drawing any conclusions from a quoted LTV figure is impossible. Even within the world of P2P, different platforms use different approaches for calculating LTV (Lendy use 2 different approaches themselves, one for PBLs and another for DFLs). On the plus side, at least Lendy include retained interest within their "L" figures, inflating the LTV, whereas Funding Secure (for example) don't retain interest and so would quote a lower LTV on an otherwise identical loan. There are plenty of warnings in Lendy's T&Cs about the risks you take on when you choose to lend with them. If you paid no attention to these (nor even to the information provided about the loan on the summary page), I'm afraid you've only yourself to blame. Caveat Emptor What a lot of rot. industry standards say how things are supposed to be calculated. you can`t play around with important info and think that will stand up in court. The warnings are with regard to the borrower not the lender. I don`t HAVE to read all the information to make a decision, I am entitled to believe that Lendy`s info is correct and act on it. They can`t hide things in the smallprint it is against FCA rules. What you are saying is really this..... whatever happens it is your own fault. What a fool I am for believing the FCA rules are being observed, what was I thinking  You what ?? you put your money in a high street bank and thought it was a safe thing to do ? what a fool you are , everyone knows you should put it under the mattress.
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Post by peterpea on Mar 12, 2018 18:56:01 GMT
After 4 years I'm still struggling to come to terms with property investing I thought FC could teach Salsa and Ping Pong, I sought comfort in chocolate over at MT, wealth in a teaser bonus over at 240 V AC, several confusing terms LTV, HGV, PSV and an illusive IMS over at Lendy But then (thank god) I found a funny guy called Tim Nice but Dim and I finally understood that it's all about meaningless bits of paper churned out by RICS and how much buyers are willing to pay...  Drum roll, sharp intake of breath, I give you, wait for it, wait for it; Tim discover's Dragon's Den: www.youtube.com/watch?v=ZiJa9diJOMk Very good. Very amusing.
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Post by jackpease on Mar 13, 2018 8:45:33 GMT
What a lot of rot ..... you can`t play around with important info and think that will stand up in court. But i don't think you can pick and choose info either - the headline phrase on all the platforms is that 'your capital is at risk'. You appear to blame the platform(s) 100% - the danger with you (and others) blaming platforms/reps/FCA/anyone else apart from yourself is that if you truly believe you did no wrong, then this will happen again. I liken it to buying from a used car dealer. All the claims about its condition and warranties count for zilch - the dealer may or may not have known that your car was a lemon but either way you'll struggle to get redress so the best course of action is to learn that the world is not perfect and factor that in for next time. Jack P
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Post by peterpea on Mar 13, 2018 17:40:17 GMT
What a lot of rot ..... you can`t play around with important info and think that will stand up in court. But i don't think you can pick and choose info either - the headline phrase on all the platforms is that 'your capital is at risk'. You appear to blame the platform(s) 100% - the danger with you (and others) blaming platforms/reps/FCA/anyone else apart from yourself is that if you truly believe you did no wrong, then this will happen again. I liken it to buying from a used car dealer. All the claims about its condition and warranties count for zilch - the dealer may or may not have known that your car was a lemon but either way you'll struggle to get redress so the best course of action is to learn that the world is not perfect and factor that in for next time. Jack P What a strange thing to say. I did answer more fully but it was removed for the time being at least by the moderator. Can`t be bothered to type it all again. The analogy is nonsense and so was the rest of your opinion. I don`t mean to be rude but you might need to read what I have said properly.
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moist
Member of DD Central
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Post by moist on Mar 26, 2018 6:44:22 GMT
anyone find this one for sale on open market, as specified by L's update
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Post by charliebrown on Mar 26, 2018 12:37:48 GMT
anyone find this one for sale on open market, as specified by L's update I searched and couldn’t find it. I’m unfortunately in this loan and I’m bracing myself for a big loss of capital. Id hope not as much as the % loss on the castle. Seems the losses for investors are now starting to roll in. I think some investors are going to wish they’d took the 0.25% available on the High Street rather than play LY roulette. It’s telling how LY never mention “no lender has lost a pansy” anymore, nor ever speak of the PF anymore. Tough times for investors.
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rocky1
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Post by rocky1 on Mar 26, 2018 13:35:55 GMT
another one heading for the vote on losing your money.this loan had a loan to GDV of 37% hence over 4000 investors only for it to be suspended and hid away for months.LENDY you must answer for these valuations which have been the thorn in the side of every loan that you bring to the platform after your rigourus DD and all the so called checks. ABSOLUTE INCOMPETANCE AND GREED
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Post by brightspark on Mar 26, 2018 15:24:20 GMT
anyone find this one for sale on open market, as specified by L's update I was told by Lendy last week that the property was being marketed by Allsop's. I have looked on the Allsop website but could not find the property listed. I don't know how Allsop work but perhaps they are trying the personal approach before listing publicly?
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Post by nomnom on Mar 27, 2018 9:55:46 GMT
I have just received an email from Allsop with the property listed with offers *over* £6m, quite a bit less than the £20m valuation!
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mary
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Post by mary on Mar 27, 2018 10:36:40 GMT
I have just received an email from Allsop with the property listed with offers *over* £6m, quite a bit less than the £20m valuation! £20m was the GDV, the purchase price was £9.2m, with a LTV of 80%. It is unclear if any work towards the development was ever done, but seems unlikely value had been added. Hence we are left with another distressed sales which only ever result in lowball offers. I live in hope of a site being sold in this state attracting several bidders willing to fight it out and get us anywhere near the original valuation, but that's probably just a flight of fancy.
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Post by nomnom on Mar 27, 2018 10:46:42 GMT
Allsop auction estimates are usually quite low, but this was a sale asking price. We shall have to wait and see.
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Balder
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Post by Balder on Mar 27, 2018 11:52:32 GMT
and this was a lower % return a 11% based on Lendy's view of less risk................I expect the rate Lendy charged was the same as the 12% loans. So less return still a sale by default at an inflated rate by the borrower.
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Post by charliebrown on Mar 27, 2018 11:52:41 GMT
Looks like investors losing their shirts on this one, again. I haven’t go enough shirts.
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Post by p2plender on Mar 28, 2018 10:54:54 GMT
I had well into 6 figs in this. To think they didn't even drawdown for a good few months! Still I'm sure the borrowers knew their game plan   |
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You what ?? you put your money in a high street bank and thought it was a safe thing to do ? what a fool you are , everyone knows you should put it under the mattress. 
