r1200gs
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Post by r1200gs on Mar 28, 2018 11:18:46 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 I had money in this some time ago and sold out when it became clear to me that it just didn't pass the spidey senses. I'd since lost track of it and assumed that it must have been paid. Where's it been? In fact after a quick look, where is it?
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hazellend
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Post by hazellend on Mar 28, 2018 11:21:25 GMT
London property prices have dropped so valuation now will be significantly less than initial valuation.
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oldgrumpy
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Post by oldgrumpy on Mar 28, 2018 11:26:15 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    OUCH!!!  Have you had one of those "friendly" phone calls from Lendy yet, asking why you have stopped investing and are withdrawing funds? It seems that they are unaware (or are blind to, = in denial about) that all the answers they need are freely available on this forum.
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Post by charliebrown on Mar 28, 2018 11:31:53 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 I had money in this some time ago and sold out when it became clear to me that it just didn't pass the spidey senses. I'd since lost track of it and assumed that it must have been paid. Where's it been? In fact after a quick look, where is it? It was brushed under the carpet, aka SUSPENDED. This loan stinks of LY incompetence and borrower premeditated skullduggery. Of course nothing will be done, it will be flogged off on the cheap and the hit passed on to investors.
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bugs4me
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Post by bugs4me on Mar 28, 2018 11:42:44 GMT
OUCH!!! Have you had one of those "friendly" phone calls from Lendy yet, asking why you have stopped investing and are withdrawing funds? It seems that they are unaware (or are blind to, = in denial about) that all the answers they need are freely available on this forum. I haven't had a friendly phone call yet so feeling rejected but if they did phone it would be anything but friendly. LY need to grab reality quickly. They are so in tune with their clients (us) that a nice £3m profit was boasted whilst investors were loosing money - irrespective as to the 'no....lost a penny' statement. Think they need someone new for their PR!!
The longer this nonsense goes on the worse it will be. So best IMO grab the nettle, stop leading investors up the garden path and get rid of those defaults. Investors will walk and there will be a fair bit of noise about the losses but many are already leaving so at the moment it's death by a thousand cuts.
Then start again with a smaller investor base, be more open with loan offerings and treat investors correctly. Sure the business will grow slowly and it may be a while before there's another boastful £3m profit line but at least it will be built on solid foundations. The alternative is the director's will simply throw the towel in - not in anyone's interests but have they got the b*lls for it. Interesting times - I think not.
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r1200gs
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Post by r1200gs on Mar 28, 2018 13:10:29 GMT
I had money in this some time ago and sold out when it became clear to me that it just didn't pass the spidey senses. I'd since lost track of it and assumed that it must have been paid. Where's it been? In fact after a quick look, where is it? This loan stinks of LY incompetence and borrower premeditated skullduggery. Of course nothing will be done, it will be flogged off on the cheap and the hit passed on to investors. So suspended loans just get vanished off the site? That's not very transparent now, is it? And yes, there's clearly quite a bit of premeditated skulduggery going on in P2P. Get yourself a premium sales price in the form of a loan and then walk seems quite popular. As to people getting up leaving the platform, how the heck are they doing that when even "premium" loans are not selling? With one possible exception (DFL02) I've got decent loans and I'm here for the duration, like it or not.
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SteveT
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Post by SteveT on Mar 28, 2018 13:21:33 GMT
So suspended loans just get vanished off the site? That's not very transparent now, is it? No, they stay in the Live loans tab (until they progress to the Default / Partially Repaid / Repaid loan tabs)
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r1200gs
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Post by r1200gs on Mar 28, 2018 13:31:59 GMT
So suspended loans just get vanished off the site? That's not very transparent now, is it? No, they stay in the Live loans tab (until they progress to the Default / Partially Repaid / Repaid loan tabs) Ah yes, I see it now. What a sorry tale. Looks like nobody ever intended to move a single brick to me. I like this, very first update.... "the due diligence process is taking a little longer than usual, but from our perspective, we need to make sure that there is no stone left unturned to ensure we have sufficient and adequate security." All they needed to do was ask coolingdude!
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Post by brightspark on Mar 28, 2018 14:26:17 GMT
Lendy terms and conditions are couched in such a way i.e. riddled with get outs, that they can write anything they like about a prospect and not be held liable. I would surmise capital losses are going to be around 50%. Perhaps I should have a cosy chat with a cuddly Lendy bunny!
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elliotn
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Post by elliotn on Mar 28, 2018 14:59:02 GMT
Lendy terms and conditions are couched in such a way i.e. riddled with get outs, that they can write anything they like about a prospect and not be held liable. I would surmise capital losses are going to be around 50%. Perhaps I should have a cosy chat with a cuddly Lendy bunny! I think so. They are an intermediary only; independent RICS valuation given; lender's sole discretion to decide what - if anything - to invest. + CYA T&Cs. The due diligence was laid out at the beginning of this loan - an interco flip to an offshore tax haven for a loan amount that it could not be sold at for a prolonged period of time - and Lendy Support acknowledged the complexity of this transaction in the time taken for drawdown. What was to like?
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Post by dan1 on Mar 28, 2018 15:08:01 GMT
Lendy terms and conditions are couched in such a way i.e. riddled with get outs, that they can write anything they like about a prospect and not be held liable. I would surmise capital losses are going to be around 50%. Perhaps I should have a cosy chat with a cuddly Lendy bunny! I think so. They are an intermediary only; independent RICS valuation given; lender's sole discretion to decide what - if anything - to invest. + CYA T&Cs. The due diligence was laid out at the beginning of this loan - an interco flip to an offshore tax haven for a loan amount that it could not be sold at for a prolonged period of time - and Lendy Support acknowledged the complexity of this transaction in the time taken for drawdown. What was to like?365 days at 11% - strip out the interest and sell on the SM with 30/60/90/... days remaining. What's not to like?
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elliotn
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Post by elliotn on Mar 28, 2018 15:24:14 GMT
I think so. They are an intermediary only; independent RICS valuation given; lender's sole discretion to decide what - if anything - to invest. + CYA T&Cs. The due diligence was laid out at the beginning of this loan - an interco flip to an offshore tax haven for a loan amount that it could not be sold at for a prolonged period of time - and Lendy Support acknowledged the complexity of this transaction in the time taken for drawdown. What was to like?365 days at 11% - strip out the interest and sell on the SM with 30/60/90/... days remaining. What's not to like? 😀 Mmm, you'll have to keep me in Suspense on that one! 
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Post by p2plender on Mar 29, 2018 1:27:15 GMT
OG
Fortunately I sold but it took me 2 months of lost interest...
Apart from Wolves I'm finished with Lendy. Nothing would make me return in the slightest.
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Post by brightspark on Mar 29, 2018 7:56:06 GMT
Lendy terms and conditions are couched in such a way i.e. riddled with get outs, that they can write anything they like about a prospect and not be held liable. I would surmise capital losses are going to be around 50%. Perhaps I should have a cosy chat with a cuddly Lendy bunny! I think so. They are an intermediary only; independent RICS valuation given; lender's sole discretion to decide what - if anything - to invest. + CYA T&Cs. The due diligence was laid out at the beginning of this loan - an interco flip to an offshore tax haven for a loan amount that it could not be sold at for a prolonged period of time - and Lendy Support acknowledged the complexity of this transaction in the time taken for drawdown. What was to like? The rapidity after launch that the loan was suspended followed by administration followed by its placing on the market with an indicative offer price of 20% less than the original valuation? All that after the proposal had been fully assessed by Lendy's experienced credit committee before being made available for investment!
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rocky1
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Post by rocky1 on Mar 29, 2018 8:31:44 GMT
yet another example of LENDYs attitude to use our capital for their own gains i am sure they done quite well for themselves before closing it down sosoon after drawdown as i have said in other posts this will be just another vote for how much do want to lose.plenty more of these to come. i hope that LENDY do follow up ALL of these borrowers for the PGs/DEBENTUREs or even civil action. as we will have to pay for all of LENDYs mismanagement/misuse/incompetance etc etc. time and time again you can try to justify their actions but it seems you just keep coming back to the same answers
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OUCH!!! 
