Balder
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Post by Balder on Mar 29, 2018 8:47:01 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 Also don't forget Lendy essentially sold this as less risk at 11% interest. The speed that it was suspended reeks of incompetence in due diligence.
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Post by loftankerman on Mar 29, 2018 12:06:00 GMT
I never wanted to be in this from the outset but having confirmed my pre funding was set to zero, I was allocated some anyway. I only paid for it because I really wanted to get something that was currently on the SM. Fortunately my lack of initial enthusiasm helped me become tired of the 'No Change' (We've got your money, nothing's happening) progress reports that made no mention of the earlier unresolved issues. I sold without difficulty in late August just before the September progress report informed us that the 'No Changes' were now an outstanding matter of urgency.
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moist
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Post by moist on Mar 29, 2018 12:18:21 GMT
If this one does not pay back in full, I will spend my spare time explaining to all who will listen just how Lendy operate. I have a lot of good contacts. Put that in yr pipe and smoke it Paul@Lendy
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spyrogyra
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Post by spyrogyra on Apr 3, 2018 16:44:01 GMT
Put up for auction. Offers in excess of £6 mil. The Loan was for £7.452 mil. Congratulations.
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coda
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Post by coda on Apr 3, 2018 20:32:08 GMT
Could you please let us know where to find it? Thanks!
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Post by p2plender on Apr 4, 2018 1:31:48 GMT
If this one does not pay back in full, I will spend my spare time explaining to all who will listen just how Lendy operate. I have a lot of good contacts. Put that in yr pipe and smoke it Paul@Lendy Bit late to be 'explaining' to your contacts how Lendy operate, most now know. £6 million? I can't see that happening given current state of play. Maybe a rich Russian may come along needing to dump some cash... Some easy money been made here at the expense of Lendy investors. Quite shocking really. It's as if somebody had a 'plan'..
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rocky1
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Post by rocky1 on Apr 4, 2018 5:12:06 GMT
this is one where LENDY should put their hands up and admit that they were well turned over by their own greed and they made a nice little killing out of it.i suspect that we will never know the full story here but it seems that this is almost fraudulent and should be investigated at a higher level than LENDY as it feels that they were almost party to all of this by the way it was handled. full repayment of all lenders funds +interest for the short time the funds were inthe country is the least they should do here and then carry on with the dirty dealings with the borrower some where else away from the platform.how long can this carry on as loan after loan after loan keeps coming back to LENDYs door. how can they justify this sort of business activity with one excuse after another.total disregard for lenders money for their own gains.this is wrong very wrong.
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zlb
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Post by zlb on Apr 4, 2018 21:24:57 GMT
Seemed like a clear case of taking a lump of property to the lump of property pawn broker. They had no time to spend the money, so why can't that be reclaimed?
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elliotn
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Post by elliotn on Apr 5, 2018 5:43:49 GMT
Seemed like a clear case of taking a lump of property to the lump of property pawn broker. They had no time to spend the money, so why can't that be reclaimed? The sale was to a related offshore company and the funds are now jurisdiction remote 
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rocky1
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Post by rocky1 on Apr 5, 2018 6:02:14 GMT
HMRC and a few other people might be interested in what has gone on here.
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Post by brightspark on Apr 5, 2018 8:06:51 GMT
Inexperienced small investors use the p to p platforms because of hopefully better returns at a modestly increased risk. Loans like this one sour the whole environment. Lendy may have made a fast buck but it will be to the detriment of Lendy and to the whole p to p industry.
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GeorgeT
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Post by GeorgeT on Apr 5, 2018 9:47:57 GMT
And I hope Lendy worshippers will remember that LY told investors this one was lower risk than normal and that's why they were only paying 11% interest on it. Same with the castle and a number of others. It does seem that over the last few months the pseudo lower risk loans have been performing as badly as the 12%ers which were always my bread and butter.
As regards this particular loan it is clear there was a serious failing in due diligence and the end result was that Lendy were done up like a kipper as some people say. But unfortunately it is Lendy investors' bank balances that will take the hit. In the current climate and in this property's current state (legally) and with its recent shady past I cannot see this selling in the auction if the guide price is fairly close to the reserve price. 5 million pounds tops for me. Sadly it does seem there are quite a lot of loans (the ever present tin shed just one of many that jumps out) where wily and crafty borrowers were able to exploit LY's naivety and inexperience in the business.
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elliotn
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Post by elliotn on Apr 5, 2018 10:42:46 GMT
And I hope Lendy worshippers will remember that LY told investors this one was lower risk than normal and that's why they were only paying 11% interest on it. Same with the castle and a number of others. It does seem that over the last few months the pseudo lower risk loans have been performing as badly as the 12%ers which were always my bread and butter. As regards this particular loan it is clear there was a serious failing in due diligence and the end result was that Lendy were done up like a kipper as some people say. But unfortunately it is Lendy investors' bank balances that will take the hit. In the current climate and in this property's current state (legally) and with its recent shady past I cannot see this selling in the auction if the guide price is fairly close to the reserve price. 5 million pounds tops for me. Sadly it does seem there are quite a lot of loans (the ever present tin shed just one of many that jumps out) where wily and crafty borrowers were able to exploit LY's naivety and inexperience in the business. On the bright side, if you have any money left over after throwing it all at your latest darling Collateral, you won't be wasting it on these wide boys, a strategy of the highest class.
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Mousey
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Post by Mousey on Apr 23, 2018 9:58:23 GMT
There's a marketing website available at http://www.**H***rR*w.com . You can register with any old details as it lets you straight in.
A pertinant statement from the pdf broucher states:
A copy of the notices and various planning documents are available to download on the site.
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moist
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Post by moist on May 11, 2018 16:53:53 GMT
worlds most useless update...... we are having a meeting 2 weeks ago to discuss....
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