Yes i did , well more like a query. I will copy and paste the answer later on.
I see we got the usual copy and paste answer for the update yesterday. I can see this going on for years. Disgusting what happened here.
I think we should ALL in this loan put pressure on them.
As promised
Hello ,
Could i request a full rundown as to what exactly happened with this loan from pre funding to its early default.
I am struggling to grasp how a loan of this size could simply default within a month of handing over the money to the borrower.
It has been in default over a year now and we are no further on to finding out what went on and when we are likely to get our money back.
The last 3 or 4 updates have all been exactly the same.
I look forward to your report
Thankyou
Thank you for getting in touch.
While we understand the frustrations for lenders, we have always taken the approach that protecting investors’ capital is our number one priority for loans that no longer perform. To do this, we will exhaust all reasonable recovery avenues to avoid any losses to investors. In most cases however, we are subject to a legal process and cannot expedite or accelerate matters any more than we are currently.
Therefore, this may incur a longer term recovery process. Whereas, if we were to take short-term recovery options this may result in a fire sale price which may consequence a reduced amount recoverable to investors.
As a professional platform we need to be very careful that any communication we make about a specific recovery strategy doesn't prejudice our legal privilege, or hinder our on-going negotiations with relevant parties.
Please refer to the latest updates for your loans, whilst we cannot go into any further detail than what is already in our updates at this point in time, rest assured that we will exhaust all reasonable recovery avenues to avoid any losses to investors.
Kind regards,
The Lendy Team
To be honest i find that to be a very poor response to my original question.
You have all the answers at your end and i have none.
This has nothing to do with being careful with a recovery in which i fully understand.
I will repeat myself. I wish to know why my £3000 that i handed over to yourselves to help fund H**** R** defaulted within a month leaving me with no capital and no interest.
This surely cannot be right.
I think you are treating me simply as a number and not a valued investor when you say refer to the updates. As i have already mentioned your updates on this loan are all the same and always have been.
I am simply not being updated and am completly in the dark as to why this happened.
Something is very seriously wrong with this loan and you are not telling me what it is.
You have £3000 of my money and its simply not good enough.
That is the reason myself along with many others are trying to pull out as much funds as they possibly can because the trust has failed.
I await your response.
Thank you for your email.
As you will see from recent DFL017 updates and the update of 15/09/2017:
'There are a number of documents which have not been provided, either to Lendy, or to our Independent Monitoring Surveyor (IMS), which are required for their initial report. These documents include, but are not limited to, a copy of the Development Budget, management accounts and financial statements, and evidence that the borrower has sufficient funds available to it to complete the development; and in order for our IMS to prepare their initial report they require a number of documents, including but not limited to drawings, design brief, breakdown of construction costs and cashflow forecast, copies of construction contracts, letters of appointment and associated Professional Indemnity insurances, plus planning documents and surveys. We continue to press the Borrower to provide the outstanding documentation.'
We do appreciate your concerns regarding this loan. However, we cannot go into any further detail than what is already in our updates at this point in time as if we were to this would prejudice our legal privilege, or hinder our on-going negotiations with relevant parties. Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing although we will continue to explore all settlement options with the borrower.
The next update will be communicated in our next fortnightly update, or sooner as and when further updates become available. In the meantime, we thank you again for your patience.
Kind regards,
The Lendy Team
As you can see a complete waste of time trying to get an answer. They will never get a single penny from me ever again. Interlopers the lot of them.
