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Post by brightspark on Jul 22, 2018 16:55:56 GMT
Much the same response as I received. What puzzles me is why all the documents they mention were not obtained from the borrower before the loan was made. As it is Lendy seem to have closed the stable door after the horse had already bolted ( to the Virgin Islands)? In fairness if any borrower intends malpractice they can provide any written assurance requested and renege on it subsequently. It boils down to trust and integrity which superficially at least seems in short supply in relation to this deal.
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debaura
Member of DD Central
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Post by debaura on Jul 22, 2018 17:30:55 GMT
Much the same response as I received. What puzzles me is why all the documents they mention were not obtained from the borrower before the loan was made. As it is Lendy seem to have closed the stable door after the horse had already bolted ( to the Virgin Islands)? In fairness if any borrower intends malpractice they can provide any written assurance requested and renege on it subsequently. It boils down to trust and integrity which superficially at least seems in short supply in relation to this deal. 'why all the documents they mention were not obtained from the borrower before the loan was made'. This is surely reprehensible.
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zlb
Member of DD Central
Posts: 1,422
Likes: 333
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Post by zlb on Jul 22, 2018 19:43:18 GMT
Much the same response as I received. What puzzles me is why all the documents they mention were not obtained from the borrower before the loan was made. As it is Lendy seem to have closed the stable door after the horse had already bolted ( to the Virgin Islands)? In fairness if any borrower intends malpractice they can provide any written assurance requested and renege on it subsequently. It boils down to trust and integrity which superficially at least seems in short supply in relation to this deal. 'why all the documents they mention were not obtained from the borrower before the loan was made'. This is surely reprehensible. maybe this can form the basis of the complaint, if Ly have a complaints process...
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orvilorvil
Member of DD Central
Posts: 67 
Likes: 60
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Post by orvilorvil on Jul 22, 2018 19:55:34 GMT
'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.'
The very fact that Lendy didn’t have all the information above before lending the funds is a total joke.
SURELY THIS IS PART OF THEIR DUE DILLIGENCE???
Why haven’t they made that abundantly clear before asking investors to part with their cash?
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Post by brightspark on Jul 22, 2018 20:53:29 GMT
I would have expected Lendy to have had most of the documents mentioned in place before the loan was handed over to the borrower. If a formal complaint is made as per laid out by the Ombudsman procedure Lendy is obliged to respond within a certain time scale. If the lender is not satisfied with the response it can then be escalated to the Ombudsman service. It may be premature to go down the Ombudsman road at the moment as losses have not been crystallised so lodging a claim for compensation might be a little difficult.
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Post by portlandbill on Jul 23, 2018 10:19:53 GMT
It may be premature to go down the Ombudsman road at the moment as losses have not been crystallised so lodging a claim for compensation might be a little difficult. So Lendy can carry on delaying indefinitely? Cant be right. Time to involve the ombudsman and or lawyers. I'm prepared to stump up some cash to contribute. Anyone else? We need to remember we are the lenders. Lendy are simply an intermediary. They should be able to divulge to us anything and everything about this loan without fear or favour. They are supposed to be acting on our behalf!
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Post by brightspark on Jul 23, 2018 12:15:01 GMT
A complaint to Lendy with eventual escalation to the Ombudsman can be done for free by anyone. Lendy could divulge their negotiating position but that would not be in the interests of lenders in respect to any final agreed resolution. I must say I am fearful that the absence of any information is setting the stage for a truly humongous loss. Everything is pointing towards an unwise premature release of funds to an extremely optimistically valued property in a relatively undesirable Central London location.
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xpubman1
Member of DD Central
Posts: 62
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Post by xpubman1 on Jul 23, 2018 12:52:05 GMT
Lendy have replied much the same as every other financial platform would do. Like others I criticize the original lack of professionalism in the early stages of the loan arrangement. Sadly we must sit and wait but we must not expect any concrete updates until such time as there is some progress in the recovery. Just the same situation as all the other P2P platforms.
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Post by thecleaner on Jul 23, 2018 15:45:29 GMT
It may be premature to go down the Ombudsman road at the moment as losses have not been crystallised so lodging a claim for compensation might be a little difficult. So Lendy can carry on delaying indefinitely? Cant be right. Time to involve the ombudsman and or lawyers. I'm prepared to stump up some cash to contribute. Anyone else? We need to remember we are the lenders. Lendy are simply an intermediary. They should be able to divulge to us anything and everything about this loan without fear or favour. They are supposed to be acting on our behalf! If everyone else is in then i am in also. Sick of these thievin b****ds
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Post by twam on Jul 23, 2018 16:36:00 GMT
Me too about time we stood up for ourselves, they believe they can get away with <potentially libellous comment removed> people, may be now they won't be able to change the rules to get themselves off the hook when cornered.
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Post by loftankerman on Jul 23, 2018 17:08:46 GMT
A complaint to Lendy with eventual escalation to the Ombudsman can be done for free by anyone. Lendy could divulge their negotiating position but that would not be in the interests of lenders in respect to any final agreed resolution. I must say I am fearful that the absence of any information is setting the stage for a truly humongous loss. Everything is pointing towards an unwise premature release of funds to an extremely optimistically valued property in a relatively undesirable Central London location. Divulge negotiating position, really? Every time anyone questions what is going on with anything that appears to be another enormous screw up on Lendy's part, the response is to say that telling you anything will make the sky fall down. Well it might... on them. People who have negotiating positions don't take years over getting on with them. People who are hiding under the bed can do it indefinitely. Smoke, mirrors, copy and paste.
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debaura
Member of DD Central
Posts: 277
Likes: 318
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Post by debaura on Aug 3, 2018 21:17:27 GMT
Yet another 'update'.
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Post by charliebrown on Aug 3, 2018 23:12:58 GMT
Looking at the circumstances surrounding this loan, it appears we’ve “been had” by the borrower. I fully expect this to be forever shrouded in mystery by LY and cans kicked down the road indefinitely.
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Post by pikeman on Aug 5, 2018 6:31:52 GMT
I cannot see this loan in the non performing section or any of the other sections,
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Post by alistairb on Aug 5, 2018 6:45:40 GMT
I cannot see this loan in the non performing section or any of the other sections, DFL017 is still listed under Live Loans
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