rocky1
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Post by rocky1 on Nov 5, 2019 16:41:13 GMT
it looks like LB was all about shafting a lot of these borrowers as well as us lenders.things are starting to unravel now on how LB/LENDY were operating. the FCA spent a long time before giving LY permissions they obviously were looking in the wrong places.
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bulletbill
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Post by bulletbill on Nov 6, 2019 18:30:22 GMT
it looks like LB was all about shafting a lot of these borrowers as well as us lenders.things are starting to unravel now on how LB/LENDY were operating. the FCA spent a long time before giving LY permissions they obviously were looking in the wrong places. Didn’t the FCA say that giving LY a license was considered to be less of a disaster than not giving them a license. I wonder whether they still think that.
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Post by billy169 on Nov 6, 2019 18:40:29 GMT
I for one invested more, because they were awarded FULL FCA,,!!.
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Post by df on Nov 6, 2019 22:49:59 GMT
I for one invested more, because they were awarded FULL FCA,,!!. They now pushed platforms to conduct tick box questionnaire to cover their back, but no tick boxes for trusting FSA authorisation procedure. Lendy's loan book was already in big mess for considerable amount of time prior to full authorisation.
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Post by darren1 on Nov 7, 2019 10:08:30 GMT
Anybody care to hazard a guess as to what percentage recovery we are looking at on this loan, along with timescales. This is my biggest investment with Lendy and I dont know of the DDC website, so cant look there.
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sydb
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Post by sydb on Nov 7, 2019 11:10:47 GMT
Anybody care to hazard a guess as to what percentage recovery we are looking at on this loan, along with timescales. This is my biggest investment with Lendy and I dont know of the DDC website, so cant look there. There's nothing solid in the DD (you just need to post a certain number of times to access - it's on this forum). In summary, it is all up in the air, it is not going to be simple and there are significant legal matters to conclude. You are not going to get any cash back for quite a while and may even get drawn into a court case, London loan style. Sorry to be a downer. I think about 5000 people are in this one.
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bulletbill
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Post by bulletbill on Nov 7, 2019 14:18:15 GMT
Anybody care to hazard a guess as to what percentage recovery we are looking at on this loan, along with timescales. This is my biggest investment with Lendy and I dont know of the DDC website, so cant look there. There's nothing solid in the DD (you just need to post a certain number of times to access - it's on this forum). In summary, it is all up in the air, it is not going to be simple and there are significant legal matters to conclude. You are not going to get any cash back for quite a while and may even get drawn into a court case, London loan style. Sorry to be a downer. I think about 5000 people are in this one. Does the London loan set a legal precedent that any claim that LY or we lenders promised to supply full funding would be rejected? Or are we potentially facing another court case against us on a joint and several liability basis. This loan was truly ridiculous, it was a muddy field full of ugly sheds. I really can’t believe I invested in this, I’ve been really reckless. When the actual pictures of the sheds emerged I almost spat out my coco, they looked dog ugly and I couldn’t imagine a worse holiday than spending a fortnight in a shed in a muddy field. The sheds looked nothing like the artist impression of beautiful lodges. Yet another con.
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Post by pjt1 on Nov 7, 2019 16:52:07 GMT
No precedent what so ever - she ran out of money therefore the fight stopped. No judgement yet on who was right or wrong.
The wider problem is that I, and I am sure you, would not engage someone to build a house without having some money to do so. If you let someone start without the money being there or run out part way through, when you have told them it is there, you have a massive problem.
I doubt this is over by a long chalk.
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sydb
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Post by sydb on Nov 7, 2019 17:34:33 GMT
No precedent what so ever - she ran out of money therefore the fight stopped. No judgement yet on who was right or wrong. There were unique particulars in that case anyway that would not transfer to this (I could not imagine the specifics to be the same).
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brush
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Post by brush on Feb 9, 2021 10:34:54 GMT
Minuscule repayment on this one today.
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TitoPuente
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Post by TitoPuente on Feb 9, 2021 14:10:25 GMT
Minuscule repayment on this one today. Recovery of 3.5% and security reduced to zero.
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Post by valueinvestor123 on Feb 9, 2021 14:18:49 GMT
Isn't it just part repayment?
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TitoPuente
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Post by TitoPuente on Feb 9, 2021 14:33:12 GMT
Isn't it just part repayment? According to the last admin report from September 2020 the incomplete development was about to be sold for £1.7m (versus a £15.1m loan). When the security is sold any further recovery depends on legal claims (PG and PI). So, yes, as part repayment as it can get...
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Post by valueinvestor123 on Feb 9, 2021 16:47:22 GMT
So they have sold the whole lot?  . This was my largest loan. I had my settings set at autoinvest and hadn't realised they started offering tranches for the same loans. My auto-invest kept gobbling up the tranches till I noticed that i was overinvested in this one loan. I quickly disabled it but already was in it for about 20k. . . |
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adrianc
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Post by adrianc on Feb 9, 2021 17:05:50 GMT
So they have sold the whole lot? . This was my largest loan. I had my settings set at autoinvest and hadn't realised they started offering tranches for the same loans. My auto-invest kept gobbling up the tranches till I noticed that i was overinvested in this one loan. I quickly disabled it but already was in it for about 20k. . . Sorry to bear the bad news... Look on the website. £549,539 distributed, 3.5% of outstanding capital. £33,804,000 security reduction. You're a member of DDC. Have a look at the loan thread in L DD - the first post has a link to the CoHo entry for the borrower. The latest administrator's report (dated 28th Sept, filed 16th Oct) is on the filing tab. Sale was exchanged, and due to complete in late October, for £1.7m + vat. By the time that's been through the administrators, costs have been recovered, and the waterfall, it's down to the £550k that was distributed. Anything from here on in is down to personal guarantees and professional indemnity claims. And... right on cue, here's the email with the administrator's update. £1.7m sale minus £572k third-party costs minus £85k paid by Lendy minus £80k Lendy service fee minus £400k Lendy entitlement = £561k for us = £550k nice round number, the remained maybe coming later (see the PBL106 note on the same email)
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