Liz
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Post by Liz on Apr 7, 2017 21:54:48 GMT
Another £2m to be added to the defaults pot this month. It might repay! I also think they should scrap the PF and use the money saved to pay for a fee-free IFISA.
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ablender
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Post by ablender on Apr 8, 2017 1:05:26 GMT
Interesting. People are still interested in buying - and not the odd penny!!!
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elliotn
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Post by elliotn on Apr 8, 2017 3:03:39 GMT
Another £2m to be added to the defaults pot this month. It might repay! I also think they should scrap the PF and use the money saved to pay for a fee-free IFISA. That may help the highest income earners most. A PF would at least be available to all investors.
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mikes1531
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Post by mikes1531 on Apr 9, 2017 15:36:58 GMT
Lendy saying that they have a PF but refusing to disclose its contents is not being transparent at all and will, I suspect, end up being a negative for the platform. For their sake -- and mine -- I wish they'd abandon that position. If the glass is half full at the moment, just say so, indicate what they're doing to refill it, and move on. A couple of loans have repaid recently. If the provision fund works as I think it does rather than Lendy transferring 2% of the value of those loans onto their books it is retained in the provision fund, and this continues until the 2% of loan book figure is regained. (My previous understanding was that Lendy were to refill the provision fund immediately after use, which would have been equivalent to Lendy at their discretion covering lender's losses.) Hopefully the provision fund is well on its way to being refilled. While I wish that am were right, ISTM that if the PF actually was well on the way to recovery, Lendy would be telling us that proudly -- and justifiably so. In fact, they're telling us nothing, and that leads me to conclude that the PF still is very sick -- possibly even dead! -- but LfSS won't admit that because of the negative impact it would have on the platform.
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Post by chrisj on Apr 10, 2017 10:16:36 GMT
That's a surprising statement. Bright chap our Paul... good information to know. Thats because it is all just words written to make us feel safe and secure. If they really believed that then noone would invest and lendy would go out of business. The fact they are unwilling to tell us what is in the provision fund means it is worthless to us in the event we needed it. Again just words.
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am
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Post by am on Apr 10, 2017 12:17:38 GMT
A couple of loans have repaid recently. If the provision fund works as I think it does rather than Lendy transferring 2% of the value of those loans onto their books it is retained in the provision fund, and this continues until the 2% of loan book figure is regained. (My previous understanding was that Lendy were to refill the provision fund immediately after use, which would have been equivalent to Lendy at their discretion covering lender's losses.) Hopefully the provision fund is well on its way to being refilled. I don't think it's going to be refilled fully until a number of loans get paid back - any top ups to it at the moment will only be in proportion to the new loans and growing loan book, it'll only be when some loans repay and don't have their "contribution" withdrawn again from the PF that the PF will recover proportionately. My guess is it could be a while My inference is that repaying loans won't have their contributions withdrawn from the PF until the PF is refilled. If that's not the case then I can't see how the PF can ever be replenished.
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lobster
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Post by lobster on Apr 10, 2017 12:28:39 GMT
Also worth bearing in mind that the monster PBL143 is likely to pay back soon - that alone could do much to replenish the coffers of the provision fund.
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mikes1531
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Post by mikes1531 on Apr 10, 2017 22:19:28 GMT
Also worth bearing in mind that the monster PBL143 is likely to pay back soon - that alone could do much to replenish the coffers of the provision fund. Presuming the PBL143 contribution was 2%, £158k not being withdrawn would certainly help the PF, but it's still only a fraction of the hit we believe the PF took when PBL020 was closed out. But LfSS haven't admitted how big the PBL020 loss was, so all we can do is guesstimate. As for PBL143 repaying 'soon', it might or it might not. I'll believe it when I see it.
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Liz
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Post by Liz on Apr 10, 2017 23:50:34 GMT
Also worth bearing in mind that the monster PBL143 is likely to pay back soon - that alone could do much to replenish the coffers of the provision fund. Presuming the PBL143 contribution was 2%, £158k not being withdrawn would certainly help the PF, but it's still only a fraction of the hit we believe the PF took when PBL020 was closed out. But LfSS haven't admitted how big the PBL020 loss was, so all we can do is guesstimate. As for PBL143 repaying 'soon', it might or it might not. I'll believe it when I see it. But, do we really trust them to keep that money in there?
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GeorgeT
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Post by GeorgeT on Apr 11, 2017 0:38:12 GMT
I'm not convinced PBL143 will repay very soon. I wonder if that was an erroneous/optimistic update because they do seem to have rowed back from it a bit and there was a big leap forward from considering repayment to hoping to complete sale. Normally Ly use the word ''imminently', which was absent.
Borrower 'considering' early repayment.
Borrower 'hopes to sell' this month (which pretty sure was last month?).
Hopes to sell doesn't sound like a sale agreed and the legals in their final days. Sounds a bit vague to me and wouldn't be surprised if this rolled on for some weeks to go. Hope so as I'm in it.
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chunkie
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Post by chunkie on May 30, 2017 13:31:14 GMT
30/05 PBL068 IA>DEF
Total "defaults" now at $15.49 million (8.3% of "total live + defaults")
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Post by df on May 30, 2017 14:08:33 GMT
30/05 PBL068 IA>DEF Total "defaults" now at $15.49 million (8.3% of "total live + defaults") In 12-16 days there will be £7,777,000 more joining the list.
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