DFL027 - P******* Street, S*********, London REPAID

My comment was a wider one, not just related to LY where I know that nobody has lost a penny, not even those invested in defaulted loans. I am a cautious person by nature and have been investing/saving money for nearly 40 years through a variety of means. I have been very careful and cautious, and been successful. I bought all my properties at the bottom of the market and sold at the top, and with other investments I have been cautious enough to quit while ahead and in good profit.

I am monitoring this platform on a daily basis and was considering a total exit around Dec/Jan. However I decided that with more intensive daily portfolio management I could stay for another 6 months or so. I have had to adjust what I invest in and when I sell accordingly, as have many others. However I am finding this platform is now becoming too labour intensive in order to stay one step ahead of the curve. I am having too many very late nights doing buying at 1am and 2am when the juiciest fruits sometimes appear. In just 2 months, 60 days changed to 100 days and now it is 200 days. It would appear 300 days will soon become the new 200 days which means I will only feel confident enough to use this platform for short term cash dumps in new long dated, 12% loans. Particularly as there are younger platforms which are pretty much where LY was 2 years ago, with better rates and better liquidity.

I am continuing to reduce my exposure here and am now up to 15% of my total in sale queues again - all (with 1 exception) in potentially very saleable loans that I am hopeful of being shot of by this time next week. That cash will be returning to the safety of my bank account awaiting new opportunities, either here or elsewhere.

I am determined that I will not be here when the bubble bursts. I don't invest for the sake of it. I'm not a professional, most of my money is in FSCS protected bank accounts earning very little and I am very careful not to exceed £85k in any single institution. But if I can make some of my money work for me with a level of risk I am comfortable with and feel I can manage, then I will take that opportunity while it exists. But I believe this opportunity has been a short term one. Every dog has its day. I have been fortunate to have been here since almost the boat loan start so have already pocketed over 3 years of 12% interest (and for 2 of those years I was not a tax payer as I have no other sources of income and kept just below my total personal and interest tax allowance). I intend to not be a tax payer in this 17/18 tax year either. I withdraw all my interest every month and never risk re-investing it). In fact if I exit totally in the next 3 or 4 months, as I expect, it will be impossible for me not to leave having made a substantial return.

Can you get from Hackney to Shoreditch in 15, black cab?

Edit - We must have drunk in the same boozers , as Fleet St & Liv St ex-pat, drank all the way to Whitechapel/Old St/Lincoln's Inn/Temple so anticipating some overlap in that 15 min circumference (not The Wharf but did throw in a couple of lawyerly bones for you ).

Email just in: "We are pleased to confirm that the above loan(s) will be going live on Mon, 11th Sep."

Today's update:
And yet it is still possible to trade on the SM. Given the other approach taken to loan 'in difficulty', should this one not also be suspended?  

There is 208 days of interest remaining, so some return exists. I'd expect to see the £288,069 on the SM drop to near-zero so that holders can at least get some interest, as after this update, I can't see there'll be much buying going on.

To all other intents and purposes though, have Lendy have defaulted the loan?