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Post by gaspilot on Sept 20, 2019 6:17:15 GMT
I too am heavily invested in Lendy and fairly heavily invested in this loan. If this loan gets defaulted I believe the chances of me breaking even in P2P after 5 years is severely lessened.
This could be the straw that breaks the Camel's back, so to speak.
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withnell
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Post by withnell on Sept 20, 2019 6:43:14 GMT
I too am heavily invested in Lendy and fairly heavily invested in this loan. If this loan gets defaulted I believe the chances of me breaking even in P2P after 5 years is severely lessened. This could be the straw that breaks the Camel's back, so to speak. Entering recovery probably means lower returns - commercial financing/refinancing takes an absolute age, it's not like a residential mortgage (and enough house purchases drag on over legal minutia). The buyer is clearly engaged to a reasonable level, paying some of the loan interest and solicitors fees - what is the gain putting the loan into default, and then this buyer emerging as the winner in 6 months time, but with recovery fees removed from our return? This is not the same as Newcastle, it's a buy involving 4 sets of solicitors (funder/buyer/borrower/MT) that unsurprisingly is taking slightly longer than anticipated. I've been in plenty of P2P loans over the years which have successfully refinanced many months after the initial "due date"
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hazellend
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Post by hazellend on Sept 20, 2019 7:15:38 GMT
They could at least get the interest payments up to date
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bulletbill
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Post by bulletbill on Sept 20, 2019 8:29:33 GMT
I too am heavily invested in Lendy and fairly heavily invested in this loan. If this loan gets defaulted I believe the chances of me breaking even in P2P after 5 years is severely lessened. This could be the straw that breaks the Camel's back, so to speak. Entering recovery probably means lower returns - commercial financing/refinancing takes an absolute age, it's not like a residential mortgage (and enough house purchases drag on over legal minutia). The buyer is clearly engaged to a reasonable level, paying some of the loan interest and solicitors fees - what is the gain putting the loan into default, and then this buyer emerging as the winner in 6 months time, but with recovery fees removed from our return? This is not the same as Newcastle, it's a buy involving 4 sets of solicitors (funder/buyer/borrower/MT) that unsurprisingly is taking slightly longer than anticipated. I've been in plenty of P2P loans over the years which have successfully refinanced many months after the initial "due date" Why don’t they say that then, rather than keep saying it will be completed tomorrow. I think the thing that annoys people is the lies and the kicking the can down the road, basically making mugs of the good faith of the lenders.
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averageguy
Member of DD Central
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Post by averageguy on Sept 20, 2019 8:31:37 GMT
I too am heavily invested in Lendy and fairly heavily invested in this loan. If this loan gets defaulted I believe the chances of me breaking even in P2P after 5 years is severely lessened. This could be the straw that breaks the Camel's back, so to speak. Entering recovery probably means lower returns - commercial financing/refinancing takes an absolute age, it's not like a residential mortgage (and enough house purchases drag on over legal minutia). The buyer is clearly engaged to a reasonable level, paying some of the loan interest and solicitors fees - what is the gain putting the loan into default, and then this buyer emerging as the winner in 6 months time, but with recovery fees removed from our return? This is not the same as Newcastle, it's a buy involving 4 sets of solicitors (funder/buyer/borrower/MT) that unsurprisingly is taking slightly longer than anticipated. I've been in plenty of P2P loans over the years which have successfully refinanced many months after the initial "due date" A mature post which tells it like it is..and if people don’t understand it they shouldn’t be in p2p
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averageguy
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Post by averageguy on Sept 20, 2019 8:33:26 GMT
Entering recovery probably means lower returns - commercial financing/refinancing takes an absolute age, it's not like a residential mortgage (and enough house purchases drag on over legal minutia). The buyer is clearly engaged to a reasonable level, paying some of the loan interest and solicitors fees - what is the gain putting the loan into default, and then this buyer emerging as the winner in 6 months time, but with recovery fees removed from our return? This is not the same as Newcastle, it's a buy involving 4 sets of solicitors (funder/buyer/borrower/MT) that unsurprisingly is taking slightly longer than anticipated. I've been in plenty of P2P loans over the years which have successfully refinanced many months after the initial "due date" Why don’t they say that then, rather than keep saying it will be completed tomorrow. I think the thing that annoys people is the lies and the kicking the can down the road, basically making mugs of the good faith of the lenders. Perhaps reread the last update where the they have explained why they have taken the action they have.....of course you could believe no one and never loan the money in the first place
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averageguy
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Post by averageguy on Sept 20, 2019 8:35:32 GMT
They could at least get the interest payments up to date I think this is one area that often gets overlooked when capital repayment is being chased. ...something for MT to improve upon....concentrates the borrowers mind if they have to raise cash for interest repayments and reduces the lenders risk
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hazellend
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Post by hazellend on Sept 20, 2019 11:19:07 GMT
Wasn’t something supposed to happen at 1030? Anything? At least another excuse is due surely? Hopefully MT aren’t taking any sh1t
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averageguy
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Post by averageguy on Sept 20, 2019 11:59:34 GMT
Wasn’t something supposed to happen at 1030? Anything? At least another excuse is due surely? Hopefully MT aren’t taking any sh1t By 10.30 Personally I wasn’t expecting to hear straight after either way ...by end of a MT day yes!
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upperdeane
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Post by upperdeane on Sept 20, 2019 12:44:45 GMT
Wasn’t something supposed to happen at 1030? Anything? At least another excuse is due surely? Hopefully MT aren’t taking any sh1t By 10.30 Personally I wasn’t expecting to hear straight after either way ...by end of a MT day yes! I think if there was any good news (such as competition today) we would have been informed by now. I'm guessing on an update tonight with more excuses.
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Post by quidsaveblue2003 on Sept 20, 2019 13:09:25 GMT
The experience in MT has well broadened my horizon scope of how all kinds of brassy excuses could be made, even people know they were lies.
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picnicman
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Post by picnicman on Sept 20, 2019 13:12:21 GMT
By 10.30 Personally I wasn’t expecting to hear straight after either way ...by end of a MT day yes! I think if there was any good news (such as competition today) we would have been informed by now. I'm guessing on an update tonight with more excuses. - I would prefer completion!   Cheers P
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 20, 2019 13:33:30 GMT
The experience in MT has well broadened my horizon scope of how all kinds of brassy excuses could be made, even people know they were lies. Youve obviously led a very sheltered P2P life so far ... 
Im pretty sure there is a bloke who's been in Switzerland for two years waiting for funds to repay an FS loan.
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micky
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Post by micky on Sept 20, 2019 14:16:05 GMT
End date now changed to 21/09.
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withnell
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Post by withnell on Sept 20, 2019 14:18:18 GMT
End date now changed to 21/09. It's been that since early this morning - think they do it to stop the loan automatically finishing / moving to completed without funds being received
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Cheers P
