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Post by charliebrown on Jan 24, 2019 18:39:57 GMT
The provision fund is no more? Is it officially empty? I believe there are unfortunately many more huge capital losses yet to be dished out to us investors by LY. We haven’t seen the worst of it yet, in my opinion.
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Post by charliebrown on Jan 24, 2019 18:04:41 GMT
"Good progress is being made on data recovery: "we are now at the stage where a significant majority of investors’ detailed portfolio analysis as extracted from the database reconciles with the information initially provided to us by Refresh Recovery"" So RR did recover the database if BDO are comparing their information to that. Weren't we told otherwise ? I have been an IT professional for well over 25 years. I can promise you that in my experience, unless the data is encrypted or corrupted, reconstructing the database and extracting meaningful data such as individual’s transaction history is really not that difficult. It certainly shouldn’t take the best part of a full year and it certainly shouldn’t cost the ridiculous fees BDO are charging. It’s really quite pathetic that we are this far down the track and they’re still talking about their amazing efforts to recover the data. A decent DBA and Data Architect would be able to reverse engineer a database, that I suspect is comparatively small and simple, in just a few weeks.
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Post by charliebrown on Jan 23, 2019 5:29:06 GMT
Let’s see how accurate the 27% LTV is.
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Post by charliebrown on Jan 23, 2019 5:17:00 GMT
when a capital repayment is made I would expect the interest and bonus element to be paid on that part. I have however been told by Lendy that the interest and bonus element are being withheld until the full amount of the loan has been repaid and only then is the interest etc being considered. you may not be aware that capital repayments are being made but without to due interest etc. I’ve stopped caring about the interest. It’s the least of our problems. Any action that returns some capital is a very welcome occurrence.
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Post by charliebrown on Jan 23, 2019 5:14:18 GMT
I raised the same point on the Funding Secure Whitehaven loan. It was a seemingly blatant fraud and FS were an accessory. General comments made about calling in the cops were that the cops don’t care about white collar crimes.
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Post by charliebrown on Jan 21, 2019 22:54:57 GMT
I think if MT has seen evidence that a refinance is being sought then they realistically do need to await the outcome of that process. I hope they will keep us regularly informed and I hope they will take decisive action if the refinance fails. I’m kind of getting sick of this borrower when he keeps claiming he’ll pay interest but never does.
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Post by charliebrown on Jan 21, 2019 22:20:48 GMT
Sounds like the FCA created this mess to generate some revenue for their mates at BDO. I see no evidence that BDO has commenced any type of recovery action as yet. Once they do, we’ve seen from other platforms that there’s many avenues open to borrowers to dispute liability, dig their heels in and at the very least delay the recovery process for years. All this is music to BDO’s ears as they keep turning the wheels and collecting their astronomical fees. End result, a very nice little earner for BDO and a total non-tax-deductible loss for investors.
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Post by charliebrown on Jan 20, 2019 12:18:22 GMT
Your posting reflects my own dwindling expectations. I fear the investment has to be written off. Agree. BDO are the only party who will make anything from the “recovery”. Thanks again FCA you’ve really “protected” investors with your swift actions. Awesome job 👏
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Post by charliebrown on Jan 20, 2019 12:05:36 GMT
Perhaps “lie” is a little bit strong. Is there a nicer word for “failed to do what you said you would do”. MT is still one of my favourite platforms, I just feel they’re slipping a little.
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Post by charliebrown on Jan 20, 2019 2:23:40 GMT
The UK has no shortage of regulators, courts and legal process, ombudsman, professional bodies, receivers, solicitors, lawyers, the list goes on. These are all jobs for the boys, all of them taking their slice and not caring about whether an investor was turned over or not. We wouldn’t even be where we are with COL if the FCA hadn’t shut COL down. The FCA should have come in and managed a graceful closure or rectification not just shut down the web site and said good luck investors you’re going to need it. I don’t believe complaining via any of the avenues you’ve suggested would help, it would just cause further stress and anguish. As the saying goes “tell someone who cares”.
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Post by charliebrown on Jan 20, 2019 1:50:25 GMT
MT promised an update “within the week” which they didn’t provide. A MT lie.
The borrower has lied on numerous occassions about wanting to pay some interest etc. Lies from borrowers are quite common so I’m less surprised about this.
in my experience once the lies start rolling in, especially from the platform, it usually spells trouble.
MT used to have a fantastic reputation for engaging with Lenders and giving timely and honest updates. They’ve started to become less engaged.
Is this project finished? Are they trading?
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Post by charliebrown on Jan 17, 2019 6:10:02 GMT
Despite the losses and probable losses, I'm still making money substantially faster than any losses are occurring (including "claims underway" within my "losses" section, rather than just the "Lendy-acknowledged losses").
As we're just past the start of the calendar year, and Lendy allows "tax statements" with arbitrary start and end dates, I just checked my totals, and for each of calendar years 2016, 2017 and 2018, my total interest earnings happened to be fairly similar fairly similar (the lower total that might be expected due to loans which stopped paying interest got largely cancelled out by the expansion of my portfolio in 2016 and 2017).
The total of my outstanding capital in "claims underway" loans represents less than 30% of the interest I received during each of those 3 years, and thus less than 10% of my lifetime interest earnings at Lendy / Saving Stream.
Clearly the experience will be different for those who "cut their losses" and sold everything so they have no ongoing interest to offset the losses against, but from here the overall balance of a diversified portfolio still looks good; further losses equivalent about 22% of my current portfolio value would be required before the interest received to date gets cancelled out, and given that most loans are still being repaid in full, and interest is still being received each month, that seems unlikely.
I obviously don’t know your specific loan book, but looking at all SUSPENDED and NON-PERFORMING loans, the chances of losing >22% of invested capital across those loans would appear very high to me, and will probably take a decade or so. However, since this is a thread for positive thoughts let’s assume that they will all repay in full with interest and bonus interest.
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Post by charliebrown on Jan 16, 2019 10:24:59 GMT
I really don’t understand Lendy. 763 days in DEFAULT on a PBL and still kicking the can down the road. 763 days where investors have had money locked up earning zero interest whilst Lendy feed them one tall story after another. Sell the damn asset and put investors out of their misery. If you don’t want to admit it’s a loss then push the loan under claims underway with the other losses. What a complete and utter shambles Lendy are.
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Post by charliebrown on Jan 15, 2019 9:38:01 GMT
Ah, I’ve got one. They discontinued “Investor Round-up”, that was a positive.
Sorry to be facetious. My stance on this is they’ve promised a lot of improvements and I’ll be the first one back to this thread to pat them on the back when they action their promises.
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Post by charliebrown on Jan 15, 2019 9:17:06 GMT
Straight red card for me.
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