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Post by charliebrown on Jan 15, 2019 7:44:55 GMT
Lendy seems very inconsistent. For example, look at “the castle” and “borrower in receivership” loans. From memory, these loans were dealt with relatively swiftly, the assets were taken over and were sent to auction, a sale was achieved and investors had an end. This course of action delivered substantial losses to investors but it’s the course Lendy chose to execute (they still don’t call a loss a loss as they call it claims underway). Conversely, look at “Gloucester” loans, these loans are 852 days in default and Lendy has just perpetually kicked the can down the road and taken no action. My question is, why are Lendy so inconsistent in their approach.
Is Lendy going bankrupt? I’d say so and it seems like they are actually trying to put themselves out of business. Why are they not issuing any new loans? Yes, investor sentiment is about as low as it can get but look at Funding Secure, they’ve got lots of defaulted loans and lots of absolute horror stories but they’re stilling issuing loans and those loans still fill.
I just don’t understand Lendy. The last batch of cut-paste updates about a “new recoveries team” were an absolute disgrace.
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Post by charliebrown on Jan 11, 2019 11:18:51 GMT
The latest batch of meaningless cut-paste updates are perhaps the biggest insult Lendy has given us to date. It’s so patronising. What is “the new Rcoveries Team” and why are they different from the old Recoveries Team. I find this update so disrespectful.
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Post by charliebrown on Jan 10, 2019 13:45:41 GMT
and they haven’t provided any updates for 1 1/2 months. Point of order, Sir. The monthly updates are seven days past their December release date, and three days past the date we were warned in advance that they would be delayed to because of the Xmas/NY slow-down. Noted, Adrian. Let’s see when the updates actually turn up then and whether they were worth waiting for.
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Lendy (L) in Administration
MONTHLY BS
Jan 10, 2019 13:40:46 GMT
Post by charliebrown on Jan 10, 2019 13:40:46 GMT
“After 7th January” is Lendy all over. No commitment to do anything they don’t want to do. To be honest they could have equally said “on 7th January” and then just not bothered to release it on the 7th and none of us would have been surprised. So on the positive side, maybe they are waiting for some good news of a big repayment, or a group of flat owners confirming an offer to buy the freehold, or a long running saga has completed.... On the other side, maybe they are delaying the relay of really bad news.... and it is the same old, same old... Shall we run a poll as to which one we think it is. I know which way I’m voting.
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Post by charliebrown on Jan 10, 2019 7:44:19 GMT
My belief is that we shouldn't run Lendy to the ground. They are trying hard to (or at least appears to) turning the boat round. A little burst of communication and good intentions occurred a little while ago. They do not seem to be taking on more risky loans willy-nilly. Despite that, repayments of loans do seem to materialise at some frequency. Now we have to remember that a lot of us are still on the boat and whipping the captain to give you a life jacket may be a win, but staying dry on the boat with a captain to steer it to the shore is my preferred option. Once safely ashore, I can sue the bugger for all compensation still due. It's a foggy night, so I'm not sure whether above is clear at all... I don’t disagree with this. However, I wouldn’t say Lendy are turning things around. Investor sentiment is at an alll time low, they’re not writing any loans at all, which is suspicious not cautious, and they haven’t provided any updates for 1 1/2 months. I don’t understand their strategy anymore, it seems to be a go out of business strategy. To use the boat analogy, Lendy have launched the lift raft and left us investors behind to sink.
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Post by charliebrown on Jan 9, 2019 19:19:17 GMT
I misread the post Lendy put on their news section about the updates for December being posted as 7th January, after reading it again it states " after 7th January" but doesn't actually specify a date. Although I would have expected them to be be nearing completion by now? “After 7th January” is Lendy all over. No commitment to do anything they don’t want to do. To be honest they could have equally said “on 7th January” and then just not bothered to release it on the 7th and none of us would have been surprised.
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Post by charliebrown on Jan 8, 2019 5:54:26 GMT
No loan updates since the 3rd December, and the word on the grapevine is nothing will be forthcoming until next month. Remember folks... "Whilst improving the performance of recoveries is a priority for Lendy, we are also looking to enhance the quality the communications we provide to investors, following the concerns you have raised"That was also over a month ago now, they must either still be "looking". Where did you hear that there will be no updates until next month, Mr_N? i personally (no, I don’t speak for everyone) am glad that the investor roundup has gone away. It was a truly awful read and a worthless piece of self-indulgent propaganda. However, the least they could do is give us a quick and honest update once per month on the first working day of the month; why is this too much to ask. Given that I now have 24 loans in Default I expect an update AT LEAST once per month telling me what they’re doing about it. Through my eyes as a lender (obviously I don’t know what goes on behind the scenes) Lendy get worse and worse by the day, they appear to have just given up. Very sad.
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Post by charliebrown on Jan 5, 2019 11:53:38 GMT
In Lendy Land a month is the blink of an eye. Come back in a year and ask the same question. Or even two years as I keep harping on about.
You are up late again charlie . Just back from a night out spending lendy interest ![???](//storage.proboards.com/forum/images/smiley/huh.png) That would be a bag of chips (a small one) 😁 I must admit my interest payments are very small these days. I’m not quite in the “zero interest club” yet, Godanubis, but I ain’t far off. Give it a month or 2 and I’ll be a fully paid up member. I like your sense of humour, Godanubis, you always make me chuckle with your wit and sarcasm. Thanks for cheering me up
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Post by charliebrown on Jan 5, 2019 7:32:21 GMT
No interest paid on this loan (and many others) No repayment on this loan of the Capital expected "...before Christmas". It was an obvious load of bluff by this Borrower. No point in continuing to fund this pretence of a P2P platform. Lendy where you can watch as your cash goes in and rarely returns. Let’s get ready for the Jan 7th excuse. It should be another belter as there are no excuses left. Correct me if I’m wrong but didn’t LY get this plot valued after the borrower didn’t pay up. It must have been a shocker as they never released the valuation and proceeded to bury their heads in the sand and participate in some World Cup can kicking.
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Post by charliebrown on Jan 5, 2019 1:52:58 GMT
do we actually think anything is happening with this loan - its been a month. In Lendy Land a month is the blink of an eye. Come back in a year and ask the same question.
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Post by charliebrown on Jan 5, 2019 1:50:15 GMT
A better poll might have been “how long do you think LY can remain in business” and “what % of bad loans do you think LY can recover”. This makes it more generic and not about anyone’s own specific loans.
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Post by charliebrown on Jan 4, 2019 12:07:21 GMT
Update states “We are expecting this loan to be refinanced this week with full repayment of capital and interest”. It’s Friday today so when do they expect the refinance exactly.
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Lendy (L) in Administration
MONTHLY BS
Jan 4, 2019 11:17:08 GMT
Post by charliebrown on Jan 4, 2019 11:17:08 GMT
I wonder whether the update guy got The Little Book of Big Excuses for Christmas.
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Post by charliebrown on Jan 3, 2019 12:53:51 GMT
Being in Lendy literally gives me nightmares. +1 agree!
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Post by charliebrown on Jan 3, 2019 12:49:18 GMT
I’d take 50%. We have to be realistic, many of the LY loans are total disasters; fields of 1/2 finished sheds, legal disputes, 1/2 finished derelict buildings, 1/2 finished tower blocks, overvalued plots of land, dodgy borrowers and a LY team you couldn’t trust as far as you could throw them. 50% recovery would represent a 6 figure loss for me but I’d take it as I personally believe time wouldn’t improve on that figure and LY’s days are numbered in any case. Those saying full recovery plus interest are dreaming.
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