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Post by charliebrown on Jan 3, 2019 12:03:13 GMT
Just got off the phone to my bank, told them I would aim to pay my mortgage this month. Spoke to a lovely chap who said it was ok as when they lent me the money they were only hoping I’d pay it back.
MT’s updates are getting worse, they didn’t hire that Paul guy from Lendy did they?
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Post by charliebrown on Jan 2, 2019 11:30:20 GMT
2 years’ where capital is trapped even where there’s ultimately a full recovery (which is highly unlikely) is still a pretty bad situation when you look at the ratio of good to bad loans on platforms like FS and especially LY. I feel unless you are extremely skilled at DD and/or extremely lucky then we’d be better with something like RS at a much more predictable 6% return. I don’t like using lucky and investment in the same sentence. No luck involved just work. Never hold loans to the end that are more than 1% of portfolio and you will make good return providing you buy the right one to begin I manage well over 15% in FS on a few hundred £K LY has Loans that are well over a year. MT and others have 5 year Loans it’s the fixation on 6 months that causes perceived problem. If you’ve avoided all LY bad loans then you’re either a total genius or you’d make more money by buying a lottery ticket with your luck 😊 selling out of loans before term is a nice idea but it’s been said many times that it’s a risky strategy as there’s no guarantees you can sell out. I always appreciate your advice on these forums though, you’re a very knowledgeable contributor.
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Post by charliebrown on Jan 2, 2019 11:05:23 GMT
It’s hard to think of any other profession where you can be inaccurate to the tune of 90% and still get paid for your “work” and not get fired. If my estimates were 90% out I’d be fired within an hour. What type of qualifications do these “professionals” need? Wouldn’t you feel embarrassed to be so bad at your job?
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Post by charliebrown on Jan 2, 2019 10:13:10 GMT
had about 2K stuck in over due / defaulted loans for what seems to be for ever ,some 500+ days overdue. Hope this news comes true in 2019 so I can get out of this shambles and move on At 500 days it is still way too soon for the 2 year rule you should at least mentally apply for property loans to resolve. Relatively straight forward house sales can take months to exchange. Have patience and invest/manage your money to mitigate potential reduced overall returns as you won’t have overall losses. 2 years’ where capital is trapped even where there’s ultimately a full recovery (which is highly unlikely) is still a pretty bad situation when you look at the ratio of good to bad loans on platforms like FS and especially LY. I feel unless you are extremely skilled at DD and/or extremely lucky then we’d be better with something like RS at a much more predictable 6% return. I don’t like using lucky and investment in the same sentence.
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Post by charliebrown on Jan 1, 2019 23:56:49 GMT
Same here. I have so many defaulted and/or overdue loans in FS, MT and Lendy that I stopped investing some time ago. I expected to have a few dodgy loans but not this many! I’m in the same boat (luckily it’s not the FS power boat). I’ve also got a fair chunk in COL that I’m considering to be 100% loss. Then there’s the LY court case hanging over me. I personally wouldn’t recommend any of the above p2p platforms to anyone I like.
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Post by charliebrown on Jan 1, 2019 23:49:33 GMT
No problem though..FS General Info says ..'This is a six month loan secured on a freehold Hotel in Llandudno. In addition to the charge on the property we also have a personal guarantee supporting the loan with assets and liability net value of £383k.' I bet that 383k has since disappeared 😁 or never existed; do you think FS will have bothered to check.
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Post by charliebrown on Jan 1, 2019 23:44:40 GMT
Still eating Paracetamol ..im guessing you're referring to shares ? Someone has just invested around £1m in three loans—-what can one say! Rather them than me. My experience over the last 2 years with LY and FS has been horrendous. It’s beyond risky, it’s wreckless. There’s so much that can and does go wrong and the people behind the platforms are incompetent at best and I wouldn’t trust them to handle another 1p of my money let alone 1m. It’s such a shame that most of the disasters were avoidable. I still love the idea of p2p and I’m hoping that one day we’ll get some better run platforms that we can trust.
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Post by charliebrown on Dec 31, 2018 2:20:33 GMT
This is what we were told in tranche five. " The fifth tranche (£200,000) of a facility of £800,000 for the development of 9 apartments and 1 house with a gross development value of £1,200,000 (67% LTV).This tranche is to fund the external masonry, roof and windows. Timber frames have been paid for out of the last tranche. However, borrower does not want to schedule delivery until funds are available to line up materials and contractors for the external materials
Cumulative lending is therefore £530k
Estimate of value: £800k
Current LTV: 66.25%
At no stage will cumulative tranches exceed 70% of current value ".
---------------------- It's really very simple. The borrower just kept spinning a yarn and FS sent him our money without checking that what he was saying was true. This allowed the "borrower" to take £530,0000 in five tranche and leave a partially demolished site as "security" which netted £13,060.28. This was gross negligence by FS. It's all been said about this "loan". The loss needs to be crystalized and action taken from there, which is why you can expect FS to take years on a wild goose chase for funds that aren't there. Basically, the “borrower” has committed fraud, FS were grossly negligent and we were the victims. Welcome to p2p (well, especially those p2p that are very badly managed and appear to only be chasing short term gains for themselves). I personally hate to see any crime committed let alone be the victim. Whilst I haven’t lost any sleep over the 300 quid I’m out of pocket, I think it would be wrong for us to do absolutely nothing about this unacceptable situation.
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Post by charliebrown on Dec 30, 2018 9:35:40 GMT
If the borrower had paid some of the interest owed I’d have felt much better. The fact that we were told interest would be paid and it wasn’t is a red flag in my experience. Once the lies start it’s a slippery slope.
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Post by charliebrown on Dec 29, 2018 1:59:47 GMT
“The borrower is aiming to be able to pay at least one-month of interest arrears by the end of this week”.
When the borrower repeatedly lies to us I get very nervous.
I don’t think the borrower would pay any interest on this loan whilst he’s trying to organise refinance. If he has any reason to believe the refinance might fail he’d be throwing money away by servicing interest.
An update on this loan would be welcome. Including an update on the status of the project as it was supposed to be open and trading by now.
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Post by charliebrown on Dec 27, 2018 11:45:49 GMT
44% LTV. I hope that’s somewhere near accurate and we should get a decent recovery. You'll be fine, their track record is exemplary. Hahaha glad to see you haven’t lost your sense of humour, Oz
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Post by charliebrown on Dec 27, 2018 11:26:07 GMT
Almost 1 year overdue. This loan should have been defaulted ages ago. I hope this isn’t another like the Art Loans. I’m trying to work out whether FS or LY should be voted the worlds worst p2p. It’s a close contest. I’d say Whitehaven has FS marginally ahead, although I’d personally vote for LY as I’ve suffered more defaults (now 100%) on LY.
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Post by charliebrown on Dec 27, 2018 11:20:49 GMT
44% LTV. I hope that’s somewhere near accurate and we should get a decent recovery.
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Post by charliebrown on Dec 25, 2018 3:41:40 GMT
I wonder whether anyone has kept a running total of promises made by Lendy that were broken. It must be into double digits. However, I think in this case LY worded the update to say it was the borrower’s expectation. In other words it was an expectation only and it was the borrower’s expectation not LY’s expectation.
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Post by charliebrown on Dec 23, 2018 2:59:36 GMT
I imagine what was meant is that neither the borrower nor LY have any intentions to repay these Exeter loans. There has been a lot of talk on the forum from people saying under old T&Cs it is LY that borrowed this money from us investors and it is LY that owes us a repayment. However, AFAIK, it’s just been talk and no one has put that theory to the test by sending LY a demand for repayment. The loans are -554 days overdue and LY has done absolutely nothing that is visible to us to recover any money, just the usual false hope and empty promises that allows them to keep the problem buried month after month.
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