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Post by charliebrown on Dec 22, 2018 12:34:18 GMT
If Liam’s got £5.5m in the bank, I’m not confident he’s going to want to spend it on Funding recoveries that don’t benefit him. As we have all mentioned many times, all Lendy really needed to do to keep us on board (no pun intended) was to have acceptable loan performance and to treat us with respect. They’ve failed on both counts!
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Post by charliebrown on Dec 22, 2018 0:33:21 GMT
An interesting point here, please correct me if I’m wrong. All of these loans had sizeable SM queues, meaning, assuming interest is IOA, Lendy were making a significant profit from swallowing the interest of people unsuccessfully trying to sell out. By suspending these loans does that mean they’ve cut off that revenue for themselves? Also, will we still receive interest on these loans now they are suspended or will Lendy stop the interest payments just like they did with the Sheds loan?
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Post by charliebrown on Dec 22, 2018 0:01:44 GMT
Hasn’t LY just used clever language here, stating the WEALTH product pays up to 10% interest (read 0%) and requires at least 60 days notice (read you’re never getting your money back).
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Post by charliebrown on Dec 21, 2018 4:35:09 GMT
Yet there’s still no communications as to why the loans for student developments were all recently suspended. Are they going to tell us this week and ruin our Christmas.
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Post by charliebrown on Dec 18, 2018 16:50:33 GMT
Genuine question, whoes interests are the FCA set up to protect? I don’t believe it’s investor’s interests. As long as LY lose all our money in a compliant manner the FCA would not care.
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Post by charliebrown on Dec 17, 2018 23:24:44 GMT
98% loss on a secured loan, at 65% LTV. There are no words to describe this fiasco and ridiculous outcome. My personal loss is reasonably small but, on sheer principle, I’m willing to join any action to hold FS accountable for their total ineptitude and lack of duty of care (which would seem infinitely provable). I'm with you all the way, I believe that I was grossly mislead into investing in tranche five and that FS are responsible because they never checked a damned thing the "borrower" told them, but all the while they are going through the motions of looking down the back of the "borrowers" sofa cushions there's probably nothing you can do. Yea, £800,000 down to £13,000. Spectacular. Who wants to be a millionaire. Clearly this “borrower” does. Joking aside, as well as a claim against FS, this matter should be turned over to the police/ fraud office.
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Post by charliebrown on Dec 17, 2018 22:57:46 GMT
Let’s face it, suspending loans has NEVER been good news. LY’s email is clearly just a reaction to the masses demanding they break their silence. It says nothing, which to me says everything. The borrower appears to have some personal wealth so I hope there’s a viable PG in place (fat chance). That said, this borrower has ultimately made good on other loans but I fear defaulting 9 loans all at once is going to be difficult to recover from.
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Post by charliebrown on Dec 17, 2018 13:56:53 GMT
Feels like a COL situation, where the initial smoke screen was “there’s an IT problem” followed by a period of silence followed by “we’re in Administration, good luck and goodbye”.
I just hope to goodness BDO are not appointed as Administrators.
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Post by charliebrown on Dec 17, 2018 13:49:18 GMT
Any interest I earned was always reinvested.
i’m declaring COL funds as a total wipeout capital loss as I’ve seen no evidence that this will not be the final outcome. People who keep saying we might expect a decent or full return are either joking or dreaming.
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Post by charliebrown on Dec 17, 2018 13:33:13 GMT
98% loss on a secured loan, at 65% LTV. There are no words to describe this fiasco and ridiculous outcome.
My personal loss is reasonably small but, on sheer principle, I’m willing to join any action to hold FS accountable for their total ineptitude and lack of duty of care (which would seem infinitely provable).
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Post by charliebrown on Dec 17, 2018 13:01:58 GMT
The continued silence is wholly unacceptable.
i imagine something catastrophic has happened and since they know there’s no way back they really don’t give a stuff about what we think.
I always felt the very uncharacteristic “we’re sorry, we care, we’re changing” emails were very suspicious and felt like a last ditch attempt to insult our intelligence.
Suspending loans without explanation is a new low and is akin to throwing in the towel.
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Post by charliebrown on Dec 16, 2018 0:15:38 GMT
It is ironic that sufficient detail is presented on their compensation when limited progress has been made on the administration. The good news is the deadline. We would know where we stand by April next year. The countdown is on! I’m not speculating on what % loss we will take (although my view is a very pessimistic one) but I am more interested in how long all this unnecessary mess will take to resolve, especially when the hopeless Administrator is racking up fees like a rock star on a night out. Can someone elaborate what the April deadline is?
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Post by charliebrown on Dec 15, 2018 1:42:33 GMT
grotdog I consider it lucky that Liam has not folded the company and walked away already; something he could probably easily do if he were without principles. I agree. I’m not sure it’s down to “principles” but given where we are the best position for investors is that Liam keeps LY running and keeps funding the recovery efforts. The system whereby wealthy individuals operate companies that have no assets means Liam could walk away without financial consequence, just like borrowers can walk away from their loans without financial consequence. My concern is that the sheer scale of the mess that’s been created is going to be beyond LY’s skill and endurance to fix.
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Post by charliebrown on Dec 15, 2018 0:29:10 GMT
I'm starting to lose track of how many recent tranches of this relate to both interest cost for extension and for required development costs since the June 18 IMS. Transparency would suggest a split of the required figure between the two, especially as the IMS and updates imply the build is pretty much complete? Chances are there's bad news behind the suspension of this and the related loans. If there had been good news Lendy would have been shouting about it. This borrower's other schemes are going nowhere unless this scheme turns out to be profitable. Trouble is he's been getting in deeper and deeper without being able to get it across the line. He's strung Lendy along for months, more recently probably kidding them that selling his failing football venture would get him out of the mire. If it' hasn't then the whole house of cards collapses, so guess why Lendy has pressed the suspend button on the whole lot. He's probably come up with some last minute tale of a pot of gold he can come up with in the next few days and Lendy have belatedly giving him yet more wriggle room while freezing our assets and leaving us in limbo. I only hope I'm wrong, but there's no excuse for Lendy's silence. They should have communicated the reasons for the suspensions immediately on taking this action. I agree. As per usual this is not looking good for us and LY have shown complete disdain for lenders by giving no explanation for their actions. Well, it’s now official, all 24 of my loans are now defaulted or suspended. The 1 star Trust Pilot reviews for LY are far too generous. LY are in a league all of their own.
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Post by charliebrown on Dec 14, 2018 23:17:24 GMT
Lendy are not doing themselves any favours by suspending all the loans from the same borrower then keeping quite for over 24 hours, just shows how much they care about there investors, What a shambolic investment company They’ve surpassed themselves this time. Which other “investment” company would suspend 10s of millions of pounds of investments and then go off for the weekend without a word to all their worried investors. This is perhaps THE worst example of LY’s total disrespect for their lenders. I am not impressed. I expect it’s very bad news and they’re getting their Lawyers to write the update.
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