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Post by charliebrown on Dec 14, 2018 15:14:54 GMT
I've contacted Lendy about one of the suspended loans and this was their response Thank you for your email. We are presently awaiting confirmation of communication from our Communications team. Once released you can be assured these will be sent to all lenders in these loans. Thank you for your patience in this matter. Kind regards, The Lendy Team Does not sound like it will be good news, and has typically been very badly handled by LY.
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Post by charliebrown on Dec 13, 2018 4:08:50 GMT
'Provided the formalities are satisfactory, we expect the refinance to complete with the next few days.' Can anyone define few? Or are the formalities unsatisfactory? Well most would take a 'few' to be say 3...maybe 5 days.....in Lendy's case ..well its a dartboard job ![:)](//storage.proboards.com/forum/images/smiley/smiley.png) Lendy has always had a very loose grip on time and reality.
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Post by charliebrown on Dec 9, 2018 7:17:38 GMT
The borrower has our money AND the assets. The borrower has committed fraud / deception and may (hopefully) face criminal consequences. I fear we will not see any money returned to us as this is now effectively an unsecured loan. Not sure whether we’d have a claim against FS for their total and utter negligence and muppetry?
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Post by charliebrown on Dec 7, 2018 4:09:40 GMT
My first positive post in a long while, but I’m delighted to have something positive to write. Well done, Lendy. I won’t be reinvesting these funds in the platform as I still feel I have far too much exposure to the platform and cash tied up in defaults. However, a few more results like this and my confidence might start to return.
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Post by charliebrown on Nov 30, 2018 11:20:28 GMT
Let the ombudsman/FCA know your concerns. I've reminded the FCA on several occasions they granted Lendy 'FCA approval'. Won't look good on their part in the future if the platform was to fail. Not only it wont look good, it will look really bad if it fails within a year of gaining full FCA authorisation. FCA approval simply means the platform operates within the rules. It doesn’t mean the platform is run by competent people, it doesn’t mean the platform offers good loans, it doesn’t mean you won’t lose money and it doesn’t mean the platform will not go under. If, in fact, all these things were to happen the FCA wouldn’t give 2 poos.
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Post by charliebrown on Nov 29, 2018 12:31:03 GMT
Some up date information now on the Lendy DD section of this forum concerning our tardy Borrower and his vast expertise in arranging project finance and his links to a JV partnership where he is , would you believe it, the MD ![B-|](//storage.proboards.com/forum/images/smiley/notamused.png) . It only took a few minutes to discover this stuff. Strange how it has seems impossible to obtain this information from the brilliant people now being paid large sum so of money by Lendy to handle all our investments. SXLR Does this mean the story about a JV partner is an elaborate con? Did we ever expect that it wasn’t? If borrowers don’t intend to redeem their loan why drag it out for 2 years by making excuses? Why not just say on the due date that they have no intention of redeeming? They have nothing to lose by saying it early? And nothing to gain by leading LY on a merry dance? What am I missing?
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Post by charliebrown on Nov 28, 2018 23:22:55 GMT
There is only one administrator for the Col loan book and that's not looking cheap. Surely Administrators should be paid by results. It’s outrageous that the COL Administrator has racked up so much in fees over 6 months but with no results.
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Post by charliebrown on Nov 28, 2018 13:14:02 GMT
it is a pity this forum is confined to lenders. It would be interesting to get borrowers takes on Lendy's efforts. The borrowers are very happy with LY’s performance. Some were allowed to borrow far in excess of the asset value, or imaginary future value, then allowed to keep all the money without any consequences. The borrowers, along with LY founders, have all made millions and are probably currently sat on a beach sipping cocktails. Meanwhile investors are being told they haven’t yet lost a penny. Since LY are FCA regulated this arrangement is called an investment, yet the cynical might call it a stick up.
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Post by charliebrown on Nov 27, 2018 23:06:24 GMT
Lendy have stopped sending out their Weekly Monthly Bu****it as it was too easy for all investors to see what was going wrong with so many loans. Investors now need to search for information and no doubt Lendy hope they can not be bothered to do so. It is vital that we keep the pressure on Lendy and not let them stall anymore on this shockingly managed loan. As far as I'm aware, Lendy are still doing the monthly loan updates, it's the investor round-up they are no longer doing. Correct me if I'm wrong though, I rely on my father to provide me with these details because I only receive some of Lendy's e-mails due to a system error. Correct, only the investor round up has gone, but I doubt anyone cares, it was a truly awful read. Departure of their spin doctor is also no great loss, I wasn’t a fan of his rhetoric. I hope this month we get an honest update on each loan direct from the LY agent responsible for recovery (it would be a first, but we can hope).
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Post by charliebrown on Nov 27, 2018 22:57:26 GMT
I guess your viewpoint depends on whether you have any performing loans left. All of my loans are in default, some are already with the administrators and some are over 500 days overdue and the administrators still haven't been called in. I'd rather take a hit on the administrators costs and recover the loans than just sit around for another 500 days. Administrators handling one or several independently defaulted loans on Lendy behalf is one thing, Administrators trying to wind up all of Lendy business and all Lendys loans is completely another kettle of fish. I too have a sizeable amount of loans in administration (82k if you are wondering what is sizeable) and I speak having had experience of platform default in the forex business and what is returned to clients once the Administrators are called in is negligible. Take a look at what is happening at Collateral, does that look like the lenders are benefitting? Unfortunately, it doesn't to me [yet]. I agree with this. Take a look at how BDO are handling the COL wind up, 6 months in and they’ve racked up hundreds of thousands of pounds in fees and have basically recovered nothing. Whilst I am VERY unhappy with LY, I think shutting them down would give us an even worse outcome. My fear is LY seem to actually be shutting themselves down.
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Post by charliebrown on Nov 24, 2018 3:16:18 GMT
I’m not suggesting Lendy should be forced into administration, but perhaps the FCA or Ombudsman could be sent in to provide guidance and assistance. I share the original poster’s frustration. From the outside looking in, Lendy’s so called world-class recoveries team are just not performing (at least not on my defaults). It can be argued that they’re working within a 3rd world legal system and that’s clearly true, but.... there are examples of incompetence everywhere you look. Examples from the top of my head are Hastings (where borrower excuses have been accepted for 531 days without any action), Wolves (where the investor vote was ignored), Sheds (where it’s suggested our first charge will be dropped to a second charge)... the list goes on. Do we honestly feel that LY is acting in our best interests? Rather than mudslinging what I would say is LY are out of their depth, they are lacking the skills and experience to execute recovery strategies. I do NOT want to force them into administration but I do want to send in help as they’ve totally lost control. What would you suggest? A request to the regulators co-signed by those who would want to? That might not be a bad idea. I think the FCA should be more proactive here, sitting on the shore eating ice cream whilst watching the Lendy ship sink is not what I’d expect. Unless I’ve misunderstood the role of the regulator, offering guidance should be expected here. Whether LY is forced into administration or it happens naturally I believe that’s the only way this is going to end. Lendy has stopped lending, they (and the press) have destroyed their good name. I don’t see any way back for them.
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Post by charliebrown on Nov 23, 2018 14:33:53 GMT
I’m not suggesting Lendy should be forced into administration, but perhaps the FCA or Ombudsman could be sent in to provide guidance and assistance.
I share the original poster’s frustration. From the outside looking in, Lendy’s so called world-class recoveries team are just not performing (at least not on my defaults). It can be argued that they’re working within a 3rd world legal system and that’s clearly true, but.... there are examples of incompetence everywhere you look. Examples from the top of my head are Hastings (where borrower excuses have been accepted for 531 days without any action), Wolves (where the investor vote was ignored), Sheds (where it’s suggested our first charge will be dropped to a second charge)... the list goes on. Do we honestly feel that LY is acting in our best interests? Rather than mudslinging what I would say is LY are out of their depth, they are lacking the skills and experience to execute recovery strategies. I do NOT want to force them into administration but I do want to send in help as they’ve totally lost control.
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Post by charliebrown on Nov 21, 2018 13:31:21 GMT
I don’t think we really know who has left and who has joined. However, my guess is the LY Xmas party will be a table for 2 at McDonald’s.
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Post by charliebrown on Nov 21, 2018 13:12:07 GMT
- 'Lendy are one of the few P2P companies making a profit' and have not gone into liquidation - high fives, everyone!
There’s a shocking irony to this. Lendy are losing millions of pounds of investors’ capital and providing some of the worst returns in the market, yet they are one of the few P2P companies making a profit. I blame Thatcher. Basic sense would tell us that big loses for investors AND big profits for LY is a situation that cannot last.
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Post by charliebrown on Nov 20, 2018 1:50:43 GMT
Sadly my dear mother passed away yesterday with investments in FS,FC and Lendy. 2 of 3 beneficiaries have accounts with Lendy FC and all 3 have FS accounts. I gather FS may be able to divide loans which would then mature/ default as usual. Not sure on Lendy. I will keep you all informed of process and outcome and how helpful each platform is. They all have the opportunity to prove they have lenders interests in mind and not just the bottom line. Sorry for your loss , Godanubis. It raises an important topic. It’s not just in death but also in life, just how long we might wait for closure on loans. The p2p sector is quite new and we are already seeing platforms with 1000+ days overdue loans. Platforms and the system they operate within are incredibly slow. This is why I don’t like p2p, you invest and receive 12% for 6 months (happy days) the loan defaults and you wait 4 years to get 50% of your capital back. I have concluded that I prefer and earn more on the platforms like RS with the benefit of fast exit if required.
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