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Post by charliebrown on Nov 3, 2018 22:57:01 GMT
Given where we are with Ly at the moment, getting 97% of capital back with further prospects of further capital and interest repayments is not ideal but I would take it in this climate. I’ll take this outcome in a heartbeat. With interest already received we should “break-even” which I imagine is as good as it’s going to get on LY defaults. Anything that liberates some of my cash and brings me a step closer to being able to escape this nightmare, I’ll take it.
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Post by charliebrown on Nov 2, 2018 13:45:30 GMT
"Jointly and severally" means they can come after any of us and clean us out - all our savings and assets. This is not true. It is jointly and severally for the 8 figure sum in total, i.e. for the total sum divided equally by the total number of investors. Not 8 figure sum per investor. As far as I understand it any single investor can be held liable for the full amount of any claim against all of us. I want to believe that this is complete nonesense, but the legal system is far from fair and sensible, let’s remember that with enough money and dodgy Lawyers OJ was able to get off a murder charge. In case the witch of a borrower is reading this, don’t waste your time suing me as all my “wealth” is tied up in LY defaults.
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Post by charliebrown on Nov 2, 2018 12:37:08 GMT
What email are we supposed to have received?
i haven’t received any email. Email is not a reliable nor guaranteed delivery mechanism. Can we really be sued over email? Unbelievable.
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Post by charliebrown on Nov 2, 2018 12:22:05 GMT
'we are going to be putting our “Investor Round-ups” on hold for a while' Let me just get my Lendy BS thesaurus out... Translates to 'The guy who wrote the updates has jumped ship'. Apart from it indicating bigger LY troubles (which worries me more), the marketing guy’s departure is no great loss IMHO. I never enjoyed reading his spin and forced exuberance. When his appointment was announced I was hoping he would engage openly and directly with lenders - on this forum for example - but he never did.
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Post by charliebrown on Nov 2, 2018 0:14:58 GMT
I have a feeling that this will never be settled because of the old t&C's. Lendy could theoretically afford to crystallise losses on any other load apart from this. If Lendy goes bust then enforcing the contract might be difficult as there will be nothing left. The updates here are a myth IMO....the borrower dangling settlements and refinances and Lendy believing it because they want to, but in reality just passing time until they fail. If we believe the “old T&C” theory then Lendy has been in default to us investors for over 500 days and we’ve done nothing about it. That makes us the fools not them.
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Post by charliebrown on Nov 1, 2018 11:03:45 GMT
DFL005 /DFL019 delayed end of day Any significance in the delay do we think. The slightest thing has me on edge with this mob.
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Post by charliebrown on Oct 14, 2018 13:58:13 GMT
This is billed as 27% LTV. If that’s anything but wildly inaccurate our investment should be safe. Why are FS allowing us to be strung along, why not just auction off the asset? There’s been enough tolerance shown.
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Post by charliebrown on Oct 13, 2018 12:05:36 GMT
Not sure I understand your point. Are you saying that 95% of defaults are resolved within 2 years? At this stage I am looking for resolution on this cataclysmic disaster. I have resigned myself to losing money, but I don’t want to endure the prolonged agony of it. I’d prefer to see recoveries accelerated and brought to a head. I’ll take the losses on the chin but I want to recover at least some of my money rather than be stuck in a perpetual state of “no progress” that LY serve up monthly and indefinitely. The “no progress” state is the hardest to deal with. If they just said we auctioned off the asset and we only recovered 25% of your capital, well at least it’s closure and we can draw a line under it and move on. If you count all defaults as 100% capital loss (mentally) then you have moved on. After 2 years 95% will probably be settled.
So that leaves 5% of defaulted loans unresolved so probably 100% loss.
I have over 200 loans so say 10% default and 5% of that 10% unresolved after 2 years that would be 1 loan . (I would only hold 30% max to term)
As I put maximum of .8% of capital (at the moment) into any loan that can"t be sold that would be a tiny amount.
Count your whole portfollio as one loan and the gains as the return and you will never be disappointed if aggressively diversified with minimum individual loan investmet.
Bonus payment on those that do repay goes a long way to offset those that don't give full recovery
As this thread has highlighted, almost 50% of LY’s loan book is in default (more if you call <0 days a default). If you were aggressively diversified then 50% of your invested capital would be (mentally) written off. 2 years later a proportion of it would actually be written off (using the 2 year rule) and the rest would be stuck in an endless “no progress” loop. Quite how that wouldn’t leave you disappointed I don’t know. Quite how LY can continue to call that an “investment” I also don’t know.
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Post by charliebrown on Oct 13, 2018 2:20:07 GMT
I don’t disagree. Most of my defaults have gone month after month after month with no material updates. Some have recycled excuses that were first seen a year ago. However, as someone who also has money stuck in COL (receivers appointed) the situation seems to be going absolutely nowhere. It all depends how professional the professionals are I guess. If you consider all loans as 2 year loans 95+% would be resolved. Not sure I understand your point. Are you saying that 95% of defaults are resolved within 2 years? At this stage I am looking for resolution on this cataclysmic disaster. I have resigned myself to losing money, but I don’t want to endure the prolonged agony of it. I’d prefer to see recoveries accelerated and brought to a head. I’ll take the losses on the chin but I want to recover at least some of my money rather than be stuck in a perpetual state of “no progress” that LY serve up monthly and indefinitely. The “no progress” state is the hardest to deal with. If they just said we auctioned off the asset and we only recovered 25% of your capital, well at least it’s closure and we can draw a line under it and move on.
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Post by charliebrown on Oct 12, 2018 12:36:04 GMT
Platform risk no longer worries me. I'm starting to wonder whether we'd be better off having the professionals in to wind the loan book down. I don’t disagree. Most of my defaults have gone month after month after month with no material updates. Some have recycled excuses that were first seen a year ago. However, as someone who also has money stuck in COL (receivers appointed) the situation seems to be going absolutely nowhere. It all depends how professional the professionals are I guess.
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Post by charliebrown on Oct 12, 2018 12:27:44 GMT
I wouldn’t want to live in a house that Lendy built, it would probably collapse.
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Post by charliebrown on Oct 12, 2018 12:17:26 GMT
To go back to the topic, i think the question is when is the tipping point where lendy will start using up the provision fund to pay its staff and operating cost as investor don't want to invest anymore... And at which stage it may be better to run away to avoid total loss of capital due to bankrupcy Is it legal to pay salaries from the provision fund? Who are you suggesting would run away? Investors? I think most of us would love to be able to run away, but with millions of our money stuck in toxic loans how can we run? The situation now seems to have a certain inevitability about it. Even posts on this forum have dried up as everything that can be said has already been said.
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Post by charliebrown on Oct 11, 2018 10:39:30 GMT
For this loan, and a few others, LY have hinted that they’re contemplating a build out. I have my doubts as to whether they would attempt this, but assuming they’re serious, where would the money come from to pay for a substantial build out?
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Post by charliebrown on Oct 9, 2018 12:27:27 GMT
No investor has lost a penny if we really call a default a default >0 days, then the numbers are even worse and more shocking. I’ve got a sizeable 6 figure sum invested in Lendy and I’m now receiving very little interest. Majority of my holdings are IA or default. I just don’t see where things go from here. The default process that Lendy follows seems to take an eternity. Something more drastic and dynamic needs to be done.
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Post by charliebrown on Oct 7, 2018 23:45:08 GMT
Quite so. So why not update us ALL that ‘steps are being taken to conclude the matter satisfactorily, and no further updates can be made at the present time’. If they can say it publicly to one, then say it to all. We are used to updates only when a positive spin can be put on them, often woefully over optimistic. Here we could hear “legal advice is against further updates”. Totally agreed - a rule to have an update every month (for example), even if it just says 'no further updates can be provided due to [x]', would be a welcome change. I suppose, in this case, the last update made us all aware that legal action was afoot, so we could probably put two and two together, but a little reassurance wouldn't hurt..! Having experienced Lendy’s monthly updates you’re often left wishing they’d just said nothing. If there’s no progress it’s not really going to help anyone by posting an update that says no progress. Where there’s no progress on Lendy then Lendy just invent some progress (which never materializes) which is even worse (hence their updates have been nicknamed Monthly BS).
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