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Post by charliebrown on Oct 7, 2018 10:35:39 GMT
This borrower appears to be trying hard to repay the loan, by paying interest to extend and slowly selling units. The problem is, progress is extremely slow. These developments are, it seems, complete yet appear to be struggling to get refinanced. The other thing I noticed is that the security reduction is more than the amount repaid, does that mean the asset value is being eroded, or is it just the usual situation where the asset was overvalued. If loan ltv is 70% and we got £70k of our loan back the security should reduce by the £100k that it was secured against. Ah, that makes sense. Thanks for explaining, elliott.
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Post by charliebrown on Oct 5, 2018 23:41:12 GMT
This borrower appears to be trying hard to repay the loan, by paying interest to extend and slowly selling units. The problem is, progress is extremely slow. These developments are, it seems, complete yet appear to be struggling to get refinanced. The other thing I noticed is that the security reduction is more than the amount repaid, does that mean the asset value is being eroded, or is it just the usual situation where the asset was overvalued.
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Post by charliebrown on Oct 1, 2018 12:43:29 GMT
Latest update...am I reading this right through all the waffle that they are now considering ‘’regrettably’’a development loan !! No one on LY is going to fund a development loan. They’d updated another loan with a comment to the effect “our lenders didn’t have any appetite to fund a development loan”. Correction LY, no one has any appetite to fund anything on LY.
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Post by charliebrown on Oct 1, 2018 12:28:33 GMT
Lendy are truly finished. Anyone who still thinks they’re doing ok is smoking crack. No one with any sense would touch Lendy with a bargepole at this stage. Anyone who has dropped cash into Lendy Wealth (I suspect very few) must have a screw loose. The borrowers must all be waiting on the sidelines for the inevitable.
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Post by charliebrown on Oct 1, 2018 12:16:12 GMT
All updates on my loans are the usual zero progress rubbish. Probably the only updates of any substance are the previous promises to repay Exeter loans have been changed to “the borrower is not able to proceed”. To say Lendy are so proud of their world class recovery team and the tireless work they do behind the scenes they’re having no success at all. It’s a bit like running tirelessly on a treadmill or having a world class striker that never scores any goals. The only difference these days is that I have very low expectations that there would be any positive progress on anything. They’ve done a terrific job of setting my expectations.
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Post by charliebrown on Sept 29, 2018 14:05:52 GMT
With lie after lie after lie from LY (perhaps lies from the borrower that LY just pass on without verification) I don’t feel it’s very likely that the borrower is going to pay up. Since there’s a movement of people here on the forum who are convinced that LY is fully liable for the Exeter loans then what can we do to call in the loans from LY? I suggest we call these loans in whilst LY is still in business (we might not have long).
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Post by charliebrown on Sept 28, 2018 11:20:53 GMT
Anyway.... have people noticed that Monthly BS has been delayed until Monday 1st October. Thank you Zappa. Hopefully, they will be gainfully employed today making repayments and will want to gloat about it on Monday. I do hope so! There were numerous repayments promised in September, not least the Exeter train wreck. Unsurprisingly, none of them materialised. Lendy’s promises are totally worthless. Any serious business would be embarrassed to lie to their customers on such a regular basis.
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Post by charliebrown on Sept 27, 2018 13:35:04 GMT
I have faith in British legal system. I hope I'm not naive. I have no faith in anything to do with regulators or anything to do with British justice. Just my opinion.
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Post by charliebrown on Sept 26, 2018 14:02:31 GMT
Lendy will go down as an example of why you cannot continue to treat customers as fools and continue to thrive. Amazon claims to be one of the most customer-centric companies on the plant, and maybe they are. Lendy are the complete opposite, they treat customers (investors) as total morons and I think this attitude is closing in on them. I have no facts, but I’d assume the uptake on Lendy Wealth is extremely poor. I also think it was Lendy’s final attempt to screw some more money from us “fools”.
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Post by charliebrown on Sept 26, 2018 13:06:03 GMT
The challenge now is where to invest the repaid money and "profits". Do yourself a favour, don’t go within a country mile of LENDY.
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Post by charliebrown on Sept 26, 2018 13:03:59 GMT
A lot of doubters said this loan was toxic. It was even called out in the FA Lague of Mega Failures as a predicted 90% loss!!! This made me worried as I’d invested over 30k in this loan. I am delighted to see this repay and give me a tidy profit at 15% interest. The bad news is the profit on this loan doesn’t nearly cover the loses I’ve got coming on LENDY. Credit where’s its due, well done FS! Great job.
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Post by charliebrown on Sept 24, 2018 12:40:56 GMT
This is total rubbish, they’ve never managed to recover anything as far as I can remember. A lot of loans have been partially or even fully recovered. There is a lot of things you can blame Lendy for (lack of transparency, questionable voting system etc.) but such obviously false bullshit-statements are leading nowhere. I did say “as far as I can remember” meaning recoveries from my own list of horror loans. I tend not to follow loans I’m not in. You said “a lot of loans have been recovered” which is quite vague, what does “a lot” mean. Let’s not argue about it. My own experience in the loans I’m in shows that LY has an extremely slow and unsuccessful recovery process. Your mileage may vary, but I’d be surprised if it does. To clarify, I was referring to loans which were defaulted by the borrower and subsequently had capital (and hopefully interest) recovered. I don’t believe that’s a great ratio for LY despite all their hard work behind the scenes.
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Post by charliebrown on Sept 23, 2018 17:37:03 GMT
So my money's safe after all. I'm sure all the remaining recoveries will be just as smooth and have a similar happy ending...
Of course your money isnt safe, its P2P lending, where on earth did you get the idea it was safe, if you want safe stick with a bank It annoys me when people say this. We know it’s not a high interest savings account, we all know this, we don’t need motherhood statements. What isn’t ok is that LY is making millions of pounds of people’s hard earned money disappear whilst at the same time telling us they’re doing a great job and we need to manage risk. The casino would be less risky to be honest and this level of risk isn’t what I had in mind when I signed up. There’s probably going to be plenty of LY investors who would have actually got a better return from a bank account (myself included).
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Post by charliebrown on Sept 23, 2018 12:15:58 GMT
But Lendy have allowed so many of their promoted projects to fall into non performing (in the real world that means default / failure) using investors cash and swallowing any old excuse given by borrowers.
Values have clearly been significantly over stated and some of the professionals they have engaged to carry out the site inspections have failed to spot that cash provided in numerous tranches does not appear to have been spent on the works i.e. the latest fiasco with the Liverpool H******* project.
In the case of the Hastings site they have even accepted a repeat excuse about a supposed Joint Venture with no details provided, first used 13 months ago giving rise to a failure by Lendy to take any action to protect investors.
I don't want any more self congratulatory updates from smug PR people at Lendy telling us they are working hard. Investors want results and repayment of capital at the very least.
Next thing they will tell us they have all "overworked" and need 12 months holiday (in the BVI perhaps?) The constant, unjustified, self adoration and self appreciation is rubbing salt into the wounds of investors. Deep down, LY must realise they are doing a terrible job. I take the point that some borrowers have deliberately set out to game LY’s system, but LY created the system.
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Post by charliebrown on Sept 23, 2018 8:11:28 GMT
...but they’ve sent us a lovely email explaining their recovery process..it’s so reassuring (cough cough splutter) Another BS email. They’ve claimed they’ve improved their recovery process and team and there’s an awful lot of hard work “behind the scenes” that investors don’t see. This is total rubbish, they’ve never managed to recover anything as far as I can remember. Just endless broken promises about repayments. LY, it’s results that count. Where are the results? Loan after loan is going IA / default and there’s now lots of loans that are many years overdue with absolutely no progress, so please don’t send us an email telling us about all your hard work.
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