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Post by charliebrown on Sept 18, 2018 18:49:23 GMT
Click “like” if you had to go to dictionary.com to lookup “vexatious”.
it is a nothing update. It basically just says a meeting happened but doesn’t say what was discussed nor what the outcome or next steps are.
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Post by charliebrown on Sept 18, 2018 9:00:09 GMT
I'm gonna bet that the deal was changed at the last moment (again). If you were the borrower where is the motivation to complete this? If there were serious buyers for this development I am sure they would have been found now. The access problem seems to be a fairly significant one. It is fair to say we might have a declining market in terms of these house prices, Brexit uncertainty, and (IMO) question marks over the solvency of the whole platform. If I were the borrower I would think the chances would be pretty good that the longer I could string this out, the better my position gets. Let us also not forget that there probably is some bad blood as well, was it not the case that he posted here saying Lendy were threatening him with 'losing his shirt' (or words to that effect) if he didn't accept their proposals.... I don't think the irony is lost on anyone that the tables have completely turned, as owing to the loan conditions Lendy will be on the hook for this one. I doubt there ever was a serious deal on the table here. Just another LY empty update. With more loans defaulting this week (< 0 days) the outlook just gets worse and worse. I have serious doubts about how long LY can survive in its current form. If people really do think LY are on the hook for these Exeter loans then this could just contribute to them throwing the towel in.
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Post by charliebrown on Sept 17, 2018 19:56:28 GMT
True but it's 'hidden' as if all is rosy (along with others). A new investor landing on the platform is of course 'shielded' from such loans. Just usual disingenuous Lendy bs as far as I'm concerned, especially when the Lendy BS is now monthly. Laughable when 6 months missing in action Paul suddenly appears trying to gloss over an abysmal situation. Luckily for new investors there’s enough examples of out and out disaster loans shown on the DEFAULTS tab to make even the bravest of investors to immediately close their browser and go lay down in a dark room. I agree with your point though, and there are a few examples of this obfuscation, DFL017 being another example, where the loan DEFAULTED in highly mysterious circumstances immediately after it wa drawn down but still doesn’t appear on the DEFAULTS tab.
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Post by charliebrown on Sept 17, 2018 6:55:49 GMT
Looks like another LY dud. Everything they touch turns to the brown stuff.
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Post by charliebrown on Sept 15, 2018 7:42:50 GMT
I viewed it as a "matter of necessity" attempting to access some funding to coincide with champagne parties, hence no time to lose! Hope it wasn't a "final throw of the dice" desperate measure! There’s a few uncharacteristic LY actions recently that the cynical would say points to trouble. Launching LY Wealth and promising (up to) 10% when the loan book is completely under water and anyone who has done any homework on LY will immediately realise these Wealth products are not a viable investment. Then one of the Pauls popping up on this forum saying that LY cares and we can call them anytime we want etc.
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Post by charliebrown on Sept 14, 2018 15:27:51 GMT
It’s a moot point. Not sure about other investors, but most of the default loans I”m in look like I’m being taken to the cleaners never mind accrued interest and bonuses.
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Post by charliebrown on Sept 14, 2018 11:52:07 GMT
Still no sign of any repayment. I have no words to say that haven’t already been said. All I can say is
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Post by charliebrown on Sept 14, 2018 11:50:26 GMT
I would pretty much take a cut at this point on all loans just to exit this platform, so tired of it really let's not forget time is also money and with Lendy ...it takes years to accomplish the simplest task so all hope is gone and it's been gone for a while That was my plan with the dfl04 vote, take a hit and be on my way. Lendy snatched defeat from (a form of) victory for me by holding a vote then changing the result a few weeks later - no idea why they wasted weeks organising a vote then more time telling us the outcome of the vote, then a couple more weeks and then finally telling us they were going against the result of the original vote. Tired? Knackered more like lol. Carry on Lendy! Total morons. They said they listened to investors by going against the vote, which to me makes no sense on any level. The investors spoke by voting - gives us some of our money back and set us free to invest somewhere else.
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Post by charliebrown on Sept 14, 2018 11:44:31 GMT
I would pretty much take a cut at this point on all loans just to exit this platform, so tired of it really let's not forget time is also money and with Lendy ...it takes years to accomplish the simplest task so all hope is gone and it's been gone for a while Totally agree. LY need a lesson in the time value of money. As an investment LY is a total disaster. If I could turn the clock back I’d just have used RateSetter which would have been a far better option. On LY current performance there’s no way this bunch can return 10%. Most of us want out and would accept some losses just to move on.
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Post by charliebrown on Sept 11, 2018 13:34:08 GMT
Everyone, including the borrower, has agreed for weeks that "the present unsatisfactory condition needs to be corrected". So will Lendy continue to tolerate it when the so called "Tolerance period" comes to an end in 2 days time? I’m sure the next update will say that LY have been pushing and working tirelessly. As has been said very well on another thread we need to see action.
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Post by charliebrown on Sept 10, 2018 16:49:05 GMT
Unfortunately heard it all before, I remember the hype about the 49 point due diligence process, which seemed not to work. Now I will only judge you on results, I hope you do improve but I will keep withdrawing and not adding until then. Credit to Paul for at least sticking his head up and talking to his investors. We do want to see LY turn things around and run a mutually successful platform. Completely agree with @balder though, we can only judge on results now as we’ve been fed too much spin and too many false promises. Let’s start with the Exeter loans which we’ve been promised are repaying imminently. We need to see results, well said, @balder.
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Post by charliebrown on Sept 10, 2018 6:23:30 GMT
Let’s face it LY don’t give a damn about their investors and they never will.
i have even less faith that any regulatory body such as FCA will ever give a damn.
My only hope is that LY survive long enough to possibly recover some of my trapped capital. I pulled out what funds I could and stopped investing almost a year ago. I’ve seen very little capital recovered in that time.
I haven’t been monitoring whether all these additional tranches are being filled but I’d expect that a great majority of previously invested punters have also stopped investing. I also doubt any new investors would come on board once they take a glance at the defaults tab and capital lost tab.
In many respects, TP is not that important as it’s just opinions. Have you ever watched a movie with terrible reviews but actually enjoyed it? I know I have. The main thing here is when loggin in to LY website the facts are plain to see. The defaults tab doesn’t lie, the capital lost tab doesn’t lie and if people take the time to read through the updates for each loan they’re see a catalogue of lies and failed promises. LY are in effect their own worst review. They are their own 1 star “take your money elsewhere” review. They’ve tried to obfuscate some of the disasters by “suspending” them and hiding them but unfortunately a lot of them are plain to see.
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Post by charliebrown on Sept 8, 2018 14:29:00 GMT
But, this all makes sense. Higher quality loans = lower rate of return. That’s not the case. The majority of LY loans offered at lower rates of return have defaulted.
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Post by charliebrown on Sept 7, 2018 0:51:13 GMT
Lendy have become a classic pyramid scheme. Quote from the wiki " When the scheme inevitably runs out of new recruits, lacking other sources of revenue, it collapses." en.wikipedia.org/wiki/Pyramid_schemeIt's not though is it? Lendy's loans are secured against property which have a value and is saleable on the property market. Yes, of course Lendy relies on money being circulated back into the platform and new investors joining because that is their business model, but that is no different to Tesco's relying on existing and new customers shopping in their stores otherwise their business would collapse too would it not? Describing Lendy as a pyramid scheme is factually untrue and is just a smear which is solely attempted to discourage investors and spread unnecessary fear. LY has been accused of being a pyramid scheme before and it always causes a stir. Let’s use your Tesco analogy instead. If Tesco’s shelves were full of rotten fruit and veg and Tesco treated their customers like a worthless inconvenience how long would Tesco be able to stay in business?
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Post by charliebrown on Sept 5, 2018 13:41:44 GMT
I was late getting into P2P so I was only with FS for around 12months before I got scared. I sold most of my loans at a 1% discount so I didn’t make much on my 20,000 but I made a little. If I lose my few hundred in Formby and Hornby I’ll probably break even. Thanks for that I probably bought them . I need to make 25k a year to pay mother’s care home from her house sale/savings managing to do that getting her 13-15% . I spread the risk and do an awful lot of work to get those returns. I only count losses to those loans completed and returns quantifiable not just assumed will be 100% losses My personal returns are greater. I have a war and Ferengi outlook STAY CALM DON’T PANIC and a profit is a profit . There is always opportunity to make a profit . There are people making profit in Venezuela where inflation is greater than 1,000,000% just takes the ability to find the opportunity to make a little. Remember Richard Pryor in Superman he made a very little from every transaction. There were however thousands of transactions It’s none of my business, but I don’t think it’s a good idea to gamble your Mum’s care home fees on these p2p platforms. The risks are far too great. There’s constant speculation that LY and FS are going to imminently go under and whilst so far that hasn’t been the case I don’t think these fears are unfounded by any means. That’s not to mention all the other risks. Appreciate you sharing your experience and motivations here on the forum though. Best of luck.
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