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Post by charliebrown on Jul 26, 2018 13:35:47 GMT
Try posting a review of Trustpilot on the Trustpilot site. I have, questioning the independence of Trustpilot towards paying companies. Will be interesting to see if that stays up. That’s a classic, I love that
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Post by charliebrown on Jul 26, 2018 13:31:46 GMT
I cannot quite buy this. Is a less emotional/more pragmatic response to trust what the platform says without doing your own DD? As more and more loans default (Lendy and all other mature platforms) what seems to happen is that this forum clogs up with angry investors. Even ex-darling Moneything now has angry investors. Some people mightconsider reading this forum as due diligence by treating this forum as a bellweather for whether a loan/platform is safe - and i'm not sure this board is any longer a fair representation of reality. Reading this board and you may come across the impression that defaults are due to incompetence or deliberate fraud - and that subsequent silence after a default means a platform is doing SFA. I think this vote is an important reminder that this board no longer represents a fair snapshot of what the majority of investors are thinking - the danger with that is that at best forum users may miss out on good investments - at worst the genuine shockers could get lost amidst the blanket anger. Eg when the Swiss Chalet came up it stood out as being very smelly indeed. I'm not sure such a loan would stick out any more amidst the loud background noise. Also new, younger platforms shine out as being apparently safe merely because the inevitable defaults (and hence anger) have yet to materialise. Investors are angry for a reason. Many defaults are indeed due to incompetence and deliberate fraud. What I would agree with is that it’s a shame those highly trusted, experienced and helpful board members no longer seem to frequent and post here any more, such as Cooling Dude etc. That is a real shame.
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Post by charliebrown on Jul 26, 2018 13:20:19 GMT
I voted for Option 1. I hate LY with a passion and I want them out of my life as soon as is physically possible. I’ve got a large amount in this loan so my £ weighting would have been reasonably high. I think the so called “whinging lot” on here do represent the general sentiment of the masses.
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Post by charliebrown on Jul 25, 2018 12:47:50 GMT
Something very fishy going on here and we are being treated as fools by FS. I came to FS because LY doesn’t value their investors, to my horror FS is even worse.
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Post by charliebrown on Jul 20, 2018 12:48:53 GMT
Borrowers don’t want to pay back in full, Lenders want out of LY as soon as possible and LY don’t care either way as Tim and Liam are probably already sizing up beach front bungalows in the Bahamas.
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Lendy (L) in Administration
DFL004 vote
Jul 20, 2018 12:42:33 GMT
ozboy likes this
Post by charliebrown on Jul 20, 2018 12:42:33 GMT
Maybe I have misunderstood the vote but after asking questions of Lendy Support , I got this reply regarding the 1st option: "Lendy will be bringing additional claims to recover the balance of capital, accrued interest and bonus accrual to increase the return to investors which our legal advisors have confirmed have good prospects of success. I.e. further claims will be undertaken to recovery the outstanding balance" Why isn't this explained correctly in the voting options ? This vote should be postponed until correct and satisfactory information is passed on to lenders. This was discussed elsewhere, additional claims presumably means against the valuer or the surveyor. Don’t hold your breath, once the asset has been sold or turned over to the borrower I strongly suspect it’s game over.
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Post by charliebrown on Jul 20, 2018 9:10:40 GMT
Lendy are losing people the most money in absolute terms. There’s multiple multi-million pound losses been voted on and looking at their loan book there’s more to come. Scary.
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Post by charliebrown on Jul 20, 2018 9:05:55 GMT
interested in all the above - ironic that we are talking about Funding Secure
I am very disallusioned with all this p2p gubbins - as I said before I think there will be more mega platform failures and the FCA will be forced to actually do something.. Ref Whitehaven - agreed the PG holder etc can be pursued but will be lead anywhere? I wonder if the plot value will exceed FS's costs. Say we get £20K for the plot then that it is a gross 510/530 = 96% loss before expenses Having looked at FS's latest balance sheet I am not convinced they have £530K spare cash but I think all investors should be 100% refunded for 3 reasons 1) it is the moral thing to do 2) it will save them the massive PR damage of this fiasco 3) they may possibly to open to legal action and defending and then losing it won't be cheap 1) That doesn’t cut any ice. 2) Their name is already mud, they won’t care about bad PR. 3) They’d probably just fold the company and quit whilst their ahead.
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Post by charliebrown on Jul 19, 2018 14:12:28 GMT
There’s a clear fraud here by the borrower. Where the heck did the timber frame go?
FS blithering incompetence facilitated the fraud but I don’t think that’s a criminal offense, if it were all of Lendy would be in the nick by now.
is this the first known 100% loss in p2p, or has there been other total wipeout loans? I’ve got some money in this one myself but it’s less than 500 quid so not my biggest worry by any means.
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Post by charliebrown on Jul 19, 2018 12:41:15 GMT
Deleting the negative reviews doesn’t change people’s minds. They’ve only got circa 21,000 investors and I’d guess the majority are unhappy, even more so after Wolves and Pickering votes. Newbies will/should take one look at the defaults/claims tab and run for the hills. So where is the money going to come from to sustain the platform?
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Post by charliebrown on Jul 19, 2018 12:29:36 GMT
Lendy Support , @paul64, Paul70 The vote is farcical, it's unclear what we're voting on so you'll be unable to read anything into the results. The only logical and professional course of action is to cancel the vote, provide the missing information, clarify the options (+ include additional options in which Ly shares the pain) and re-launch the vote. Edit: I won't be taking part in the vote until these actions are taken All you really need to know is... Option 1 you lose. Option 2 you lose. Either Option 1 or Option 2 Lendy wins.
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Post by charliebrown on Jul 19, 2018 12:26:40 GMT
There's so many holes in this it really is unbelievable. If we get the press involved, publicising that a funder is willing to Lend at least £11m, it will be bound to go for more than that at auction. Could we ask The Telegraph to look at this. Since they ran their first article saying Lendy was a disaster waiting to happen..... things have gotten a whole lot worse. Since I still have a lot of money stuck in Lendy I’m reluctant to purposely invoke any bad publicity on them. I haven’t even left a negative Trust Pilot review yet, but once I get what money I can out, I’m going to leave the Mother of all negative TP reviews for these shysters.
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Post by charliebrown on Jul 19, 2018 12:03:30 GMT
Yes, option 2 for me. Lendy have sold us a pup they said was worth £4.3m, and are encouraging us to sell it for £1.9m to get them off the hook. I'm not sure who is at fault here, but it's either Lendy, or the Valuers. It's not the investors, so why should we take the hit? In what way is LY on the hook? The comment about LY giving up their fees on any loan where lenders have lost capital, this is a great suggestion. This would restore a lot of my confidence that they care about their investors and that they’re actually ethical. To profit substantially from loosing 35% of our capital is really unfair. Giving up their profit on these loans would restore confidence that they know right from wrong, it wouldn’t restore any confidence in their competence though.
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Post by charliebrown on Jul 18, 2018 15:05:42 GMT
3 million quid + interest + bonus interest of our money has disappeared, yet LY sell it to us like it’s a great deal for us. I agree with the logic of those who are favouring Option 2, but I’ve unfortunately stoped thinking logically and I just want out as fast as I can. The catalyst for me was watching that video of them trying to tell us everything’s ok by showing absolutely no sincerity, espically that COO guy who was dressed like a spiv and saying stuff like it’s on the flight plan.
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Post by charliebrown on Jul 18, 2018 12:24:57 GMT
They've done well to keep this going for so long! I think even they must realise this can't go on and the end is nigh. Thankfully there name is pretty much mud now and Cowes week is little more than a shindig. I certainly think they’ve lost the vast majority of their current investors. I can’t wait to get out and erase all traces of LY from my browser history. If they can’t replace the bitter set of old investors with a fresh set of naive investors then it’s hard to see where they go from here. I think their business is headed for the rocks. They’ll have a soft landing though as disgraced multi-millionaires.
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