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Post by charliebrown on Jul 9, 2018 11:36:57 GMT
Blue skies? Thanks for posting, Lendy. Welcome back to the forum
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Post by charliebrown on Jul 9, 2018 11:30:05 GMT
Not sure how I feel about Cowes Week. If it has cost 500k then that’s chump change for LY, they can cover that by throwing out a few more dodgy loans (assuming they can shift them).If Cowes does bring in some new investors and new money at the bottom of the pyramid then it might help LY keep the momentum going and give me more time to get some of my money back. My defaulted loans will remain my problem as new money won’t / can’t buy them, so the only positive is that the platform stays afloat and gives me a chance of some recovery progress. Having said that, I am a very transparent person and I wouldn’t want to see more lambs being led to the slaughter unless they are seasoned investors and can see through Lendy’s BS and cherry pick their loans.
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Lendy (L) in Administration
MONTHLY BS
Jul 7, 2018 0:48:26 GMT
ozboy likes this
Post by charliebrown on Jul 7, 2018 0:48:26 GMT
Another disappointing Fortnightly BS. Promised repayments that didn’t happen, most updates showing zero progress or a regressed position. With the size of the Lendy team, there’s 100s of man hours of “work” between each Fortnighly BS, what do they actually do all day, there’s never any outcome.
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Post by charliebrown on Jul 7, 2018 0:42:20 GMT
Come on Lundy make an effort! Fat chance of that. This has been going on for 2 years. My niece was born at about the same time these loans defaulted, she’s now running around, talking and just started nursery school. Good work Lendy, enjoy Cowes week.
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Post by charliebrown on Jul 7, 2018 0:30:21 GMT
No surprises on the repayment falling through, as suspected none of us need to eat our hats.
I don’t believe there ever was any offer of settlement. After defaulting the loan and letting the development lapse and most likely deteriorate why would the borrower suddenly step up and offer settlement. Which other lender would refinance a failed development for much more than it’s worth.
i also don’t believe we’ve got a prayer of LY accepting responsibility and repaying us. There’s just no way on earth that’s going to happen. Could they even afford to do that, and since when did LY ever do the right thing by borrowers.
i expect this to drag on indefinitely.
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Post by charliebrown on Jul 5, 2018 13:58:03 GMT
Yep, that's how the game is played, no room at this inn for integrity. It is not cast in tablets of stone that a loss must be crystallised before a claim can be made. Gross negligence could be proven in advance - in the Whitehaven case I would suggest that the evidence may already be there. I am not in the loan. I am in other duds - powerboat, Rishton, Irish wind turbine but the evidence of gross misdemeanours is not so clearcut - it boils down to arguments about reasonable behaviours in the pursuit of debt. This seems cut and dried negligence to me. Wasn’t monitored correctly meaning investors, at least in later tranches, were misled on what they were getting themselves into. It seems incredible that this could have happened, I thought the usual practice was to commission IMS reports etc. I know the IMS reports aren’t perfect but they should be able to spot that absolutely no construction has commenced.
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Post by charliebrown on Jul 5, 2018 12:53:35 GMT
Looking forward to this weeks update... Any bets on the re-finance mysteriously falling through this week and back to square one? No, its far too early for that kind of update... First it will be solicitors dealing with enquiries... then the man in charge of the refinancing company is on holiday...then 'funds will be in place' then it will fall through and be we'll be back at square 1 around mid-august... I think the general mood has been that this story of refinance is a fairy tale. If LY told me today was Thursday I’d definitely need to check the calendar. Zero credibility.
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Post by charliebrown on Jul 4, 2018 11:52:32 GMT
The latest update states that if no offers have been made by end of September they will carry out a review of the situation.
How about they carry out a review of the situation now?
Add this to the disaster pile.
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Post by charliebrown on Jul 3, 2018 12:00:02 GMT
Rather than call the receivers on this one I think we should call the police. I’m not sure 70% loss will be correct but the losses will be significant. Well, at least we can be sure that the borrower is having a lovely time in BVI with our 7 1/2 million quid. There are some very easy ways to become a millionaire it seems. I’m not complaining, I agree that there were plenty of warnings posted here, but I read them after it was already too late for me. However, if it was so obvious to the senior members on here why did LY still post the loan, aiding and abetting these <redacted>.
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Post by charliebrown on Jul 2, 2018 13:47:39 GMT
This loan is a disaster. It looks like a premeditated fraud of some description. There was no attempt made to even consider paying back any of the loan. The asset would seem to be worth much less than the valuation given. I’ve got 6k in this loan which makes it one of my smaller Lendy loans but I’ve budgetted for a 70% loss of capital.
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Post by charliebrown on Jul 1, 2018 1:05:16 GMT
When we push them for specific updates they post specifics that never materialise. When we berate them for posting specifics that never materialise they revert to posting nonspecific BS. I’m not sure which is worse incorrect information or no information.
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Post by charliebrown on Jun 30, 2018 13:33:02 GMT
If the Exeter loans repay tomorrow I’ll be more than astounded. Lendy updates are a pack of lies (yes, probably lies by proxy, but lies nonetheless). About the only truthful update they’ve ever posted is “no change”. Well, just as I thought, I had no need to be astounded. Yet another Lendy falsehood.
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Post by charliebrown on Jun 30, 2018 11:05:35 GMT
Liverpool Echo ran a story about the project failing. I won’t post a link because I’m not sure whether it’s allowed, but you can Google the project name along with the words “nightmare for investors”. Article states that the borrower intends to fight Lendy.
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Post by charliebrown on Jun 29, 2018 11:55:02 GMT
Well, only (a significant amount of) time will tell us.
Enjoy Cowes week, Lendy:
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Post by charliebrown on Jun 29, 2018 11:45:23 GMT
We will only know once the dust settles. If, for example, you have 100k tied up in a defaulted loan and it takes 3 years to get a 50% recovery then you’ve lost more than 50k. You have to factor that too. In my current position I haven’t lost a penny, as Lendy keeps telling me.
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