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Post by charliebrown on Jun 29, 2018 11:07:36 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”.
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Post by charliebrown on Jun 29, 2018 11:01:49 GMT
There’s another thread asking what’s Lendy’s real rate of interest. I feel that once the dust settles you’ll have needed the luck of the gods to have made any interest at all, and more than likely most people will have lost a significant amount of capital. Lendy’s model is broken for investors, it’s not a risk it’s financial suicide.
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Post by charliebrown on Jun 28, 2018 13:59:58 GMT
It looks a long way from completion to me.
It’s ok to keep smugly reminding people that they need to understand “your capital is a risk” but I believe by any standards Lendy’s risk/reward is an absolute disaster.
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Post by charliebrown on Jun 26, 2018 14:57:31 GMT
Is it only the first charge that can default the loan? If the borrower continues to service and renew the first charge but leaves the 3rd charge in default without servicing the interest then is it possible that the 3rd charge lenders can default the loan and enforce the security even though the first charge lenders are happy with their position. All this is very confusing.
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Post by charliebrown on Jun 26, 2018 11:45:45 GMT
What does it mean when it says this is for the purpose of “voting”. What are we voting on and how are we supposed to vote? My proof of debt number is exactly right, but does not include any interest payments that would have fallen due after entering Administration.
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Post by charliebrown on Jun 24, 2018 4:08:58 GMT
Latest update states the borrower is still considering his options. How about he considers paying us the interest on our money whilst he considers his options. That’s what previous updates said he was going to do. It seems borrowers are able to run rings around Lendy (and in turn around us). This loan looks like it’s turning into another Lendy soap opera.
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Post by charliebrown on Jun 23, 2018 9:02:45 GMT
Received my proof of debt and it matches to the penny what I had written down. I only kept a running total so have no idea which individual loans and loan parts I was invested in. I hope the data recovered by BDO is intact. Given that most people even back-up their holiday snaps these days I’d think there’s a good chance the data can be recovered.
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Post by charliebrown on Jun 22, 2018 16:28:50 GMT
We have a situation here where Lendy will not accept any lower offer as final settlement. Why? Because investors would have then lost money and the famous tag line would end. They couldn't kick the can down the hill forever with the 'our recovery strategy is progressing...' BS. We all know that Lenders have already lost money. Is LY even still claiming that no investor has ever lost a penny? I don’t think they’re still claiming that, I haven’t seen them claiming that for quite some time. Anyone looking at the current loan book and reading the latest Fortnighly BS will realise that a lot of people are going to lose a lot of money (none of those people work for Lendy).
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Post by charliebrown on Jun 22, 2018 16:14:42 GMT
Latest LY update suggests that works on site have stopped. In their usual arrogant tone they blame us investors for not providing funds to allow the development to continue and insinuate that we have put our own invested funds at significant risk. This is very worrying. With many huge DFL loans now in default or heading for the rocks the LY black hole just gets bigger. LY is like watching a slow motion train crash.
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Post by charliebrown on Jun 22, 2018 14:19:58 GMT
I’m actually happy with this loan. Borrower made a partial repayment and LTV seems low. My point was really just about the things promised in updates that seem to systemically never materialise.
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Post by charliebrown on Jun 22, 2018 11:37:51 GMT
Fortnightly BS “Subsequent to the previous update, we have been contacted by the borrower’s broker to inform us that the borrower is planning to redeem the Loan on 15 June 2018”. So, that would be yet another lie then. Lendy’s endless lies would put Pinocchio to shame. Just because it didn't happen does not mean you were lied to. Just saying. Well, someone told a lie. Perhaps LY didn’t lie they merely passed on a lie without verification, a bit like they did with Wolves.
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Post by charliebrown on Jun 22, 2018 10:48:04 GMT
Fortnightly BS “Subsequent to the previous update, we have been contacted by the borrower’s broker to inform us that the borrower is planning to redeem the Loan on 15 June 2018”.
So, that would be yet another lie then. Lendy’s endless lies would put Pinocchio to shame.
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Post by charliebrown on Jun 14, 2018 23:25:44 GMT
... This is the biggest loan on the platform ... Well - one of the biggest - if you want the biggest, take a look at DFL019. I think jeepers means the biggest default, DFL 019 hasn’t defaulted yet.
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Post by charliebrown on Jun 12, 2018 16:05:24 GMT
Checked, but now wish I hadn’t
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Post by charliebrown on Jun 12, 2018 15:58:49 GMT
Borrowervstill unable to pay interest. Where does that leave us?
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