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Post by charliebrown on May 24, 2018 11:09:26 GMT
I’m all for posting positive feedback where it’s warranted. Well done, Lendy!
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Post by charliebrown on May 23, 2018 13:12:05 GMT
Agreed. Looks like a dead cert default this one. Way overvalued asset.
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Post by charliebrown on May 23, 2018 12:13:34 GMT
Updates day is Friday. One thing I'm learning from all platforms that I'm looking at is that they all tend to report with a periodicity / frequency that never suits some lenders and anything involving legals / administrators / receivers / insolvency practitioners is slow. Very slow. Out of curiosity, what is Lendy's policy on asking questions about a specific loan. (With respect to _ if the loan is suspended or in default, do you have to be in the loan to ask a question?) Or put, to put it another way, is there anything actually stopping you or anyone else from actually asking? Anybody is entitled to ask a question, whether anyone will get an answer from Lendy is a completely different question altogether Lendy’s policy is “ask me no questions and I’ll tell you no lies”.
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Post by charliebrown on May 21, 2018 13:17:30 GMT
My point was...
1. The LY business model might be good for them in a “smash and grab” kind of way, but they’re not aiming to build a sustainable business on a “smash and grab” model. If the founders were trying to get rich quick and run then, yes, they have an excellent business model.
2. If they profit from our losses then that’s kind of unfair. Yes, I hear you, life isn’t fair, your capital is at risk blah, blah, blah.
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Post by charliebrown on May 20, 2018 8:55:43 GMT
LY is in a terrible terrible terrible mess and not even their lack of caring, their spin and their obfuscation can disguise that. Any new investor looking at this mess will not invest and all us existing investors are trying to get out with at least some of our money. I don’t think any business can be as “unlucky” as Lendy, the business model was broken from the start and both Lendy and a lot of borrowers have taken full advantage. Investing for 3 years, 12% / year, no losses. Many investors will have had similar experiences. I still feel lenders should forgive Lendy and give them a another chance. For new investors, they have already avoided the worst mistakes If you’ve invested for 3 years without having lost money then you’re either not investing much, or your definition of losses is the same as LY’s (but not the same as reality), or you’ve been very lucky (in which case you might have made more money by buying a lottery ticket). I want LY to succeed and I’m all for 2nd chances, but I’ve got a significant 6 figure sum stuck in defaulted loans so I’m currently not feeling very charitable towards LY. Why doesn’t LY forego their profits on all defaults? That would be a fair gesture.
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Post by charliebrown on May 20, 2018 2:07:37 GMT
Lendy and FS offer the worst customer relationship, both deserve a zero. FS does at least, overall, seem to be functioning, loans are repaid and people are making money. Lendy is completely disfunctional and deserves another zero.
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Post by charliebrown on May 20, 2018 1:56:05 GMT
LY is in a terrible terrible terrible mess and not even their lack of caring, their spin and their obfuscation can disguise that. Any new investor looking at this mess will not invest and all us existing investors are trying to get out with at least some of our money. I don’t think any business can be as “unlucky” as Lendy, the business model was broken from the start and both Lendy and a lot of borrowers have taken full advantage.
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Post by charliebrown on May 20, 2018 1:32:08 GMT
This sot of facile excuse really annoys me. All FS have to do is have is create and update a case file for each loan which is not exactly rocket science. I am not even convinced they know what is going on and I believe they trot out these feeble reasons as an excuse to play for time. I complained to FS last week about the appalling way these art loans were being handled - have I had a reply as promised - answers on a digitial postcard... I made a formal complaint about these loans too. Heard nothing at all. Outrageous.
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Post by charliebrown on May 18, 2018 10:38:37 GMT
They could sell these to the Lendy Pickering loan DFL019. For me that would kill 2 birds with one stone as I’m in both loans.
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Post by charliebrown on May 18, 2018 10:29:22 GMT
Still no update and no response to my formal complaint. FS sucks!
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Post by charliebrown on May 16, 2018 9:57:10 GMT
Anyone any idea what’s going on here. It’s another FS loan that’s well past it’s sell by date with no useful updates. Anyone getting worried?
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Post by charliebrown on May 16, 2018 2:04:32 GMT
The Castle was valued at 4.9m but sold for 1.5m. This was a PBL not a DFL so it goes to show that you should never trust these so called RICS “experts”. As the OP mentioned we never seem to see properties undervalued they always turn out to be wildly overvalued. The typical scenario we see time and time again is money lent against a wild overvaluation, loan defaults, a second valuation is commissioned and LY posts an update that says the 2nd valuation is “significantly” less than the money we lent. LY, here’s a suggestion, why not get the guy who did the 2nd valuation to do the 1st valuation? The takeaway is in p2p you can trust nothing and no one, it’s a giant den of iniquity.
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Post by charliebrown on May 16, 2018 1:00:07 GMT
Are they supposed to acknowledge my complaint? Over 24 hours since I sent the complaint and had no acknowledgement. Complaint Charlie00001: Updated 10 mins ago:"Due to today's start of Ramadan, this weekend's Royal wedding, the French Open starting on Monday, then the World Cup and Wimbledon, a member of the FS complaints team will be unavailable to handle your enquiry until mid-July at the earliest. In the meantime, if you'd like to raise a complaint about the lack of timely response to your complaint, please feel free to do so" My complaint has now been acknowledged and will be responded to in 5 business days. Since I believe FS only work 1 day per week, I’ll report back in 5 weeks
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Post by charliebrown on May 15, 2018 14:24:02 GMT
Are they supposed to acknowledge my complaint? Over 24 hours since I sent the complaint and had no acknowledgement.
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Post by charliebrown on May 15, 2018 14:19:31 GMT
From live web chat today...."We are meeting with the borrower this week and an update will be posted following the meeting with further details" They’ve also trained their chat bots to tell us (digital) lies.
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