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Post by charliebrown on May 15, 2018 11:08:32 GMT
FS very quiet on this loan for the last 2 weeks... On 30/04/2018 they said they were “expecting repayment in the next day or so”. After dropping a lie like that they’ve now gone silent. Lies and deceit are the worst part of p2p. Platforms routinely drop lies as updates which makes us all out to be mugs. Which other form of “business” routinely lies to their customers?
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Post by charliebrown on May 15, 2018 10:05:09 GMT
If this had been another platform, then I'm sure the majority would have voted to wait. People see so many negative comments about Lendy and threads such as 'Is Lendy about to fail', that there reaction is to get out while they can. I agree. I think all those who voted to exit this loan were people who actually want to exit the platform.
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Post by charliebrown on May 15, 2018 1:20:14 GMT
I don’t think Lendy borrowers have the luxury of haggling. If they did they would go to the bank In the cases of DFL004 and DFL005 Lendy have had rings run round them. The borrowers have declined or been unable to meet their obligations and have instead endeavoured to re-negotiate their positions and reduce the amounts to be paid. That is haggling. There's nothing luxurious about it once you have got the mug's money spent. Wolverhampton DFL004 is a classic example. At due date, if the borrower simply says I’m not paying you what I owe, do what you need to do, then the borrower knows this will trigger a long drawn out process of which he is in a position of power. LY don’t have the time/ money to be pursuing every defaulted loan for the next 2 years+. LY is on borrowed time, their only source of income now seems to be stealing investors’ interest whilst they list their loans for sale, desperate to get off the platform. Not sure why they just hired a COO, also not sure why he accepted the job. Very fishy. What a mess!
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Post by charliebrown on May 14, 2018 11:56:18 GMT
I just made a formal complaint about the art loans and the pack of lies we’ve been fed. I’ll post the outcome, if FS responds.
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Post by charliebrown on May 14, 2018 8:09:20 GMT
I don’t think we should berate people who have overstretched themselves.
Investor confidence is the main problem LY has. Confidence was already very low but the Wolverhampton last minute default has pushed it to rock bottom.
LY is a small(ish) company acting like a big company. What do I mean by that? well, in my experience small companies truly care about their customers whereas big companies don’t care but spend all their time saying they do care. All the spin and weasel language, newsletters, podcasts, phone calls, marketing hype and razzamatazz, but, for me, none of it seems sincere.
LY can turn this around but time is against them. Go back to basics, clean up the loan book, be honest, don’t procrastinate, take the tough decisions that might need to be taken. I think we all want and need LY to be successful.
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Post by charliebrown on May 13, 2018 14:04:14 GMT
Latest Update 2086 entries in total 1553 completed 27 cancelled 47 defaulted for a total of £5,482,903.88 459 active Of the 459 active 89 late (i.e. due on or before 28/04/2018) for a total of £23,631,799.96 Latest Update 2110 entries in total 1569 completed 27 cancelled 45 defaulted for a total of £5,481,753.88 469 active Of the 469 active 100 late (i.e. due on or before 12/05/2018) for a total of £27,278,699.96 So, over £32,700,000 of our money overdue!!............& rising Truly Shocking Although the recoveries team have to be congratulated on a good 2 weeks work, 2 x defaulted loans recovered for a total of................£1150
2883063392 £650
2694979512 £500
Really makes you wonder doesn't it?
Truly shocking!!!
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Post by charliebrown on May 13, 2018 14:02:12 GMT
Have checked the history of this one and I can't believe we were told the interest would be paid in 2017! Somebody is not being exactly honest here. Yeah right and Lord "I will abolish the House of Lords" Kinn*ch also said he would be PM - didn't happen. What I what to happen is for FS to stop treating us all as complete idiots and do something to get us our money back. They have had over 4 months to do this! I presume FS have the security in a secure site so what is so difficult about taking the damn items to auction! I am now going to politely complain to FS Gordon Bennet!! All I can say is I smell a rat. For what it’s worth I’m also about to send a formal complaint to FS. It makes me extremely nervous that the incompetants at FS are running a major financial institution.
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Post by charliebrown on May 13, 2018 9:20:33 GMT
Good luck..suffice to say ive sent emails and had several LC's and verbal conversations to the point of harrassment..without obtaining anything definitive except the wishy washy party line that they trot out ad infinitum. Irrespective of the eventual outcome FS IMHO have already let this drift way too far and made a mockery of their own T & C's yet seem readily forthcoming if a lender doesn't observe due process. Sooner or later, this is going to come back and bite them but as others have said, whilst loans continue to fill, the can will keep being kicked down the road. This isn't just about the arty loans as anyone who would soon discover reading the forum, as there are horror stories everywhere. FS urgently need to look at the way they manage loans post issue or else I can see a mushroom cloud coming to a platform near you very shortly and it definitely wont have a silver lining Lendy’s poor loan performance and total apathy for lenders seemed to catch up with them pretty quickly once it all started to unravel. I’m sure FS treating lenders like fools will catch up with them. The sad thing is when the chickens come home to roost it’s always the Lenders, and only the lenders, that are left high and dry. The updates on the art loans have been blatant lies for months. Lie after lie and never an apology for the lies, just a cover up with even more lies. Following the lies we are now almost 2 months without an update at all. I’m not sure what’s worse, lies or silence. If the FCA had any bite they’d shut FS down, it’s a disgrace.
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Post by charliebrown on May 12, 2018 12:40:37 GMT
Thanks for your help. Can you post the link to the “what do I need to do to register my interest in the Administration” page, I can’t seem to find it. Many thanks in advance. Thanks, archie. Much appreciated. Fingers crossed we get an acceptable recovery.
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Post by charliebrown on May 12, 2018 12:09:48 GMT
See the BDO website:
What do I need to do to register my interest in the Administration(s)?
Once the Companies’ books and records have been recovered, the Joint Administrators will be
taking steps to reconcile the position of all investors, other creditors and borrowers.
In the meantime, investors and other creditors who wish to register their interest can send an email
with details at the dedicated email address below:
investorcollateral@bdo.co.uk
[You also need to keep an eye on the 'state of play' thread, where the BDO advice is repeated/updated.] Thanks for your help. Can you post the link to the “what do I need to do to register my interest in the Administration” page, I can’t seem to find it. Many thanks in advance.
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Post by charliebrown on May 12, 2018 1:07:45 GMT
I don't think it is a good idea to start lowering expectations. 100% of capital was predicted by RR and that should remain the firm expectation of lenders - which is what Village Idiot expects. The purpose of FCA in having RR replaced by BDO was to ensure that lenders (by whatever name) were properly protected in the administration and what may follow. FCA and RR should be held to account by lenders against that commitment, the target being to do as well for lenders as RR said they would do. Otherwise there was no purpose in the action, except for FCA to beat its chest at the expense of others. If there is a chunk of lenders funds missing 100% recovery of capital may not be possible, unless it can be retrieved somehow. RR apparently hadn't noticed that funds were apparently missing, so presumably they thought there should be the funds to repay lenders in full. We will have to wait for the outcome of the FCA and BDO investigations to see the actual situation. Additionally there may be defaults that would reduce lenders returns. Agree. It was reckless for RR to promise 100% return. With that type of spin they can apply for a job writing Lendy updates. As Lenders do we need to do anything other than sit and wait? RR had said we don’t need to do anything, then they said we were creditors and need to register as such. What has BDO said? Do we need to take any action?
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Post by charliebrown on May 12, 2018 0:37:51 GMT
It is of no comfort now, but I refer to my posting in this thread of Mar 9, 2017, which I had entirely forgotten about, but puddleduck "Liked" so I was today reminded of it. As I have said on here so many times before it's sad that I have to even now still keep repeating it, "Rise up folks and Complain!" To The Platform, The FCA, RICS, and your Member for Parliament. (Questions in The House will get things moving nicely, dontcha think?!) I’d be willing to, but the phrases “talk to the hand” and “tell someone who cares” spring to mind.
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Post by charliebrown on May 12, 2018 0:32:13 GMT
If the borrower has defaulted this loan and washed his hands of it, why then would he be playing silly beggars and making offers? Unless the offer is significantly less than the loan or site valuation and he’s trying his luck. Personally I think nothing will come of this offer apart from us having lost 6 months taking no action. I also don’t think LY have the appetite for a build out.
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Post by charliebrown on May 12, 2018 0:14:44 GMT
It's abundantly clear through most of the DFL loans, there is very limited project monitoring from Lendy Towers. Even the 'latest photos' show snow on the ground... Which is probably why they updated their T&Cs to state that it’s not LY’s responsibility to monitor DFLs. May I ask, whose responsibility it is then? Seems like they’ve just left it to the borrowers.
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Post by charliebrown on May 12, 2018 0:02:46 GMT
'The borrower has made an offer in full and final settlement which we have declined, because it was significantly below the amount required to fully repay the loan. Recovery action has been instigated and we will be pursuing the borrower and guarantor for full repayment of all capital and interest outstanding.' Sigh. Here we go again... another long and drawn out mess. It's frankly amazing that we always seem to regularly cross paths with borrowers who sign up for loan agreements at an agreed level of interest and then suddenly think they can pay much less and "cut a deal" at the end of term. LY seems to be a magnet for these type of crooks.
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