|
Post by charliebrown on Apr 3, 2018 11:35:39 GMT
This property was valued at £890K on 15th April 2017 yet Zoopla states it was sold in June 2017 for £672K - considerably less! The LTV doesn't look great in these circumstances. Here we go again Honestly, I’m done with p2p. After COL going belly up, FS being totally incompetent and LY being too arrogant to notice/ care that they’re tightening the noose around their own neck. What is there left to like. I won’t have made any gains in 2 years and probably by the time the dust settles I’ll have lost 10s of thousands of pounds. As my Dad used to say “there’s only one winner” and that’s the platform (well, and the borrowers and the Lawyers and the receivers), maybe that should be “there’s only one loser”. I’ve had my fill of p2p, it’s like swimming in shark infested waters.
|
|
|
Post by charliebrown on Apr 2, 2018 12:25:00 GMT
They won't be marketing the unfinished site. They've received an offer of £6m on the table from the borrower and are in discussions to increase. Marketing the site after the build out would cause further delays as a loss to just selling to the borrower. I’ve got 5 figures stuck in this disaster. However, my heart tells me not to sell to this rat of a borrower. I’d rather go for a build out and pursue the borrower via legal action and hopefully get repaid any shortfall, or bankrupt him.
|
|
|
Post by charliebrown on Apr 2, 2018 12:13:14 GMT
Yes given Lendy's sudden desire to talk to us and calm our doubts you would think they might have reverted to how they used to operate in the early days when they did pay interest runs on bank holidays - if only to make a statement that they are listening and trying harder to please. This is a minor problem, folks. Let it be. There’s bigger fish to fry so to speak. As long as we get paid tomorrow then what’s the problem? Let’s not bash LY for stuff that’s working ok. LY has always been good at paying us our interest due. No complaints from me on this subject to be honest.
|
|
|
Post by charliebrown on Apr 2, 2018 12:07:37 GMT
It will be interesting to see what sort of hole (if any ?) that the interest payment makes on the bloated SM. There has barely been a trickle of SM buying interest recently, even in big 300-plus day loans with cashback ? What's it going to take ? Perhaps the repayment of a couple of big loans to restore confidence. Awaiting the interest run was an exciting time of the month in the past but as I gradually exited the platform I noticed that the interest run was having less and less effect because clearly more and more people were withdrawing their interest in full rather than reinvesting it. Today I don't think the interest run will have Mass Effect at all on the secondary market because people are now just trying to get out what they can. It would take a mega million pound repayment for there to be some recycling of funds but even in such a situation I would still expect 80% of the repayment to leave the platform. * All figures and statistics stated herein are the personal opinion of my good self based on my own observancy and analysis of platform performance and are not based on hard data and scientific scrutiny. Other investors may wish to work out their own figures and form their own conclusions before making important investment decisions. For the past 18 months I’ve always reinvested every penny of interest earned. This month will be the first month where I withdraw all the interest earned. If any of the promised repayments happen in April I’ll be withdrawing that too. I’m trying to reduce my exposure on LY. I’m feeling very nervous about the “new normal”. Everything feels to be on a knife edge to me.
|
|
|
Post by charliebrown on Apr 1, 2018 12:02:55 GMT
What happens when this latest tranche doesn’t fill. LY seems to be suggesting the wheels come off and development stops. Where would that leave us? Just preparing myself for the worst. This is my biggest loan on the platform.
|
|
|
Post by charliebrown on Mar 30, 2018 15:55:46 GMT
I'm beginning to think that Lendy's newish T&Cs which include them "asking the lenders" for their views, is just an excuse for us taking the blame for our own haircut. (We did ask, you decided to bail at 40%,50%,60%. Don't blame Lendy) Totally agree with this assertion. The latest “roundup” is already spinning this vote thing into implications that Lendy are listening to investors and selling off securities (at big losses) in line with their wishes. It’s pure manipulation. How about this for a vote.... would you like LY to return all your money immediately ... yes or no.
|
|
|
Post by charliebrown on Mar 30, 2018 14:34:46 GMT
I don´t understand all the negativity about Lendy lately. Everyone should have known that 12% interest doesn´t come without risks and so far Lendy overall did a great job! April will be an interesting month for Lendy (especially for the tone in this forum), I think the mood here will turn rapidly if there really will be something close to 20m in repaiments within one month. We all know that there are risks, we understand that and we also understand that we’re unlikely to receive 12% always and forever. However, the proportion of the loanbook that has defaulted and continues to default, the protracted recovery process and the ultimitate sales at a fraction of valuations is not just a risk it’s a total disaster. ISTM that existing investors are withdrawing as soon as they can (most are angry and will not be returning in a hurry). Any new investors who look at the defaults tab, this forum or TrustPilot reviews are unlikely to invest. Therefore, I think the question “Lendy about to fail” is a fair one and whilst I’m no expert I’d think there’s a real danger of this. Incidently, why are loans such as The Castle removed from the defaults tab? As far as I’m concerned these loans are still defaulted even though the security has been sold. Is this another example of lack of transparency.
|
|
|
Post by charliebrown on Mar 29, 2018 12:52:42 GMT
What about investing in a desolate field full of sheds in Yorkshire? Anyone?
|
|
|
Post by charliebrown on Mar 28, 2018 11:31:53 GMT
another one heading for the vote on losing your money.this loan had a loan to GDV of 37% hence over 4000 investors only for it to be suspended and hid away for months.LENDY you must answer for these valuations which have been the thorn in the side of every loan that you bring to the platform after your rigourus DD and all the so called checks. ABSOLUTE INCOMPETANCE AND GREED I had money in this some time ago and sold out when it became clear to me that it just didn't pass the spidey senses. I'd since lost track of it and assumed that it must have been paid. Where's it been? In fact after a quick look, where is it? It was brushed under the carpet, aka SUSPENDED. This loan stinks of LY incompetence and borrower premeditated skullduggery. Of course nothing will be done, it will be flogged off on the cheap and the hit passed on to investors.
|
|
|
Post by charliebrown on Mar 28, 2018 11:23:45 GMT
I have a lot of money tied up in Lendy and I’m petrified that it’s all about to go belly up. I’m not looking for a penny in interest, I just want my capital back. I fear LY will just think this is all too much trouble and throw the towel in. As mentioned, investors will lose 10s of millions but the platform folks will be laughing all the way to the bank. I read a trustpilot review that insinuated that at least one of the LY directors has been involved in at least one prior failed business where he walked away with sacks full of money and left customers high and dry. Anyone can substantiate that. I think we need to be very careful in keeping bashing LY. Yes, they deserve it but are we cutting off our own lifeline. If LY give up and shuffle off into the sunset then who is going to fund a half finished field full of sheds. We’re going to be left with nothing. Please, please help to keep the platform afloat otherwise we’re all going down with the ship and we are the ONLY losers here
|
|
|
Post by charliebrown on Mar 27, 2018 11:52:41 GMT
Looks like investors losing their shirts on this one, again. I haven’t go enough shirts.
|
|
|
Post by charliebrown on Mar 26, 2018 12:37:48 GMT
anyone find this one for sale on open market, as specified by L's update I searched and couldn’t find it. I’m unfortunately in this loan and I’m bracing myself for a big loss of capital. Id hope not as much as the % loss on the castle. Seems the losses for investors are now starting to roll in. I think some investors are going to wish they’d took the 0.25% available on the High Street rather than play LY roulette. It’s telling how LY never mention “no lender has lost a pansy” anymore, nor ever speak of the PF anymore. Tough times for investors.
|
|
|
Post by charliebrown on Mar 25, 2018 11:10:35 GMT
It all depends what LY do with the money. If they use it to fund jollies to Cowes then I’m against it, if they use it to top up the provision fund and fund recoveries then I’m ok with it.
|
|
|
Post by charliebrown on Mar 25, 2018 11:00:00 GMT
I think it is right and correct to question LY’s behaviour. They can’t just write T&Cs that say you have no rights whatsoever, please sign here. I seem to remember a case where someone slipped on a wet floor in a fast food joint and injured themselves and despite a notice that said if you slip and hurt yourself that’s your problem not ours that person still sued and won. A silly example, but you get my point. I’m actually heavily in both these loans so in my case if they did shift some money between these loans to keep them both afloat then that’s in my best interests, so I personally have no complaints.
|
|
|
Post by charliebrown on Mar 25, 2018 10:35:42 GMT
I’ve got literally hundreds of loan parts across various p2p sites. With buying and selling that translates to, I’d guess, many hundreds if not thousands of individual transactions over the years. Looks like the only way to go is to document each and every transaction Even then it’s only my word against theirs as to how much I had invested and in which loans. Not very reassuring.
|
|