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Post by charliebrown on Mar 25, 2018 10:21:09 GMT
I’m exploring option A before I start documenting every single penny I spend. Does COL or the receiver have any obligation to provide details of our historic investments and transactions? In other words, any obligation to bring back the website?
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Post by charliebrown on Mar 25, 2018 9:57:40 GMT
I just wish they’d bring back the website to give us some visibility. My bad for not keeping any records. But I took the position that I can’t record everything. I don’t record all my credit card transactions because I can log into Lloyds online banking and see them, for example. I took the same stance on my p2p transactions.
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Post by charliebrown on Mar 25, 2018 8:35:29 GMT
I have no record of which loans I am in. The only record I had was via the website. I didn’t anticipate COL going into administration but in such an event I always thought they’d at least keep the website up. Since we need to file tax returns imminently do we need to write off the entire amount we had invested in COL? Will the website ever be brought back?
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Post by charliebrown on Mar 25, 2018 1:55:30 GMT
"Investors, particularly those in DFL005 (The A***********), may well be interested in a new development opportunity from Lendy, to fund the next tranche of DFL019.
is there a threatening undertone here. Is it saying if you’re in DFL005 then you better invest in DFL019 too or they’re probably both going down the toilet and you’ll lose your money. Or am I just irrational at this point with LY.
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Post by charliebrown on Mar 25, 2018 1:44:16 GMT
It reduces the debt and additionally, the 1st charge over the freehold of a substantial asset has been substituted in. (Although we haven't seen a recent VR for the mansion which is something I've queried with Lendy.) No, your comments are totally wrong. The debt has been reduced but only at a rate of 50% of what was gained by the sale of the asset. The asset is my security and is a major part of the contract I signed when lending. In no way Lendy is authorised to change that security in a lending contract without first defaulting the loan!!!! Anything else which has been thrown away in the middle to confuse people, like the mansion, is definitely either not easily sellable or of a value hugely lower than the asset that was sold (otherwise the borrower would not have created all the chaos and would have sold it!!!). Also having a complete new build with its freehold was a much much much easier sell than without. So, in case things do not go well with the original sale of the complete build, we might have further trouble in the future as a direct result of this unacceptable action of force by Lendy. Don't forget that some people put in money in this loan in the last 6 months on the promise that the build was about to be finished and sold and should have repayed shortly. Putting them at risk with an involvement in a different build is totally crazy. Really, this should be reported to the FCA. Lendy would deserve to be placed in administration much more than Collateral was. I think at this point we are all painfully aware that LY has nothing but contempt for us lenders, but let’s not wish for or assist their collapse until those who want their money out have got as much of their money out as possible (I fear we’re not getting all of it out no matter what happens).
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Post by charliebrown on Mar 22, 2018 23:46:36 GMT
Very slowly? The hay day of loans getting filled at launch are gone and this is the current new normal. I like your term “new normal” but it really means the liquidity that Ly had provided and enjoyed by many lenders are gone. The snowball effect is rolling fast, and self fulfilling too, lenders will invest less when they notice the past is no more. Like a contagion market event and subsequent flight to liquidity and the secondary market just keeps deteriorating. Would we ever see the level of liquidity ever comes back to Ly? Like the old days that secondary market is ... ... empty! Whatever loan parts come up would just be snapped up within ... ... seconds, almost feels like there is a bot behind the market. I think first and foremost we all need to pray that LY doesn’t collapse. If they need to cream off OUR interest from loans languishing on the SM to survive then I guess that’s better then them collapsing. The melting snowball effect is pretty much all LY’s own doing. They’ve destroyed lender confidence by their own arrogance and disdain for lenders. They’ve had an “easy come, easy go” attitude towards lenders. If LY can show some humility and put right all the wrongs then I feel the confidence will return. We need a campaign “making Lendy Great Again”.
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Post by charliebrown on Mar 22, 2018 15:19:16 GMT
Picture on the latest email makes the lodges look so attractive and welcoming. I think it will look nice when completed. Too early to say for sure. You can’t polish a turd shed.
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Post by charliebrown on Mar 18, 2018 14:43:50 GMT
I have a significant wedge in Lendy and am as disillusioned and fed up as everyone else seems to be. However, the best (only?) chance of getting a reasonable amount of my capital back over time is to allow Lendy to pull off some of what they are promising in their "updates". The worst outcome for all of us is if the whole thing comes tumbling down (IMHO).
So, can someone explain to me the benefit for anyone with a stake in Lendy posting the type of reviews on Trustpilot that they are? Whilst it may be beneficial to those more fortunate (than us) souls who may have been considering it and are now not, please spare a thought for those of us who are reliant on Lendy as a going concern.
Maybe I am naïve, selfish, or just stupid (probably all three). I’m in agreement. I’m panicked that the whole platform will come crashing down. I haven’t posted a TrustPilot review, but I’ve posted negative sentiment on these pages. I think LY is just about on its knees and kicking someone when their on their knees makes no sense when we need them to stand up.
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Post by charliebrown on Mar 18, 2018 14:21:18 GMT
If they can’t fill this loan and they have to withdraw it will those of us who have invested via prefunding get their money back, with interest?
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Post by charliebrown on Mar 18, 2018 14:16:14 GMT
Someone used the word “hubris” before and I don’t think there’s any better word to describe LY. I genuinely don’t think LY will be around much longer and I also think they know it and don’t care.
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Post by charliebrown on Mar 18, 2018 12:23:08 GMT
not looking to good for us at the moment £millions on SM most of which is for loans that never got funded in the first place. many more £millions of our funds tied up in IA/SUS/DEF loans.would LENDY themselves be making anything in this situation or have they already sheilded/covered themselves.god forbid but if liam and tim decided that they would be better walking away and leaving the mess to a third party and wiping their hands of this total collapse of a once respected and reputable company. i just dont know what to think any more. This scenario really worries me. If you had 3.3 million quid in the bank would you take it and run off to a beach somewhere or would you stay back and try to dig your way out of a hole that’s deeper than the ocean. LY have very little skin in the game.
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Post by charliebrown on Mar 18, 2018 12:02:04 GMT
How is it possible to make any informed voting choice when the 'informed' aspect is totally missing from Lendy's description of the situation - like what are the planning issues ? "We were also advised that due to planning issues not identified by the relevant parties during our initial due diligence period, any sale of the Property was significantly restricted."From the phraseology used in 'The three options' it is clear that Lendy don't want to be bothered with options 2 & 3, so I'd guess at an 80+% of the vote being in favour of option 1. You literally 'pays your money and makes your choice' and in the present circumstances, my choice will probably be for option 1. Totally agree. I think LY want option 1 and option 2 and 3 are worded in a way that would persuade most towards the option 1 loss. If i was a vindictive guy i would be tempted to vote for 3 just to annoy LY, but of-course they would continue to bleed the security for the privilege and the appointment of a 'planing consultant' would most likely be the same chimps that miss-valued and overlooked the land ownership problems in the first place. Lender losses wouldn’t directly cause a platform failure, after all lenders take the hit not the platform. However, the indirect consequences of losses worries me greatly. The bad sentiment towards LY has been building and building and building. LY seemingly don’t care and their arrogance and apathy knows no bounds. Lenders are voting with their feet and that spells big trouble. The LY machine cannot function unless new loans are being filled and poured into the top end of the funnel even when nothing decent ever seems to come out of the bottom end of the funnel. I don’t feel that LY can continue as they are. If the bad news and bad sentiment continues then new loans won’t fill and LY will collapse. Personally that’s why I have continued to invest in the new loans, as a platform collapse would be more catastrophic for me than some partial capital losses on some bad loans.
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Post by charliebrown on Mar 9, 2018 20:14:10 GMT
Paul64 Lendy Support Presumably there will be some comment from Lendy in todays update on the disgust constructive criticism expressed by so many on this forum concerning the changes to Ts and Cs ? (or maybe not ......) Nope, don’t presume tthat hey care.
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Post by charliebrown on Mar 8, 2018 10:24:48 GMT
The experience you are having is typical. Why then do individuals continue to put their money towards FS? Is it an addiction where so called investors behave like gamblers always believing that the next throw of the dice will go their way? I think it could be. I’m certainly in p2p way over my head. Before I invested a penny if I could have seen that my future position would be where I am today then I’d never have invested that first penny. All the p2p platforms I use are in a mess. COL is in receivership, MT has had defaults, LY is sat on 25 defaulted loans and many more suspended, FS is in denial about lots of defaults and overdue loans. All platforms keep enthusiastically launching new loans while perpetually kicking the can down the road on all the loans that are basically unrecoverable. Frankly it would have been better for me to stick my money in the 5 year Ratesetter account at say 6% for much less risk, less effort and in the Long run probably a much better return.
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Post by charliebrown on Mar 7, 2018 22:08:56 GMT
The first full 4 pages of my loans are all overdue, only 2 loans are officially marked as Unredeemed. Most of these overdue loans have no updates. I do quite like the 6 months term concept, as I like it when the loans is put back on the platform for renewal after 6 months, giving investors the option to renew or exit. When that’s working well it’s a really nice feature. Unfortunately it’s not enforced at all.
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