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Post by charliebrown on Mar 6, 2018 21:49:43 GMT
“Loans shall not be monitored”. Does that mean we are going to see a lot more FS Whitehaven type frauds.
”Voting is not binding”. Is that a bit like what Brexit should have been. We will hold a referendum but if the result is not the result we wanted then we’ll ignore it.
I’m not really in favour of the voting scheme. I prefer all the bad loans are passed to professional receivers and as LY often writes “receivers are working out the best way to maximise returns to investors”. That’s their job, let them do their job.
I don’t suppose we’ve got any option to reject these T&C but one thing I would like clarity on is whether LY are suggesting the T&C changes are applied retrospectively to historic loans. That I believe would be totally unfair and I’m hopeful would not be legal. A bit like LY United losing a Football game 2-0 but after the final whistle blows LY steps in and says we’ve changed the rules and the team that concedes the most goals wins.
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Post by charliebrown on Mar 3, 2018 8:23:42 GMT
Didn’t COL also have interim approval. Don’t make this personal, please. I’m sure other people would like to know too. If we were all experts we wouldn’t need a forum like this to share information. They thought they did up until Jan 28th, when they quietly removed the FCA statement from their communications and changed their T&Cs. Whether they actually did or not remains unclear. This stuff is all covered ad nauseum on the COL board, if you go and read it. I’ve read it. My question was about LY. Since you’ve said LY is not at risk then I’ll thank you very much for your clarification. Have a good weekend.
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Post by charliebrown on Mar 3, 2018 8:17:24 GMT
Didn’t COL also have interim approval. Don’t make this personal, please. I’m sure other people would like to know too. If we were all experts we wouldn’t need a forum like this to share information.
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Post by charliebrown on Mar 3, 2018 8:11:11 GMT
Is anyone else concerned that LY could face the same demise, given that LY is currently trading without FCA approval? Am I right in saying that?
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Post by charliebrown on Mar 3, 2018 7:52:33 GMT
For those who might not be aware, Collateral COL has been shut down by the FCA and forced into administration. It all happened very swiftly and without any warring. The COL website was there one minute then gone the next minute, they wouldn’t answer phone calls then an email came out simply saying COL is no more, please deal with the administrator. This has left investors wondering whether they’re looking at a significant or total loss on their COL investment. However, it’s also left investors, like me, who are also invested in LY wondering whether LY will be next. Comments please for those who might have any idea, could LY also be closed down seemingly overnight by the FCA. The FCA seem to have taken this action with absolutely no regard for existing investors, no warning, no sympathy.
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Post by charliebrown on Mar 3, 2018 7:37:58 GMT
Shutting COL down can’t be the right course of action, can it? And does this mean Lendy could also be forced into administration very soon? It’s nigh on impossible to get money out of Lendy, so where does that leave us. I’m really worried about all this. I was able to accept the Lending risk but it seems the greater risk for a total loss comes from the FCA shutting down all the platforms. Ironic since the FCA is supposed to be there to protect us in some way, not financially ruin us.
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Post by charliebrown on Mar 3, 2018 2:04:51 GMT
I still don’t understand why FCA would do this. Wouldn’t it be better to either insist on accreditation BEFORE a platform is allowed to trade or have issued warnings to COL and got them to do what they need to do to get accreditation. By pulling the rug out from under our feet whilst there’s millions of pounds out on loan who does that benefit? Who are they trying to protect and from what? Apart from the administrator and maybe the borrowers, who might see this confusion as a good opportunity to default their loans, there are no winners here AFAICS.
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Post by charliebrown on Mar 2, 2018 22:03:44 GMT
I had a 5 figure sun in COL. For tax return do I report the full amount as a total loss?
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Post by charliebrown on Mar 2, 2018 8:55:51 GMT
But they were all loss making at the beginning Avitally LY claim to have been profitable from day one. I don’t see how you can’t make a profit when you’re gambling with other people’s money. Ultimately you get a share of all the winnings and none of the losses.
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Post by charliebrown on Mar 2, 2018 8:52:21 GMT
Why would FCA force COL into administration? Whose best interest is that protecting? It seems like a lose-lose result. Because so many people were posting about how great a platform COL was I decide to sink a 5 figure sum in recently. Hadn’t even been paid a dime in interest and then the news broke. I took that 5 figure sum out of Lendy because I’m totally sick of their ego and incompetence, we’ll perhaps that’s the lesson for me, ego and incompetence is better than a platform meltdown. I’m pretty disillusioned with the whole p2p thing now, I’ve lost significant sums. There’s only MT that I haven’t had any trouble with so far.
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Post by charliebrown on Feb 25, 2018 2:08:09 GMT
Yet another LY loan that has hit the rocks and is now shrouded in secrecy. I’m not suggesting LY are to blame on this one, but it’s just their usual “keep them in the dark” attitude that we are all too familiar with.
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Post by charliebrown on Feb 24, 2018 22:53:27 GMT
Lendy,can you change your SM to a " real " one? A SM where YOUR customers can buy/sell at a price that THEY determine...not as now. This would free up the amount of trades that are STUCK in your system Ablrate's SM is the model you should follow Since LY make money from stopping interest payments whilst loan parts languish on the SM, I don’t think they”ll be in a rush to “fix” it.
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Post by charliebrown on Feb 24, 2018 22:48:57 GMT
Absolutely !!! Of course they should run a "real" Secondary Market for their customers.If they had one from the beginning they wouldn't be in the mess they are now. They’d still be in the mess they’re in. A bad loan is still a bad loan.
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Post by charliebrown on Feb 24, 2018 4:43:12 GMT
If the reviews on TrustPilot and the posts on this forum do represent the consensus then there’s been a significant breakdown in trust between LY and investors. If LY had maintained trust I don’t think investors would be quite as panicked and negative about this loan as they are being. It’s good to see that LY are still reading these forums and posting the odd response, but I dislike all the spin, telling us it’s in the “public interest” to keep us in the dark. I actually quite liked it when they (seemingly a tad tersely) posted telling us to “be patient” at least it showed an element of a human side rather than the usual BS that takes 3 paragraphs to say nothing.
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Post by charliebrown on Feb 23, 2018 12:21:46 GMT
Is that picture at the bottom of the update the result of their polygraph test? Looks like they failed.
i found the update semi-positive in that they’ve apparently recognised that losing investors’ money will ultimately be bad for business. I honestly wasn’t sure whether they had actually made that connection.
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