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Post by charliebrown on Jan 5, 2018 8:45:47 GMT
How safe is this loan compared to others? It’s as safe as all the others... all Lendy loans are safe, thanks to their world-class DD process
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Post by charliebrown on Jan 2, 2018 8:54:08 GMT
I suspect you might currently still be in the honeymoon period, namely where the loans you have invested in are less than 12 months old & not started to display age warts. It seems a common trait with all platforms, & loans within those platforms, that the first 12 months is all milk & honey & problems do not start to become apparent until after 18 months. Of course by then it's usually too late and all the future holds is an expensive, long drawn out, financially & emotionally draining, divorce with the legal boys (& girls) rubbing their hands. Happy 2018. I was a bit slow to catch on to how bad things really can be. If Lendy agree a 12 month loan and collect “interest” upfront they essentially spend 12 months paying us back some of our own money so that at face value everything looks rosy. The problem is that the loan could have defaulted on day 1 as the borrower never seriously intended to repay us. We wouldn’t find out until 12 months + 180 days later as Lendy would have been feeding us useless and meaningless updates for the past 12 months. We’d then enter some type of recovery process where it would take 2 to 3 years to get back a small proportion of what we put in. It seems Lendy, the borrower and the legal team all take gains no matter what happens yet investors are left high and dry.
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Post by charliebrown on Jan 2, 2018 8:33:55 GMT
The standard FCA reply is that they will investigate the matter and revert within two months, last tine I wrote to them they failed even to meet that deadline, but did apologise! however with the Christmas holidays I doubt they have even looked at my email other than to send a standard response. It’s hard to see what the investing public can do about it other than stop investing and try to get their money out, which I believe most of us are doing. Call me cynical, but I have little confidence in organisations like FCA, they’re usually highly-paid “jobs for the boys” with little interest in doing much about anything.
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Post by charliebrown on Dec 24, 2017 21:41:17 GMT
Another unmitigated disaster
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Post by charliebrown on Dec 24, 2017 21:28:56 GMT
I am currently not investing any additional funds in LY and am withdrawing funds as and when they become available.
As people have said and I agree, it’s not realistic to expect 12% returns and zero defaults forever.
The main thing that’s caused me to lose confidence is the poor communications and also by working my way through the default and suspended loans (some of which I’m invested in) and looking at what has transpired and the position they’re now in. Many are in a seemingly unrecoverable mess. Not just troubled but a total disaster. They are sat there rotting with really unhelpful updates. I just looked at PBL027 where the latest update states “we are continuing to chase the borrower for his exit strategy” even though this loan is 373 days overdue. Unbelievable.
Confidence is everything and I’m afraid my confidence has been lost. I wouldn’t continue to invest nor recommend LY at the current time.
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Post by charliebrown on Dec 20, 2017 12:09:08 GMT
Why are we still investing money here? On balance, is the risk worth the 12%? It doesn’t feel like it to me anymore.
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Post by charliebrown on Dec 20, 2017 11:00:54 GMT
What’s the significance of the annual accounts being late? Is it Lendy’s typical stance that if you don’t admit there’s a problem then there is no problem. I’ve also noticed that Lendy reps never post on these boards anymore, we obviously ask too many difficult questions.
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Post by charliebrown on Dec 20, 2017 9:02:24 GMT
I’ve got a 5 figure sum invested in Exeter, so I’m understandably a bit worried.
I don’t see any light at the end of the tunnel on this loan; it’s perhaps one of the biggest p2p disasters across all platforms. It’s certainly my own personal biggest p2p disaster (so far).
The only glimmer of hope I have read on this thread it’s that this loan is under old T&C and as such Lendy themselves are implicated. Do board members think this is an avenue that we who are invested might pursue? Or do you think Lendy would quickly wriggle out of their own liabilities?
Whatever happens I foresee months or years of procrastination and obfuscation by Lendy on this, meaning any value in what has been built on site is rotting away to zero.
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Post by charliebrown on Dec 13, 2017 5:22:31 GMT
Are these pics for real? That’s supposed to be a 34 million quid development? I am totally stunned, and not in a good way. Is this the toilet block or what? What on earth is going on?
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FundingSecure (FS) in Administration
Defaulted loans
Dec 3, 2017 10:47:46 GMT
Post by charliebrown on Dec 3, 2017 10:47:46 GMT
In this day and age, companies that put customers at the centre of what they do are thriving. Take a look at Amazon; I’ve used their customer service and it does make you feel that they value you as a customer. This got me thinking. I’m invested in most of the big p2p platform and quite honestly there’s not much difference between them, they all treat their investors with utter contempt. FS are terrible, but having said that the other platforms are too. I feel there’s room in this market for a p2p platform that is investor centric. A platform that lends money as if it were their own, that protects investors via rigorous due diligence rather than just saying let the buyer beware, that gives regular and honest updates, that isn’t asleep at the wheel because losses don’t affect them, that respond to customer enquirers within a given SLA, that compensates investors when it was a platform mistake. Is it too much to ask? If such a platform was launched I’d invest with them; I’d even be willing to accept a slightly lower interest rate. I think we should start a platform, by investors for investors, p2p4invest. Anyone with me
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Post by charliebrown on Nov 12, 2017 11:14:25 GMT
I do think that a lot of the negativity is simply noise. If you follow the forum it is possible to select good loans. Mr 12% does now seem to be Mr Doom & Gloom popping up on all the threads like wack-a-mole reminding us of his superior strategy & exit....yes, he does NOT even invest on here anymore* !!!! (*a couple of residuals aside) Let’s not turn on one another. I don’t really care which individual investor has the best strategy. We need to stick together and for those who are looking at substantial capital loses we need advice and we need support. I knew there were risks but I didn’t anticipate this type of meltdown.
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Post by charliebrown on Nov 12, 2017 11:05:15 GMT
I don't know why we are beating about the bush here guys. For the benefit of any doubt this platform sucks. Its default rate is awful, its recovery rate is awful and its weekly BS is as its says B*** S**** Why can't they get a grip and recover the situation I couldn’t have said it better myself. LY sucks! I think they know they suck but don’t seem to care. I’ve noticed they never post on this forum any more. Seems they hold nothing but contempt for their investors.
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Post by charliebrown on Nov 10, 2017 10:25:14 GMT
Maybe required to get their FCA approval ... If Lendy get FCA approval while 32% of their loan book is either Defaulted or Suspended that will be the end of any thought I had that the FCA might be worth having! Totally agree. There must be an almighty fire raging at LY. I can’t see LY surviving this. Where is the money coming from to pay receivers to chase all these bad debts? Has any platform survived a 32% bad loans state?
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Post by charliebrown on Nov 9, 2017 11:56:23 GMT
He is thinking about himself and his financial position at the expense of all of our investments. And why would you expect him to do anything else? If there is a ransom strip, then the only people at fault are Lendy for not identifying and dealing with the problem before the loan went live. I put 99% blame on LY. It’s fair to say that most of the long list of loans that have turned sour are largely due to LY being asleep at the wheel. I still put 1% blame on the borrower if as stated he has purposely taken advantage of a weak target. You could rob a granny of her purse because she is weaker than you, but most people still wouldn’t do it. Those that would do it are lowlifes.
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Post by charliebrown on Nov 9, 2017 11:09:48 GMT
Following today's two new suspensions, an Updated list of "Suspended" loans that are not tradable on the SM... DFL01 - £6m DFL02 - £3m DFL16 - £0.7m DFL17 - £7.5m PLB84 - £5m PBL103 - £2m PBL155 - £3.4m PLB157 - £3.2m. newPLB158 - £1.3m newPLB161 - £0.3m PBL167 - £2.6m PLB166 - £0.9m Now £36m "suspended", in addition to the official defaults of £23m. Total of £58.6 of £180m is really in default, over 32%! 32%, shocking. No pipeline, nothing worth buying on the primary market, 12 loans suspended, 18 loans defaulted. This must be the worst track record of any platform. As I’d posted earlier, I checked another platform’s stats, chosen at random, but it happened to be Funding Circle, that quotes 2% defaults. Granted, they make it clear it’s 2% after recoveries, but even so. I also don’t think we’re finished yet, there’s a lot of other live loans that look less than perfect; will we see defaults go above 50%. As someone who has significant sums of money in many of these bad loans, I feel justified in being very negative about LY, I rue the day I ever got involved.
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