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Post by charliebrown on Feb 19, 2019 12:08:57 GMT
Lendy Wealth is an oxymoron. Unless Liam is referring to his own wealth.
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Post by charliebrown on Feb 19, 2019 12:03:47 GMT
Have a look on Trustpilot.... What a totally embarrassing company Lendy is. How on earth can they show themselves in public let alone Cowes week! What sort of business - (very loose description here) spends its day on Trustpilot trying to defend itself and having factually correct reviews taken down in the hope of trying to preserve the sham that it has become. On behalf of Lendy, apologies to all those good P2P companies out there creating jobs, lending money, earning money for investors and trying to do things right. Clapped out old donkeys are usually shot aren't they? If L go under, then how are Lenders going to get their investments back? Most of it will be taken by administrators. I think this tone of post is contributing to their (our) downfall! I am in COL and I’m all too aware of what a mess we would have on our hands if LY go under. The COL Administrators are shameless parasites that are maximising their profits and delivering nothing. However, the only people responsible for LY’s downfall is LY themselves. If they had any empathy they wouldn’t treat their customers the way they treat them. Just for transparency, I have not posted a TP review for LY but that’s not because I’m trying to save my skin, as I believe LY are sunk with or without my 1 star review. LY has sunk their own ship, but they had one hell of a good ride whilst it lasted.
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Post by charliebrown on Feb 19, 2019 11:46:32 GMT
Time is up Lendy We are now over half way through February. Come clean and tell us what you are now going to do about the obvious scam being committed on loyal Lendy investors by this Borrower and his highly questionable so called JV company. I’ll tell you what they’re going to do.... absolutely nothing, the same as they’ve done on all the other scams and defaults. Unfortunately, when you do the same thing you get the same results.
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Post by charliebrown on Feb 17, 2019 18:18:02 GMT
It seems that even if the borrower gets a short custodial sentence for this crime that doesn’t help us get any of our money back. I don’t see anything but a complete loss on these loans.
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Post by charliebrown on Feb 17, 2019 18:09:24 GMT
Opinion are what so much of forum posts are (despite some thinking theirs are otherwise, and factual). I am pleased you recognise what my post was, and I am pleased for you that you do not share them. I am all for giving honest borrowers a little latitude, but by MT's own updates the borrowers have failed to meet the commitments they have given, and continue to do so. Surely it must be recognised that everyone's breaking point is different, nothing wrong with that, unless yours is later than MT's, so them you feel let down. Fair point....and yes I focused on opinions...gave mine in reply to yours Everyone is entitled to their opinion. I am all for people expressing their opinion here on the forum. Some things, however, are facts not opinion. It’s a fact that this borrower has not paid us any interest on this loan for many months. It’s also a fact that he has lied to us many times about wanting to bring the interest up to date.
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Post by charliebrown on Feb 13, 2019 12:53:38 GMT
Last activity for savingstream was in July 2017 and for Paul64 was in July 2018. It's probably safe to assume they don't engage or probably even read here anymore? Which is a huge shame because this forum is a great opportunity for Lendy to communicate with investors with what is going on which would help their public relations and investor confidence. But what do I know, I'm just an average investor. The relationship between Lenders and LY has been completely destroyed, it’s now one of mutual disrespect. The relationship between borrowers and LY has probably never been better.
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Post by charliebrown on Feb 13, 2019 12:46:14 GMT
We're getting quite deep into February.... what still classifies as the "early part of this month"? In Lendy's world, it means the end of February... It means we don’t say what we do and we don’t do what we say.
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Post by charliebrown on Feb 8, 2019 17:15:58 GMT
We were promised an update on some loans “week commencing 4th February”. That doesn’t appear to have happened.
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Post by charliebrown on Feb 8, 2019 16:50:25 GMT
I agree with almost all of your posts and often give you a thumbs up. However, we’ll have to agree to disagree on this one. Investors are looking down the barrel of millions of pounds of losses here, dished out without a care in the world from what is an FCA approved platform. It’s not really adequate to just say well people shouldn’t have been so stupid. Where would we stop with this argument? Does this mean any crook can part people from their money with the simple defence that stupid people deserve to be taken advantage of. Charliebrown, you are completely right. However, the P2P platforms are only liable for breaches of their particular T&C's in force at the time* and the wider legal and regulatory matrix in which they operate. FWIW in my view some platforms (and LY is certainly up there) done many things that have contributed to lenders losses resulting in valid rights of action. Nobody likes a loss, loss aversion is a core human psychological driver - we feel very bad faced with them and that shapes behaviour. People deal with that and the associated regret in different ways. Typically deal with it by contextualizing the importance of the loss as small (see comments from Lofttankerman and godanubis) and in that case you can accept your own fallability as a factor in causing the loss. Or you can ignore the loss / choose not to percieve very old non-performing loans as losses. That is what many on this platform do, who do want to rock Lendys boat. Or you need to mentally resolve matters by doing something about it. That reaffirms your sense of agency and can make you feel better about the loss eventually whether you recover it or not, but it does mean you experience the negative emotion for longer while you are doing something about it. and you must invest time. Which path you follow depends on the size of the loss to you and your disposition. Lofttankerman and godanubis posts indicate their losses are not too large in comparision to their overall worth and their disposition mean they can't be arsed to invest the time to do anything, and time has a value. If you don't mind me suggesting, your posts indicate your likely losses are not something you can discount so easily. Maybe you have to do something. That probably means making some formal complaints /getting you own legal advice, because to get anywhere very specific breaches by P2P platforms must be identified. * I note that most platforms have revised there T&C's over the last few years, systematically reducing their obligations to lenders. If it comes to it I do not think this practice will be legally effective in retrospectively altering the contract in force at the time loans were issued. Apologies for the psycho babble // sugar rush from my Friday afternoon donut .
The Moneything FOS decision is a good example of a complaint without a strong enough right of action and was fairly decided IMO. I wouldn’t bother making any complaints to the establishment as they’re all in this together. My losses are going to be substantial and significant to my overall financial position. However, I can learn from this experience. It only irks me that Liam and his cronies have pocketed millions from this and LY’s systemic failings for investors seem to be something much more than bad luck to me.
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Post by charliebrown on Feb 8, 2019 15:58:37 GMT
Lendy seem to have backed off objecting to every one star review as a matter of principle. I didn't see the recent arrival and departure, but ones that I have noted to have been deleted were ones which were unquestionably in breach of posting guidelines and in some cases inviting litigation. I don’t think LY cares anymore. It reminds me of that old Football chant “no one likes us, we don’t care”. I believe it’s a millwall chant.
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Post by charliebrown on Feb 8, 2019 15:37:03 GMT
Sorry Charlie but I'm a big fan of the 'not forced to invest' argument, even when I'm on the losing side. Being in denial about my misjudgements and looking for a root cause honest or dishonest individual, company or circumstance to blame for my choices has no mileage in it. "I should have known better." is a less troubling state of mind. I agree with almost all of your posts and often give you a thumbs up. However, we’ll have to agree to disagree on this one. Investors are looking down the barrel of millions of pounds of losses here, dished out without a care in the world from what is an FCA approved platform. It’s not really adequate to just say well people shouldn’t have been so stupid. Where would we stop with this argument? Does this mean any crook can part people from their money with the simple defence that stupid people deserve to be taken advantage of.
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Post by charliebrown on Feb 6, 2019 12:44:44 GMT
With a 69% capital loss on PBL069... Or 31% repaid to date. (DFL068, btw) The fat lady hasn't sung yet.
Thanks for the correction, Adrian. I’ve updated my original post. If only the 69% loss was also a typo.
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Post by charliebrown on Feb 6, 2019 11:30:55 GMT
Looks like LY just lost investors 69% of their invested capital on PBL068. On a positive note, investors got 31% back. Good work, LY.
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Post by charliebrown on Feb 6, 2019 10:47:03 GMT
With a 69% capital loss on PBL068 would anyone care to recast their vote? We need something more granular than just “<50%”. This is going to get very ugly indeed.
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Post by charliebrown on Feb 6, 2019 10:37:56 GMT
No mention of that in the email to investors. Not sure if i'm allowed to quote directly from it but it specifically says only 31% of the original capital loan has been repaid and no mention of any further installments (except any unspecified return from legal action). So a sale of £950k had been agreed but only £400k of that returned to investors? I know there are fees that need to be taken from the original sale but investors receiving less than 50% of the sale price is ridiculous! It’s absolutely criminal. All they did was stick it up on RightMove. Where did the 550k go? I think there’s a lot more pain coming to investors on LY defaults. 31% might end up looking like a good result on some of the loans. There should be some consequences for LY / Liam to face here. It’s not on making millions of pounds of people’s money evaporate and then just saying whoops sorry about that, but we did tell you your capital was at risk. Profiting from other people’s losses should not be called a “business”.
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