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Post by charliebrown on Feb 6, 2019 6:30:29 GMT
I’d like to see the “forensic investigation” that has been mentioned on some loan updates extended across the full loan lifecycle. Who brought the loan to the platform and were they heavily incentivised? Which LY salesperson got the loan live/ filled and were they heavily incentivised? Who did the valuation and were they heavily incentivised? Who was monitoring the loans and were they heavily incentivised to keep one eye closed? Who was issuing more loans to the same borrower when said borrower wasn’t inside T&C on his other loans and were they heavily incentivised to keep one eye closed? Let’s just put it this way, everyone involved has made money from this scam apart from most investors. Is that an unlucky coincidence? Anything else is speculation and anecdotal bias. I am not casting aspersions but I believe the FCA should investigate. Isn’t it a fact that Liam has made millions whilst millions of investors’ money is quite likely to disappear. It can be said that investors were not forced to invest but I’m not a fan of that argument. People still send money to the wealthy Nigerian Prince emails, no one forced them to, doesn’t mean it’s ok.
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Post by charliebrown on Feb 6, 2019 6:02:25 GMT
As I’ve learnt to my detriment using GDV to value a loan is a stupid idea (stupid for investors). The GDV can be anything the borrower wants it to be. He can say he’s going to fit every room with solid gold toilets. The GDV of something that doesn’t exist can be anything you want it to be. I fear that all these bits of wasteland we have lent against are going to be practically worthless.
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Post by charliebrown on Feb 6, 2019 5:54:18 GMT
I’d be surprised if Cowes still want to keep LY as a sponsor. Not exactly a great brand to be associated with is it. I think they’ve stopped saying “no investor has lost a penny”. Maybe they will change it to “no investor has made a penny, but Liam has made millions”.
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Post by charliebrown on Feb 6, 2019 5:46:24 GMT
31% recovery is a real punch to the gut. I was expecting to take a loss on this one but ~70% is ridiculous. In the email it says they are taking action against the valuer, don't hold out much hope for that (are there any other Lendy cases when they have successfully sued the valuers? not aware of any). And as you say ilmoro, total inconsistency in whether interest or capital gets repaid first, it's a lottery. I think we’ve all been pushing LY very hard to sort out their mess of a loanbook and give us back (some of) our invested capital. LY do seem to be driving things to a conclusion which I am happy to see. Not so happy to see 70% capital losses but I think we all knew many of these disaster loans would have this type of outcome. ALL my LY loans (I have many) have now defaulted and if they average a 30% recovery then even taking into account lifetime interest received I will have to write off a 6 figure sum. I curse the day I ever heard about this “investment” and despite the pain felt I do want to see LY resolve all these disaster loans so I can draw a line under this mess and tell myself I will never be this stupid with my hard earned money again.
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Post by charliebrown on Feb 5, 2019 2:35:39 GMT
They’re all riding this gravy train, either directly or indirectly. The UK has systemic corruption, but unlike truly corrupt countries that acknowledge the problem, uk prefers to say it doesn’t exist.
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Post by charliebrown on Feb 5, 2019 2:22:47 GMT
This borrower has done himself no favours. He’s told lie after lie, even lies that very quickly get exposed as lies, such as “I’ll cover the interest payments”. There’s also something that doesn’t add up, the borrower is said to be wealthy yet can’t raise 40k to cover completion of a development allegedly worth 5million. I think MT are doing the right thing by sending in 3rd parties to make an assessment. I don’t believe a word this borrower says so I’m skeptical that’s there’s only 40k of work needed to complete. After hoping for imminent repayment this now looks like it’s going to be a long drawn out process. MT should have acted sooner. As I stated in previous posts once the borrower starts with the lies and deceipt I believe the platform should take immediate control.
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Post by charliebrown on Feb 4, 2019 16:58:10 GMT
Acknowledged. We will post an update on Monday at the latest. Regards, Ed. MoneyThing can I remind you that today is Monday. Can we have the update please as this saga is becoming ridiculous.
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Post by charliebrown on Feb 4, 2019 2:17:31 GMT
" As much as we may think this was planned for at inception there is little or no evidence of malfeasance. Poor management and operation is not the same."I'm sure it will all come out in the wash. Many of the original valuations bare little to no resemblance of what stuff is now being valued at default. The odd one being a tad wrong perhaps acceptable but so many being worth a fraction of what was projected... Hmmm, hence why I'd like to see some investigative action. I’d like to see the “forensic investigation” that has been mentioned on some loan updates extended across the full loan lifecycle. Who brought the loan to the platform and were they heavily incentivised? Which LY salesperson got the loan live/ filled and were they heavily incentivised? Who did the valuation and were they heavily incentivised? Who was monitoring the loans and were they heavily incentivised to keep one eye closed? Who was issuing more loans to the same borrower when said borrower wasn’t inside T&C on his other loans and were they heavily incentivised to keep one eye closed? Let’s just put it this way, everyone involved has made money from this scam apart from most investors. Is that an unlucky coincidence?
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Post by charliebrown on Feb 4, 2019 1:57:10 GMT
Don’t you think it’s ironic. We spent all the money figuring out how much you are owed so now there’s no money left to pay you what you’re owed. BDO are a joke. Hopeless parasites. If they didn’t know how to reconstruct the database they should have sought external help or why not ask on this forum. I’d have done it for free, under NDA of course. I genuinely mean that, I’ve had to restore data from backups many times in my career, it’s not really difficult for what I’m sure would be a simple database schema and small amount of data. There is no way that an IT team would have gone in and not one of them knew how to reconstruct it. I agree. If there was any type of backup of the data then the IT Team would be able to restore the database in pretty short order. In my view, the recovery would either be a quick job or an impossible job, there’s not much in between. I can’t think of any scenario where it would be possible but it would take 1 year. Ridiculous. Why aren’t BDO being paid by results? I’d be happy with a deal where we paid them 10% of monies recovered, or even 20%. Them having a deal where they are paid by the hour regardless of whether they recovery any of our money is open to abuse.
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Post by charliebrown on Feb 3, 2019 3:43:03 GMT
Latest update: "We are awaiting an update on this loan from our external legal and recoveries partners. We hope to release this update during the early part of this month"
So this loan has gone from "full repayment expected by end of January" straight into recovery now? Could it be that the new team rather than revisiting the evasions of the past is actually trying to bring matters to what for many investors will be an unpalateable head. As a non-investor this looks completely like a salvage operation with substantial losses to be crystallised so all can move on. Further shilly-shallying and procrastination is not in the interest of lenders. I agree. There’s no value in waiting. This is a piece of wasteland that is significantly overvalued. If we wait another 5 years it’s still going to be a piece of wasteland that is significantly overvalued. Unfortunately the only thing we can do is sell it to the highest bidder and take the losses on the chin. Then take the route of suing the borrower and the valuer, as per usual course of action.
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Post by charliebrown on Feb 2, 2019 3:32:54 GMT
You might think that..... In "fairness" they wouldn't be the only ones. I see this all the time albeit in different industries That’s exactly what the FCA should prevent. It shouldn’t be possible for any Tom, Dick or Liam to set up a financial institution handling millions of pounds of people’s money without having any experience. It’s actually scary that this is possible. Would it be possible for me to buy a scalpel and set up Charlie Brown’s brain surgery clinic?
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Post by charliebrown on Feb 1, 2019 14:46:35 GMT
Were we not promised a comprehensive loan update by the end of January or before? In an email I had from Lendy about a week ago was assured that this would be done but as yet it has not appeared. I am beginning to wonder if Liam somehow got hold of a calendar, which is different to the one we use and understand, in some faraway place when on one of the holiday's he probably has at our expense. Liam and all his team are pathological liars. They’ve lied time and time again. I obviously believe that the truth is going to hit us very hard, but I’d rather have the truth than have lies, deceit and subterfuge. The FCA stands by and watches all this and sees nothing wrong? Liam must be passing them a big slice of the pie ... allegedly
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Post by charliebrown on Feb 1, 2019 14:37:23 GMT
Exactly what you would expect from lendy.so Liam's grovelling little speech and his enhanced teams words stand for jack Sh,t.still there is nothing we can do but put up with it and bite our tongues.not the sort of people I could put up with in my circle of friends. The only thing worse than incompetence is dishonesty. Lendy has both; they’re dishonestly incompetent.
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Post by charliebrown on Feb 1, 2019 12:10:23 GMT
I'm so disappointed, I really thought the Enhanced Recoveries Team would be able to make some progress and actually recover a loan in the first months. Maybe my first thought was correct when I first saw the word Enhanced and they are the same old team just with a nice boobjob paid for by my unpaid interest. The Enhanced Recoveries Team is not Enhanced and has made no Recoveries. I therefore believe it should simply be called The Team.
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Post by charliebrown on Jan 31, 2019 11:30:06 GMT
11 days of complete silence
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