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Post by loftankerman on Jan 25, 2019 16:13:42 GMT
What I can't get my head around is why does nobody from Lendy go and meet the borrower face to face and visit the site themselves? This loan is well in default and has been for some time, so it must be on Lendy's priority list to recover the funds. If the land is derelict and nothing happening on site like has been said previously, then surely somebody from Lendy can go and see that for themselves and then report back to Lendy HQ to take over the land from the borrower instead of just letting it drag on for months without any progress. If anything at least that will show Lendy being proactive in recovering lenders money rather than just sitting in their offices and only having short phonecalls with the borrower who can make up anything just to keep Lendy off his/her back. I suppose it might be possible that taking the dynamic action you propose could expose buried DD issues that any platform would prefer to distance themselves from, making a feeble approach more palatable to the corporate mind.
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Post by loftankerman on Jan 24, 2019 15:46:16 GMT
Hmmm! Whilst I appreciate that the notion of Lendy Wealth buying up stuff on the secondary market is purely speculation, it does make me wonder if this would be cherry picking that pointed the finger of doom at anything they might seem to be ignoring. I don't know much about this sort of thing but if that were to be the case, it sounds a bit like what I understand insider trading to be about. It would make Lendy Wealth seem a bit safer, apart from the fact that loans Lendy have been confident about in the past have gone pear shaped only as they were assured to be paying out imminently.
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Post by loftankerman on Jan 24, 2019 12:19:58 GMT
Are Lendy purchasing the loans on the market for the wealth product as £54k of DFL029 went this morning and any one with half a brain would not buy this much,also seems to be low levels of the other loans available as well Well, as the investors have been warned that their capital may be at risk, Lendy can splurge it on anything they like. Can't they?
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Post by loftankerman on Jan 23, 2019 18:28:36 GMT
I was just a little alarmed to receive an email giving me instructions on how to access this update. Fortunately it was just Lendy being Lendy. On access I was shouted at by a big Unauthorised banner and told, " Sorry, you do not have permission to access this page.".. There's a relief. That happens with every update on this loan,have you not been reading the previous updates or getting the emails ? Nope! This was the first contact on the matter of a loan that I am not in and have only followed out of curiosity on here. Edit: Yes I did follow the instructions.
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Post by loftankerman on Jan 23, 2019 17:38:26 GMT
I was just a little alarmed to receive an email giving me instructions on how to access this update. Fortunately it was just Lendy being Lendy. On access I was shouted at by a big Unauthorised banner and told, " Sorry, you do not have permission to access this page.".. There's a relief.
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Post by loftankerman on Jan 23, 2019 9:47:53 GMT
I raised the same point on the Funding Secure Whitehaven loan. It was a seemingly blatant fraud and FS were an accessory. General comments made about calling in the cops were that the cops don’t care about white collar crimes. More pertinently, bringing in the police will put all attempts at recovering monies on hold until the courts have finished their work (ie a very long time indeed). So it's best to exhaust all other avenues for recovery first, and call the cops second. I don't feel I have enough understanding of loans I'm not invested in to denounce them as blatant fraud. However, I would assume that if some evil genius (or idiot) fraudster had concocted and implemented such a scheme, then an essential contingency plan would be one where the mugs could be steered into exhausting all possibilities while funds and perpetrators effectively disappeared.
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Post by loftankerman on Jan 19, 2019 8:48:30 GMT
I think my main point is that often Lendy fails to provide meaningful information on loan recovery and investors just do not know if Lendy are still actively pursuing recovery on numerous old loans Which loans are you thinking of? 'course, we all made the decision to lend based ON that information... Nobody told me my capital was at risk!
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Post by loftankerman on Jan 18, 2019 8:45:40 GMT
sussexlender : Straight red card. Get off the pitch. This is the positive thread, not all the other threads on this board. Get the wagons in a circle keep out the trools and trash regurgitaters How can we be sure circled wagons will keep out trools? Even Google can't tell me what one is!
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Post by loftankerman on Jan 17, 2019 8:53:22 GMT
I obviously don’t know your specific loan book, but looking at all SUSPENDED and NON-PERFORMING loans, the chances of losing >22% of invested capital across those loans would appear very high to me, and will probably take a decade or so. However, since this is a thread for positive thoughts let’s assume that they will all repay in full with interest and bonus interest. Ha! Yeah. The probable(?) decade you mention is the clincher for me. My <£4k is mentally compartmentalised and of no concern either way. I figure that in another decade I could be dead or drooling in my soup with no recollections of Lendy. Right now I have a healthy life to be enjoying. Positive enough for the thread?
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Post by loftankerman on Jan 16, 2019 20:02:11 GMT
GodanubisHad worked that out and was busy deleting my post while you were replying.
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Post by loftankerman on Jan 16, 2019 17:46:58 GMT
If we are not kept up to date we can only reasonably assume that Lendy are doing nothing and have the legal right to end our agreement with Lendy and appoint somebody who can act effectively as agent on our behalf. Just an old man's attempt at playing devil's advocate... I'm confused... We are not really a collective 'we'. We are individuals who are deemed to have agreed to Lendy's T&C. I know they shuffled them to suit their own ends and gave us an unrealistic means of exit. We had to immediately dispose of our loans and stop using the platform. Failure to do that was deemed acceptance of the T&C. Dodgy as that was, this far down the line, not having everything up for sale could be claimed to be a clear indicator of acceptance. So considering your statement, I think this is probably closer to the truth... If we are I am not kept up to date we can only reasonably I could assume that Lendy are doing nothing, and but have the no legal right to end our my agreement with Lendy and appoint somebody who can act effectively as agent on our my behalf.That is because I gave Lendy absolute right to chose what to do on my behalf (even to the point of doing nothing, or worse, it seems). Furthermore, I see no reason why I would have any right to effectively undermine Lendy's contractual relationship with every other individual lender, some of whom may be perfectly happy with, or blissfully unaware of the behaviour that upsets you. Aside from that I suspect your plan would cost more than could be recovered even if someone had the cat wrangling skills to get all lenders behind you with united objectives.
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Post by loftankerman on Jan 16, 2019 8:32:39 GMT
The positive result from my investments with Lendy is a dramatically increased education in P2P risk and a more thorough understanding of the credibility of valuations from professional surveyors. Yeah, me too and fortunately I'd grasped the point and mostly got out when I saw the new T&C. Any loss will have been better value for money than my son's student loan.
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Post by loftankerman on Jan 15, 2019 23:22:07 GMT
Looks like another LY dud. Everything they touch turns to the brown stuff. It's what's known as the Reverse Midas Touch.
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Post by loftankerman on Jan 15, 2019 11:49:54 GMT
I agree with others that the problem is with over-optimistic valuations. If assets were properly valued at the fire-sale prices they might achieve in the event of default then we might recover our own money much more quickly. Perhaps what's needed is a national body of independent, qualified surveyors who can give values? Then the platforms can instruct their members, safe in the knowledge they'll get an accurate an independent value that - if need be - is enforceable through the courts against professional indemnity insurance?
I've said before... Professional bodies exist to protect members from their clients, not the other way around. That would be ridiculous, why would anyone want to subscribe to, and join a body that was out to get them?
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Post by loftankerman on Jan 14, 2019 22:59:31 GMT
Yes indeed, history is very instructive here, as the ones who stuck with Captain Bligh in the lifeboat eventually all got home, “3600 nautical miles to safety in 41 days using only a sextant and a pocket watch.” This may be a most accurate allegory of waiting it out for the Lendy recovery process to complete. Except add a 0 or more to the number of days. Perhaps this could be re-enacted during Cowes Week? 1 problem with that is that a circumnavigation of the IoW brings you back to where you started. For that matter, correctly implemented circumnavigation of anything should by definition do the same thing. The benefit of doing it to the I.O.W however is that it saves a lot more time than tackling something challenging. So forget recoveries, boat trips it is.
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