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Post by loftankerman on Nov 3, 2018 17:18:50 GMT
P2P lending seems to be a bit of a misnomer really.
I spent a while living in a small town in Maryland USA in the mid sixties. One day while in the post office with a friend, an old man he knew sidled up and pointed out another customer.
“See that guy there? He’s stolen $400,000 and they can’t touch him for it. He’s demanded to be tried by a jury of his peers and we ain’t got twelve people in town who’ve stolen anything like that much!”
Funny as it was, the irony strikes home now when I see lenders who expected a modicum of good faith from borrowers who are anything but their peers.
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Post by loftankerman on Nov 1, 2018 17:10:29 GMT
My interest was just under £10 but my frown was already upside down because my £17K spread across two phases of a THC development had already returned the capital in mid September and paid me £2.5K interest 2 days ago.
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Post by loftankerman on Oct 31, 2018 11:21:59 GMT
This thread is ridiculous. If you invest on a platform then you are in the hands of the management. If they turn out to be woefully inadequate, then that is part of the risk we take. So instead of adding more fuel to the fire that will burn the platform alive to everyone's detriment, perhaps you could outline what you would do if you were in charge on any loan you feel is being mis-managed and send your thoughts to Lendy and let them get on with it as you agreed to when you invested. I sort of agree with you. I wouldn't want to offend anyone with the use of the word 'ridiculous' though and I can't see much point in offering advice to Lendy management. I reckon that would be about as fruitful as explaining to my cat how it should tackle getting down from the tree it is stuck up. I'm fine with the rest of it.
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Post by loftankerman on Oct 30, 2018 16:19:27 GMT
I have been a member of EMAG, the Equitable Life members Action Group since it kicked off in 2001. It has an all party supporting 'Justice Group' consisting of about 236 MPs and three members of the house of Lords. EMAG has/had almost a million people affected and although the Ombudsman said they should be compensated, there is still £2.6Bn unpaid. The can isn't getting kicked down the road these days, but the group aren't accepting the suggestion that there is no can any more. At the time Gordon Brown rebutted the suggestion that enabling EL's corruption was down to him and the treasury. He claimed that the savers were just experiencing the risks of investing and moaning about what was all their own fault. He discounted the fact that Equitable Life was allegedly the longest established and most reputable insurance company in the country. With that in mind, I don't hold out much chance of getting sympathy about defaults on loans to Steptoe & Son offering 12% returns.
Taking a leaf out of the Trump play book, "Lock them Up!" could be a more effective strategy than "What we need is a focus group!" Me, I see no benefit in putting my blood pressure up for the benefit of dying and leaving a slightly larger estate. I wish I had been as philosophical twenty years ago.
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Post by loftankerman on Oct 30, 2018 14:43:13 GMT
If they stick with the trend of extending the reporting period and make it Quarterly BS, they'll probably never have to tell us anything again. Now that winter is coming upon us, could someone living near Lendy Towers pop a note on here from time to time to let us know the lights are still on and there are still signs of life? (It's life Jim but not as we know it.)
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Post by loftankerman on Oct 29, 2018 13:24:26 GMT
Unless you're obliged to sell immediately, you've lost nothing. You still own the same stakes in the same companies as you did before. Hi thanks yes I know that. I have not of course sold - I just prefer a bull market You must be as pleased as Punch with Lendy then, there's no shortage of bull here.
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Post by loftankerman on Oct 28, 2018 12:01:10 GMT
I am optimistically extrapolating from this that if the claim is upheld, it should be possible for all of us to indefinitely extract money from any former lender provided we can point to some nebulous and insufficiently explored expectation that we had of outcomes arising from the original loan. That could be a guarantee that the more formal lending institutions might rush to pull strings.
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Post by loftankerman on Oct 25, 2018 22:36:47 GMT
May have some vacancies in office admin for shredder operators.
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Post by loftankerman on Oct 24, 2018 12:49:15 GMT
Agree samford71 , the Borrower apparently has form in mounting frivolous or vexatious legal actions and is only trying it on. Shouldn't Lendy have picked that up in their due diligence on the borrower before launching the loan...? I believe I recall that in the past when suggestions as to the unsuitability of a potential borrower have been raised, they have been dismissed on the grounds that the only point of interest was the value of the security. I have certainly seen that elsewhere when my own snooping identified a potential borrower as someone who'd have been lynched if the general public could have laid hands on him. The platform said that his history wasn't relevant.
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Post by loftankerman on Oct 24, 2018 7:53:58 GMT
I've said before that with Lendy's miserable track record for dealing with pretty much everything, any borrower would be a mug not to try it on. I had my concerns in March 2017 and started moving out. I said here in September 2017 that they had all the hallmarks of a company circling the drain. I think we're getting to the point now where we can hear the gurgling. Fortunately, the funds I moved out have already earned me more than I have stuck in DFLs 004/5. They're only there due to the outright lies, origins unknown, we were fed about them. It looks like feet will be held to the fire now and questions will be asked that won't be so easily fobbed off by platitudes. Hopefully minds will be focused on results more than obfuscation now.
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Post by loftankerman on Oct 20, 2018 13:04:43 GMT
Maybe in there, there is an optimistic view that if the borrower can stall Lendy on DFL005, raise another loan to buy the secret of getting DFL005's earnings increased to further finance and finish DFL019 without anyone realising it, then there may be a chance of everything coming good, so all they have to do is haggle Lendy down to a near interest free loan in both cases. That may leave enough to pay off the the guy who'd otherwise be coming to get his sheds back.
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Post by loftankerman on Oct 19, 2018 22:58:54 GMT
Lendy need to be very careful with this loan. It appears that the 3rd party valuation for refinance was for the business, which includes two developments DFL005 & DFL019. DFL005 is a high specification completed development in a tourist hotspot, whereas DFL019 is a half finished development unlikely to attract many customers. Lendy need to publish the Valuation Report so we understand what is being valued. It didn't seem much like it was intended to get the lenders any money back...
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Post by loftankerman on Oct 17, 2018 16:54:30 GMT
I surmise that this is being held hostage to stave off the day when the sheds go down the pan taking this with it, but what do I know?
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Post by loftankerman on Oct 16, 2018 13:04:33 GMT
Adjourned for a further 4 weeks in the hope of reaching a settlement. In the interests of all those involved, I think it's best we don't discuss it any further (Thread to be locked?) It will only give the borrower the upper hand in negotiations. The borrower has had the upper hand since Lendy gave them the money. Neither the borrower nor Lendy gives a monkey's about the opinions expressed here. I find it amusing though that some DDC members regard themselves as in some way superior and would like to limit the content here to things that interest them. Anyone truly superior wouldn't still be invested or interested in Lendy because regardless of how good a loan might seem, it still has an ineptitude based, high probability of being a dud. This isn't a moan as I don't anticipate being a net loser in Lendy.
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Post by loftankerman on Oct 13, 2018 14:58:36 GMT
As this thread has highlighted, almost 50% of LY’s loan book is in default (more if you call <0 days a default). If you were aggressively diversified then 50% of your invested capital would be (mentally) written off. 2 years later a proportion of it would actually be written off (using the 2 year rule) and the rest would be stuck in an endless “no progress” loop. Quite how that wouldn’t leave you disappointed I don’t know. Quite how LY can continue to call that an “investment” I also don’t know. As I said only 30% ever held to due date. Take the Holistic approach don't fester on very long term under performers forget them.
To expect property loans to pay on the day is ludacris. Ask anyone buying or selling a house or arranging a loan. I suggest 25-50% of the original loan term before being deemed in default.
On saying that as my loans in Lendy get paid I am removing funds and investing elswhere.
A sobering thought dropped £20000 in 3 days on S&S but still up overall . Just have to wait a little longer to recover.
P2P has never made me an overall loss either
I couldn't agree more. I have seen a lot of P2P loans outside Lendy and anyone having the expectation of borrowing for just 6 months with a proposed exit strategy being a refinance or sale of the security would realistically have needed to start working on both options pretty much from day 1. It always seems that by the time realisation has dawned on the borrower, whatever the term, it is always too late to meet the due date. I have only ever had one pay up on time and I was amazed it happened.
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