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Post by loftankerman on Sept 18, 2018 11:42:06 GMT
Maybe they decided it was pretty much redundant given the state of the SM. Just saying... However, I suppose that if present and emphasising stagnation it might be seen to be unprofitable in that it deters people from putting loan parts up for sale and handing the interest to Lendy.
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Post by loftankerman on Sept 16, 2018 10:37:55 GMT
I suspect the only improvement most people have any great interest in is an increase in the probability of getting their money back. I don't give a hoot about anything else. That’s all good and well if you just want to take your money out. Then what do you do wit it ? Personally I make my money work for me to give a substantially higher return than the just “invest and forget”. It is to everyone’s benefit to have a platform that functions efficiently given the complexity of the projects that are financed. Infrastructure projects are notoriously difficult to manage and some expect it to be like buying a pound of mince. ie. Get cow,kill cow, mince meat and sell. It is much more complicated to build 25 houses. There should however be more oversight of ongoing projects along with proactive intervention if things seem to be going off track. I have about £100K working elsewhere that I'm losing no sleep over, not that I'm losing any over the less than 4k I now have here. Sticking with Lendy and the diminishing chances of seeing the advertised high returns, as capital and expectations go down the drain in a pack of lies (whatever their origin) seems insanity to me...but each to their own.
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Post by loftankerman on Sept 16, 2018 8:17:24 GMT
My brother (Lendy Lender) had a call from a Lendy representative asking for opinion and suggestions for improvments.
He said what we all want is quicker repayments/recoveries
A secondary market where interest is paid while up for sale The ability to sell at premium/discount A provision fund with fixed criteria for payout
He had a few more hints to a better platform like take the best bits from other P2P
From what he says he was told there will be several improvments comming soon other than FISA
Has anyone else had a call recently ??
I suspect the only improvement most people have any great interest in is an increase in the probability of getting their money back. I don't give a hoot about anything else.
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Post by loftankerman on Sept 15, 2018 13:17:45 GMT
Do you know where this is being auctioned? Might be wrong but don't think it is. I suspect he's found the previous listing which was withdrawn when the borrower claimed to have a refinance package. Google the street & receivers and you should find it. As far as the valuation goes, as soon as property goes into recovery all bets are off. It's become obvious valuations are only for sales in normal market conditions, even the quick sale ones. No valuation ever contains a distressed sale value, in fact I'm not sure any valuer would give one (I've seen some where they state they aren't allowed to) as they can't determine the assumptions required as circumstances will always differ. So I'm afraid when it goes to recoveries, expect the worst, and hope for the best, the more complicated/odd the security the more likely the former ISTM. It is reasonable that they shouldn't be allowed to speculate on the value in a distressed sale, as it could lead to the possible return at auction being limited by that valuation to everyone's detriment, apart from the purchaser. That risk aside, it ought to result in fewer over optimistic loans.
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Post by loftankerman on Sept 15, 2018 8:44:05 GMT
I viewed it as a "matter of necessity" attempting to access some funding to coincide with champagne parties, hence no time to lose! Hope it wasn't a "final throw of the dice" desperate measure! There’s a few uncharacteristic LY actions recently that the cynical would say points to trouble. Launching LY Wealth and promising (up to) 10% when the loan book is completely under water and anyone who has done any homework on LY will immediately realise these Wealth products are not a viable investment. Then one of the Pauls popping up on this forum saying that LY cares and we can call them anytime we want etc. Yeah, it does sound a bit like the last days of Equitable Life. The main difference is that my EL Fund Manager kept phoning me with great new opportunities for me or any friends I may have. Lendy are just encouraging me to phone them. If I had a worryingly large amount with Lendy, instead of an irritating amount that they have avoided returning in the case of DFL005, I'd be more inclined to phone the Samaritans than Lendy Support. For what it is worth while EL changed my life, it has probably turned out to be more interesting than it would otherwise have been. Every cloud...
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Post by loftankerman on Sept 14, 2018 18:44:47 GMT
I'm anticipating that it will straggle along in the wake of DFL019 until the sheds sink beneath the waves and take this and our money with it. A bit like Moby Dick and Cap'n Ahab.
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Post by loftankerman on Sept 13, 2018 16:22:26 GMT
“The Monitoring Survey Reports are legal documents and are provided to us on a confidential basis. We have weighed up the pros and cons of making these available, but the legal advice we have been given is to keep them confidential.
They are also, by their nature, written with a certain degree of legalese and industry jargon, which may not be a problem to some sophisticated investors with knowledge of the bridging industry, but could be less helpful to a broader group of investors.
However, we continue to explore potential options for providing more information to investors on the loans they are invested in. We hope to respond further on this soon.”
You’d think that if Lendy can employ people so skilled as to understand the above, that is apparently too difficult for some of us to grasp, those persons would be able to summarise the information and provide adequate and honest appraisals of the ongoing situations to us, such that fears should be allayed and we would have good reason to be annoyed if they turned out to be untrue. Maybe they don’t have anyone like that on the payroll, which could be why we are where we are. Dear loftankerman The complicated nature of the Reports maybe less helpful to some investors, so we are looking at ways that will allow us to provide more detail on investors' loans whilst also taking into consideration the legal advice we have received. As always, we would be more than happy to discuss this over the phone with you if you could contact us at Support on the Lendy website. Kind regards The Lendy Team Dear Lendy Team, I'm a bit puzzled by your reply that you are looking into ways of providing more detail ... . The current aspect under discussion was Lendy's assertions about IMS reports. If you read my post again, you might find a pretty big clue in there as to what you could do about them. I may be being a bit unfair as it looks from your replies that you are working your way through a response flow chart drafted and approved by a legal team who'd be better off chasing money. I have no need to call you as anything I would challenge you about, (like, how come my anticipated DFL005 repayment appears to be funding sheds that I refused to touch with a bargepole, via a further DFL005 extension that you are now forecasting isn't going to pay up on time.) because I could probably give you a better and more honest answer than you can give me.
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Post by loftankerman on Sept 12, 2018 22:31:56 GMT
“The Monitoring Survey Reports are legal documents and are provided to us on a confidential basis. We have weighed up the pros and cons of making these available, but the legal advice we have been given is to keep them confidential.
They are also, by their nature, written with a certain degree of legalese and industry jargon, which may not be a problem to some sophisticated investors with knowledge of the bridging industry, but could be less helpful to a broader group of investors.
However, we continue to explore potential options for providing more information to investors on the loans they are invested in. We hope to respond further on this soon.”
You’d think that if Lendy can employ people so skilled as to understand the above, that is apparently too difficult for some of us to grasp, those persons would be able to summarise the information and provide adequate and honest appraisals of the ongoing situations to us, such that fears should be allayed and we would have good reason to be annoyed if they turned out to be untrue. Maybe they don’t have anyone like that on the payroll, which could be why we are where we are.
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Post by loftankerman on Sept 11, 2018 19:48:58 GMT
"Repayment on some of Lendy’s loans is classed as ‘imminent’, but that has been the case for some weeks?
When this happens, it is almost always because there has been a temporary delay with a borrower – for example when a refinancing takes longer than expected. If there is a material change to the status of the loan, we will always provide this to investors. We are in constant contact with borrowers to try to move the repayment process along as quickly as possible.
Unfortunately progress within the commercial property market and within commercial property development can take much longer than in the residential market.
Refinancing can take some time to negotiate as can sales and planning applications. This means that delays are not unusual. "
The above patronising response might allay the concerns a prospective lender who’d heard rumours about Lendy’s delayed repayments, but is pretty insulting to the ones who have experienced a number of them over a very long time.
People aren’t disgusted that it can take an extra week or so for money to change hands. The complaint is about months of upbeat and to some extent unnecessary reporting of a refinance being on track during the IOA period. Then as the due date arrives these are replaced by IA and delays stuffed with positive updates, assuring us of imminent repayment. That is until ,when many months overdue, we are presented with yet another ‘unexpected’ collapse of a refinance. That leads us into the ‘nebulous assertions’ phase where things are allegedly in hand behind the scenes but they’re so sensitive it would be inappropriate to mention them.... and we all know the rest. It is unacceptable.
I’ve seen a number of defaults elsewhere. The platform had no problem whatsoever in advising lenders of their intended course of action, proceedings, court dates and outcomes. Smoke and mirrors give the impression that something a tad shady might be going on behind closed doors and that those involved fear that openness might result in legal jeopardy in something that has appeared to be not quite right for some time. I find watching Lendy handle defaults is somewhat like following the reporting of Trump and the Mueller Investigation on MSNBC, and nothing like my other experiences of defaults.
Some may have guessed that Paul hasn’t won me over, but I am sure we have some regular Lendy fans who’ll be in raptures. ( Items from MSNBC can be watched/followed on YouTube)
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Post by loftankerman on Sept 10, 2018 6:40:06 GMT
Let’s face it LY don’t give a damn about their investors and they never will. i have even less faith that any regulatory body such as FCA will ever give a damn. My only hope is that LY survive long enough to possibly recover some of my trapped capital. I pulled out what funds I could and stopped investing almost a year ago. I’ve seen very little capital recovered in that time. I haven’t been monitoring whether all these additional tranches are being filled but I’d expect that a great majority of previously invested punters have also stopped investing. I also doubt any new investors would come on board once they take a glance at the defaults tab and capital lost tab. In many respects, TP is not that important as it’s just opinions. Have you ever watched a movie with terrible reviews but actually enjoyed it? I know I have. The main thing here is when loggin in to LY website the facts are plain to see. The defaults tab doesn’t lie, the capital lost tab doesn’t lie and if people take the time to read through the updates for each loan they’re see a catalogue of lies and failed promises. LY are in effect their own worst review. They are their own 1 star “take your money elsewhere” review. They’ve tried to obfuscate some of the disasters by “suspending” them and hiding them but unfortunately a lot of them are plain to see. So really, if we want our money back, we need them to redouble their efforts and lie better because right now they don't seem to be cutting it?
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Post by loftankerman on Sept 8, 2018 8:14:56 GMT
It seems to me that if in future Lendy is the subject of some form of class legal action, those involved more recently would have good grounds for claiming that collusion between TP and Lendy was instrumental in preventing them from being warned away from investing and suffering losses as a result. The disparity between the cosy way in which reviews have been so promptly dismissed and TP's published assertion that reviews cannot be tampered with, seems reasonable evidence of that. I hope everyone involved is keeping the evidence of their short lived reviews.
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Post by loftankerman on Sept 7, 2018 7:53:55 GMT
I don’t know whether Lendy’s Trustpilot tear down team have gone on an early Autumn break or not but there has been a growing number of unfavourable reviews left standing for longer than usual on the TP web site.
I suppose that alternatively it might be possible that enough people have drawn Trustpilot’s attention to their own clearly ridiculous statement alongside them that says:
“This company subscribes to Trustpilot's paid business services.
No company can delete or otherwise censor reviews.”
Yeah, right!
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Post by loftankerman on Sept 6, 2018 11:18:48 GMT
Growing up (many years ago) the rule of thumb was ‘Don’t lend anybody anything unless your dad can fight his dad.’ In a sense that was part of Saving Stream’s business model when essentially it was comfortable that it was lending from a position of relative power. As Lendy, they got round to being impressed by themselves and were rashly lending millions with the same assumption that the borrowers feared they had some clout. Wrong, big borrowers thought they were mugs and seem to be doing so in greater numbers as Lendy’s inability to handle defaults becomes more obvious. If I owed them money I'd certainly be testing the water to see what I could get away with. Focusing on smaller, reasonable loans might keep enough money coming in to allow them to put some serious effort into growing a pair and making some real effort to recover what is owed. It might at least indicate to others that they are serious about recovery. There could be a way back but I doubt we’ll see it, they’d probably rather pocket what they can and let the lenders take the hit. There’s times when you have to wonder if they could run a corner store.
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Post by loftankerman on Sept 4, 2018 17:04:43 GMT
you are kidding, even Hargreaves L doesn't play that game, just 0.45% for being in the game annually.
To be fair these new punters might start taking our loans off our hands so we should welcome them aboard.
Surely we'll end up keeping the dross. Any Lendy Wealth lenders will get the new shiny loans, with (hopefully) more realistic valuations, ransom strips included in the security etc. Hard to identify dross on Lendy, the finest looking loan that has consistently claimed excellent progress and promised repayment on time can turn out to be a pack of lies when the promised repayment doesn't turn up.
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Post by loftankerman on Sept 3, 2018 15:44:55 GMT
Irrespective of the size of anyone's investment in any particular disaster, Lendy reserve the right to disregard the outcome of any vote and please themselves about what they do. In that respect, no one's vote is worth anything. However if they choose to do what an individual voted for, that person might want to believe Lendy listened to them based on some attribute they believe they brought to the party. Me ? Well, I'm more inclined to go with the outcome being divined by random chance as I doubt that considered rational thought comes into much at Lendy Towers.
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