|
Post by loftankerman on Aug 22, 2018 12:10:40 GMT
If I don't get my funds repaid in this loan I will be taking legal action against Lendy. They had zero right to do what they have done here, and if that happens then lets just say that their beloved cowes week will be very interesting for them next year. DFL04 had a vote and they went against the outcome of the vote so beat that! What it really achieved was more time for the lender. Lendy do what they want, end of. The rule regarding votes was that they weren't obliged to act in accordance with them. This has a parallel in British law. When the government decided to follow the European concept of having ombudsmen who could oversee them and rule on matters, they copped out and said they were only advisory and following their rulings was optional. That's why the Equitable Life victims who are still alive, are still waiting for their money.
|
|
|
Post by loftankerman on Aug 22, 2018 11:46:48 GMT
Perhaps the debating about the prospects of taking Lendy to court over their behaviour in these matters could be staved off if the complexity and extent of the T&C were condensed into:
" **** You! We've got your money, whistle for it!"
You can add the bit about money being at risk if you want to make it sound compliant.
|
|
|
Post by loftankerman on Aug 22, 2018 5:50:30 GMT
They can't be bothered wasting their precious time on this with the imaginary prospect of oodles of money coming in from the Wealth 'project'. I have over £2k in this I thought I was concerned about, until two days ago when my wife spent twice as much on a new sewing machine.
|
|
|
Post by loftankerman on Aug 21, 2018 15:37:21 GMT
Yeah. I look in regularly, take a screen shot and stick it in a folder. I wonder if TP actually keep records of all the 'assistance' they give to their customers. It may end up being important that many of us do.
|
|
|
Post by loftankerman on Aug 20, 2018 8:56:52 GMT
Hands-off wealthy investors who don't have time to keep an eye on their investments? That pitch sounds likely to attract more unscrupulous borrowers who'd have no intention of paying back, than investors. I imagine they are already waiting in the wings rubbing their hands.
|
|
|
Lendy (L) in Administration
NDA
Aug 19, 2018 14:11:13 GMT
ozboy likes this
Post by loftankerman on Aug 19, 2018 14:11:13 GMT
They're probably hoping to cut back on potential adverse traffic on TP and here, should anyone be sober enough to see through the champagne haze and call them out.
They'd never make it stick..."I didn't know what I'd signed m'lud, I'd been drugged."
|
|
|
Post by loftankerman on Aug 19, 2018 13:59:28 GMT
I don't understand the benefit of lendywealth: - the 10% return is not guaranteed and will depend on the recovery. So 10% will be achieved if no defaults. - liquidity is not guaranteed either as funds can be locked if a borrower becomes "non performing" So why on earth would anyone use lendy wealth if it gives less return than lendy typical loans, but still keep all the associated risk of liquidity and loss of capital?Liked the parties and smooth talking during Cowes week? I didn't mention it at the time, but it occurred to me that the apparent compulsory Lendy dress style consisting of high contrast dark and white stripes could have been part of a cunning plan to employ hypnosis as a marketing tool.
|
|
|
Post by loftankerman on Aug 18, 2018 7:21:51 GMT
I've been scratching me head about this balls up for a while now. LY have a first legal charge over the property, the update on the 25/05/2018 state the property will be listed for sale on the 30/05/2018. Every update since - 'Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing although we will continue to explore all settlement options with the borrower.' Why would a proposed sale of an asset suddenly turn to a legal proceeding ? I don't think LY are in possession of an enforceable 1st legal charge over this property at all, given the amount of paper work missing from the original loan agreement, this wouldn't be a surprise to me. So the 'Legal proceedings' i would say is referring to the 2nd legal charge (Debenture, Personal Guarantee). If the borrower truly has absconded to the BVI with a nice £7.5 million retirement package then investors are relying solely on the kindness of the borrows heart to repay any of the 'stolen capital', which ain't ever going to happen. I think the only action investors have left is a legal action against LY based on total meltdown of due process on LY's part. Regardless of their T&C's i do believe LY could well be found liable for the entire value of the loan. Other than that i would rate chances of any recovery on loan between 0-0% Better hurry then before the office is empty apart from unpaid minions helping themselves to the IT equipment and others are on slow boats to parts unknown that don't have extradition treaties.
|
|
|
Post by loftankerman on Aug 17, 2018 22:53:11 GMT
I always read "No change" as "Nothing is happening but they've still got your money, LOL!"
|
|
|
Post by loftankerman on Aug 16, 2018 12:38:06 GMT
The big bucks will be time and a half or double time for working the night shift weeding out unflattering truthful stuff on Trustpilot. Anyone with no scruples could do it, no experience needed.
|
|
|
Post by loftankerman on Aug 12, 2018 22:15:26 GMT
You could try, but most agents wouldn't waste their time/money, kowing sales were certain to collapse at the mortgage/survey stage. Sorry but a lot of new builds get marketed before they're complete. That's true, I'm in a lot of housing development projects and most of them sell plenty 'off plan' once the show house is up and running. There is a difference between being about to be built with the expectation that it will proceed correctly and satisfactorily, compared to being already built but with unresolved issues about its future. I'm with GSV3MIaC on this one, and it does explain why no one can find it on the market.
|
|
|
Post by loftankerman on Aug 12, 2018 17:09:10 GMT
I live 8 miles from this development. Where is it being marketed, I can't find it. Don't you think Lendy should at least gives us that info within the "updates" I understand that on occasions there will be some info LY can’t make public, but I believe they should release as much info as they possibly can. Telling us where the property is being marketed is, by definition, not a secret. In view of the suspicions that there is an issue with the construction, I would think that if there is a serious issue with the construction, then it would not be possible to offer the properties for sale. I am reminded of someone in that general area who had his house compulsorily purchased when there was a subsequently abandoned plan to widen the M62. He objected strongly to their 'calculated' price and put the house on the market to determine a real market value for it. His reward was to be prosecuted for offering it for sale. I suppose potential demolition is potential demolition regardless of the reason for it.
|
|
|
Post by loftankerman on Aug 11, 2018 17:37:25 GMT
Dunno how long the latest crop are going to last. I can imagine TP accepting that the latest is defamatory. It seems that folk have worked out that a killer post over the weekend will get the most exposure before being pulled. The way things are going Lendy need to pay TP to have a crew on overtime over the weekend. It never crossed my mind to look at TP before investing, but I imagine that if I had looked at Saving Stream as it then was, I'd have though jumping in looked like a good idea. It sometimes makes me wonder if Lendy has been a much longer game than it appears, and Saving Stream was the cheese in the Lendy trap. Then I think that if they were that cunning they could have made a go of the business instead.
|
|
|
Post by loftankerman on Aug 11, 2018 11:43:07 GMT
When I was applying for mortgages, the bank valuers provided valuations in a much more conservative way. When they are not confident they would down value the property. And it felt that if it was going to go to auction it would sell close to valuation price. Lendy (and other P2P valuers) do the exact opposite. They wildly overvalue assets. I think it's because valuers need to do that in order to be hired.... And there are no downside from a overvalued report. So there are upside for them to overvalue (likely to be hired) and not downside if it fails... That's completely crazy Shame this isn't up for discussion with Ly. My neighbours couldn't sell their house for months because the estate agent insisted on it being listed at 9.5% higher value than the most recent similar sale in the road, and what it eventually sold for. They seem a profession prone to using over-valuation as a tool. I guess you win some and you lose some. I bought my first house for £3050 in 1971. It was a two year old 'chalet bungalow'. The seller was very impressed with the estate agent because they had an established reputation for achieving quick sales. There was much local interest shortly afterwards when someone broke ranks and on finding a different agent had their house valued and sold for 20% more.
|
|
|
Post by loftankerman on Aug 10, 2018 16:27:01 GMT
Salary seems way out of whack considering it ain't in London. £45k basic, and 'some kind of finance qualification' - yeah right. There are people working real jobs in the finance sector for a lot less, but of course, that comes with a modicum of career progression. You'd have to be very optimistic that Lendy is suddenly going to become an industry superpower. Basically I see this as a bit of a high pressured hustling role. The word 'relationship' is a bit misleading. 'relationship' misleading? Dunno, based on my few years with Lendy I reckon it is odds on someone is going to get screwed.
|
|