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Post by loftankerman on Mar 18, 2018 0:22:59 GMT
I thought I would take a look at Trustpilot and see how Lendy's reviews are doing as I haven't dipped in for a few days. The current top of the list shocked me as the review title was unrepeatable. There are a couple of typos that could do with tidying up too as they are a distraction from the point being made.
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Post by loftankerman on Mar 16, 2018 23:37:59 GMT
What is important to note in this update is that Lendy are no longer giving a timescale of repayment, merely "as soon as possible". It sounds to me that Lendy have not got confidence that this partial capital repayment will be completed anytime soon. Quite, and unless I have just lost track of where it was written down, the current self doubt seems to have stretched as far as removing "...we are confident that the deal will be finalised on or before 9 March 2018." and the subsequent revision to "...Later today or early next week." If in doubt, shred the paper trail.
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Post by loftankerman on Mar 16, 2018 19:04:03 GMT
Well that's it kicked down the road for another two weeks. Seems they couldn't come up with a newer story and they're sticking with all that working tirelessly blather. I wonder how tirelessly they'll all have to work when DFL004 falls due. Their feedback on that has been far more vague and less positive than DFL005 has ever been.
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Post by loftankerman on Mar 15, 2018 12:49:46 GMT
Paid in full but no bonus accrual. It's probably been asked before but what's the point of suggesting a bonus accrual if it's not (ever) going to be paid? Errrr! How's about, it's a way of suckering people into stumping up money they'd otherwise keep in the their pockets?
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Post by loftankerman on Mar 14, 2018 18:54:09 GMT
Hypothetical question: I understand that I can send letters by recorded delivery, but that doesn't give any evidence as to what the contents of the envelope are. So if I were to send a letter rejecting an organisation's new T&C, how would I be able to prove I had done, if at some future time the recipients were to dispute the fact? The only failsafe method is go to a Notary Public or Commissioner of oaths, swear the document before them and get them to send it registered post and get the post office receipt from them. But it does seem an awful faff (and expense). I have never encountered anyone who has denied receipt of the contents of a registered letter. You should perhaps ask yourself if you have a sufficient level of trust dealing with an organisation that does. In this particular case you will know that have received it because Lendy will alter the way they deal with you possibly closing your account to new business. Thanks. Closing my account to new business is no problem at all, I did that myself in March 2017. My only concern would be closing my account to old business that Lendy not only seem incapable of concluding but apparently want to morph into an implicit loan on a field of sheds.
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Post by loftankerman on Mar 14, 2018 15:02:23 GMT
Hypothetical question: I understand that I can send letters by recorded delivery, but that doesn't give any evidence as to what the contents of the envelope are. So if I were to send a letter rejecting an organisation's new T&C, how would I be able to prove I had done, if at some future time the recipients were to dispute the fact? Why not do it in a ticket (apparently their preferred contact method) and ask them to confirm receipt ? I got the impression from what they wrote, it was supposed to be something written, signed and dated, sent to their registered business address. I also wasn't too sure if they could cancel my account and stop me monitoring my two remain loans if I did.
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Post by loftankerman on Mar 14, 2018 13:41:39 GMT
Hypothetical question: I understand that I can send letters by recorded delivery, but that doesn't give any evidence as to what the contents of the envelope are. So if I were to send a letter rejecting an organisation's new T&C, how would I be able to prove I had done, if at some future time the recipients were to dispute the fact?
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Post by loftankerman on Mar 12, 2018 17:22:51 GMT
A moment of excitement there when a Lendy email popped up, but just another invitation to throw money at the platform. Not a cent Lendy, not until I see what's happening with this loan. "Not a cent until..." Really? I decided on "Not a cent!" last April and there was no unless or until about it.
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Post by loftankerman on Mar 12, 2018 12:35:29 GMT
This loan is a perfect summary of why I have only a token amount left with Lendy and am (trying!) to wind that down: 1) Inconsistent communication; more so than any of the other platforms I have used the story changes overnight with Lendy with no attempt to square with the previous updates. In my view this most often reflects a lack of oversight over projects rather than deliberately misleading but in either way it damages trust between investor and platform. 2) Their conduct with investor money; rolling this over into a working capital loan for example?! That is a materially different proposition to the one initially invested in. The use of bonus interest (or not) also appears arbitrary. 3) Loans skewed towards the large project end of the market (investors also have to take responsibility here as this isn't hidden); in my option projects of this size require oversight in a way that Lendy is not equipped to provide. This isn't to say that a P2P platform couldn't do so but obviously this has significant cost base implications. 4) Blaming everyone else: The references to property being illiquid and volatile for example. Illiquid absolutely but to imply it has significant price volatility compared to other asset classes (e.g. equities) is simply not true! Determining a price for a particular property asset is obviously more difficult than a traded equity security (not least because of the liquidity point) but that does not mean that as an asset class prices are comparatively volatile. And they regularly seem to be being had for mugs by borrowers who run rings round them, leaving them pretending that going along with it is all part of their own cunning plan.
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Post by loftankerman on Mar 12, 2018 11:22:23 GMT
I would be interested to know how many people are refusing the new T&C and what Lendy's written response it. I can see no reason why the two T&C (one per person to be clear) cannot run side by side within Lendy's portfolio. Could anyone with a response drop me a copy?? I haven't had a reply, largely due to the fact that I haven't written yet. I do intend to though. In thinking about having two sets of T&C running side by side it seemed that it would not be possible for Lendy to be both monitoring and reporting status on loans for one set of lenders and not monitoring or reporting them for another. Apart from the fact that anything revealed would be on this site within minutes, it would destroy any argument that Lendy might want to make that it was blameless because it had not been aware of, or obliged to be aware of untoward circumstances arising. It suggests that the revised T&C might have arisen due to the influx of new management. They may, after looking at things, suggested that there was no way to unravel some of the messes Lendy had got themselves into. Perhaps they proposed instead that writing retrospective T&C legitimising everything done so far would provide a notionally clean slate on which to start doing things more appropriately. At times we all have to deal with our Kobayashi Maru moments as best we can.
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Post by loftankerman on Mar 10, 2018 16:44:30 GMT
This loan is a good example of the two main risks associated with property investment: as well as being a highly illiquid asset class, property values can be very volatile.
I was under the impression from Lendy that everything was hunky dory. Someone is going to take over the loan in a few months, the freehold is being sold and will reduce the ltv whilest paying back 20% of the capital? Seems now that property investment is a mugs game and if you lose capital on this loan (or any other) you were warned and it's your own fault for investing in such an illiquid and volatile asset class. They (Lendy) were playing a different tune a few weeks back when they were begging for investment to finish the project, still it was only to be expected... Yeah, if back peddling ever becomes an Olympic cycling event we can look to Team Lendy to bring back gold. I doubt it'll be any other way.
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Post by loftankerman on Mar 9, 2018 16:41:27 GMT
'Property values can be very volatile' How is this relevant to this loan? Seems like LY speak for casually dropping another bombshell that a property in this security package isn't worth as much as first thought? It sure does. Even more worrying that the apparent plan is not to pay you back but steer your funds into a disastrous looking field of sheds. DFL005 always looked to me as though there was going to be a profitable business coming out of the end of it for someone, whether Lendy dropped the ball or not.
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Post by loftankerman on Mar 6, 2018 21:24:24 GMT
I was under the impression that membership was conditional on accepting the T&C. As the changes to T&C weren't put forward as proposals to be voted on but new conditions to be accepted by members, it would seem logical that refusing to accept them would imply resignation.
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Post by loftankerman on Mar 6, 2018 20:42:28 GMT
Well I’ve “notified them in writing” that I don’t agree to the non-monitoring of loans clause so we’ll see what response I get. I guess as you've thrown down the gauntlet this calls for another instant, ill thought out rule to address the problem. So if there isn't something already to refer to in this context, I think a suitably draconian solution would be to accept your implied resignation from membership, stop paying you any otherwise applicable interest and return your funds, when or if the borrower is ever noticed to have repaid the loan. That should stop an unanticipated stampede for the exit.
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Post by loftankerman on Mar 5, 2018 18:19:09 GMT
This hands free, 'nothing to do with us' approach Lendy have their sights on looks great to me. It sounds like I could borrow a few million plus the interest for a couple of years. By the time the loan was into IA, I could be long settled with a new identity enjoying life in Argentina. It adds a whole new dimension to the 'Refinance or Sale of Security' exit strategy. Sort of makes me wonder who my new neighbours might be though.
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