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Post by loftankerman on Feb 9, 2018 14:20:27 GMT
Well, if I were Mr Lendy, I'd be embarrassed by my gullibility up to now, all this parroting of the nonsense I'd been told by the borrower and his lawyers. I'd know I needed to say something, but what should I say? Should I admit that they hold all the cards, as they have your money and there's not much I can do about it? Should I dig myself in deeper by telling you what they have just told me, even though I don't believe a word of it? I know, I'll just say nowt, and hope things get better before someone tries to string me up.
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Post by loftankerman on Feb 8, 2018 19:01:20 GMT
Look a Pig jumping over the moon , as likely as Lendy to give us a correct update.So 8 days overdue and not a whisper, looking forward to the next vague update. All of the Lendy team deserve to be politicians, dancing around the subject I am sure they would be employed immediately by one of parties. Alternatively are they the equivalent of Michael Fish, there is no hurricane. Well, it isn't 8 days overdue it is 33. However as the original reason for going overdue was given as the fact that solicitors' offices were not going to open until the 8th January, I'm inclined to conclude that they all got so merry over the holidays they still haven't managed to drag their sorry ***** into the offices yet. Other explanations are possibly available.
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Post by loftankerman on Feb 8, 2018 13:05:35 GMT
Thankfully I got out of this well before it started to look like a disaster in the making. The only thing puzzling me about the ensuing mess and the deliberations about Lendy's liability to investors, is that if they are wholly responsible in terms of capital and possibly interest as well, cautionary notes to investors about risk would have been meaningless. Would there have been any risk at all? Explanations welcome.
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Post by loftankerman on Feb 7, 2018 9:57:23 GMT
If DFL 5 gets repaid by the end of the week my confidence will be restored. If not then it really will look like someone's spinning us a yarn. A successful outcome to something, allegedly within days of repayment for many months and enough yarn already to make me a suit, doesn't restore my confidence in anything other than random chance.
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Post by loftankerman on Feb 6, 2018 16:35:33 GMT
Not sure I'd refer a friend these days, but I have one or two scores to settle, so this may be a crafty vehicle for revenge.
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Post by loftankerman on Feb 6, 2018 12:46:53 GMT
They've used all the stallers on this one. The next update had better be 'loan repaid. Surely they can fit in another tranche and another four month extension, it isn't like it hasn't happened before.
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Lendy (L) in Administration
MONTHLY BS
Feb 4, 2018 11:12:56 GMT
Post by loftankerman on Feb 4, 2018 11:12:56 GMT
Why do people/ companies take out loans they can’t repay. I understand that there is occasionally unforeseen circumstances, but surely not as frequently as Lendy loans are going bad. As we stand, default and suspension is a lot more common than repayment. When a loan repays we celebrate as though we got really lucky, like the expectation from the start is that it won’t repay and we were lucky that it did. There’s either an awful lot of unforeseen circumstances or people/ companies are taking out these loans with no intention of ever repaying them. Without reference to Lendy, I feel that some of the loans to smaller borrowers that I have avoided and then seen go into default, have had a common thread. It doesn't involve any duplicity on the part of the borrower however. It appears to stem from the borrower not having the ability to realise the intended value from the loan. A case in point would be one where money has been raised as a second mortgage on the family home. The lenders appear to be happy that the security is sufficient. However I sometimes wonder if the purpose of borrowing and business case behind it is solid enough to have some certainty that it will achieve the intended outcome. Personally I prefer not to invest my money in the pipe dreams or unrealistic expectations of others based on sometimes questionable valuations. Compounding this is the Exit Strategy. No one with a short term loan will be taking a negative view of the outcome until the worst case scenario becomes inevitable. So at that point, with very little time at hand, negotiating an immediate new loan on what is now a dodgy looking proposition, or putting a house on the market expecting an immediate purchase at the original valuation is just another pipe dream.
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Post by loftankerman on Feb 3, 2018 9:49:20 GMT
The significant thing seems to be that somehow they have been told the build-out option is the least worst. Have Lendy actually had any projects where they have had to do it themselves? Seem to be entering a new ball park to me, and of course incompetence in cost or time over-runs is basically coming out of our pocket as we will end up receiving less. Well, on the up-side they doped around long enough to avoid getting Carillion to build it out for them.
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Post by loftankerman on Feb 2, 2018 13:21:02 GMT
Call it extreme if you like, but I propose we hit them hard and hit them fast with a major – and I mean major – leaflet campaign. Sorry but dynamic as that sounds, I haven't the faintest idea what you mean. I do have about £2K in it and am irritated by the months of untruths we've been fed.
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Post by loftankerman on Feb 1, 2018 16:10:21 GMT
And still the OPs IMO valid question remains unanswered (unfortunately I don't know the answer). As an aside, I do think it is good if platforms impose "punitive" interest rates the day a loan is late. It focuses minds and on those rare occasions where the valuations were reasonable the lenders are adequately compensated. I agree and benefited from that a couple of times elsewhere at the back end of last year. However, given the quality / apparent integrity of some Lendy borrowers, punitive interest rates would be something of an irrelevance when seeing a return of capital looked a bit of a stretch.
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Post by loftankerman on Feb 1, 2018 13:45:36 GMT
Well... On the up-side, if it is a duck, it has some chance of surviving the drain I've been suggesting it has been circling since last April.
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Post by loftankerman on Jan 31, 2018 14:19:07 GMT
On a serious note, I don't blame Lendy for loans running past term or into default. Their communication however in such circumstances is absolutely awful. I mean who are we? Just the folk putting up our hard earned ! The attitude seems to be, we've taken our cut of the interest and couldn't give a sh*te if the investors get THEIR money back! P2P with Bankers attitude and arrogance! To be fair to Lendy, if a borrower backed by their legal team give them an assurance of an 'expected' repayment, Lendy could choose to nothing to investors and be accused of a lack of communication. The alternative is to pass the assurances on verbatim giving the investors the opportunity to spot the 'weasel words' threaded throughout them. They are not in a position to append "We've heard this c**p before, so don't hold your breathe..."
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Post by loftankerman on Jan 31, 2018 9:44:46 GMT
LOOKING FORWARD TO REPAYMENT TODAY ![:)](//storage.proboards.com/forum/images/smiley/smiley.png) Using 7x50 binoculars I hope.
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Post by loftankerman on Jan 30, 2018 16:43:53 GMT
Well tomorrow must be the big day then according to the last update .I await in anticipation We have held an all parties call with the borrower and their solicitor. We have subsequently received written confirmation from the solicitor on progress with the sale of the freehold and refinance of the development, which will complete simultaneously. The borrower is expecting to fully repay the loan before the end of January and the solicitor has confirmed that this is a realistic timescale. A realistic timescale is one that is within the bounds of possibility. The bounds of probability are something different.
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Post by loftankerman on Jan 26, 2018 16:43:49 GMT
Do you think Lendy has any idea of a Timescale, hope to be proved wrong. Words like hopefully, could be, might be, do not inspire any confidence in the platform. This loan needs to pay before then end of the month. Any confidence I had in the platform has now deteriorated to slightly below zero. Can only think they must have blue-sky thinking meetings to decide on how to let the investors down gently however Lendy need new blood as the rubbish they spout is getting to sound the same. This one was expected to pay up a good while ago before getting an extension, which would have been inconceivable if the expectations had been based on truth. The failure of the almost certainty of them coughing up more recently was, as previously noted, a consequence of the unexpected arrival of the Christmas and New Year periods. The explanations relating to that calendar based technicality were accompanied by assurances of coming greater certainty, that doesn't seem to have materialised so far, 'before the end of the month'. I am beginning to wonder if January 2018 will be a rare January that has 90 days in it.
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