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Post by df on May 31, 2018 14:07:32 GMT
Hi all, I havnt used Lendy for quite a few months. Ive just logged in and nearly all my loans (45 of them) are showing as remaining -348 days etc... Some even as long as -500 days!!! Is anyone elses Lendy account like this? Is there a chance that most of my capital (and interest?) will be recovered? Is it worth me logging some of these loans as being losses on my tax return!? Thanks Not to the same extend, but about half of my funds in Ly are not performing. There is a good chance for some of your capital to be recovered, but this can take very long time. I wouldn't be too hopeful for interest to be recovered for most of overdue loans.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,906 
Likes: 11,127
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Post by ilmoro on May 31, 2018 14:12:11 GMT
Hi all, I havnt used Lendy for quite a few months. Ive just logged in and nearly all my loans (45 of them) are showing as remaining -348 days etc... Some even as long as -500 days!!! Is anyone elses Lendy account like this? Is there a chance that most of my capital (and interest?) will be recovered? Is it worth me logging some of these loans as being losses on my tax return!? Thanks As per the discussion elsewhere. Lendy have declared no losses so if you want to declare losses you will need to decide if you consider any loans as meeting the HMRC criteria to be 'treated' as irrecoverable. You may be required to justify your claims as the figures you supply will differ from those provided by Lendy.
I would suggest that you may wish to get proper tax advice if your position regarding potential losses is that significant. None of us here are able to offer advice.
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r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
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Post by r00lish67 on May 31, 2018 14:47:40 GMT
Hi all, I havnt used Lendy for quite a few months. Ive just logged in and nearly all my loans (45 of them) are showing as remaining -348 days etc... Some even as long as -500 days!!! Is anyone elses Lendy account like this? Is there a chance that most of my capital (and interest?) will be recovered? Is it worth me logging some of these loans as being losses on my tax return!? Thanks As per the discussion elsewhere. Lendy have declared no losses so if you want to declare losses you will need to decide if you consider any loans as meeting the HMRC criteria to be 'treated' as irrecoverable. You may be required to justify your claims as the figures you supply will differ from those provided by Lendy.
I would suggest that you may wish to get proper tax advice if your position regarding potential losses is that significant. None of us here are able to offer advice.
Oh, just one piece of advice - don't forget to post a review for Lendy on Trustpilot. I hear they're always on the lookout for honest views. www.trustpilot.com/review/www.lendy.co.ukNo need to thank me, Lendy, just pay it forward 
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ptr120
Member of DD Central
Posts: 1,198
Likes: 1,346
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Post by ptr120 on May 31, 2018 19:25:14 GMT
Hi @dllive stop by here a bit more often. It really is rock & roll being a Lendy investor. Although if you have high blood pressure you might want to book an appointment with your GP at the same time.
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Post by brightspark on May 31, 2018 20:15:21 GMT
Hi all, I havnt used Lendy for quite a few months. Ive just logged in and nearly all my loans (45 of them) are showing as remaining -348 days etc... Some even as long as -500 days!!! Is anyone elses Lendy account like this? Is there a chance that most of my capital (and interest?) will be recovered? Is it worth me logging some of these loans as being losses on my tax return!? Thanks Welcome to the disgruntled Lendy investors club. You may get some return within the next 5 to 10 years but in Lendyworld nothing is for sure. Revisit Lendy Terms and Conditions to check on the unstable ground on which your investments are standing.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 387
Likes: 388
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Post by brianlom1 on May 31, 2018 20:29:28 GMT
Together with family, I have a sizeable 6-figure sum invested with Ly. A couple of months ago, we offered all loan parts with a chance of selling (queue <£50K) on the SM; some loans sold, some are still pending. Everything else either has a sale queue so big that additional loan parts are never going to sell or it's already too late and we're in the hands of the Ly recoveries team. I was planning to retire this year but I'm not sure I can afford to any more.
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hazellend
Member of DD Central
Posts: 2,361
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Post by hazellend on May 31, 2018 20:35:45 GMT
Together with family, I have a sizeable 6-figure sum invested with Ly. A couple of months ago, we offered all loan parts with a chance of selling (queue <£50K) on the SM; some loans sold, some are still pending. Everything else either has a sale queue so big that additional loan parts are never going to sell or it's already too late and we're in the hands of the Ly recoveries team. I was planning to retire this year but I'm not sure I can afford to any more. Sorry to hear that but unfortunately it was a mistake on your part to invest such a sizable chunk of your retirement pot in the high risk end of P2P. Coming up to retirement is a time to be derisking your portfolio with gov bonds/cash. I’m not trying to rub salt in the wound but personal finance is of huge interest to me and I hope anybody reading this will avoid making the same mistake
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xpubman1
Member of DD Central
Posts: 62
Likes: 40
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Post by xpubman1 on May 31, 2018 20:54:44 GMT
I find that most people with a huge number of posts, never have anything constructive to offer... maybe when we have some returns.... who knows, in the meantime I continue to read but fail to learn nothing to very little, My target is to earn a place on this DD Central, I hope I am able to learn again, it is never too late.
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Post by df on May 31, 2018 21:03:58 GMT
Hi all, I havnt used Lendy for quite a few months. Ive just logged in and nearly all my loans (45 of them) are showing as remaining -348 days etc... Some even as long as -500 days!!! Is anyone elses Lendy account like this? Is there a chance that most of my capital (and interest?) will be recovered? Is it worth me logging some of these loans as being losses on my tax return!? Thanks Welcome to the disgruntled Lendy investors club. You may get some return within the next 5 to 10 years but in Lendyworld nothing is for sure. Revisit Lendy Terms and Conditions to check on the unstable ground on which your investments are standing. Can also revisit www.lendycowesweek.co.uk/web/code/php/main_c.php?section=home
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Post by charliebrown on May 31, 2018 23:31:47 GMT
I think most of us are in a very similar predicament, apart from maybe Liz. Lendy is a total disaster zone and it’s compounded by their brazen attitude and smarmy employees. I’m expecting big capital losses and a long and deceiptful road ahead. Those who keep posting that they expect their lost interest to be paid, I think, are very optimistic people.
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Jeepers
Member of DD Central
Posts: 818
Likes: 721
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Post by Jeepers on Jun 1, 2018 0:13:23 GMT
I'm astounded that we keep getting doom and gloom threads like this and yet Lendy remain silent allowing speculation to escalate.
What happened to the main man, Tim? Did he pack his bags ?
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Post by p2plender on Jun 1, 2018 0:25:03 GMT
I'm more than happy we keep getting doom and gloom threads like this. It may just stop somebody joining Lendy and (probably/possibly) losing some of their savings - I know which 'p' is the right choice there but just making sure post doesn't get scrubbed..
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izigor
Member of DD Central
Posts: 162
Likes: 86
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Post by izigor on Jun 1, 2018 2:33:16 GMT
I'm more than happy we keep getting doom and gloom threads like this. It may just stop somebody joining Lendy and (probably/possibly) losing some of their savings - I know which 'p' is the right choice there but just making sure post doesn't get scrubbed.. The irony though is that stopping somebody joining Lendy IS what stops the Secondary Market from moving... Once the Merry Go Round stops, Lendy stops making new business, then it's the ..end..for pretty much everyone
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Post by jackpease on Jun 1, 2018 6:14:36 GMT
I'm astounded that we keep getting doom and gloom threads like this and yet Lendy remain silent allowing speculation to escalate. What is there to say? An update that there is no update? Until something happens it is not certain, updates on things that don't end up happening inflame more than no updates. Even if there was progress it'd be hard/foolhardy for Lendy to give blow-by-blow updates. Funding Circle led the way on this and there is an argument to say that pulling back entirely leads the platform to be mildly disliked but engaging can simply fan the fire. There's plenty to hate FC about but as the forum user stats bear out, most don't even bother to vent their rage as it is even more pointless than kicking off against Lendy (or any other platform with defaults, which is most of them). Jack P
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r00lish67
Member of DD Central
Posts: 2,691
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Post by r00lish67 on Jun 1, 2018 8:30:17 GMT
Also, on some bad loans why dont I have the option to sell, and on other bad loans I do have the option to sell? The explanation as to why each of your loans are where they are is in the 'updates' tab for each one, where'll you find a running commentary often along the lines of "good, good, good, good, oh pants" Edit: I don't want to dig/lecture as I'm sure you now realise this, but self-select P2P in general and Lendy especially really isn't the place for a hands-off investment. If you just want something to deliver a reasonable P2P yield with no effort then I'd look at the likes of Ratesetter, FC, or Lending Works.
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