GeorgeT
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Post by GeorgeT on May 4, 2017 23:43:04 GMT
Yes. The Lendy website does seem to be a bit 'buggy' at times.
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GeorgeT
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Post by GeorgeT on May 4, 2017 23:02:51 GMT
It also happened to me, exactly the same at 10.45pm tonight. It was my second withdrawal of the day ,and perhaps foolishly after the problem of same amount deposits, I made another withdrawal of the same amount as earlier in the day. Transactions statement looks normal but I have a big note to self to check my bank balance for both transactions in the morning Thank you so much. I am sorry you are in the same boat as me. But at least we have proof that there has been a system error relating to withdrawals this evening. And most investors do not use this forum so when there are two forum users affected you can be sure that many other people have been as well. Let's hope that our money is in our bank accounts tomorrow morning and if not they will be receiving a lot of emails about the same issue I am sure. By the way, I noted the time it occurred to me and it occurred to me at 10:46 p.m. this evening which is almost exactly the same time as it happened to you.
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GeorgeT
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Post by GeorgeT on May 4, 2017 22:25:53 GMT
what does your transaction log say? Ah. I hadn't thought to look there. I was too busy panicking. It says my last transaction is: 04/05/2017 Withdrawal (and then shows the correct withdrawal amount and my balance reverting to 0). Now I'm feeling a bit more relaxed. Perhaps the error message related to a mail server error and I will get paid tomorrow morning. I still haven't had the usual withdrawal email. Now I'm thinking I will wait and see before sending in an email. At least I can prove it through my transaction log. Thanks.
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GeorgeT
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Post by GeorgeT on May 4, 2017 21:55:19 GMT
I wonder if anybody else has suffered this glitch?
This evening I submitted a withdrawal request. A few seconds after I clicked 'Submit' I got an error message appear saying "Sorry, something went wrong and we can't complete your request".
After the page refreshed my Available Balance had changed to 0.
I have not received the usual Withdrawal Request confirmation email either, as I usually do, so it appears my money has disappeared into thin air.
Is this a known glitch, has anyone else experienced this?
Also, I wonder if someone could advise the best email address to write to in order to get a quick response and resolution as I'm currently a bit concerned?
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GeorgeT
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Post by GeorgeT on May 4, 2017 20:23:37 GMT
I haven't done any DD , although of course I have read the comments of others who have. I agree these loans sound bad and I wouldn't want to be anywhere near them within 6 months of their term end dates. However I will be investing modest sums in both the 12% loans - should they not be withdrawn. The loan totals are relatively small, and liquidity will be great for the first month or so. It is 12% in the bag, albeit for a limited period. My guess is that as the majority of investors act like me (and in addition don't read this forum) that these loans will be over-subscribed and sell like hot cakes on the SM for a while to come. Of course I could be wrong - but given my stake will be trivial compared with the total Lendy interest I have bagged to date, I am happy to invest in new, rare beast 12% loans andI am glad a few others will not, as that increases my allocation. I would not touch the 10% loan with a bargepole. I also see the merit in your strategy (having used it myself up until last year), however, showing support for loans that "sound bad" in the form of setting pre-funding can only be read by Lendy as a stamp of approval that they are providing what people want, paving the way for more of the same. The more 'bad sounding' loans that come onto the platform, the more likely the platform will fail and the bigger they are... Your recent comment -here- seems to be at odds with how your strategy might be perceived by Lendy and it seems you are relying on others to engage in the scrutiny you speak of, as any scrutiny from someone "glad" to be increasing their allocation could be seen as hypocritical. My pre-funding on these loans is 0, as it was for the Thames duo. Fair comment and I have just changed the prefund on one of them to 0 so now I only have a prefund set for one of the 12% loans. I don't want to encourage and support reckless loans and bad practice but on the other hand I am investing my time as well as my money and my purpose is to yield a decent return.
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GeorgeT
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Post by GeorgeT on May 4, 2017 17:55:31 GMT
Thousands available on the SM Unsurprising really. I don't understand the logic behind putting new money into an old loan with only 80 or so days to run. It's already reaching its sell by date. Sometimes trouble knocks on your door but you don't want to send it an invitation.
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GeorgeT
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Post by GeorgeT on May 4, 2017 16:35:39 GMT
I haven't done any DD , although of course I have read the comments of others who have. I agree these loans sound bad and I wouldn't want to be anywhere near them within 6 months of their term end dates.
However I will be investing modest sums in both the 12% loans - should they not be withdrawn.
The loan totals are relatively small, and liquidity will be great for the first month or so. It is 12% in the bag, albeit for a limited period. My guess is that as the majority of investors act like me (and in addition don't read this forum) that these loans will be over-subscribed and sell like hot cakes on the SM for a while to come.
Of course I could be wrong - but given my stake will be trivial compared with the total Lendy interest I have bagged to date, I am happy to invest in new, rare beast 12% loans andI am glad a few others will not, as that increases my allocation.
I would not touch the 10% loan with a bargepole.
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GeorgeT
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Post by GeorgeT on May 4, 2017 16:08:18 GMT
Without scrutiny, it would be like a government without any opposition. If we can force U-turns on bad loans etc. then we have done our job.
Opinions, concerns and issues raised by investors helps to keep the management in check and, ultimately, helps everybody - the platform included.
As long as the debate is factual and constructive of course and people don't just wage groundless vendettas for personal reasons.
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GeorgeT
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Post by GeorgeT on May 4, 2017 15:58:42 GMT
I've never had to wait more than about 20 minutes for my deposit to show up in my MT account - even on a Sunday or at around midnight.
MT are like a rocket when it comes to speed.
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GeorgeT
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Post by GeorgeT on May 4, 2017 15:52:41 GMT
Attention to detail has never been Lendy's strongest point.
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GeorgeT
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Post by GeorgeT on May 4, 2017 15:48:48 GMT
So, a borrower in receivership, a loan with a LTV of 109% and a rate of 10% ?? Surely a mistake bringing this to the platform bearing in mind Lendy's 5 step DD process that rivals, if not surpasses, major High Street banks: p2pindependentforum.com/post/185514
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GeorgeT
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Post by GeorgeT on May 4, 2017 10:06:36 GMT
I can't see Lendy getting full FCA authorisation anytime soon. It seems to be one problem after another and their systems don't seem to be robust enough. It appears they are still making changes to the way they operate and I would think that means the earliest they would get full approval would be in the autumn batch now that they have missed the spring batch.
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GeorgeT
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Post by GeorgeT on May 4, 2017 10:02:04 GMT
I think it all boils down to the fact that this is a massive 11 million pound loan that has fewer than 100 days left to run. Those two factors in themselves smell trouble and a lack of liquidity not far down the track.
Also with it being a DFL and with investors having not been shown any development progress reports it is pretty high risk to hold it to anywhere near the end. The usual safe and prudent investing strategy of sell out at 60|70|80|90|100 days to run is starting to kick in with this one. It's as simple as that.
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GeorgeT
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Post by GeorgeT on May 4, 2017 9:37:32 GMT
I have heard they are not well liked by certain other platforms because of their aggressive attitude toward grabbing all the business.
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GeorgeT
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Post by GeorgeT on May 4, 2017 9:34:31 GMT
There are a number of different adjectives that could be used to describe the act of lending other people's money to someone with a criminal record for theft,a twice former bankrupt and general all round notorious individual who has 'won' high profile £multi million cases against big Banks and was under active scrutiny by Members of Parliament no less.
All information available within 5 minutes on Google by a schoolboy. Somehow it beggars belief that Lendy's DD which equals or even surpasses that of most mainstream lenders did not pick any of this up. I put it down to a combination of naivety and the arrogance of youth.
I feel a quite substantial loss coming on here particularly in relation to the tin shed on the industrial estate which was masquerading as a high specification office building and valued accordingly, enhanced by the high spec office rent being paid to another of the Borrowers companies.
Given previous press attention to this borrower I am sure it will be quite widely reported in the national press when the final outcome is known. Perhaps, for that reason alone, Lendy will dig deep into their own pockets so there are no losses for the media to get stuck into.
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