reinvestor
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Post by reinvestor on Jan 16, 2018 15:52:35 GMT
Long time lurker but just registered.
I find the fact that Lendy still haven't filed their accounts very worrying.
They stated their profit figures back in September and have made several promises to file but still haven't.
There is no backlog as I run several companies and accounts are uploaded within a day (sometimes not downloadable for five days but it will state that they have been received).
My thoughts are that whoever they have appointed as their auditor (accountants as they don't officially need an audit) won't sign off on the accounts and that is a great concern.
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Post by reggie on Jan 16, 2018 15:59:05 GMT
This is also the reason that I registered here and started withdrawing everything - seems 25% is stuck though......
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ingwer
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Post by ingwer on Jan 16, 2018 19:13:50 GMT
I am concerned that this does not become a self perpetuating prophecy by continually talking Lendy down. Lendy have new employees starting apparently which suggests they plan to be around for the foreseeable future and especially for Cowes 2018.
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mary
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Post by mary on Jan 16, 2018 19:32:22 GMT
I am concerned that this does not become a self perpetuating prophecy by continually talking Lendy down. Lendy have new employees starting apparently which suggests they plan to be around for the foreseeable future and especially for Cowes 2018. Fair point. You will see, as a common theme across the forum, many people being negative to most platforms- especially if they've have a default and are suddenly finding that achieving the maximum return for zero loss is not the only outcome. It is also fair to call out issues, and many platforms respond to reasonable criticism by changing their approach, even if they do not explicitly say so on this forum. They also know when criticism is just trolling, as is all to easy to do now anonymously. Obviously the real measure is if their business is performing, and apparently Lend had a very successful year in 2016, but that is just history and they have suffered many defaults since then. Only they know the actual situation. We can only vote with our money (assuming you are not stuck in defaulted or suspended loans)!
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mikes1531
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Post by mikes1531 on Jan 16, 2018 21:10:28 GMT
Lendy have new employees starting apparently which suggests they plan to be around for the foreseeable future and especially for Cowes 2018. Lendy can't afford to look as if they don't plan to be around for the foreseeable future. The industry Lendy are in depends on investor confidence for survival. IMHO, a company can't give any hints that it's in trouble if it wants to survive. So the objective has to be to continue to paint a rosy picture while hoping to weather any difficulties they may be facing. Which means that everything will look fine until the moment a collapse occurs.
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Esmeralda
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Post by Esmeralda on Jan 16, 2018 22:24:24 GMT
I emailed them weeks ago asking when their accounts would be filed. Deafening silence from Lendy.
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Post by dualinvestor on Jan 17, 2018 8:42:51 GMT
Long time lurker but just registered. I find the fact that Lendy still haven't filed their accounts very worrying. They stated their profit figures back in September and have made several promises to file but still haven't. There is no backlog as I run several companies and accounts are uploaded within a day (sometimes not downloadable for five days but it will state that they have been received). My thoughts are that whoever they have appointed as their auditor (accountants as they don't officially need an audit) won't sign off on the accounts and that is a great concern. These are matters I have raised explicitly several times, there seems to be a relaxed attitude to these omissions and the fact that they are not yet fully authorised despite being one of the larger platforms. You are correct, as I have said before, they are not obliged to have an audit, but even if they have had a voluntary one the length of time required to conduct it should be far less than three months (since they published draft accounts) unless there is some kind of anomoly in either the financial statements or their system of production. Many people on here are relaxed about this serious default despite the facct they are handling a very large sum of other peoples money.
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Post by loftankerman on Jan 17, 2018 15:00:56 GMT
I don't dispute that this could be regarded as a serious matter. However I feel that making formal complaints, demanding answers and calling upon higher authorities is not necessarily in my own best interest. I assume that whatever the state of things, Lendy are doing their utmost to resolve issues that might be of concern. The considered resolution of any issues is the most likely path to an eventual satisfactory outcome. Making demands right now in the absence of anything much in the way of facts could be a bit like yelling "Jump" to someone standing on a ledge weighing up his options.
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webwizard
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Post by webwizard on Jan 17, 2018 15:13:28 GMT
I don't dispute that this could be regarded as a serious matter. However I feel that making formal complaints, demanding answers and calling upon higher authorities is not necessarily in my own best interest. I assume that whatever the state of things, Lendy are doing their utmost to resolve issues that might be of concern. The considered resolution of any issues is the most likely path to an eventual satisfactory outcome. Making demands right now in the absence of anything much in the way of facts could be a bit like yelling "Jump" to someone standing on a ledge weighing up his options. I agree with this completely. I hope that Lendy are working hard to address this. However, the complete lack of communication is more worrying. If they explained the situation, that there will be an acceptable delay to a new date and then hit that target, faith would be improved. This is a common theme across these forums, with the fortnightly updates being padded with little real information. Personally, communication is the underlying problem and this undermines confidence and the net result is many believe that they should get out before the walls fall down. In fact, the platform may be more resilient that that, but the perception is that there are problems ahead.
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Post by dualinvestor on Jan 18, 2018 9:08:44 GMT
I don't dispute that this could be regarded as a serious matter. However I feel that making formal complaints, demanding answers and calling upon higher authorities is not necessarily in my own best interest. I assume that whatever the state of things, Lendy are doing their utmost to resolve issues that might be of concern. The considered resolution of any issues is the most likely path to an eventual satisfactory outcome. Making demands right now in the absence of anything much in the way of facts could be a bit like yelling "Jump" to someone standing on a ledge weighing up his options. It is unlikely that you would negotiate with someone standing on a ledge for two months especially if there was total silence from them, the response yesterday was a further holding statement containing another promise where heretofore they have failed to deliver. Although you personally may suffer on your current investment if the platform has action taken against it for these egregious failures, a) others may invest when they wouldnn't if they knew of these omissions and b) you may think twice about further investment. The attitude of keep quiet and I might be alright is one of pure self interest.
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Balder
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Post by Balder on Jan 18, 2018 11:10:36 GMT
I have withdrawn most of my Lendy investments and I was around the £200K mark (included SIPP money). There may not be an issue but unfortunately for me without good communications then I tend to fear the worst. Lendy need to get through this as perception becomes reality founded on fact or not. I may be back but I want to see how well they perform on defaults. I also believe their displaying of bonus rates that attract investors and then the rates disappear are misleading. I think perhaps they are suffering in the transition from start-up to more mature which often needs a different mindset and/or leadership.
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GeorgeT
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Post by GeorgeT on Jan 18, 2018 11:24:14 GMT
It amazes me that there are still people, apparently, prepared to throw their cash at lendy. Otherwise I would not expect any discussion or investigation of any new loans on the platform.
There are other platforms offering much better opportunities in all kinds of respects from customer service and communication through to the rate of return and the platform being FCA compliant.
Is Lendy the only main platform that has failed to get full FCA compliance certification and you have to ask yourself why or probably if you are a user of Lendy you don't have to ask yourself why because you already know how they play the game (in their own slightly cocky, arrogant, we know best, we'll do what we like, we went to a public school,investors are cash cow plebs ... style)
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elliotn
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Post by elliotn on Jan 18, 2018 12:53:50 GMT
It amazes me that there are still people, apparently, prepared to throw their cash at lendy. Otherwise I would not expect any discussion or investigation of any new loans on the platform. There are other platforms offering much better opportunities in all kinds of respects from customer service and communication through to the rate of return and the platform being FCA compliant. Is Lendy the only main platform that has failed to get full FCA compliance certification and you have to ask yourself why or probably if you are a user of Lendy you don't have to ask yourself why because you already know how they play the game (in their own slightly cocky, arrogant, we know best, we'll do what we like, we went to a public school,investors are cash cow plebs ... style) Your top plarform does not have fca authorisation so it would appear there are *still* some extreme risk takers in p2p.
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southport
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Post by southport on Jan 18, 2018 13:47:21 GMT
It amazes me that there are still people, apparently, prepared to throw their cash at lendy. Otherwise I would not expect any discussion or investigation of any new loans on the platform. There are other platforms offering much better opportunities in all kinds of respects from customer service and communication through to the rate of return and the platform being FCA compliant. Is Lendy the only main platform that has failed to get full FCA compliance certification and you have to ask yourself why or probably if you are a user of Lendy you don't have to ask yourself why because you already know how they play the game (in their own slightly cocky, arrogant, we know best, we'll do what we like, we went to a public school,investors are cash cow plebs ... style) And I thought the broken record had been fixed. Someone needs to give the jukebox a good hard kick. 
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Post by loftankerman on Jan 18, 2018 17:38:51 GMT
“The attitude of keep quiet and I might be alright is one of pure self interest.”
I was making no bones about that when I said “ is not necessarily in my own best interest.”
Apparently it is a poor show that my best interest in Lendy is my primary concern. It didn't cross my mind that everyone else might only be thinking of others. If it is in my best interest however, there is no reason why it should be contrary to the best interests of everyone else in the same boat. If people feel a need to sink the boat out of a sense of indignation rather than opt for survival, that’s their choice and we’re all stuck with it. In a broad sense I have more concern for those in the boat, than any who might opt to get in in the future. Boarding will be their choice as it was mine.
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