sirius
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Post by sirius on Jan 12, 2018 21:12:31 GMT
I pulled out 8 or 9 months ago when the writing was obviously on the wall. Early adopter and made the 12% and no capital losses and nothing tied up now. And I made well over a six figure sum on interest for the couple of years I was in. For me clearly the due diligence was all over the place. They lent to pretty much anyone, no restraint. That is naff for 12%. There are respectable lenders off market paying more for less risk. Why anyone would want to lend in the current state baffles me. Of course they will paint a pretty picture. Maybe they will improve but for me the apparent historical disregard for investors funds and risk awareness has put me off permanently. Hi mackWho are these lenders off market paying more for less risk, pretty please.
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mack
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Post by mack on Jan 13, 2018 14:17:44 GMT
I pulled out 8 or 9 months ago when the writing was obviously on the wall. Early adopter and made the 12% and no capital losses and nothing tied up now. And I made well over a six figure sum on interest for the couple of years I was in. For me clearly the due diligence was all over the place. They lent to pretty much anyone, no restraint. That is naff for 12%. There are respectable lenders off market paying more for less risk. Why anyone would want to lend in the current state baffles me. Of course they will paint a pretty picture. Maybe they will improve but for me the apparent historical disregard for investors funds and risk awareness has put me off permanently. Hi mackWho are these lenders off market paying more for less risk, pretty please. Problem is most of these type of investments are for "sophisticated investors" meaning cannot be marketed, higher levels of entry etc. I can't refer to them, sorry. Lendy risk for me personally was way too high. 12% no good when there is potential for large capital losses as the types of property/development being lent to were so niche.
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Post by saraph on Jan 13, 2018 21:19:15 GMT
Out of my deposit to Lendy I only managed to pull out about 1/4 in 2 days. The rest is stuck in defaults or SM queues.  |
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ablender
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Post by ablender on Jan 14, 2018 22:33:44 GMT
Out of my deposit to Lendy I only managed to pull out about 1/4 in 2 days. The rest is stuck in defaults or SM queues. This contrasts sharply with my experience from about a year ago when I managed to sell practically all my investment in a matter of days.
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Post by saraph on Jan 15, 2018 0:01:53 GMT
Out of my deposit to Lendy I only managed to pull out about 1/4 in 2 days. The rest is stuck in defaults or SM queues. This contrasts sharply with my experience from about a year ago when I managed to sell practically all my investment in a matter of days. Saving Stream, you will be remembered forever.
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jsmill
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Post by jsmill on Jan 18, 2018 17:15:47 GMT
I have moved my money out of lendy; minus a very token amount I keep spread across a few loans in case the DD and oversight is improved sufficiently for me to start reinvesting. However, don't see this as likely without significant changes to the business. Currently use AC/ABL for long term loans with Ratesetter for the rolling market for funds I don't want tied up. Until recently was also increasing Moneything position but want to see how a couple of recent defaults play out before adding any more.
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Post by saraph on Jan 24, 2018 18:11:55 GMT
Whenever I get a new e-mail from Lendy, it's always about some new loan - almost never about repayment. It almost makes me feel like trouble is being solved by burying it under larger pile of trouble.
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mary
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Post by mary on Jan 24, 2018 18:39:51 GMT
Whenever I get a new e-mail from Lendy, it's always about some new loan - almost never about repayment. It almost makes me feel like trouble is being solved by burying it under larger pile of trouble. If only, it's always just another tranche (4 this time) of a loan that I'm either at my max or avoiding.
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littleoldlady
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Post by littleoldlady on Jan 24, 2018 18:41:28 GMT
It will be very interesting to see what Ly do with the year end tax statement. AIUI it would be quite permissable for them to record all defaults as total losses, so reducing this year's tax liability, and then show any future recovery as taxable income in that future year. On the other hand they could wait until the loss is crystalised by the asset being sold and so maintain the fiction that no investor has lost money. If the latter they have no incentive to get on with the disposal and every incentive to delay as long as possible, meanwhile in some cases the asset may be depreciating.
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SteveT
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Post by SteveT on Jan 24, 2018 18:48:40 GMT
It will be very interesting to see what Ly do with the year end tax statement. AIUI it would be quite permissable for them to record all defaults as total losses, so reducing this year's tax liability, and then show any future recovery as taxable income in that future year. On the other hand they could wait until the loss is crystalised by the asset being sold and so maintain the fiction that no investor has lost money. If the latter they have no incentive to get on with the disposal and every incentive to delay as long as possible, meanwhile in some cases the asset may be depreciating. HMRC guidance is clear that loans which have entered legal recovery procedures may be treated as “irrecoverable” for tax purposes and offset against other P2P interest income. Treating loans as irrecoverable has absolutely no effect on the recovery process. As an example, Assetz (correctly) treated many loans as irrecoverable in their 16/17 tax statements, but have yet to declare a definitive loss on any loan.
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littleoldlady
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Post by littleoldlady on Jan 24, 2018 19:01:57 GMT
It will be very interesting to see what Ly do with the year end tax statement. AIUI it would be quite permissable for them to record all defaults as total losses, so reducing this year's tax liability, and then show any future recovery as taxable income in that future year. On the other hand they could wait until the loss is crystalised by the asset being sold and so maintain the fiction that no investor has lost money. If the latter they have no incentive to get on with the disposal and every incentive to delay as long as possible, meanwhile in some cases the asset may be depreciating. HMRC guidance is clear that loans which have entered legal recovery procedures may be treated as “irrecoverable” for tax purposes and offset against other P2P interest income. Treating loans as irrecoverable has absolutely no effect on the recovery process. As an example, Assetz (correctly) treated many loans as irrecoverable in their 16/17 tax statements, but have yet to declare a definitive loss on any loan. Quite, that's my point. If they are acting in lenders' best interest they will do so. But will they? Time will tell. I should think that it will be difficult to continue the mantra of no losses even if technically true, after reporting huge losses on the tax & interest statement.
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littleoldlady
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Post by littleoldlady on Jan 24, 2018 19:14:08 GMT
If only, it's always just another tranche (4 this time) of a loan that I'm either at my max or avoiding. , I've not received any this year even though four (partial) repayments have been made as per the repayments tab and the four corresponding emails listed in the Lendy mailchimp archive. Same with the recent emails confirming repayment of overdue interest / bonus - I'm in PBL133 and got that email, but not DFL010. They did until recently. The last one I had was 22/12.
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freddy
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Post by freddy on Jan 30, 2018 14:21:14 GMT
I reduced my investment with Lendy from 50k to 1.5K a couple of months after sub 12% loans were introduced. It was clear that the Lendy claim that lower rates represented lower risk was utter bu****it. The only reason I left in 1500 was because the selling queues were long and figured I'd be OK to take the chance with that small amount. I remain in just 2 loans both of which are currently looking iffy and now wish I'd just swallowed the small interest loss and pulled out completely. Sure there's a risk with this type of lending/investment but the rate at which Lendy have arrived at 50%+ of their loan book in some sort of trouble is quite astounding.
I think greed got the better of them.
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zlb
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Post by zlb on Jan 31, 2018 20:15:56 GMT
I think greed got the better of them. I'm still in L, but worried that you're right in a way. Is there an advantage to L in taking on higher risk? More money for L without the risk that lenders are expected to take? What's the risk/reward equation like for L? What's at stake for L eg reputation, income, future ventures, or not bothered?
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 31, 2018 20:44:59 GMT
Still got 23K in can't get it out < Nothing repaying and no monthly interest on 50% Collateral here I come 14-15% with up to 2% cashback Few Late Fewer if any defaults.  |
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