trevor
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Post by trevor on Jan 31, 2018 20:51:11 GMT
I won't be investing any more until I see some repayments of the defaults and the updates become reliable not bu.....t.
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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 Feb 1, 2018 12:17:29 GMT
Just got interest on 120K =£200 less than a fifth due rest tied up in interest accruing on loans they keep extending or don't chase the borrower. Lendy need to take an earlier harder approach and reposes properties or nobody will be able to buy their new loans if the are not getting interest or capital paid on large amounts of money. I now withdraw any money paid so in total with friends etc the will be loosing 500K moving to Collateral or other more robust platforms. Where are their accounts.  ?? As contracts are between the lenders and borrowers direct could an individual take separate legal action for their portion of a loan I wonder ? |
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Post by saraph on Feb 1, 2018 12:58:23 GMT
I won't be investing any more until I see some repayments of the defaults and the updates become reliable not bu.....t. Then I guess Lendy bids you farewell.
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Post by skint4achange on Feb 1, 2018 13:17:50 GMT
Just got interest on 120K =£200 less than a fifth due rest tied up in interest accruing on loans they keep extending or don't chase the borrower. Lendy need to take an earlier harder approach and reposes properties or nobody will be able to buy their new loans if the are not getting interest or capital paid on large amounts of money. I now withdraw any money paid so in total with friends etc the will be loosing 500K moving to Collateral or other more robust platforms. Where are their accounts. ?? As contracts are between the lenders and borrowers direct could an individual take separate legal action for their portion of a loan I wonder ? Yeah, because by repossessing the properties and making forced sales we will all be guaranteed to get our money back....Right? Wrong. Look at the IOW fiasco or Exeter.
Don't assume that Lendy will really care about your £500k leaving the platform. There are X amount of millions heading blindly into P2P platforms from IFISA. And people invested in ISA's don't ask awkward questions of the platforms. The fund managers just accept the losses and pass it on to customers.
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Godanubis
Member of DD Central
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 Feb 1, 2018 23:40:04 GMT
They should at least allow others to buy your loans by offering them a discount like other p2p's do,
so those with time to wait can get the bonus and you get "YOUR" dosh back.
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Post by skint4achange on Feb 1, 2018 23:47:35 GMT
They should at least allow others to buy your loans by offering them a discount like other p2p's do, so those with time to wait can get the bonus and you get "YOUR" dosh back. That may be so, and some platforms offer this service purely out of the goodness of their hearts.
However, remember that P2P lending is not a savings account where you can get "YOUR" money back when you like. If you are happy to lend during the good times and are taking your 5 x best rate at your bank, then you should be just as happy to hold to completion.
To my best of knowledge, Lendy have never offered a discounted SM like other platforms and you invested in the 12% return loans under those terms. If you didn't feel comfortable doing so, you should have invested somewhere else.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
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Post by Godanubis on Feb 2, 2018 0:31:09 GMT
Yes you are right and I do invest elsewhere.
To thrive we must grow and offering better service would at the least help those with smaller amounts
who want to actually invest in P2P to help business would feel more secure.
12% less tax is the lowest I invest in.
If loans did finish before at least 6mths after their promised that would be fine but there are loans years late.
If you make a promise stick to it don't just say "cheque is in the post"
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Post by skint4achange on Feb 2, 2018 9:11:50 GMT
I personally think that you just want your cake and eat it.
Basically you want to take the money while the going is good and then pass the s**t parcel when you feel that something is going wrong.
We would all love the loans to end before they are 6 months overdue, but that is more to do with the borrower than the platform.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Feb 2, 2018 12:28:41 GMT
IMO the reason that L won't introduce the facility for troubled loans to be sold at a discount on the SM is that the level of discount required to sell some of them would frighten lenders. I would be delighted to sell some of mine at 50% but I doubt that there would be any takers. Once the discount required to sell gets over 50% any potential buyers will probably be put off rather than attracted and most holders would decide that they might as well hold on and hope.
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Post by p2plender on Feb 2, 2018 12:54:57 GMT
And all this defaulting, late payments, silly valuations happening in what I'd perceive as fairly steady market conditions. Just wait till the chill winds blow!!
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izigor
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Post by izigor on Feb 2, 2018 19:02:54 GMT
And all this defaulting, late payments, silly valuations happening in what I'd perceive as fairly steady market conditions. Just wait till the chill winds blow!! SPOT-ON! People don't realise that Brexit is yet to happen. If, say that or something else causes a 'chill', the secondary market WILL grind to a halt - look what it looks like now. With most of the loans you have, you will have to go full term with it. The amount of default is already bad as it is, so the percentage of loans in default will easily rocket up - who knows what it'll be. So the equation here could easily become one where most of your loans goes into default with a fraction (big or small) of your capital being repaid after a long time. Me, personally, I moved most of the money out of Lendy last year. However, I haven't found a proper alternative yet (I've only tried two others) so some of that money has come back to Lendy. Any recommendations? Or some other thread/forum where this is discussed?
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Post by skint4achange on Feb 2, 2018 19:09:29 GMT
And all this defaulting, late payments, silly valuations happening in what I'd perceive as fairly steady market conditions. Just wait till the chill winds blow!! SPOT-ON! People don't realise that Brexit is yet to happen. If, say that or something else causes a 'chill', the secondary market WILL grind to a halt - look what it looks like now. With most of the loans you have, you will have to go full term with it. The amount of default is already bad as it is, so the percentage of loans in default will easily rocket up - who knows what it'll be. So the equation here could easily become one where most of your loans goes into default with a fraction (big or small) of your capital being repaid after a long time. Me, personally, I moved most of the money out of Lendy last year. However, I haven't found a proper alternative yet (I've only tried two others) so some of that money has come back to Lendy. Any recommendations? Or some other thread/forum where this is discussed?I think pretty much every thread on the Lendy pages discusses people taking their money elsewhere!! 
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MarkT
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Post by MarkT on Feb 2, 2018 20:18:49 GMT
And all this defaulting, late payments, silly valuations happening in what I'd perceive as fairly steady market conditions. Just wait till the chill winds blow!! SPOT-ON! People don't realise that Brexit is yet to happen. ..............................................................
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izigor
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Post by izigor on Feb 2, 2018 21:26:50 GMT
SPOT-ON! People don't realise that Brexit is yet to happen. .............................................................. Yes, I understand and your link is fully relevant but I wasn't clear what I meant. I meant: People don't realise that Brexit is YET to happen. So the risks to our financial services industry that cannot be mitigated will only have an impact either when it's clear during the negotiation stages they will be affected or when we leave (in March 2019 etc.)
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Post by p2plender on Feb 3, 2018 4:40:54 GMT
I've took the hit and moved money to the 'bigger' but boring platforms, RS,FC etc.
I always knew like (most) others, 12% wasn't realistic! After all, what were borrowers paying after costs? 20%?
Anyhow worth noting the stockmarket is showing signs of slight stress now and this could turn into more than a wobble so chasing divi yield will catch people out there.
Yield is a bit tough once more. Fortunately I have access to overseas lending and currently enjoying 9% +. Downside of course is a still weak Sterling.
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?? As contracts are between the lenders and borrowers direct could an individual take separate legal action for their portion of a loan I wonder ? 
