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Post by loftankerman on Sept 1, 2018 10:03:40 GMT
I have some money in The House Crowd development projects. They manage to come up with a decent narrative on their projects around the middle of the month and they have photos indicating progress, inside and out, taken by staff members, not forum members peeping over fences. Furthermore they are open about problems that arise, be they suspected Roman ruins or intransigent councils and utilities providers. They don’t drip feed me my own money back and call it interest. They get my capital back to me as soon as they can and I have to wait until everything is done and dusted before they do the sums and work out how much of the offered interest they can give everyone. They just get on with the hard work of doing things professionally without the BS, imaginary returns and smoke screens that Lendy are entrenched in.
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Post by charliebrown on Sept 1, 2018 10:56:22 GMT
The updates are always a disappointment. I genuinely cannot remember the last time LY posted an update that was of substance and was true. Therefore, what’s the point of fortnightly updates. What’s the point of any updates at all. It’s probably better for us if they only post facts as updates. If there’s nothing factual to tell us then don’t post anything. It’s also ridiculous that loans that are >700 days overdue are not classified as losses; doesn’t FCA have some guidance on when a loss is a loss. >700 days of fortnightly updates that show zero progress.
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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: 11,333 
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Post by ilmoro on Sept 1, 2018 11:48:51 GMT
The updates are always a disappointment. I genuinely cannot remember the last time LY posted an update that was of substance and was true. Therefore, what’s the point of fortnightly updates. What’s the point of any updates at all. It’s probably better for us if they only post facts as updates. If there’s nothing factual to tell us then don’t post anything. It’s also ridiculous that loans that are >700 days overdue are not classified as losses; doesn’t FCA have some guidance on when a loss is a loss. >700 days of fortnightly updates that show zero progress. Yes & under that guidance they are not losses until there no realistic chance of recovery which isn't the case. However, they can be treated as losses when they are in legal recovery. p2pindependentforum.com/thread/12601/lendy-distressed-loans-loss-reliefIt would make more sense to do what AC do ... update on news but with specific timescales built in. (We will update by X unless something happens) DFL get updates for each tranche anyway so it's only a few PBL that would need dealing with anyway (default/recoveries are going to be periodic by definition as it's a long process) There whole Comms needs a total reboot & an injection of reality. DFL012 is a case in point. Admin report is publically available so why not provide a synopsis with an informed view rather than lenders have to hunt it out for themselves.
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Post by p2plender on Sept 1, 2018 13:49:59 GMT
IMO It's all over for the Lendy platform. An appalling state of affairs here with next to no progress on most defaults for months and months. As that TP post said, somebody needs to step in.
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Post by charliebrown on Sept 1, 2018 14:20:22 GMT
IMO It's all over for the Lendy platform. An appalling state of affairs here with next to no progress on most defaults for months and months. As that TP post said, somebody needs to step in. I really hope LY can continue. My negative posts here are meant to be constructive. I think there is a need from both borrowers and investors for p2p, however, LY’s execution has been woeful. I am also concerned about whether LY can recover from this position. I can’t see much new money flowing in when people look at the state of the loanbook. Their Wealth products seem to have bombed. Perhaps if they can secure a few repayments in September (as promised) including Exeter, some confidence might be restored. It’s hard to know what goes on behind closed doors at LY but they still don’t appear to care that investors are unhappy.
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Post by charliebrown on Sept 1, 2018 18:51:33 GMT
Millwall Football Club has a chant “no one likes us, we don’t care.” Reminds me of LY’s attitude. In the long run, no business can survive when (it seems) a vast majority of customers/ investors are unhappy.
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Post by buttchopf23 on Sept 2, 2018 15:41:21 GMT
Lol, russian saying: “you don't like, I don't give a  “ (roughly translated) |
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micky
Member of DD Central
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Post by micky on Sept 14, 2018 21:13:27 GMT
Am I missing something? Shouldn't we have had fortnightly B.S today? No one has mentioned this yet, have I made a mistake?
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GeorgeT
Member of DD Central
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Post by GeorgeT on Sept 14, 2018 21:25:48 GMT
Am I missing something? Shouldn't we have had fortnightly B.S today? No one has mentioned this yet, have I made a mistake? Yes, you didn't read the last edition of fortnitely BS thoroughly enough. It has been changed to Monthly BS and will be published to coincide with the interest run. So unfortunately you still have over 2 weeks to wait before your next dose of helpful information.
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geoff
Member of DD Central
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Post by geoff on Sept 14, 2018 21:28:25 GMT
Am I missing something? Shouldn't we have had fortnightly B.S today? No one has mentioned this yet, have I made a mistake?
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richox
Member of DD Central
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Post by richox on Sept 14, 2018 21:52:12 GMT
So no repayments and it looks as if DFL05 and DFL010 are in trouble. Both go overdue this weekend and there has been no update. Same with DFL013 which ran out of tolerence yesterday with no update. If we don't have updates on DFL027, DFL035 or PBL198 before month end they too will have gone overdue. Oh dear Lendy, the loan book does not seem to be getting any better.
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Post by p2plender on Sept 14, 2018 23:34:19 GMT
Any management with half a brain would have at least tidied up the platform before trying to spring Lendy wealth upon the masses of HNWI. The loan book is an absolute disaster zone, who on earth would even think of throwing any money in let alone big money??
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Sept 15, 2018 4:15:45 GMT
I viewed it as a "matter of necessity" attempting to access some funding to coincide with champagne parties, hence no time to lose! Hope it wasn't a "final throw of the dice" desperate measure!
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Post by charliebrown on Sept 15, 2018 7:42:50 GMT
I viewed it as a "matter of necessity" attempting to access some funding to coincide with champagne parties, hence no time to lose! Hope it wasn't a "final throw of the dice" desperate measure! There’s a few uncharacteristic LY actions recently that the cynical would say points to trouble. Launching LY Wealth and promising (up to) 10% when the loan book is completely under water and anyone who has done any homework on LY will immediately realise these Wealth products are not a viable investment. Then one of the Pauls popping up on this forum saying that LY cares and we can call them anytime we want etc.
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Post by loftankerman on Sept 15, 2018 8:44:05 GMT
I viewed it as a "matter of necessity" attempting to access some funding to coincide with champagne parties, hence no time to lose! Hope it wasn't a "final throw of the dice" desperate measure! There’s a few uncharacteristic LY actions recently that the cynical would say points to trouble. Launching LY Wealth and promising (up to) 10% when the loan book is completely under water and anyone who has done any homework on LY will immediately realise these Wealth products are not a viable investment. Then one of the Pauls popping up on this forum saying that LY cares and we can call them anytime we want etc. Yeah, it does sound a bit like the last days of Equitable Life. The main difference is that my EL Fund Manager kept phoning me with great new opportunities for me or any friends I may have. Lendy are just encouraging me to phone them. If I had a worryingly large amount with Lendy, instead of an irritating amount that they have avoided returning in the case of DFL005, I'd be more inclined to phone the Samaritans than Lendy Support. For what it is worth while EL changed my life, it has probably turned out to be more interesting than it would otherwise have been. Every cloud...
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“ (roughly translated)