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Post by justplayin on Sept 23, 2018 17:16:20 GMT
So my money's safe after all. I'm sure all the remaining recoveries will be just as smooth and have a similar happy ending...
Of course your money isnt safe, its P2P lending, where on earth did you get the idea it was safe, if you want safe stick with a bank 
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Post by charliebrown on Sept 23, 2018 17:37:03 GMT
So my money's safe after all. I'm sure all the remaining recoveries will be just as smooth and have a similar happy ending...
Of course your money isnt safe, its P2P lending, where on earth did you get the idea it was safe, if you want safe stick with a bank It annoys me when people say this. We know it’s not a high interest savings account, we all know this, we don’t need motherhood statements. What isn’t ok is that LY is making millions of pounds of people’s hard earned money disappear whilst at the same time telling us they’re doing a great job and we need to manage risk. The casino would be less risky to be honest and this level of risk isn’t what I had in mind when I signed up. There’s probably going to be plenty of LY investors who would have actually got a better return from a bank account (myself included).
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Post by df on Sept 23, 2018 19:57:02 GMT
Of course your money isnt safe, its P2P lending, where on earth did you get the idea it was safe, if you want safe stick with a bank It annoys me when people say this. We know it’s not a high interest savings account, we all know this, we don’t need motherhood statements. What isn’t ok is that LY is making millions of pounds of people’s hard earned money disappear whilst at the same time telling us they’re doing a great job and we need to manage risk. The casino would be less risky to be honest and this level of risk isn’t what I had in mind when I signed up. There’s probably going to be plenty of LY investors who would have actually got a better return from a bank account (myself included). FC goes even further - it's not only they are doing a great job, but also "we are doing a great job" by helping businesses to succeed and thrive..... I don't like this style of marketing, but I also tend to believe that this is genuine (in their eyes they are doing a great job). To be fair some loans were repaid or partially repaid this year. It's just that the great job they are doing doesn't appear to translate into great success at our end. I'm sure casino is far more risky than Ly, but looking at the way it's going I will soon be blaming myself for not chucking this money into instant access bank account or into lower return p2p account that delivers what's promised. Looking at my Ly loan book is rather depressing. However, I don't blame Ly for this, but myself for being too adventurous with high risk/return platform.
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nsinvestor
Member of DD Central
Posts: 105 
Likes: 110
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Post by nsinvestor on Sept 24, 2018 7:36:24 GMT
In the 'good' old days of PBL, the Lendy model of non-status lending secured with a 70% LTV had one major risk variable - the valuation. The borrower had some skin in the game and there was a first charge over the property. This tended to dictate the level of due diligence done by Lendy (not too much digging into the borrower as the basic premise was secured lending) and the level of recovery actions 'we can always put it into auction...'.
In the 'new' world of DFL, Lendy have not upped their game quickly enough. A borrower setting up an SPV and borrowing 70% against the GDV is a completely different scenario - too many loans which are then moved on via inter-company lending to other development schemes, not enough profit margin in the scheme initially to be able to absorb any significant delays or cost overruns, repayment via unit sales ..... and ultimately the borrower without much skin in the game (hence the ringfenced SPV).
Initial due diligence, use of funds restrictions, monitoring all need to be far greater with DFL than PBL
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Post by df on Sept 24, 2018 23:51:44 GMT
In the 'good' old days of PBL, the Lendy model of non-status lending secured with a 70% LTV had one major risk variable - the valuation. The borrower had some skin in the game and there was a first charge over the property. This tended to dictate the level of due diligence done by Lendy (not too much digging into the borrower as the basic premise was secured lending) and the level of recovery actions 'we can always put it into auction...'. In the 'new' world of DFL, Lendy have not upped their game quickly enough. A borrower setting up an SPV and borrowing 70% against the GDV is a completely different scenario - too many loans which are then moved on via inter-company lending to other development schemes, not enough profit margin in the scheme initially to be able to absorb any significant delays or cost overruns, repayment via unit sales ..... and ultimately the borrower without much skin in the game (hence the ringfenced SPV). Initial due diligence, use of funds restrictions, monitoring all need to be far greater with DFL than PBL Tried to bite something they couldn't chew... quite common scenario within p2p industry. Excessive passion for growth is probably what triggers it.
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Post by justplayin on Sept 28, 2018 16:54:17 GMT
Of course your money isnt safe, its P2P lending, where on earth did you get the idea it was safe, if you want safe stick with a bank It annoys me when people say this. We know it’s not a high interest savings account, we all know this, we don’t need motherhood statements. What isn’t ok is that LY is making millions of pounds of people’s hard earned money disappear whilst at the same time telling us they’re doing a great job and we need to manage risk. The casino would be less risky to be honest and this level of risk isn’t what I had in mind when I signed up. There’s probably going to be plenty of LY investors who would have actually got a better return from a bank account (myself included). Hardly Lendys fault, yes I have a pile of money tied up in some of defaults but then thats the gamble, and at the end of the day you only gamble what you can afford to lose. I could have loaded the platform far higher than I did but as I couldnt afford that kind of gamble so I didnt. Some of the loans I took looking back were very high risk and if I had been a bit more prudent maybe I should have not pressed the "buy" button, however it was my finger that did, no one forced me.
From what I can see lendy do what they can within the law, unless they are going to "send round the heavies" on the defaults they have to progress the defaults through the process which they are doing, which unfortunately is a very slow and costly process. At the end we hope there will be something that will replay at least the capital. Of course Lendy are making millions, thats the idea, would you run a company as a charity ?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Sept 28, 2018 17:18:03 GMT
I think quite a lot is Lendy's fault. They have crowed incessantly about the quality of their staff and the "High Quality In-House Due Diligence", only for the vast majority of "Professional Valuations" to somehow inexplicably get through their "rigorous procedures", when they're so over-valued that it's laughable. And we all know who benefits from an over-valuation, and who loses if it's reasonably accurate. I haven't lost a penny with Lendy, I got out completely over a year ago, but I sympathise somewhat with those who expect/ed Lendy to play a straight bat. They, (and a few others), should be behind bars. You know, serving drinks.  |
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Post by p2plender on Sept 28, 2018 23:05:15 GMT
That's well out of order Ozboy.
Imagine the short measures they'd be serving customers.
Anyone for a BS cocktail..
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orvilorvil
Member of DD Central
Posts: 67
Likes: 60
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Post by orvilorvil on Oct 1, 2018 8:06:14 GMT
Is it me or is our new monthly BS late?
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Post by picanto on Oct 1, 2018 8:13:34 GMT
Is it me or is our new monthly BS late? Lendy state on their website that the Investor Round-Up (aka "Monthly BS" on the forum) will be posted on the 1st October which is today.
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invester
P2P Blogger
Posts: 612
Likes: 618
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Post by invester on Oct 1, 2018 8:54:27 GMT
IMO just expect it close to 5pm, then you can't be disappointed.
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richox
Member of DD Central
Posts: 66
Likes: 120
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Post by richox on Oct 1, 2018 9:23:01 GMT
IMO just expect it close to 5pm, then you can't be disappointed. I can't remeber a set of updates, weekly or monthly, when I wasn't disappointed.
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Post by GSV3MIaC on Oct 1, 2018 9:49:52 GMT
You need to reset your expectations then. A pessimist is rarely disappointed.
If you are fresh out of pessimism, I can point you at several posters who appear to have an excess and can probably lend you some.
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averageguy
Member of DD Central
Posts: 1,188
Likes: 895
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Post by averageguy on Oct 1, 2018 10:05:33 GMT
Email...says interest and updates.....got my pittance of the former...but can't see the latter...anyone else?
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GeorgeT
Member of DD Central
Posts: 1,322
Likes: 1,576
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Post by GeorgeT on Oct 1, 2018 10:11:03 GMT
Email...says interest and updates.....got my pittance of the former...but can't see the latter...anyone else? Nope, no updates for me. The last updates for Ex**er are 31 August and I'm not getting the red dot next to the bell when I log in. Looks like the updates have conveniently omitted some of the problem loans. perhaps this is the new strategy to try and make people forget about them.
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