vote for Lendy???!!

The last 16 reviews have given 1 star out of 5.... To be fair, I would give Lendy a 3 out of 5. As bad as things look at the moment, there are still some good loans and they do get a few loans repaid each month. But if I was looking for a P2P company to put my money in now as a new investor, I would stay well away from Lendy and I think you'd be a fool to put money into Lendy now.

I too have just read the the Trustpilot reviews and am only further incensed at Lendy's arrogance and the tone and content of their boilerplate/cut and paste replies.

However I am pleased to have noticed this in one of their replies ...(my bold....):

Quote:
'We use the same quality of valuer, and legal firm, as the top high street banks. There is property valuation risk, however, which is why we cover it clearly in our risk and Managing Risk statements here: (https://lendy.co.uk/managing-risk/property). We believe we take all reasonable steps to ensure property valuations are accurate. They will also have significant PI cover which Lendy will claim against if valuations are inaccurate.'

I am thrilled at the use of the word 'will' and not 'might'....I look forward with anticipation to the up to date and accurate updates from Lendy on the first of their forthcoming insurance claims ..... unless of course Lendy decide to invent their own version of 'inaccurate'. (Surely they wouldn't do such a thing.....?!!?)

Maybe a property selling at a third of its valuation is just unfortunate and not the result of an inaccurate valuation.....

If this is the case, surely a more prudent approach given the number of defaults and suspended loans would be for Lendy to only 'lend' upto 30% of a valuation and not 70%!!

Having read some of these reviews, one reply implied that interest doesn't continue to accrue after the tolerance period of 180 days. It had a link to the default document which I read and it again left me with that impression.

Although not explicitly stating that interest stops accruing after the tolerance period, it does seem to be implied by the nature of the statement below and lack of statement regarding how interest is handled post this 180 days tolerance.

"How will interest be paid?
For the 180 day Tolerance Period investors will continue to accrue interest but interest will not be credited until, for example, the sale of the security completes. The final interest credit is dependent upon the amount of repayment that we are ultimately able to secure"

I suppose the final sentence could cover the whole <0 days remaining but the whole paragraph is specific to the tolerance period which is why I don't read it that way.

Although probably academic in most cases, this wasn't how I understood it to be. Can anyone point me to where it states that interest continues accruing whilst in default or is my new understanding actually correct?

Because what the website shows vs what is actually happening vs what Ly thinks is supposed to happen 'is not a simple mapping' (~ 'is almost totally uncorrelated'). 8>.

Yes, but the quote only says Lendy are taking steps to recover 100% of capital.  It definitely does not say they are taking steps to recover any of the accrued interest.  One potential interpretation, therefore, is that is "interest continues to accrue, but we're doing nothing to try to recover that from the borrower"! 

the way things are now i would be happy to lust get my 100% of my capital back on loans never mind bits and drabs over the next few years [if it lasts that long ] all this IA and BA is a load of BS just a little carrot to let lenders think when they look on their screen that they are earning interst any way while these loans run off into the sunset.no matter what is said LENDY will do what ever suits THEM at the time and if we ever get 100% capital plus IA we will be doing well FORGET all this BA rubbish lendy will be having that 1 way or the other.come on LENDY do your bloody jobs and prove me wrong .