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Post by brightspark on Mar 28, 2018 8:41:11 GMT
Until I can liquidate some of the existing 10 loans currently locked up in Lendy secondary market I will not commit further money to the platform. My resolve has been crystallised by the A*******m (DFL5) loan behaviour where instead of repayment, some released capital was without the express consent or agreement of lenders diverted elsewhere. These phone-callings essentially trying to drum up business smack of desperation.
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jwatson
Member of DD Central
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Post by jwatson on Mar 28, 2018 9:56:12 GMT
Until I can liquidate some of the existing 10 loans currently locked up in Lendy secondary market I will not commit further money to the platform. My resolve has been crystallised by the A*******m (DFL5) loan behaviour where instead of repayment, some released capital was without the express consent or agreement of lenders diverted elsewhere. These phone-callings essentially trying to drum up business smack of desperation. It does look as if Lendy have stepped up their cold calls, though they have been doing this for the last couple of years. I know this because we have a second (unfunded) Lendy account which has attracted a few of these calls.
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Post by Lendy Support on Mar 28, 2018 10:03:28 GMT
Dear all, we've been happy to speak with new investors, members on the forum and many other established Lendy investors over recent months, but the offer is still open for anyone who would welcome an update on the phone either before Easter or over next few weeks. Just let us know and we can schedule some time. Best wishes. Lendy Support |
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Post by charliebrown on Mar 28, 2018 11:23:45 GMT
I have a lot of money tied up in Lendy and I’m petrified that it’s all about to go belly up. I’m not looking for a penny in interest, I just want my capital back. I fear LY will just think this is all too much trouble and throw the towel in. As mentioned, investors will lose 10s of millions but the platform folks will be laughing all the way to the bank. I read a trustpilot review that insinuated that at least one of the LY directors has been involved in at least one prior failed business where he walked away with sacks full of money and left customers high and dry. Anyone can substantiate that. I think we need to be very careful in keeping bashing LY. Yes, they deserve it but are we cutting off our own lifeline. If LY give up and shuffle off into the sunset then who is going to fund a half finished field full of sheds. We’re going to be left with nothing. Please, please help to keep the platform afloat otherwise we’re all going down with the ship and we are the ONLY losers here  |
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Jeepers
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Post by Jeepers on Mar 28, 2018 12:55:47 GMT
After they 'reached out to me' to get my name and number, I told them my concerns by PM and asked for a response by PM.
jeepers
Member of DD Central
13 hours agoQuote
I've made the points that need to be addressed. I believe it's against forum rules to share phone numbers. Please provide your response by PM.
I'm all ears.
Lendy Support
Representative of Lendy
4 hours agoQuote
Hi jeepers thanks for your response. Happy to have a chat about Lendy and any other matters you'd like to discuss. If you are not happy to disclose your identity for whatever reason, that's fine. We can call you or you can call us if you prefer. It is not against any rules to speak on the phone with forum members who are Lendy clients as far as we can see. We do it all the time if both parties are consenting. All the best, Lendy Customer Services
Clearly, the just want to identify the forum members
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tx
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Post by tx on Mar 28, 2018 13:02:57 GMT
“All the time”?! In the past few years, whenever I called, I was always diverted to send email, and was told they run online only support model! Hum! Now they say they talk to us all the time?! I have never ever once able to speak to support in Lendy.
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GeorgeT
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Post by GeorgeT on Mar 28, 2018 13:13:37 GMT
So they say they speak on the phone all the time to investors and forum members. Hmm. That makes me feel very unloved because on the two or three occasions in the last year or so when I have had an issue with my account and wanted to talk to a real person I have been thwarted by Support, referred to the website FAQs and got pretty generic email responses and basically found it impossible to talk to anybody with any knowledge or authority or ability to sort out my concern. But now we discover they talk to forum members and investors on the phone all the time. I will have to change my aftershave ...
Actually when I first signed up with SS back in early 2014 I would ring up with a question or concern and speak to the main man himself LB.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Mar 28, 2018 13:21:54 GMT
To be fair they say that they "Do it all the time if both parties are consenting.
It's just that in 99.9% of cases Lendy were "NOT CONSENTING". There's nothing like a bit of "up sh*t creek" to bring about a bit of "consenting" 
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elliotn
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Post by elliotn on Mar 28, 2018 14:35:28 GMT
While I have not analysed the Lendy accounts in full, I think it is difficult to go from 3.3 million profits to default in a matter of a few months. The Lendy team is relatively small and the run rate should not be huge. I am sure they will be ready to reinvest some of those profits in the company, if necessary. Trying to raise customer awareness in a moment of very low investments is not bad in itself. The problem is that Lendy continue day after day to mess with lenders' money. I was shocked to see what they did with DFL005 /snip! 3M profits is an excellent p2p result. In 2017/8 they have ramped up compliance, finance and recovery hc which look affordable and should enhance platform viability. However, we never got to the bottom of why those profits took so long to report. To put them in to context they had broadly c3M provisions for bad debts (ie loan losses) and c3M net assets. The accounts are reported gross (ie including lenders' interest/loans, not just Ly's) so that provision should ostensibly include potential lenders' losses too. You do not have to be a qualified chartered accountant and investment banker - although that helps 😉 - to realise it would not take too much of the default book to turn 3M profits/net assets into a loss. Just Exeter and Isle of Wight will do*. Which may also part explain some of the FCA's possible concerns - we have every other pop-up warning imagineable. Lendy Support , no need for the phone, I can make my own judgement calls 😉. * not to mention Somerset, Fife, Gloucestershire et al.
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Liz
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Post by Liz on Mar 28, 2018 15:12:57 GMT
While I have not analysed the Lendy accounts in full, I think it is difficult to go from 3.3 million profits to default in a matter of a few months. The Lendy team is relatively small and the run rate should not be huge. I am sure they will be ready to reinvest some of those profits in the company, if necessary. The accounts were upto Dec16, so 15-27months ago, not just ages months and a lot can change in that time. Lendy have large overheads, some £5.3m on admin expenses alone and before they ramped up hiring. So it wouldn't take much of a fall in turnover, for losses to occur. If Lendy can fill enough loans and cut costs it should be OK.
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Post by skint4achange on Mar 28, 2018 15:35:35 GMT
Dear all, we've been happy to speak with new investors, members on the forum and many other established Lendy investors over recent months, but the offer is still open for anyone who would welcome an update on the phone either before Easter or over next few weeks. Just let us know and we can schedule some time. Best wishes. Lendy Support An update? Aren't we supposed to get ALL the information that you have in the weekly updates fortnightly updates?
I feel that if I were to receive a personal update and that contained more information than was readily available to any other investor, that might be seen to be insider trading/information.
Why don't you stop wasting your time in trying to find out which of your investors are upset with you on here (Most of them aren't stupid enough to give you their contact details ) and actually just engage more with your investors?
Nobody is asking you to divulge more information than is readily available on your own website, just make sure that the information that is on your updates is not just fobbing us off.
By coming on here and claiming that you have tried to engage with the investors over the last few months has just attracted more criticism.
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tx
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Post by tx on Mar 28, 2018 15:48:12 GMT
Maybe they should not be criticised when they are reaching out, they realise what they have been doing wasn’t good enough and now it is a time for change of communication.
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Balder
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Post by Balder on Mar 28, 2018 15:52:19 GMT
This isn't about getting information it is about Lendy trying to fill loans that are likely to fail to be filled.
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tx
Member of DD Central
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Post by tx on Mar 28, 2018 15:56:33 GMT
This isn't about getting information it is about Lendy trying to fill loans that are likely to fail to be filled. So they would know in this process why they fail to fill the loans ... all the concern investors have and to fill any more loan, afraid the concerns has to be addressed.
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Jeepers
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Post by Jeepers on Mar 28, 2018 15:59:13 GMT
If Lendy is to survive they need to stop bringing new loans to the platform and concentrate on repayments.
Bringing new loans just means they are unnecessarily paying interest on undrawndown loans that are unlikely to fill. The only way to fill these loans and restore investor confidence is if some big loans repay. The first being sunbeam due in a couple of weeks.
And don't lead investors on to thinking repayment is imminent of sunbeam if it isn't!
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