agent69
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Post by agent69 on Apr 16, 2018 17:35:17 GMT
Has anyone found a way to stop these unsolicited calls ? Pray you never get involved in a car accident that wasn't your fault
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zlb
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Post by zlb on Apr 18, 2018 8:27:06 GMT
Has any one who raised not earning interest whilst on SM, had any comment from L on this point? I.e. what is L's position on it?
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Post by loftankerman on Apr 18, 2018 9:54:11 GMT
Has any one who raised not earning interest whilst on SM, had any comment from L on this point? I.e. what is L's position on it? I think that by now we can confidently assume that Lendy's position on everything is that investors accept their T&C by investing or continuing to invest. The T&C aren't negotiable but written in pencil so as to be easily amendable should Lendy find a need to do so. I'm anticipating either an upcoming levy on monthly interest payable so that Lendy will be able to fund Cowes Week, or a Cowes Week Loan to Lendy that our funds can be steered into. Of course it is ridiculous, but if it gets written into the T&C I'm sure they'll confidently plough ahead.
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Post by charliebrown on Apr 18, 2018 11:35:28 GMT
I don’t think there’s a lack of money to invest, it’s more a lack of confidence. Lendy do not need to call us, they just need to read these forums as the things we don’t like have been stated over and over again. I’d much rather LY spent the time calling borrowers and asking them when they are going to repay non-performing loans.
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hazellend
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Post by hazellend on Apr 18, 2018 12:08:38 GMT
I don’t think there’s a lack of money to invest, it’s more a lack of confidence. Lendy do not need to call us, they just need to read these forums as the things we don’t like have been stated over and over again. I’d much rather LY spent the time calling borrowers and asking them when they are going to repay non-performing loans. There is a lack of money earmarked for P2P. P2P is part of an asset allocation. Once you hit your target then you might not put any new money in and just recycle loan repayments. Until we get loans repaid I think that is the general state most are in after the crazy year last year where investors shoved a lot of money in I personally went a bit overboard last year so am rebalancing from P2P into other assets. I really don’t care about loans dragging on as long as interest is being paid ( like arboretum)
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r00lish67
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Post by r00lish67 on Apr 18, 2018 12:46:10 GMT
I don’t think there’s a lack of money to invest, it’s more a lack of confidence. Lendy do not need to call us, they just need to read these forums as the things we don’t like have been stated over and over again. I’d much rather LY spent the time calling borrowers and asking them when they are going to repay non-performing loans. There is a lack of money earmarked for P2P. P2P is part of an asset allocation. Once you hit your target then you might not put any new money in and just recycle loan repayments. Until we get loans repaid I think that is the general state most are in after the crazy year last year where investors shoved a lot of money in I personally went a bit overboard last year so am rebalancing from P2P into other assets. I really don’t care about loans dragging on as long as interest is being paid ( like arboretum) I agree with our peanuts chum above. I also believe what we're seeing is Lendy specific, not general P2P. I say this as we can see across the board that the story here doesn't match elsewhere e.g. the FS PM and SM is very strong, Lending Works has a 17 day wait to match funds, Assetz has had funds poured into it with the spring bonus, Ratesetter rates are depressed because of excess lenders. I don't recall BridgeCrowd adding bonuses recently to drag in more funds, and the list goes on and on.. Lendy are an outfit that have disappointed and angered investors countless times, and who clearly haven't been able to convince the FCA that they are worth of full authorisation whilst nearly every other platform has. Why would anyone be investing with them?
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1stwaz
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Post by 1stwaz on Apr 20, 2018 1:13:12 GMT
I got my phone call today, my reply was that I had lost confidence in lendy's ability to fund new loans and that I was in the process of leaving the platform. When asked what could change my mind, I brought up Sunbeam. I acknowledge their small staff but that given the loan is over 14m, I could not comprehend that they simply accepted assurances from the borrower and did not get the proof of refinance.
Everyone knows that loans do not pay on time but the management of expectations was so poor that confidence of the information in the updates is at an all time low. If we had been told there is going to be a delay no problem, on the face of it there is plenty of equity left in the property (IF) the valuation is accurate.
The fact that they did not make basic checks on a 14m loan is the problem, and the lack of acknowledgement of this mistake only increases my desire to leave.
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brianlom1
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He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Apr 20, 2018 21:32:24 GMT
I had my phone call today, my input was as follows:
1. The fortnightly updates have lost all credibility (DFL005 being the obvious example)
2. The number of defaults is frankly embarrassing, Ly needs to recover investor funds in one or two of the larger loans to stand any chance of rebuilding confidence
3. Gimmicks (such as removing the word 'default' from the website) do nothing to enhance Ly's reputation
4. Inaccurate valuations are at the core of many of Ly's problems, what action is being taken to sort this out?
5. Customer Service has always been poor (even in the heady Saving Stream days)
BUT I want Ly to succeed so what do they need to do?
1. Be more like Abl, less like ReBS - I used to consider SS to be like Abl with every new change to Ts & Cs I find that Ly resembles ReBS more and more each day
2. Improve recovery performance - capital-only, I'll take the money and invest it elsewhere; capital and interest, I'll continue to invest on Ly
3. Have some 'skin in the game' - either invest in loans (like Kuffl!nk) or only take payment for recovery action after all investors have been repaid (like Abl)
4. Engage with the indy forum - address the specific issues raised, don't just provide stock answers (such as 'no investor has lost a penny')
5. Find a way to give meaningful updates to investors on project progress (eg time-lapse videos at all sites)
TBH, I found the contact a positive experience. I'm as cynical as the next man (I realise this is more of a PR exercise than a genuine desire to change) but if some good comes of it then we all stand to benefit.
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Liz
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Post by Liz on Apr 20, 2018 21:40:25 GMT
I had my phone call today, my input was as follows: 1. The fortnightly updates have lost all credibility (DFL005 being the obvious example) 2. The number of defaults is frankly embarrassing, Ly needs to recover investor funds in one or two of the larger loans to stand any chance of rebuilding confidence 3. Gimmicks (such as removing the word 'default' from the website) do nothing to enhance Ly's reputation 4. Inaccurate valuations are at the core of many of Ly's problems, what action is being taken to sort this out? 5. Customer Service has always been poor (even in the heady Saving Stream days) BUT I want Ly to succeed so what do they need to do? 1. Be more like Abl, less like ReBS - I used to consider SS to be like Abl with every new change to Ts & Cs I find that Ly resembles ReBS more and more each day 2. Improve recovery performance - capital-only, I'll take the money and invest it elsewhere; capital and interest, I'll continue to invest on Ly 3. Have some 'skin in the game' - either invest in loans (like Kuffl!nk) or only take payment for recovery action after all investors have been repaid (like Abl) 4. Engage with the indy forum - address the specific issues raised, don't just provide stock answers (such as 'no investor has lost a penny') 5. Find a way to give meaningful updates to investors on project progress (eg time-lapse videos at all sites) TBH, I found the contact a positive experience. I'm as cynical as the next man (I realise this is more of a PR exercise than a genuine desire to change) but if some good comes of it then we all stand to benefit. Kufflink have decided to remove skin in the game and instead are moving to the superior Provision Fund model where Lendy is a leader.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Apr 20, 2018 21:43:09 GMT
That was just one example, I believe there are others (HNW?).
The point still stands, Ly need to align their interests with those of investors.
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tx
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Post by tx on Apr 21, 2018 1:12:35 GMT
Kufflink have decided to remove skin in the game and instead are moving to the superior Provision Fund model where Lendy is a leader. Then kufflink must be prepared to write in their T&C that half of the superior provisional fund are future claims, basically not actual available funds, just like the market leader.
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reinvestor
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Post by reinvestor on Apr 21, 2018 5:54:01 GMT
Have Lendy been asking random people in the pub to post positive Trustpilot reviews in exchange for a drink??
Looks like drunks or bots have been posting a lot of good reviews in the past 24 hours!!
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Post by loftankerman on Apr 21, 2018 6:24:51 GMT
Have Lendy been asking random people in the pub to post positive Trustpilot reviews in exchange for a drink?? Looks like drunks or bots have been posting a lot of good reviews in the past 24 hours!! That's an improbable sudden surge in reviews given their normal rate of arrival. The ratings mostly buck the trend and my own impressions, too. I'd have been happy to leave a goodish review if they hadn't been behaving like a devious bunch of bumbling incompetents for the past year or more and stacked up so much evidence to the contrary. If they are still around when I either get my last few thousand back or write it off, then I'll leave a factual one having experienced the whole ride.
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Jeepers
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Post by Jeepers on Apr 21, 2018 8:28:50 GMT
Have Lendy been asking random people in the pub to post positive Trustpilot reviews in exchange for a drink?? Looks like drunks or bots have been posting a lot of good reviews in the past 24 hours!! Its probably Liz. Oh sorry, she's called 'I love lendy - ill' now 
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dermot
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Post by dermot on Apr 21, 2018 8:41:07 GMT
No call to me either, after I reduced my holding from £35K to £1.1K (all in suspended loans now) but then I'm occasionally active on the forum.
I'm unlikely to put cash in unless I see some action on making VRs less of a fairy story *and* see some recovery action. Credible updates would be a bonus too ...
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