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Post by rb5286 on May 10, 2018 20:20:14 GMT
Why would I offend someone for no reason? it's all relative at the end of the day - I presume you haven't lived in any the countries I mentioned? In any case, the truth shall surface. If your accusations are true about the said user, then they should be banned from the forum. Free speech for all...until you abuse it!
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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: 11,330 
Likes: 11,549
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Post by ilmoro on May 10, 2018 21:02:16 GMT
I have just noticed that someone has now manipulated this thread by adding a downward arrow which states "this thread is falling".
Do we now have a situation of hiding a thread because someone does not like the material - it is very similar to the ghastly episodes of air brushing people from photograph when they fell out of favour or were killed during a purge.
Who has carried out this action and who at the independent forum has sanctioned this unilateral action? The forum staff as per the post above
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empirica
Member of DD Central
Posts: 326
Likes: 235
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Post by empirica on May 10, 2018 21:04:40 GMT
Mod Hat On/ It seems many forum members, as well as forum staff, have had more than enough of this thread, so we have decided to apply an anchor to it. People can still post to it, but it will gradually sink from view. Given that Lendy's is such a busy Board, I'm sure it won't be long before it falls off the first page.
Not sure what this means. Other than just physically ignoring it, isn't it possible to 'opt-out' of threads? (I've looked and can't see anything, but that is by no means a guarantee it can't be done!) Seems a shame to restrict (or hide or whatever) a discussion from the majority at the request of the few. (Or has there been requests off the thread to take action?) Having said that, the title is a bit sensationalist. A little like 'Lendy will fail tomorrow' which is a logical possibility whenever you first happen to read it.
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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: 11,330
Likes: 11,549
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Post by ilmoro on May 10, 2018 21:22:54 GMT
Mod Hat On/ It seems many forum members, as well as forum staff, have had more than enough of this thread, so we have decided to apply an anchor to it. People can still post to it, but it will gradually sink from view. Given that Lendy's is such a busy Board, I'm sure it won't be long before it falls off the first page.
Not sure what this means. Other than just physically ignoring it, isn't it possible to 'opt-out' of threads? (I've looked and can't see anything, but that is by no means a guarantee it can't be done!) Seems a shame to restrict (or hide or whatever) a discussion from the majority at the request of the few. (Or has there been requests off the thread to take action?) Having said that, the title is a bit sensationalist. A little like 'Lendy will fail tomorrow' which is a logical possibility whenever you first happen to read it. Normally when a thread receives a post it moves to the top of the board (ignoring pinned threads which will always be at too) so threads with regular contributions will always be prominent. The anchor effectively stops the thread from being bumped up by a post, so as other threads are bumped/created above it it sinks down the list & out of view unless someone looks for it on lower pages
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empirica
Member of DD Central
Posts: 326
Likes: 235
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Post by empirica on May 10, 2018 21:27:09 GMT
Not sure what this means. Other than just physically ignoring it, isn't it possible to 'opt-out' of threads? (I've looked and can't see anything, but that is by no means a guarantee it can't be done!) Seems a shame to restrict (or hide or whatever) a discussion from the majority at the request of the few. (Or has there been requests off the thread to take action?) Having said that, the title is a bit sensationalist. A little like 'Lendy will fail tomorrow' which is a logical possibility whenever you first happen to read it. Normally when a thread receives a post it moves to the top of the board (ignoring pinned threads which will always be at too) so threads with regular contributions will always be prominent. The anchor effectively stops the thread from being bumped up by a post, so as other threads are bumped/created above it it sinks down the list & out of view unless someone looks for it on lower pages Thank you. Although I notice that it still appears in my 'New Participated' box in the top right corner. So I guess those that have contributed will still see it. Might become a bit of an echo chamber though!
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Post by nickdavies on May 10, 2018 21:37:38 GMT
It's been an echo chamber for weeks, I think that's the point.
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invester
P2P Blogger
Posts: 612
Likes: 618
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Post by invester on May 11, 2018 7:42:50 GMT
I really don't see the problem with the thread. As long as it is not libellous, where is the problem? By artificially removing it off the page what is the forum saying? It is discreetly giving a green light to the platform operation? One thing about the few failures we have seen so far is that they seem to happen very quickly, with staff maintaining everything is OK right up to the end. Unsurprising given that the financial snapshots are few and far between and much could have changed in the meantime.
Platform failure is a risk to our capital and we should be mature enough to talk about it.
What comes next, are we going to demote threads if a new user comes on posting a negative experience about Lendy, because the mods are tired of hearing of it?
I think it sets a bit of a poor precedent.
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rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
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Post by rocky1 on May 11, 2018 8:07:51 GMT
change the title of the thread. of course nobody wants lendy to fail and it seems concerns and frustration has taken over and lendy are not helping one little bit.we are banging our heads againt a brick wall and nothing that is said will change lendys overall plans .constant bickering with each other on here is not what the forum is about and with no new loans/borrowers coming to the platform and only default/extended/sus/more tranches/etc of the same loans with nearly all ending up in IA/SUS further down the line.i dont really know where we go from here but lets not forget we are all in this together wheather we like it or not.of course lendy could do a lot more by contributing a bit more to the platform.they are like lightning now on TPand maybe some of the concerns and worries could be nipped in the bud.this platform used to be a learning lesson for me but i had made my mistakes before i found out about the likes of cooling dude and the many other more experienced members who have influenced me a lot.this is a great platform so lets get back to what the mods/members know about and work together to discuss issues properly.
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Post by p2plender on May 11, 2018 13:30:41 GMT
Not really an issue to let this 'drop anchor'.
You only have to click on the threads for 'Lendy' to see the words 'suspended' or 'default' all over the place to get a feel for how things are!!
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
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Post by sussexlender on May 14, 2018 8:19:24 GMT
We should run a sweepstake to see which of the many other nuisance threads Lendy and / or forum staff would like to see disappear because they have "had enough of it".
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iainf
Posts: 16
Likes: 10
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Post by iainf on May 27, 2018 21:21:59 GMT
change the title of the thread. of course nobody wants lendy to fail and it seems concerns and frustration has taken over and lendy are not helping one little bit.we are banging our heads againt a brick wall and nothing that is said will change lendys overall plans .constant bickering with each other on here is not what the forum is about and with no new loans/borrowers coming to the platform and only default/extended/sus/more tranches/etc of the same loans with nearly all ending up in IA/SUS further down the line.i dont really know where we go from here but lets not forget we are all in this together wheather we like it or not.of course lendy could do a lot more by contributing a bit more to the platform.they are like lightning now on TPand maybe some of the concerns and worries could be nipped in the bud.this platform used to be a learning lesson for me but i had made my mistakes before i found out about the likes of cooling dude and the many other more experienced members who have influenced me a lot.this is a great platform so lets get back to what the mods/members know about and work together to discuss issues properly.
Well stories drive reality, that how runs on banks work. I really don’t want Lendy to fail as I’ve got 30% of my savings on the platform. What I was hoping to get when I joined this forum was the voice of experience in dealing with P2P platforms as they move through their lifecycle. I first approached Lendy with extreme caution (12%? Too good to be true) but I put a few grand in and tested the market. In the end I figured there had to be a scam or dodgy component in there somewhere but I was OK with the risk with the short term return and the ability to cash out reasonably quickly. I wasn’t prepared for the ponzi effect. When new arrivals at the bottom slow down, it gets harder for those higher up cash out. At at this stage I’m assuming the worse but would still love to hear words of wisdom particularly from those of us who are trying to get out about what options we have? From an ombudsman perspective I have two challenges: poor duty of care and non-transparent business practices (main one is the sale queue) Im all ears:-)
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Post by GSV3MIaC on May 28, 2018 11:18:37 GMT
1) A Ponzi scheme shows/pays imaginary profits which are funded from new entrants' capital. You are confusing that with a market, where you can only sell out if someone wants to buy in. Many P2P companies don't have very liquid SMs (exceptions include Ablrate and Funding Circle), and almost nobody allows you to cash out and loan which is in trouble (definitions vary). Ly is not (afaact) using new entrants' funds to pay imaginary profits, so assuming the assets are where they should be, it isn't any sort of Ponzi scheme. You monthly interest comes from the borrowers (OK, extracted up-front in many cases) not new lenders.
2) If you have 30% of your savings in ONE P2P company you are either seriously rich (such that 30% of your savings is not a significant issue if you lose it, or have it tied up for 5 or 10 years) or seriously not reading the warnings on the P2P tins. With P2P, if you are lucky &/or clever you might get 6-7% interest over the full business cycle (based on today's rates), but a) it will arrive lumpily (one year you get 12%+, next year you get 0%, or even -6%) and your ability to access you capital (as opposed to the interest) can vary between 'instant' and 'dream on'. Right now Ly is in the 'dream on' state for many (but not all) loans .. 2 years ago it was a different story, but the warnings were still being posted (and ignored).
3) Right now you have no options to get out on many of those loans, and I see little point in sitting in a £200k sales queue getting no interest. Maybe in future there will be a proper SM (market implies the ability to adjust prices until you get a sale) but right now your best bet is probably to sit and wait for the loan to repay or for Ly to recover/sell the asset. That can take years (but in many cases you invested in a 2 or 3 year loan, so that should be no surprise .. annoying when it turns into 5-10 years, but that's lending for you). In the case of 'defaulted' loans you have no choice anyway, you can't currently sell even if there were buyers (which there aren't).
Like you I object to the 'no interest while on the sales queue' (since that means you pay more, in lost interest, for worse sales performance .. exactly backwards!), and the Ly methodology of queue jumping (which they may now have stopped?).
I hope your other 70% of savings is somewhere safer/more accessible, and/or you have a nice large, secure, income.
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