invester
P2P Blogger
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Post by invester on Mar 31, 2018 6:56:36 GMT
I don't think they are 'about' to fail, but I have to say unless they pull their finger out and do something the future doesn't look too good for them.
No doubt that in the past they had a brilliant market position and this was reflected in the profits. Most of the other upcoming property platforms struggle to fill big loans, as Collateral found out. But Saving Stream had no problem with this, and therefore anyone wanting a massive loan would favour them, because to go to someone else risked waiting a long time and then the loan didn't get filled, meaning no money.
Going forward it seems like this competitive advantage has gone. If Lendy were to bring a £4m loan out (which isn't that big considering some of the past ones), I think they'd struggle to fill it, and this costs them in reputation with borrowers and of course they'd have to shell out the interest for the period where the loan isn't being filled. I wonder how long they will bother to wait for PBL199 but I can't see it being given much longer. The recent purpose of the cold-calls is not so much to find how how they can improve but to desperately flog the under-filled loans.
Building customer confidence is not an easy job for them, and it would have to start with better communication. They spent cash to get in a communications person, but that has been for their benefit more than ours, because it has done little to increase transparency.
Currently I am around £3k up in terms of interest, but in real terms there is a chance my investment would have worked out at 0% for my three years here after bad debts are crystallised, and because my money is stuck in the bad loans effectively my interest rate on invested funds is more like 6-7%.
I don't think I am alone.
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Post by skint4achange on Mar 31, 2018 9:06:08 GMT
I can’t see why you’d expect property developers to pay interest before completion, as it’s only when they sell the property do they have any cash. I like the fiction that interest is paid monthly, cos it smooths cash flow and reassures me that my investment is working. When you see many of the updates from Lendy where the loan has been extended you also see "The borrower has provided interest to Lendy to cover X months of IOA".
I very much doubt that Lendy receive a cheque in the post once a month for the interest! 
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bugs4me
Member of DD Central
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Post by bugs4me on Mar 31, 2018 11:23:36 GMT
Agree with the majority of posts and to reiterate I do not expect LY to fail.
Where a perceived arrogance creeps into a business - not just a P2P platform - then that’s an automatic turn off. It’s that (hopefully past) arrogance that seems to be affecting LY.
LY should in reality be grateful for the comments made on this forum albeit many of them of a negative nature. Like any business, whilst complaints are never welcome it is more desirable to find out about them so the company is in a position to try and resolve them and ensure they are not repeated.
The ‘enemy’ for any company is the silent majority. Those that simply walk never to return and it would not surprise me if this is having the biggest impact on LY at the moment.
Forum members have expressed their views, anger, solutions, etc numerous times. Going over old ground is no longer worthwhile.
The solution to all previous comments made is firmly in the hands of LY.
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hazellend
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Post by hazellend on Mar 31, 2018 11:39:18 GMT
If sunbeam and cement pay back soon I think holiday park and Cardiff will fill quickly.
I think that is what Lendy are hoping for and if it doesn’t happen it will certainly mean they will need to make drastic changes going forward.
I’ll be reinvesting
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Jeepers
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Post by Jeepers on Mar 31, 2018 11:55:31 GMT
My Lendy strategy depends on the repayments. I've sold everything I can sell but if some big repayments come in, my confidence will be somewhat restored and I will reinvest, although I'll be much more cautious than I have been.
Which means avoiding Cardiff at all costs. £10m for a small plot of land less than half the size of a football pitch? Yeah right!
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Post by brightspark on Mar 31, 2018 14:03:04 GMT
I don't think they are 'about' to fail, but I have to say unless they pull their finger out...< snip > Building customer confidence is not an easy job for them, and it would have to start with better communication. They spent cash to get in a communications person, but that has been for their benefit more than ours, because it has done little to increase transparency. < snip > The ability to express oneself to effectively share concepts, ideas and key information is an important contributory factor toward bringing about understanding in others, excellence in communications is a prerequisite to confidence building, conversely poor communications can and oft times will deflect attention away from any positives. A dedicated representative to the Indy would help as would a speedier CS one perhaps incorporating a 'Chat Line' Not premium rate. Lendy have for far, far too long traded on the abundance of Our £resources that cycle has reached its zenith and is falling not just for Lendy but elsewhere too within p2p and throughout a far broader UK economy. Lendy will now have to compete with a growing Skill Not just offer 'cash back' offers and do so with many other Businesses for a share of the £resource pie. I agree that they Must pull their fingers out; pronto. This is to their advantage as well as ours because we need any Decent lending opportunities to fill and succeed so that we can All make an income, a return on our time spent, on our investments. Contrary to a broader opinion I find Lendy's transparency set within the lower end of mid range But Lendy have a ways to go before they become top quartile. Better reporting on Suspended loans, Defaulted Loans and a willingness to provide essential access to IMS reports are IMO so important to creating a successful environment in which both they and us can prosper together. Mediocre anything will ensure a performance below where it could be, should be. In closing try recalling History's greatest communicators and ask yourselves were they successful, did they achieve, did they lead rather than follow; did they promote Unity, inspire Confidence? In this I am minded of Sir Winston Churchill arguably Britain's Greatest leader, Emmeline Pankhurst then there's Prince Harry in this our present time. Contrasting personalities and styles (yes) but all three were/are Inspirational Unifying Leaders, not followers. Selected Quotes:Emmeline Pankhust: "We have to free half of the human race, the women, so that they can help to free the other half." Sir Winston Churchill: “Difficulties mastered are opportunities won.” Prince Harry: "I just really hope that all of you here tonight are not here just because it's such a wonderful event, but because you want to help some of the world's most vulnerable children, and to give them the childhood, and ultimately the future, that they deserve." I'm afraid you could add Adolf Hitler but look where that got him!
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xpubman1
Member of DD Central
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Post by xpubman1 on Mar 31, 2018 14:42:09 GMT
When I read garbage like this, by clowns who do not even know the name of whom they are invested with, it is obvious that these idiots have nothing better to do with their time. I have been a long time investor on the pussy platform, they offer lots to whine about, the clowns and idiots I refer to should move over to them.
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lobster
Member of DD Central
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Post by lobster on Mar 31, 2018 15:07:38 GMT
When I read garbage like this, by clowns who do not even know the name of whom they are invested with, it is obvious that these idiots have nothing better to do with their time. I have been a long time investor on the pussy platform, they offer lots to whine about, the clowns and idiots I refer to should move over to them. Errr , what's "the pussy platform" ? Wouldn't surprise me if it's the name of Donald Trump's favourite bar , but presumably it has something to do with P2P ?
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GeorgeT
Member of DD Central
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Post by GeorgeT on Mar 31, 2018 16:22:42 GMT
Thin Cats I assume?
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xpubman1
Member of DD Central
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Post by xpubman1 on Apr 24, 2018 21:19:47 GMT
Correct, and they edited my post for using the words, they said it was a profanity. I am now suspended, breaks my heart, but I would not want that to happen here.....
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Post by p2plender on Apr 25, 2018 0:58:18 GMT
If sunbeam and cement pay back soon I think holiday park and Cardiff will fill quickly. I think that is what Lendy are hoping for and if it doesn’t happen it will certainly mean they will need to make drastic changes going forward. I’ll be reinvesting Are u still reinvesting??
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hazellend
Member of DD Central
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Post by hazellend on Apr 25, 2018 6:02:38 GMT
If sunbeam and cement pay back soon I think holiday park and Cardiff will fill quickly. I think that is what Lendy are hoping for and if it doesn’t happen it will certainly mean they will need to make drastic changes going forward. I’ll be reinvesting Are u still reinvesting?? Yes but no new money at the moment. Reinvested cement factory repayment
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Post by munchydave on Apr 25, 2018 7:49:16 GMT
Just had an email from TrustPilot informing me that Lendy had my 1 STAR review taken down on the grounds that it is not acceptable to Lendy.
The title of the review was " I have lost money with Lendy". I accept that according to Lendy's definition of lost money no one has lost money on their site, however I do go on to explain that some of my loans are over 500 days late, and recoveries from sale of overvalued properties are low. Technically Lendy could still recover all debts but do you believe it? OK so NO ONE HAS LOST MONEY with Lendy so when do I get my money back?
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Balder
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Post by Balder on Apr 25, 2018 7:54:11 GMT
I wonder how much of the "lean" Lendy resource is now actively managing Trustpilot scores etc. I think this does show where Lendy's focus is. If the Lendy Business was managed closely then trustpilot would manage itself.
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bugs4me
Member of DD Central
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Post by bugs4me on Apr 25, 2018 8:13:47 GMT
Just had an email from TrustPilot informing me that Lendy had my 1 STAR review taken down on the grounds that it is not acceptable to Lendy. The title of the review was " I have lost money with Lendy". I accept that according to Lendy's definition of lost money no one has lost money on their site, however I do go on to explain that some of my loans are over 500 days late, and recoveries from sale of overvalued properties are low. Technically Lendy could still recover all debts but do you believe it? OK so NO ONE HAS LOST MONEY with Lendy so when do I get my money back? Typical.
I lent some money to a guy xx years ago, he admits he owes it to me but doesn't know when he will be able to repay it. So by admission I suppose I've haven't lost any money. Only when he stops can kicking the admission will I have lost the money.
P2P companies need to start living in the real world - fat chance! It is though this sort of arrogance attitude that will hasten a demise here and there sadly. All totally unnecessary.
Surely they realise that any investors can see through this nonsense and often wonder what's going on in the background. It's this nonsense that's 'inviting' the FCA to become more active in the sector - although on second thought - probably another fat chance.
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