jwatson
Member of DD Central
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Post by jwatson on Apr 25, 2018 8:27:40 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? I didn't realise that Lendy could demand that TrustPilot reviews be removed if it didn't like them. That does diminish the effectiveness of TrustPilot.
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adrianc
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Post by adrianc on Apr 25, 2018 8:46:28 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. This is exactly why I take these ratings sites with a large pinch of salt. OK... Can you show me the Ts & Cs that gave you a big cuddle and promised there was zero risk?
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dandy
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Post by dandy on Apr 25, 2018 8:49:10 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? I didn't realise that Lendy could demand that TrustPilot reviews be removed if it didn't like them. That does diminish the effectiveness of TrustPilot. Probably based on the comment being false rather than simply saying they didnt like it - otherwise I'd agree it would be a totally useless site
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Post by loftankerman on Apr 25, 2018 9:00:06 GMT
I don't think that the issue is as simple as not liking a review. I assume that Lendy have pointed to their claim, based on their calculations, that no one has lost money with them. I haven't lost any money (yet). So they would have a case for stating that the review was factually incorrect and potentially damaging to their business. It would be reasonable for Trustpilot to accept that, and remove the review. As for Lendy failing, I imagine it may cease to trade in the future as its source of funds dries up. The financial failure is more likely to sit with the lenders than the company whose T&C absolved them of any responsibility for anything.
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Jeepers
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Post by Jeepers on Apr 25, 2018 9:19:19 GMT
Why do people keep bumping this thread up? Do you want Lendy to fail ?
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Post by munchydave on Apr 25, 2018 9:20:29 GMT
I don't think that the issue is as simple as not liking a review. I assume that Lendy have pointed to their claim, based on their calculations, that no one has lost money with them. I haven't lost any money (yet). So they would have a case for stating that the review was factually incorrect and potentially damaging to their business. It would be reasonable for Trustpilot to accept that, and remove the review. As for Lendy failing, I imagine it may cease to trade in the future as its source of funds dries up. The financial failure is more likely to sit with the lenders than the company whose T&C absolved them of any responsibility for anything. Correct. Lendy's view is that my statement that I have lost money is untrue. Therefore TrustPilot require it to be edited. I have changed the wording so should get through now, but repeat that I have one investment that is into the 600 day and several over 500 days late and still waiting so how long before Lendy accept the default. I do in fact really hope Lendy is correct and no one does loose money, I for one do not want Lendy to fail.
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Post by Lendy Support on Apr 25, 2018 9:32:08 GMT
Dear all, Thanks for your posts on this thread. While we understand the frustrations for lenders, we have always taken the approach that protecting investors’ capital is our number one priority for loans that no longer perform. To do this, we will exhaust all reasonable recovery avenues to avoid any losses to investors. In most cases however, we are subject to a legal process and cannot expedite or accelerate matters any more than we are currently. Therefore, this may incur a longer term recovery process. Whereas, if we were to take short-term recovery options this may result in a fire sale price which may consequence a reduced amount recoverable to investors. We are aware that not all investors agree with this, which is why we have introduced a voting option for some loans, so we can make our action plan more democratic. We understand that we will not please everyone, and accept fully that we have not always managed investor expectations as well as we could have done. We do though have a good collections and recovery record. And we are putting a lot of time and resources into improving our record further. Regards Lendy Support |
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invester
P2P Blogger
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Post by invester on Apr 25, 2018 9:37:24 GMT
The amusing thing is with some the loans lenders have been stuffed with the worst of both worlds of these approaches.
The frustration of waiting a long time for the recovery process to complete alongside the fire-sale price.
At the moment, I am not even sure if I can believe in the recovery process. If there are practices such as taking people's word for things over paperwork, it doesn't really bode well.
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Post by loftankerman on Apr 25, 2018 10:10:54 GMT
Why do people keep bumping this thread up? Do you want Lendy to fail ? I doubt this short speculative thread will be the flap of the butterfly's wing that will tip Lendy over the edge. What about all of the other threads bemoaning demonstrable unacceptable facts? Exeter Loan 1 is running to 68 pages now.
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adrianc
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Post by adrianc on Apr 25, 2018 16:10:43 GMT
but repeat that I have one investment that is into the 600 day and several over 500 days late Now, that's not true, either, is it? The longest overdue are the Convent six-in-one - 588/9 days. There's only two others over 500 days - the farm and the office block. All three of those are very much live, with activity ongoing. Just look at the updates. The farm was valued in the last fortnight for a potential refinance, else it'll be repossessed for sale. The office block has a possession hearing in just over a week. The convent's sale is being concluded. You want some bad loans to whinge about? I'll flog you my bit of LC's pizzeria at 25% of face value... <offers hand to shake> Be as miffed as you like at Lendy, but at least try and be honest about it. And at least be honest enough to accept that nobody ever promised you 12% would be risk-free...
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Post by munchydave on Apr 25, 2018 16:18:44 GMT
but repeat that I have one investment that is into the 600 day and several over 500 days late Now, that's not true, either, is it? The longest overdue are the Convent six-in-one - 588/9 days. There's only two others over 500 days - the farm and the office block. All three of those are very much live, with activity ongoing. Just look at the updates. The farm was valued in the last fortnight for a potential refinance, else it'll be repossessed for sale. The office block has a possession hearing in just over a week. The convent's sale is being concluded. You want some bad loans to whinge about? I'll flog you my bit of LC's pizzeria at 25% of face value... <offers hand to shake> Be as miffed as you like at Lendy, but at least try and be honest about it. And at least be honest enough to accept that nobody ever promised you 12% would be risk-free... PBL081 is at 607 days. Granted partial repayment but stiil late.
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adrianc
Member of DD Central
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Post by adrianc on Apr 25, 2018 16:23:48 GMT
PBL081 is at 607 days. Granted partial repayment... Fair comment. I was only considering those which are 100% outstanding. L**th*rh**d is 66.2% repaid... and similarly active. In the early stages of claim, even, not even three weeks after that repayment. I'm really not sure P2P's right for your risk appetite. Have you considered Premium Bonds?
Of those partially-repaid with capital outstanding, add in the island care home to the over-500-day list (just), with 55% due, another 12% waiting on HMRC to release it, and only a week and a bit into the claim against the guarantors.
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Post by loftankerman on Apr 25, 2018 18:42:22 GMT
For my 21st birthday my grandmother, then a 64 year old widow bought me a premium bond. She said it was all she could afford, but that she hoped one day it would come up and make me rich. The years ticked by and she lived to be 100, dying just before her 101st birthday. I'll be 75 this year and it looks like the risk is that even if I live to hit 100 myself, I still won't have won.
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sarahcount
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Post by sarahcount on Apr 25, 2018 19:32:57 GMT
For my 21st birthday my grandmother, then a 64 year old widow bought me a premium bond. She said it was all she could afford, but that she hoped one day it would come up and make me rich. The years ticked by and she lived to be 100, dying just before her 101st birthday. I'll be 75 this year and it looks like the risk is that even if I live to hit 100 myself, I still won't have won. Ah but you'll get your capital back. 100% recovery. Contrast that to some so-called investments that we could speak about...
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Post by brightspark on Apr 25, 2018 19:41:11 GMT
Why do people keep bumping this thread up? Do you want Lendy to fail ? I don't want Lendy to fail. I want my investments returned in a timely manner or if not repaid sound reason provided. I would not wish to be seen as encouraging prospective investors to the view that investing in Lendy is a straightforward way of growing capital.
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