Jeepers
Member of DD Central
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Post by Jeepers on Sept 3, 2018 9:14:07 GMT
It's laughable how many reviews have been reported as either 'accusatory' or 'defamatory'.
If you leave a review of your experience, it is an opinion, not an accusation. If this opinion is bad, then it may be (lawfully) defamatory.
If they put their efforts into customer satisfaction, they wouldn't need to be pulling all these honest reviews.
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Post by loftankerman on Sept 3, 2018 11:18:00 GMT
Well the weekend's crop of one star reviews had gone when I looked in at around 8:30am Lendy time this morning. The lead review being replaced by a 5 star one from an enthusiastic first timer. However a quick look now had a brief biting one star review supposedly posted ten minutes earlier. I can't imagine it lasting, but it will have been a brief flash of enlightenment while it lasted.
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11025
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Post by 11025 on Sept 3, 2018 14:47:37 GMT
If anyone is interested the FCA now has reviews on Trustpilot and they aren't very good  |
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Post by freedommmm on Sept 5, 2018 17:24:24 GMT
I finally decided to run for safety while I still can, so I sold and withdrew 100% of my funds. My story is that I have been burned severely in at least a couple of bubbles and learned the hard way to recognize clear signs of such. What tipped me is the fact that the number of "non-performing" loans is constantly growing fasty and has ballooned to 27 of them (checked about 3 days ago). Even worse, some are dating back over 600 days. I am not interested in arguing - talk is cheap. Lendy have become a classic pyramid scheme. Quote from the wiki " When the scheme inevitably runs out of new recruits, lacking other sources of revenue, it collapses." en.wikipedia.org/wiki/Pyramid_schemeRings a bell? The collapse is imminent and it is surprising that they even made it this far! FCA will have a lot to answer for very shortly. Adios, Lendy. See you in the national news shortly! |
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hazellend
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Post by hazellend on Sept 5, 2018 17:40:00 GMT
I finally decided to run for safety while I still can, so I sold and withdrew 100% of my funds. My story is that I have been burned severely in at least a couple of bubbles and learned the hard way to recognize clear signs of such. What tipped me is the fact that the number of "non-performing" loans is constantly growing fasty and has ballooned to 27 of them (checked about 3 days ago). Even worse, some are dating back over 600 days. I am not interested in arguing - talk is cheap. Lendy have become a classic pyramid scheme. Quote from the wiki " When the scheme inevitably runs out of new recruits, lacking other sources of revenue, it collapses." en.wikipedia.org/wiki/Pyramid_schemeRings a bell? The collapse is imminent and it is surprising that they even made it this far! FCA will have a lot to answer for very shortly. Adios, Lendy. See you in the national news shortly! Factually incorrect but best of luck anyway
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Post by picanto on Sept 6, 2018 10:04:13 GMT
Lendy have become a classic pyramid scheme. Quote from the wiki " When the scheme inevitably runs out of new recruits, lacking other sources of revenue, it collapses." en.wikipedia.org/wiki/Pyramid_schemeIt's not though is it? Lendy's loans are secured against property which have a value and is saleable on the property market. Yes, of course Lendy relies on money being circulated back into the platform and new investors joining because that is their business model, but that is no different to Tesco's relying on existing and new customers shopping in their stores otherwise their business would collapse too would it not? Describing Lendy as a pyramid scheme is factually untrue and is just a smear which is solely attempted to discourage investors and spread unnecessary fear.
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Post by scerbera on Sept 6, 2018 10:25:53 GMT
It's quite obvious what the OP meant. And it's quite clear to the majority of people here.
The loans advanced by Lendy haven't had a sufficient level of due diligence performed on them initially, and or correct monitoring. With very "optimistic" loan values shall we say, although I dont think optimistic really covers it, because some of these valuations are so far out they seem to have just been plucked from space, this has led to a point where these loans are due for repayment, and as is being proven, it's not speculation, the security doesn't cover the loan. If it did then it would quite frankly be a trivial process to sell the security and repay lenders. But Lendy are screwed because they cant do this, which goes back to the original loan values being incorrect, and here is the rub, Lendy's model positively encourages over inflated valuations and put's it at odds with lenders, it's a complete conflict.
The larger the loan, the larger lendys fees which are all taken upfront, if they were only taken when the loan repaid for example you can bet the loan book would be looking very differently. The only way for Lendy to now continue is for new lenders to come in and play pass the parcel although it is clearly too late for many loans for that to now occur, so lendy will drag this out for as long as possible, avoiding crystallising losses to keep up the pretence that all is well so that they can pull in new lenders to keep the charade going. So yes, pyramid scheme is a fairly apt description of the business model here.
The whole concept and execution here could quite well be argued to be fraudulent.
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Post by loftankerman on Sept 6, 2018 11:18:48 GMT
Growing up (many years ago) the rule of thumb was ‘Don’t lend anybody anything unless your dad can fight his dad.’ In a sense that was part of Saving Stream’s business model when essentially it was comfortable that it was lending from a position of relative power. As Lendy, they got round to being impressed by themselves and were rashly lending millions with the same assumption that the borrowers feared they had some clout. Wrong, big borrowers thought they were mugs and seem to be doing so in greater numbers as Lendy’s inability to handle defaults becomes more obvious. If I owed them money I'd certainly be testing the water to see what I could get away with. Focusing on smaller, reasonable loans might keep enough money coming in to allow them to put some serious effort into growing a pair and making some real effort to recover what is owed. It might at least indicate to others that they are serious about recovery. There could be a way back but I doubt we’ll see it, they’d probably rather pocket what they can and let the lenders take the hit. There’s times when you have to wonder if they could run a corner store.
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Post by charliebrown on Sept 7, 2018 0:51:13 GMT
Lendy have become a classic pyramid scheme. Quote from the wiki " When the scheme inevitably runs out of new recruits, lacking other sources of revenue, it collapses." en.wikipedia.org/wiki/Pyramid_schemeIt's not though is it? Lendy's loans are secured against property which have a value and is saleable on the property market. Yes, of course Lendy relies on money being circulated back into the platform and new investors joining because that is their business model, but that is no different to Tesco's relying on existing and new customers shopping in their stores otherwise their business would collapse too would it not? Describing Lendy as a pyramid scheme is factually untrue and is just a smear which is solely attempted to discourage investors and spread unnecessary fear. LY has been accused of being a pyramid scheme before and it always causes a stir. Let’s use your Tesco analogy instead. If Tesco’s shelves were full of rotten fruit and veg and Tesco treated their customers like a worthless inconvenience how long would Tesco be able to stay in business?
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Post by p2plender on Sept 7, 2018 4:37:14 GMT
Things must have relaxed around here or maybe everyone now seeing Lendy for what they truly are?
The mere mention of the 2 'P' words usually meant a pm warning and censorship!
Maybe if people had been forewarned a good while back, then they wouldn't be sat on a load of dross loans with little chance of seeing much in the way of recovery.
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Post by loftankerman on Sept 7, 2018 7:53:55 GMT
I don’t know whether Lendy’s Trustpilot tear down team have gone on an early Autumn break or not but there has been a growing number of unfavourable reviews left standing for longer than usual on the TP web site.
I suppose that alternatively it might be possible that enough people have drawn Trustpilot’s attention to their own clearly ridiculous statement alongside them that says:
“This company subscribes to Trustpilot's paid business services.
No company can delete or otherwise censor reviews.”
Yeah, right!
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Post by picanto on Sept 7, 2018 16:47:31 GMT
It's not though is it? Lendy's loans are secured against property which have a value and is saleable on the property market. Yes, of course Lendy relies on money being circulated back into the platform and new investors joining because that is their business model, but that is no different to Tesco's relying on existing and new customers shopping in their stores otherwise their business would collapse too would it not? Describing Lendy as a pyramid scheme is factually untrue and is just a smear which is solely attempted to discourage investors and spread unnecessary fear. LY has been accused of being a pyramid scheme before and it always causes a stir. Let’s use your Tesco analogy instead. If Tesco’s shelves were full of rotten fruit and veg and Tesco treated their customers like a worthless inconvenience how long would Tesco be able to stay in business? But that's my whole point. People should absolutely call Lendy out for the increasing number of loan defaults and their apparent failings in their due diligence and misleading valuations for the loans which have fallen well short. Additionally, Lendy can also be fairly criticised negatively for how they have treated their investors and people should absolutely share their personal experiences of this so other people can make informed decisions on whether to invest in Lendy or elsewhere. In the same way customers have the right to complain about Tesco so other people can make an informed decision on where to do their grocery shopping. However, i go back to my previous comment that relying on new investors to fund loans does not equate to Lendy being a pyramid scheme as freedommmm has argued by his/her use of definition: "When the scheme inevitably runs out of new recruits, lacking other sources of revenue, it collapses". Even if worse case scenario Lendy ceased to exist tonight and hence no new investors joining, the security in the properties still have value and therefore a significant amount of every investors' capital can still be recovered which would not happen in a pyramid scheme, hence describing Lendy as a pyramid scheme is defamatory and just outright false. My overall point, by all means critique Lendy for what they do wrong, not describe them to be something which they are not.
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agent69
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Post by agent69 on Sept 7, 2018 17:01:13 GMT
It's not though is it? Lendy's loans are secured against property which have a value and is saleable on the property market. Yes, of course Lendy relies on money being circulated back into the platform and new investors joining because that is their business model, but that is no different to Tesco's relying on existing and new customers shopping in their stores otherwise their business would collapse too would it not? Describing Lendy as a pyramid scheme is factually untrue and is just a smear which is solely attempted to discourage investors and spread unnecessary fear. Let’s use your Tesco analogy instead. If Tesco’s shelves were full of rotten fruit and veg and Tesco treated their customers like a worthless inconvenience how long would Tesco be able to stay in business? How about if they tried to get new suckers customers into the store with a slick promotional campaign, and then hope they pay at the checkout before they realised they'd purchased a lemon.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Sept 7, 2018 19:05:25 GMT
To be anywhere as bad as Lendy has become, the lemon would need to be visibly rotting whilst the checkout grabbed the cash whilst shouting loudly to other customers that the lemon is a bargain and they should all get some.
Lendy don't give a damn about the many investors who have pumped cash into so many of their overvalued loans that are clearly doomed.
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wuzimu
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Post by wuzimu on Sept 7, 2018 19:50:07 GMT
Yep, I don't see Lendy as a ponzi. I sense issues of fiduciary duty / application of the Trustee Act.
I sense mis-representations in the loan offers, being as they are financial promotions.
I sense a failure to properly balance the tension between Lendy's fee earning motives and proper regard for recovery of lenders capital and interest.
To get anywhere lenders must accurately describe the detriment they have suffered in regulatory and legal terms whether that be to FOS or the courts.
I have a feeling that unless some BIG recoveries are pulled out of the hat very soon, this forum will be of great assistance in helping lenders organise & it is organisation which gives us strength,
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