Trust Pilot Reviews

Don't know why the Ly boys market these 'sophisticated' schemes
when us poor thickos can't understand them

Need a 'wealth' product perhaps for the money rich - understanding lite type punter

now where did I leave my crayons

www.p2pfinancenews.co.uk/2017/07/11/tax-p2p/

Reading this - it seems that even if Lendy decide not to declare a loss, there are some loans where HMRC would deem it reasonable for us to claim a loss of capital?

Dear loftankerman

The complicated nature of the Reports maybe less helpful to some investors, so we are looking at ways that will allow us to provide more detail on investors' loans whilst also taking into consideration the legal advice we have received.

As always, we would be more than happy to discuss this over the phone with you if you could contact us at Support on the Lendy website.

Kind regards

The Lendy Team

One wonders if "the legal advice" is different to that received by other platforms including Assetz Capital (who are sticklers for the rules) and Invest & Fund.

Thanks for the reply and the answers Lendy Support . Im afraid you seem to have somewhat missed the point in places and not really answered a lot of the points which is my usual experience of the support process



As i said if the MS was hired on the basis that they were going to made available to lenders (like the valuation reports which presumably are also legal & confidential documents) then that shouldnt be an issue. Arguing that they are too complicated for many of your investors to understand is disingenuous and suggests you have a disappointingly low opinion of your investors, though not low enough for them not to be able to understand a valuation & loan particulars to invest in the first place. Not sure why your investors are less sophisticated than on the platform that does provide them. I have no knowlwdge of the bridging industry, or more correctly the development industry, but can understand a report that says x work done, y still to do, enough cash from the proposal left to do it, which are the key bits of an IMS report. Based on the way some of the loans on the platform have turned out, lenders are questioning whether Lendy understand them themselves. Anyway I welcome your efforts to provide additional info for lenders.



To be honest, not really. If someone is expecting to borrow a few million pounds I should expect that they should be prepared to hand over a bit of information about themselves. However, personal details arent especially important. What's lacking are details of their track record, previous projects, business history, credit ratings, associated parties, contractor, build plan (have a look at AC or Ablrate for examples of depth) Yeah, I know to complicated for your investors to understand but it definately needs to be more than a page.



Seen a few which fit those criteria, but all of the ones that have been taken down? Looks like censoring of negative opinion.




Im sure we all wish Tim a speedy recovery and the best for the future. However, my point was that you didnt communicate that hed gone to lenders, they had to find out for themselves (they even found out the reason before being told) which allowed speculation to run wild. Youre quick to trumpet all these new hires but dont consider the departure of a founder as something that is going to cause concern in the current climate. As I said manage the news cycle. You might have noticed something else has piqued the interest now in relation to Liam.




Sorry I cant believe that every other platform has ignored HMRC advice and provides figures for claimable losses. A loan can be treated as irrecoverable once it has entered legal recovery ie administration, recievership and the platform can determine when that is.




Its not a display issue, its a calculation and payment issue. Loans where the interest rate changed part way through the loan eg DFL014, have not been paying interest at the new rate. I believe that issue has been fixed for the last couple of months but the outstanding interest has not been paid. I and many others have contacted you but have yet to receive a resolution of the sums owed



Unfortunately not my experience. See above. My last ticket was closed without the courtesy of a reply, or to date, the issue being fixed (different query to above)



Sorry total nonsense. For a start your not a member and arbitarily following that definition whilst ignoring all the other aspects of their principles is farcical. Secondly that definition is in relation to reporting bad debt figures not defining a loan as in default. Im pretty sure the P2PFA would consider a loan where the security has been called in as in default. The P2PFA definition is itself out of date as it predates SAIM 12000. The best venue to discuss individual loans would be on the platform so all lenders can see the info but unfortunately you never really provided that facility so were stuck with doing it here or behind closed doors which doesnt really help anyone as you are having to address the same points repeatedly.

Not possible until recently as trying to do by email was time consuming & usually pointless but now youve embraced the telephone a possibility.



You probably dont, as the issues are fairly explanatory in the post but I look forward to your responses.

Sorry Lendy Support , that smacks at best as being in what is in Lendy's interests rather than the interests of investors, and at worst as being largely disingenuous.  Until Lendy pays serious attention to justifiable lender concerns Lendy will continue to fritter away the confidence of their investors, face the possibility of formal complaints / escalation to the FSO, more negative commentary to the FCA, and Lendy's efforts to contain the bad publicity they receive will continue unabated.

This situation is far from irresolvable, but it will take an about face in attitude and serious commitment on the part of Lendy management.