empirica
Member of DD Central
Posts: 326
Likes: 235
|
Post by empirica on May 1, 2018 22:09:30 GMT
Fair enough and I guess that would be apparent to someone such as yourself with sufficient exposure to them.
The point I was making was that the raft of positive reviews buck the general feeling of the platform as a viable investment vehicle as indicated by __
_ the number of defaults,
_ the comparative lack of repayments,
_ the lack of new investment in existing loans
_ the lack of new loans,
_ with all of the above reflected on this forum and in the majority of TP reviews.
Regardless of the number of things they've recently 'done right', until those improvements are visibly reversing the above trends, and at the same time changing perceptions, Lendy are unlikely receive any of my money.
This is supposed to be Peer-2-Peer, and unless the majority of my Peers are pro-platform, it seems too risky for me to attempt to swim against the tide.
|
|
hazellend
Member of DD Central
Posts: 2,363 
Likes: 2,180
|
Post by hazellend on May 1, 2018 22:13:52 GMT
Fair enough and I guess that would be apparent to someone such as yourself with sufficient exposure to them. The point I was making was that the raft of positive reviews buck the general feeling of the platform as a viable investment vehicle as indicated by __ _ the number of defaults, _ the comparative lack of repayments, _ the lack of new investment in existing loans _ the lack of new loans, _ with all of the above reflected on this forum and in the majority of TP reviews. Regardless of the number of things they've recently 'done right', until those improvements are visibly reversing the above trends, and at the same time changing perceptions, Lendy are unlikely receive any of my money. This is supposed to be Peer-2-Peer, and unless the majority of my Peers are pro-platform, it seems too risky for me to attempt to swim against the tide. Nobody should invest outside their risk tolerance. It always ends in tears.
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on May 13, 2018 20:36:56 GMT
The latest TP review: I have my life savings "invested" in Lendy and, for a year or so, I thought it was fantastic and put in as much as I was able to invest.
The platform has now ground to a halt and it is no longer possible to get my savings out and Lendy continue to launch loans with what seems to be very poor due diligence and at exaggerated asset valuations.
These loans are now defaulting and borrowers seem to have realised that Lendy are not too concerned as they have already made their commission on the loan . It is beginning to look like a financial disaster for me and many people who have trusted Lendy to protect their interests.This is the problem- people piling in everything they've got and then panicking when things take a downturn. Crazy. So many people have no clue how to invest and unfortunately will always do dumb things with their money. I hate financial advisors but at least they would stop people doing something stupid like putting their life savings into a high risk platform. I think there was one poster here saying he had put 300k of his families money into Lendy and now very stressed. Seems like most people don’t even consider their own tolerance for risk. 12% return = high risk no matter how good the platform
|
|
poppyland
Member of DD Central
Posts: 237
Likes: 243
|
Post by poppyland on May 13, 2018 21:42:48 GMT
Lendy took down my negative review, so I have posted another one. Some of the recent 5 star reviews read like the person who wrote them had a gun to their head (or maybe a script given by Lendy in their hand). I think the FCA should investigate Lendy's attempts to skew trustpilot ratings in their favour by getting negative reviews removed and phony 5 star ones put up. Of course not all the 5 star reviews are phony, I know, but some of them do seem to be. Lendy's behaviour on trustpilot has made my opinion of them plummet even further.
|
|
|
|
Post by p2plender on May 13, 2018 23:37:40 GMT
It's the first and only review written by most of the cheerleaders as well if you care to look.
The more and more you look at Lendy, the more they stink and this coming from someone who has made good money. The reason I made good money of course, is the fact the early days you had an escape route and even the loans kicked down the road were snapped up in seconds. It's the liquidity of the loan book that has kept Lendy going, not the quality! If my negativity stops someone investing then that's good imo.
|
|
r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
|
Post by r00lish67 on May 14, 2018 7:23:22 GMT
I must admit to a tadge of voyeurism from time to time over in the battlezone between truth and fiction that is Lendy's trustpilot page. From those who haven't quite grasped the timescale required to assess the product: " only been a member 20 or so days.. Due to a lack of understanding I only invested a sum of two digits, however with further reading and results thus far, lendy seems a solid investment in anyones portfolio". I wonder where he did his further reading, a Cowes week brochure? And, what 'solid results' has he seen? Did he invest across a month-end and receive a 10p interest payment? ...To the truly concerning " 12% interest is obviously very attractive and helps to pay bills" 
|
|
|
|
Post by charliebrown on May 14, 2018 8:09:20 GMT
I don’t think we should berate people who have overstretched themselves.
Investor confidence is the main problem LY has. Confidence was already very low but the Wolverhampton last minute default has pushed it to rock bottom.
LY is a small(ish) company acting like a big company. What do I mean by that? well, in my experience small companies truly care about their customers whereas big companies don’t care but spend all their time saying they do care. All the spin and weasel language, newsletters, podcasts, phone calls, marketing hype and razzamatazz, but, for me, none of it seems sincere.
LY can turn this around but time is against them. Go back to basics, clean up the loan book, be honest, don’t procrastinate, take the tough decisions that might need to be taken. I think we all want and need LY to be successful.
|
|
|
|
Post by p2plender on May 14, 2018 10:33:16 GMT
Lendy seem to spend more time on there than here so one can only presume they see TP as a way to attract investors. Nice though that the forum gets a mention...
Always good to present a balanced view before one is enticed into an investment.
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on May 14, 2018 14:31:47 GMT
somebody at lendy busy today with the latest reviews being pulled as quick as they are posted.you really would think they would be concentrating on more important issues.maybe because looking at investor activity so far today there is not much going into lendy coffers and usual trend is less and less towards end of month.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on May 14, 2018 14:35:59 GMT
The question has also been asked before, if they're bona fide Reviews, why is Lendy even allowed to pull them? TP's cred is shred, more like DisTrust Pilot it would seem.  |
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on May 14, 2018 16:07:08 GMT
lendy must be contacting new[investors] as pulled reviews now being replaced with 4 star.unbelievable come on lendy grow up.
|
|
Jeepers
Member of DD Central
Posts: 818
Likes: 721
|
Post by Jeepers on May 14, 2018 17:28:52 GMT
I don't think the 5 star reviews are being pushed by Lendy.
Current investors in Lendy who have any sense will want new investors to join up to help sustain the platform. The general feeling among current investors is to stop funding new loans. We need newcomers to come on board. Any current investor who posts a bad review on TP is just cutting off their own nose.
|
|
chunkie
Member of DD Central
Posts: 121
Likes: 83
|
Post by chunkie on May 14, 2018 17:57:25 GMT
I've never used TP but I found this on Wikipedia "Trustpilot reserves the right to remove reviews for which they are not obliged to offer any explanation. It insists that it always makes a bona fide effort to adhere to the existing laws and its published policies to assure that only authentic reviews remain on the website. Companies are allowed to publicly respond to reviews, or report a negative review to Trustpilot's employees if they believe that it violates Trustpilot’s user guidelines or claims to have no record of the reviewer as a customer. When a company reports a review, the review is automatically removed and replaced with a message indicating that the review is being assessed. If the reviewer does not supply the requested information (e.g. proof of purchase) within seven days, the review is removed. Proof of purchase is not automatically required to post a new review so there is little incentive for a company receiving unauthentic positive reviews to report these to Trustpilot, since they are not required to demonstrate authenticity of the reviewer. Given the company will prefer to keep positive reviews and discard the negative ones, the Trustpilot reporting process favours removal of negative reviews over positive ones, potentially skewing visible reviews in favour of the company"
|
|
|
|
Post by loftankerman on May 14, 2018 19:10:13 GMT
I don’t think we should berate people who have overstretched themselves. Investor confidence is the main problem LY has. Confidence was already very low but the Wolverhampton last minute default has pushed it to rock bottom. LY is a small(ish) company acting like a big company. What do I mean by that? well, in my experience small companies truly care about their customers whereas big companies don’t care but spend all their time saying they do care. All the spin and weasel language, newsletters, podcasts, phone calls, marketing hype and razzamatazz, but, for me, none of it seems sincere. LY can turn this around but time is against them. Go back to basics, clean up the loan book, be honest, don’t procrastinate, take the tough decisions that might need to be taken. I think we all want and need LY to be successful. I doubt they can really turn it round because they have made such a solid job of demonstrating they don't have a fight in them. Any big borrower right now is getting the message that they'd be an idiot not to try and haggle the bill down, or just do nothing. It's more like Lendy are providing a free show and inviting donations if customers liked it. I can't imagine Lendy having the funds not to be overwhelmed by this. Maybe they'll come up with a loan of their own, payable to them to fund the fight to get our money back.
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on May 14, 2018 19:14:25 GMT
I don’t think we should berate people who have overstretched themselves. Investor confidence is the main problem LY has. Confidence was already very low but the Wolverhampton last minute default has pushed it to rock bottom. LY is a small(ish) company acting like a big company. What do I mean by that? well, in my experience small companies truly care about their customers whereas big companies don’t care but spend all their time saying they do care. All the spin and weasel language, newsletters, podcasts, phone calls, marketing hype and razzamatazz, but, for me, none of it seems sincere. LY can turn this around but time is against them. Go back to basics, clean up the loan book, be honest, don’t procrastinate, take the tough decisions that might need to be taken. I think we all want and need LY to be successful. I doubt they can really turn it round because they have made such a solid job of demonstrating they don't have a fight in them. Any big borrower right now is getting the message that they'd be an idiot not to try and haggle the bill down, or just do nothing. It's more like Lendy are providing a free show and inviting donations if customers liked it. I can't imagine Lendy having the funds not to be overwhelmed by this. Maybe they'll come up with a loan of their own, payable to them to fund the fight to get our money back. I don’t think Lendy borrowers have the luxury of haggling. If they did they would go to the bank
|
|
