invester
P2P Blogger
Posts: 612 
Likes: 618
|
Post by invester on May 16, 2018 15:49:21 GMT
You can't blame them, reputation is of strategic importance and Trustpilot is the number one search result which also supposedly would appear unbiased. I daresay that someone at Lendy (and there are certainly enough people) has a good deal of their job now allocated to this.
I don't know if there is a word in the English language, but it is at a stage before it comes to an outright ponzi - the platform badly needs new, innocent blood to come in and finance loans, preferably with deep pockets. Lendy obviously are paying a great deal of attention to this page.
I don't think all the positive reviews are fake, but I also think that some gaming of the Trustpilot system has gone on here, the possibilities of which seem to me to be getting 'friends' to write reviews, or inducing newbies to write reviews (because the experience is much better at the start when you have a bunch of performing loans every month).
On one hand it should be said that people investing in P2P need to prepare for inevitable losses, but for someone that joined after the glory days of Saving Stream, that 12% headline return could be much less - the magnitude of the defaults and cash drag might mean they are in a pretty poor position. Some people are probably looking at 5-6% on an optimistic side, ranging down to actually losing money, depending on what you invested in.
Sadly I might be the latter, my biggest investments were in DFL001/002/004 when I a bit naive.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on May 16, 2018 16:01:51 GMT
I think it's possible that they've recently engaged the services of an online reputation management agency who are well versed in the dark arts of "massaging" Trustpilot reviews and can also be called upon to deal with a specific crisis. I know some of the tactics used because I used to work for one.
|
|
invester
P2P Blogger
Posts: 612
Likes: 618
|
Post by invester on May 16, 2018 16:19:03 GMT
I think it's more than possible.
The thing is, it seems to me that a user can write multiple reviews. In the long run if things keep on going as they are all the spin in the world isn't going to stop a massive deluge of bad reviews.
Let's not forget at this stage nobody as yet has officially lost a penny, but there are some very painful writedowns coming.
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on May 16, 2018 16:25:19 GMT
You can't blame them, reputation is of strategic importance and Trustpilot is the number one search result which also supposedly would appear unbiased. I daresay that someone at Lendy (and there are certainly enough people) has a good deal of their job now allocated to this. I don't know if there is a word in the English language, but it is at a stage before it comes to an outright ponzi - the platform badly needs new, innocent blood to come in and finance loans, preferably with deep pockets. Lendy obviously are paying a great deal of attention to this page. I don't think all the positive reviews are fake, but I also think that some gaming of the Trustpilot system has gone on here, the possibilities of which seem to me to be getting 'friends' to write reviews, or inducing newbies to write reviews (because the experience is much better at the start when you have a bunch of performing loans every month). On one hand it should be said that people investing in P2P need to prepare for inevitable losses, but for someone that joined after the glory days of Saving Stream, that 12% headline return could be much less - the magnitude of the defaults and cash drag might mean they are in a pretty poor position. Some people are probably looking at 5-6% on an optimistic side, ranging down to actually losing money, depending on what you invested in. Sadly I might be the latter, my biggest investments were in DFL001/002/004 when I a bit naive. If you, like me, did not accept the new terms, then you should not incur any losses on DFL001/002/004, as these were made to Lendy, not the borrowers.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,331
Likes: 11,550
|
Post by ilmoro on May 16, 2018 16:51:28 GMT
You can't blame them, reputation is of strategic importance and Trustpilot is the number one search result which also supposedly would appear unbiased. I daresay that someone at Lendy (and there are certainly enough people) has a good deal of their job now allocated to this. I don't know if there is a word in the English language, but it is at a stage before it comes to an outright ponzi - the platform badly needs new, innocent blood to come in and finance loans, preferably with deep pockets. Lendy obviously are paying a great deal of attention to this page. I don't think all the positive reviews are fake, but I also think that some gaming of the Trustpilot system has gone on here, the possibilities of which seem to me to be getting 'friends' to write reviews, or inducing newbies to write reviews (because the experience is much better at the start when you have a bunch of performing loans every month). On one hand it should be said that people investing in P2P need to prepare for inevitable losses, but for someone that joined after the glory days of Saving Stream, that 12% headline return could be much less - the magnitude of the defaults and cash drag might mean they are in a pretty poor position. Some people are probably looking at 5-6% on an optimistic side, ranging down to actually losing money, depending on what you invested in. Sadly I might be the latter, my biggest investments were in DFL001/002/004 when I a bit naive. If you, like me, did not accept the new terms, then you should not incur any losses on DFL001/002/004, as these were made to Lendy, not the borrowers. DFL004 is & always has been on the new terms & I suspect there isnt a get out clause even if you were rolled into them from the PBL as if you didnt accept the new terms (original version) you had time to exit at no cost. DFL001/2 are still on the old terms (lendy borrower) whether youve accepted the latest version or not ( see terms on the loan page).
|
|
|
|
Post by eascogo on May 16, 2018 16:59:52 GMT
My review experience: Published 7 minutes ago Reported 4 minutes ago "This post contains highly accusatory language and clearly breaches the platform rules."  Unbelievable. Can Lendy not relax? Sounds like they feel doomesday is nigh.
|
|
|
|
Post by Deleted on May 16, 2018 17:55:11 GMT
My 1 star review is still on there.... perhaps I was too kind!!  Must try harder next time 
|
|
zlb
Member of DD Central
Posts: 1,422
Likes: 333
|
Post by zlb on May 16, 2018 20:39:32 GMT
I wonder whether they have a relationship with TP over maintaining the viability of the platform. It's possible that the neg reviews would cause overall failure, so maybe they do see it as a crucial situation.
Like others, I want to see some outcomes from defaults.
|
|
p2p2p
Member of DD Central
Posts: 123
Likes: 114
|
Post by p2p2p on May 18, 2018 18:14:33 GMT
I just looked at other companies on TP. Nearly all the ones you've heard of (BT, VirginMedia, British Airways, etc) are 1* as people go to vent, as I did over a BA problem this week. Even organisations I know are good (Nationwide) or excellent (First Direct) only get 3* because of uneven reporting. Hargreaves Lansdown get 2*, even though they are about the most competent (even if rather expensive) broker around.
So I doubt people actually take too much notice TBH. I see that Funding Circle, which people on this forum don't like gets 5* though.
|
|
|
|
Post by eascogo on May 19, 2018 0:26:01 GMT
How much reliance to place in TP and other such review sites is for each to make their own mind. Some businesses are clearly making great efforts to maintain their good name. The scores given here for a number of P2P platforms may be of some interest.
Data in this spreadsheet for AC, BM, FC, MT, RS and Z show healthy scores that have remained fairly stable over time. Bondora looks like it is trending upward.
In contrast FS, Lendy, and W [red-coloured] are trending downward. These results seems to accord broadly with feelings reported on this forum. Reviews for ReBS and Twino are too few to make any judgment.
|
|
|
|
Post by charliebrown on May 20, 2018 2:07:37 GMT
Lendy and FS offer the worst customer relationship, both deserve a zero. FS does at least, overall, seem to be functioning, loans are repaid and people are making money. Lendy is completely disfunctional and deserves another zero.
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on May 20, 2018 4:48:53 GMT
they say lack of comms is mainly due to legal stuff.lendy have already had their cut out of us and the borrowers on all these loans.lendy would rather now get all these out of the way.lenders will lose capital/interest and seem to be happy that lendy got the best deal out of it.lendy need new lenders/new money desperately and quickly.they see/hope TP as a way to do this. the lendy ship is now letting in water and many earlier and new lenders will go down with it.lendy have lost nothing and will have jumped into the life boats and sailed off into the sunset.
|
|
|
|
Post by loftankerman on May 20, 2018 8:12:14 GMT
they say lack of comms is mainly due to legal stuff.lendy have already had their cut out of us and the borrowers on all these loans.lendy would rather now get all these out of the way.lenders will lose capital/interest and seem to be happy that lendy got the best deal out of it.lendy need new lenders/new money desperately and quickly.they see/hope TP as a way to do this. the lendy ship is now letting in water and many earlier and new lenders will go down with it.lendy have lost nothing and will have jumped into the life boats and sailed off into the sunset. Ah yes! MTS Oceanos the French-built and Greek-owned cruise ship that sank in 1991 due to uncontrolled flooding. Her captain and some of the crew were convicted of negligence for fleeing the ship without helping the passengers. In the absence of ship's officers, the evacuation was organised by some of the British entertainments team that were on board. You aren't suggesting that the cast of 'Hi de Hi' could make a better job of running Lendy are you? (Hi de Hi ... a TV comedy series from the 1980s set at a fictional Maplin's holiday camp in 1959)
|
|
|
|
Post by loftankerman on May 25, 2018 13:18:08 GMT
I checked in with TP to see if the recent repayment had sparked any comments of approval. I only found an amusing four star review that was relatively new. It gave four stars rather than five because the reviewer hasn't invested anything yet. It reminded me of a classic Argos review I once read. " Five stars. Still in the box, haven't tried it yet but looks great! "
|
|
|
|
Post by p2plender on May 25, 2018 23:52:04 GMT
One must also presume they haven't logged into their fantastic new account and viewed the state of the loan book. Perhaps they're also comforted by the wishing well, sorry meant provision fund.
Still, it's another cracking Trustpilot Lendy review and that's what counts in the awesome world of Lendy.
|
|
