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Post by 4thway on Apr 19, 2015 18:08:55 GMT
Hi all I was unable to ask the LendInvest question for the same reason I posted in this thread today: p2pindependentforum.com/thread/2466/ask-property-p2p-lendingHowever, someone in the audience - who I strongly suspect is a P2PIndie user - asked a similar question. I'm paraphrasing because I don't have a transcript, but he basically asked who owes to whom and LendInvest's David Serafini just answered that the borrower owes to LendInvest. I was surprised when he stopped there and didn't embellish his answer in a similar way to the answer LendInvest gave me (and that I shared with you in an earlier post in this thread). I'm going to try to get an answer to the specific question we agreed on, but, while LendInvest have said it's all forgotten, I want to leave it a bit to make sure they are not still sore with me before I approach them on this again. I won't forget though - I'll look for opportunities at every point of contact with them - and I'll keep you updated. Neil Thank you for the feedback. So in simple terms, lenders/investors are effectively funding the activities of LendInvest and not directly the borrower. So if anything happens to LendInvest then lenders/investors are just on the list of normal creditors. So, to be kind, their website is deliberately misleading. I doubt if you will get a straightforward answer from this mob and until then there should be a wealth warning on their fag packet!! It's not clear what the position is in the event that LendInvest goes bust and it has other creditors besides ourselves. They haven't answered that specific question, largely, perhaps, because I've so far failed to ask it as clearly as I should have.
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bugs4me
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Post by bugs4me on Apr 19, 2015 18:20:44 GMT
Thank you for the feedback. So in simple terms, lenders/investors are effectively funding the activities of LendInvest and not directly the borrower. So if anything happens to LendInvest then lenders/investors are just on the list of normal creditors. So, to be kind, their website is deliberately misleading. I doubt if you will get a straightforward answer from this mob and until then there should be a wealth warning on their fag packet!! It's not clear what the position is in the event that LendInvest goes bust and it has other creditors besides ourselves. They haven't answered that specific question, largely, perhaps, because I've so far failed to ask it as clearly as I should have. No they haven't (conveniently) answered that question. But why bother with a 6.65% return lending money to LendInvest when you can achieve 12% with SS - loaning your money to Lendy. And if they cannot answer a straightforward question then IMO their website claims - one of which is also - 'Funds invested in loans to date: £277,699,961' - can they substantiate that figure especially as they seem unable (or is it unwilling) to answer a simpler question.
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Steerpike
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Post by Steerpike on Apr 23, 2015 15:22:57 GMT
The list of loans can be downloaded from the LendInvest website, homepage, see statistics, download loans.
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Post by jumpingjackflash on Apr 23, 2015 18:41:27 GMT
But the list of loans that can be downloaded doesn't add up to anywhere near £277 mill - it adds up to about half of that...
Seems to be a lot of half-truths with this mob
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Steerpike
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Post by Steerpike on Apr 23, 2015 23:47:32 GMT
But the list of loans that can be downloaded doesn't add up to anywhere near £277 mill - it adds up to about half of that... Seems to be a lot of half-truths with this mob The total of loans (including institutional) is very similar to the quoted figure
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Post by Financial Thing on Jun 18, 2015 21:30:13 GMT
I don't know if this exists or not, but it would be really helpful if this forum posted a master thread or simple list which explains who or what we are lending to with regards to each platform. Are we lending the platform or the direct borrowers? That way at least people here can be informed on the risks they face due to a platform default.
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bababill
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Post by bababill on Jul 20, 2015 16:51:17 GMT
I received the following from LendInvest when I was querying the angered extension of a loan. It makes for interesting reading
As the primary lender and also the servicer of the loan we remain in full control with regards to decisions on the borrower and the underlying loan. As the investor, you are investing in the receivable of this loan which is a portion of the interest. We would never extend a loan if we weren't fully confident that the borrower will eventually be capable of repaying.
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beechside
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Post by beechside on Aug 14, 2015 6:00:02 GMT
This worries me. With the lack of a secondary market, my capital is locked. I have a lot supposedly being repaid this side of Xmas and need to diversify. I just don't know if they will let me... Having said that, LI have paid all interest promptly, though they did repay a 10k loan without informing me. Fortunately, I check most days so noticed that I had money just sitting there. From the LI website: Extending loans
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bababill
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Post by bababill on Aug 31, 2015 1:02:12 GMT
I note from the LI website regarding extending Loans the date is 28th July 2015. The extension that I was 'forced' to give was prior to this date.
I was discussing pros and cons of LI with one whom I would deem to be a 'professional' in this field--
The abridged reply is a follows
''xxxx....operates a genuine P2P model where the borrower and lenders have direct loan contracts between eachother. This is what the FCA classify as a P2P loan contract.
With Lendinvest you are buying the 'right to receive interest'. ''
I feel misled by LI though I continue to participate in their model (albeit with a smaller exposure going forwards).
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Post by Financial Thing on Jan 22, 2016 22:43:17 GMT
For the sake of transparency and so you can protect yourselves, I've learned that when you invest in LI, you are lending money to LI, so in my opinion, it's certainly not a true p2p platform.
In the vent of LI going belly up, I think investments would be difficult to recoup.
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ben
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Post by ben on Jan 25, 2016 14:40:45 GMT
For the sake of transparency and so you can protect yourselves, I've learned that when you invest in LI, you are lending money to LI, so in my opinion, it's certainly not a true p2p platform. In the vent of LI going belly up, I think investments would be difficult to recoup. I think in the event of any of the sites going the money would difficult to recoup, although in the case of LI would be even harder if you are lending to LI themselves then you will just be added to the list of people it owes money to
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