orvilorvil
Member of DD Central
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Likes: 60
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Post by orvilorvil on Aug 1, 2018 7:43:28 GMT
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Post by loftankerman on Aug 1, 2018 7:51:50 GMT
Well, I've had a good chuckle at this, a fine way to start the day. Investors won't be able to say they weren't warned their money was at risk, the warnings are all embedded in the promo text.
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rocky1
Member of DD Central
Posts: 1,132
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Post by rocky1 on Aug 1, 2018 7:59:57 GMT
HNWs 50k minimum easy withdrawal etc etc. what loans are lendy going to put this money in. i hope its not the pile of sh*te that we and the lendy bond holders are INVESTING IN.
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Post by p2plender on Aug 1, 2018 8:08:30 GMT
If Lendy were 'responding to investor demand' then they'd try and get their disaster of a loan book in somewhat better shape.
Still Lendy prove their arrogance is showing no signs of waning.
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mary
Member of DD Central
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Post by mary on Aug 1, 2018 8:19:33 GMT
I think that many of Lendy's current investors would love to be able to access their money in 60 days (or even 365 days), but as so many are suspended I find it very difficult to see this working in practice. I think the get out warning "in normal market conditions" really means not anytime soon!
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Monetus
Member of DD Central
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Post by Monetus on Aug 1, 2018 9:04:04 GMT
The full terms and conditions on the new website make for some interesting reading. - especially when it comes to defaults, accessing your capital, Lendy's discretion, and the lack of a provision fund. lendywealth.com/terms/If you're 100% comfortable giving Lendy "carte blanche" to do as they see fit with your capital then you most certainly have a stronger disposition than me  |
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withnell
Member of DD Central
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Post by withnell on Aug 1, 2018 9:15:26 GMT
Surely we should be supportive, it may mean they hoover up the SM and bring back previous liquidity!
I'd be interested to know at what point "normal market conditions" is being defined from!
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rocky1
Member of DD Central
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Post by rocky1 on Aug 1, 2018 9:31:08 GMT
many HNWs closed the door on lendy a long time ago. lendy wealth easy access still requires selling your loan parts on SM and everything else is much the same as the bendy lendy TandCs are now. cannot see many HNWs falling for this unless they become privvy to a little bit of lendy insider info on loans before they go belly up and can make a quick buck and exit.
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copacetic
Member of DD Central
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Post by copacetic on Aug 1, 2018 9:46:18 GMT
In summary:
Rely on Lendy to give you whatever loan they can't get shifted on the manual platform Give away 16% to 50% of gross interest earned to Lendy (equivalent of up to a £250 a month fee on 60 day account with £50k investment)
Upside capped at target rate of 6% or 10%
No provision fund
High minimum investment limit £50k
Cash drag More liquidity restrictions than the manual account including the ability of Lendy to increase the notice periods at their discretion
I'm not sure what sort of mugs Lendy expect to sign up for this but if anyone would like me to manage their account for them I'll be happy to do so for half Lendy's fee.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,204
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Post by ilmoro on Aug 1, 2018 9:49:16 GMT
And with one sweep Lendy declared Scotland independent & achieved Scexit.
Lendy Wealth - Lending Criteria
Geographical lending area - England and Wales
Lendy Wealth specific T&Cs
Lendy will only allocate Eligible Loans which meet the minimum selection criteria, including a Loan for business purposes, security over assets of the borrower and/or guarantor located in the United Kingdom (or any European Union jurisdiction) and maximum Loan to Value ratio. The Eligible Loan selection criteria are available on the Lendy Wealth website.
'tell your competitors that they may take our money, but they'll never take... OUR FREEDOM!'
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Post by charliebrown on Aug 2, 2018 13:29:08 GMT
I wouldn’t invest another penny with LY even if they offered me 20% interest.
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rs
Member of DD Central
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Post by rs on Aug 2, 2018 14:05:48 GMT
I wouldn’t invest another penny with LY even if they offered me 20% interest. Hi Charlie Would you if interest was at 25%?
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Post by brightspark on Aug 2, 2018 15:28:44 GMT
I wouldn’t invest another penny with LY even if they offered me 20% interest. In all fairness to Lendy they do act as the go between. Like all other platforms they do advise lenders to carry out their own due diligence. The failure to abide by the terms of contracts lies almost entirely with the borrowers though Lendy does not usually come out smelling of roses in relation to the original sales pitches. Criticism of Lendy, and other platforms for that matter, in not rapidly seeking Administration and sale has to be tempered by the fact that at least some of these complex situations are best sorted out by a measured approach which may not necessarily involve a rush to auction - plenty of vultures there. I would be one of the first to aver that Lendy is not perfect. Substantial contracts not honoured, no interest paid on secondary market loans, arrogance etc etc. its hard to believe but 18 months or so ago Savings Stream (Lendy) could do no wrong. Lendy is in a rough patch. Several of its large loans remain problematic but they will eventually be sorted and investment life will go on. Lendy do give me the impression that they are trying to do better but the current legacy will take time to work through and haircuts will probably have to happen. I just wish they could sort out the 5 loans I am stuck with/in.
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rocky1
Member of DD Central
Posts: 1,132
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Post by rocky1 on Aug 2, 2018 15:45:27 GMT
this is not a rough patch and it is not something that lendy have inherited.this mess has been created by lendy and their greed and total lack of transparency.most lenders would take their website promises of DD and all the other spin as one of a company who really are on top of their game.look at all this again and tell us you believe this is the same company.they are running out of the next batch of mugs to keep this scheme going.50 million in default loans no amount of DD would have helped you avoid many of these.
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tx
Member of DD Central
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Post by tx on Aug 2, 2018 21:51:13 GMT
This scheme sounds more like, from what I am reading here, to give you a lower rate, and no question can be asked, and you may or may not get your money back at the end, and by the way you cannot access it before term end either.
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I have my conclusion already on what to do.
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