Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Aug 2, 2018 22:18:19 GMT
Can anybody tell me the last time Lendy paid back any reasonable sized loan ?. I’ve over £100k which 80% now late and monthly return in paid interest less than 0.2%. How can they expect people to invest in new products if the old ones don’t return our cash !!!
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r1200gs
Member of DD Central
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Post by r1200gs on Aug 3, 2018 6:36:20 GMT
I feel that the only way I'm likely to exit Lendy with my shirt on my back is because I was able to reduce my £500,000 investment down to about £160,000 by accessing the secondary market when it still worked well in order to sell loans that I decided were dodgy. Some of the loans I sold have subsequently turned out to be disastrous, in some cases probably simple fraud.
Interest made in the past will, I hope, cover possible losses coming down the road in my remaining loans.
Had I invested that money with no control and Lendy at the helm, I would now be screwed.
Castles, tin sheds, pig farms with no pigs, dodgy London buildings with silly valuations and complex foreign ownership and the rest- I would have been in them all.
There is no way in hell I would simply hand over £50,000 upwards for Lendy to use as they see fit and I have no idea why any other HNWI or their advisors would even think of doing so based on Lendy performance to date and it frankly amazes me that Lendy would try this with the loan book in its current state and with some Lenders looking at significant losses coming down the road.
They are truly having a laugh here.
(Note, I've not even looked at the details of the offering, not interested!)
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Post by p2plender on Aug 3, 2018 7:02:53 GMT
HNWI are usually pretty smart individuals though there are a few who slip through the net..
Interestingly, Countrywide had a rescue 'open offer' fund raising yesterday at 10p per share against a quote of about 50p. They tried to get a bond issue away at 8% but were told minimum 9%. This shows to me Lendy really need to find absolute mugs with oodles of cash to throw away if they're going to get any form of funding. I wouldn't invest a penny with Lendy. I have nil trust in their valuations. No point receiving interest only to find the usual excuses at the end of the term and the inevitable 'offer'.
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Post by portlandbill on Aug 3, 2018 8:03:49 GMT
I feel that the only way I'm likely to exit Lendy with my shirt on my back is because I was able to reduce my £500,000 investment down to about £160,000 by accessing the secondary market when it still worked well in order to sell loans that I decided were dodgy. Some of the loans I sold have subsequently turned out to be disastrous, in some cases probably simple fraud. Interest made in the past will, I hope, cover possible losses coming down the road in my remaining loans. Had I invested that money with no control and Lendy at the helm, I would now be screwed.
Castles, tin sheds, pig farms with no pigs, dodgy London buildings with silly valuations and complex foreign ownership and the rest- I would have been in them all. There is no way in hell I would simply hand over £50,000 upwards for Lendy to use as they see fit and I have no idea why any other HNWI or their advisors would even think of doing so based on Lendy performance to date and it frankly amazes me that Lendy would try this with the loan book in its current state and with some Lenders looking at significant losses coming down the road. They are truly having a laugh here. (Note, I've not even looked at the details of the offering, not interested!) You're not they guy I heard of that remortgaged his £500,000 home so he could put the money into p2p ( Lendy?), retire on the £50k a year interest and pay off the mortgage at the same time, are you? I feel sorry for him, if true.
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reinvestor
Member of DD Central
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Post by reinvestor on Aug 3, 2018 8:27:34 GMT
I feel that the only way I'm likely to exit Lendy with my shirt on my back is because I was able to reduce my £500,000 investment down to about £160,000 by accessing the secondary market when it still worked well in order to sell loans that I decided were dodgy. Some of the loans I sold have subsequently turned out to be disastrous, in some cases probably simple fraud. Interest made in the past will, I hope, cover possible losses coming down the road in my remaining loans. Had I invested that money with no control and Lendy at the helm, I would now be screwed.
Castles, tin sheds, pig farms with no pigs, dodgy London buildings with silly valuations and complex foreign ownership and the rest- I would have been in them all. There is no way in hell I would simply hand over £50,000 upwards for Lendy to use as they see fit and I have no idea why any other HNWI or their advisors would even think of doing so based on Lendy performance to date and it frankly amazes me that Lendy would try this with the loan book in its current state and with some Lenders looking at significant losses coming down the road. They are truly having a laugh here. (Note, I've not even looked at the details of the offering, not interested!) You're not they guy I heard of that remortgaged his £500,000 home so he could put the money into p2p ( Lendy?), retire on the £50k a year interest and pay off the mortgage at the same time, are you? I feel sorry for him, if true. Borrowing to invest is absolutely crazy!! Especially at that kind of level and in P2P!!!
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r1200gs
Member of DD Central
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Post by r1200gs on Aug 3, 2018 9:10:06 GMT
I feel that the only way I'm likely to exit Lendy with my shirt on my back is because I was able to reduce my £500,000 investment down to about £160,000 by accessing the secondary market when it still worked well in order to sell loans that I decided were dodgy. Some of the loans I sold have subsequently turned out to be disastrous, in some cases probably simple fraud. Interest made in the past will, I hope, cover possible losses coming down the road in my remaining loans. Had I invested that money with no control and Lendy at the helm, I would now be screwed.
Castles, tin sheds, pig farms with no pigs, dodgy London buildings with silly valuations and complex foreign ownership and the rest- I would have been in them all. There is no way in hell I would simply hand over £50,000 upwards for Lendy to use as they see fit and I have no idea why any other HNWI or their advisors would even think of doing so based on Lendy performance to date and it frankly amazes me that Lendy would try this with the loan book in its current state and with some Lenders looking at significant losses coming down the road. They are truly having a laugh here. (Note, I've not even looked at the details of the offering, not interested!) You're not they guy I heard of that remortgaged his £500,000 home so he could put the money into p2p ( Lendy?), retire on the £50k a year interest and pay off the mortgage at the same time, are you? I feel sorry for him, if true. No, I'm not.
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invester
P2P Blogger
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Post by invester on Aug 3, 2018 9:30:17 GMT
I think it's very smart from Lendy's point of view.
I am sure that smaller fish cause disproportionately more hassle in terms of whinging.
A black box model also means that no questions on individual loans can be raised.
6% appears realistic enough, but 10% even with 365-day notice I am not sure they could do... times taken to clear up a distressed loan seem to be above this.
Unless there is a massive pipeline of new loans, it appears that the only way these big hitters could start their account is buying off the secondary market to get diversified, although Lendy would certainly know better than us what loans are in good shape or not, so it would be better at buying at random.
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Post by charliebrown on Aug 3, 2018 11:30:25 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%? Frankly, no I would not. I know we shouldn’t let our emotions cloud our investment decisions, but I just don’t feel LY have much respect for us investors. I also don’t think they’re fit to be handling millions of pounds of other people’s hard earned savings. I fully expect all this to end in tears (but not for them obviously). When dealing with a small business I expect to be able to trust them, but I’m just not sure that I do.
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withnell
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Post by withnell on Aug 3, 2018 12:54:42 GMT
I think it's very smart from Lendy's point of view. I am sure that smaller fish cause disproportionately more hassle in terms of whinging. A black box model also means that no questions on individual loans can be raised. 6% appears realistic enough, but 10% even with 365-day notice I am not sure they could do... times taken to clear up a distressed loan seem to be above this. Unless there is a massive pipeline of new loans, it appears that the only way these big hitters could start their account is buying off the secondary market to get diversified, although Lendy would certainly know better than us what loans are in good shape or not, so it would be better at buying at random. One other point to keep in mind is that they don't need to sell investment parts if there is an inflow of funds from other investors that can be used to pay for the withdrawals - before someone jumps on the Ponzi bandwagon, this is in line with multiple established notice account providers
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pom
Member of DD Central
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Post by pom on Aug 3, 2018 13:43:42 GMT
Perhaps one of the things we should bear in mind is that although there are undoubtedly a fair number of HNWIs on this forum, Lendy are most definitely not going to be targeting forumites. They're not looking for people who want to manage their own money, but the "asset rich/time poor" who only bother signing up to stuff via introducers only. So I think we have to assume multi millionaires who wouldn't think twice about 50k and who have someone else managing all their investments. Except that IFAs have typically been extremely conservative about p2p - It's probably a couple of years since I last spoke to my IFA - at which point he'd only softened as far as saying he couldn't recommend p2p as it hadn't been through an economic cycle etc but since it was only a small part of my pot there was clearly no real harm for me etc and I can't really imagine him having changed his tune much. So I'm kinda curious as to which introducers Lendy is targetting and what information they'll likely have access to - after all Lendy is super profitable, no lender has lost any money and our experience is likely to make us unlikely to agree on whatever default stats they present.
Lendy will be laughing if they can get people to plug it tho - huge influxes of cash to clear out the SM and get rid of a lot of those noisy irksome fickle retail investors ....and if HNWs do lose cash, well they knew that was a risk didn't they?
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Post by loftankerman on Aug 3, 2018 14:02:57 GMT
so am I right when I think that we could get really lucky, as the Lendy standard smoke and mirrors and in-flight rule changes end up milking the rich dudes and sorting out all the cr@p that is dragging the Lendy name through the dirt.
Yeah, I know I'm not, but I might have cheered someone up for 20 seconds or so.
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Post by GSV3MIaC on Aug 3, 2018 14:25:41 GMT
It might clear the cr&p off the SM, and help fill future tranches/trenches of the big DFLs, but it isn't going to help in any way with the current heap of defaults / non performing / in recovery loans, which are what most people here are likely suffering from...
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Post by loftankerman on Aug 3, 2018 15:57:21 GMT
It might clear the cr&p off the SM, and help fill future tranches/trenches of the big DFLs, but it isn't going to help in any way with the current heap of defaults / non performing / in recovery loans, which are what most people here are likely suffering from... Unless the rich dudes' money was used to refinance the defaults / etc /etc. Where there's a will the unscrupulous will find a way, even if they haven't figured out the consequences of the end game. that's probably why we are here anyway.
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tx
Member of DD Central
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Post by tx on Aug 3, 2018 16:42:25 GMT
Perhaps one of the things we should bear in mind is that although there are undoubtedly a fair number of HNWIs on this forum, Lendy are most definitely not going to be targeting forumites. They're not looking for people who want to manage their own money, but the " asset rich/time poor" who only bother signing up to stuff via introducers only. So I think we have to assume multi millionaires who wouldn't think twice about 50k and who have someone else managing all their investments. Except that IFAs have typically been extremely conservative about p2p - It's probably a couple of years since I last spoke to my IFA - at which point he'd only softened as far as saying he couldn't recommend p2p as it hadn't been through an economic cycle etc but since it was only a small part of my pot there was clearly no real harm for me etc and I can't really imagine him having changed his tune much. So I'm kinda curious as to which introducers Lendy is targetting and what information they'll likely have access to - after all Lendy is super profitable, no lender has lost any money and our experience is likely to make us unlikely to agree on whatever default stats they present. Lendy will be laughing if they can get people to plug it tho - huge influxes of cash to clear out the SM and get rid of a lot of those noisy irksome fickle retail investors ....and if HNWs do lose cash, well they knew that was a risk didn't they? Because p2p is never mainstream, even crypto currency will be in the CFA curriculum next year, but p2p is not, and I doubt will ever. The risk of p2p can’t even be classified as an asset class, it doesn’t have return profile and return is not proportionate to risk. It is more like gambling than investing.
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Post by brightspark on Aug 3, 2018 17:01:50 GMT
Won't these new wealth products be a form of cherry picking of the strongest loans for HNW customers of which small lenders will not be aware?
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