ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330 
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Post by ilmoro on Aug 15, 2018 12:41:33 GMT
Just noticed it's now a 'tab' on the website, WEALTH. Sorry if it has been for a while, I tend not to log in to my account much these days due to lack of movement. Pretty sure the new 'wealth' avenue lendy are exploring will fall flat on its face. You'd be better with a pin and a list of AIM stocks than trust the Cowes lot with 50 big ones. IMO of course. Even the crappest of AIM stocks can usually be sold for something unlike the junk loans Lendy have in default. lol, funny you should say that, check out VAST on aim, huge huge upside, very undervalued. I have a considerable amount of my ex lendy cash there. One of the 7 Mythical Wonders on AIM (according to ShareProphets). That said one of them has done well for me.
Meanwhile, seems existing lenders already have access to wealth on same sign in, just have to accept T&Cs and maybe classify if not already done.
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Post by portlandbill on Aug 16, 2018 9:46:55 GMT
I get this isn't the right product for a lot of people, but I don't get why there is such a negative backlash - Assetz have been running similar accounts for a while to popular acclaim, and investors in their 30day notice product can see the multiple loans that their funds are spread over. While I'm not happy with the relaxed attitude Lendy are taking towards overdue loans, over the last couple of years I have made a decent return which does leave cover for a certain level of default, so it's not an unreasonable rate considering there is no cash drag and no admin work for the investor The marketing for this product might just as well read "Give us your money, and at some unknown time in the future (determined by us) we might give you some interest (at a % determined by us), and/or we might or might not (determined by us) let you have some of your money back (determined by us), some time (determined by us)". If you're happy investing on that basis, go ahead.
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invester
P2P Blogger
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Post by invester on Aug 16, 2018 10:20:13 GMT
That is true.
Going blackbox is not the worst idea for Lendy - it would solve a heap of their problems. If the majority of their customers fall under the new Wealth umbrella in future life would be much easier for them.
The question is how they are gonna deliver it. Looking at what's available to buy now I don't rate the chances of a person investing today recouping the advertised return. A lot of stuff is in the SM in bulk for good reason.
The issue seems less pronounced for Assetz. For one, they don't have a product trying to offer 10%... if you want those risks you have to self-select. They also have way more loans to diversify across, with way more focus on the smaller loans. Their loan selection and management appear slightly tighter than Lendy's, so overall I don't think the target return is unrealistic or onerous.
Another point that we miss is that the Lendy of today is not the Lendy of three years ago. I'm fairly sure all their good work reflected in your returns was mostly done in the past, where 1% a month was paid like clockwork. Certainly from my own point of view, those days of interest have cushioned the overall returns I have got. But for someone today investing in the current available loans, I would say there is not a chance of 10%, even with 365 day access. It isn't promised, so invariably anyone that invests in that is going to be disappointed.
At the worst case it might prove to be too much for Lendy to chew. Where would £10m of new money go if they received it today?
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Post by Deleted on Aug 16, 2018 10:24:41 GMT
At the worst case it might prove to be too much for Lendy to chew. Where would £10m of new money go if they received it today? Hopefully the £10m would cover all of us trying to bail out.
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Post by df on Aug 16, 2018 10:53:13 GMT
That is true. Going blackbox is not the worst idea for Lendy - it would solve a heap of their problems. If the majority of their customers fall under the new Wealth umbrella in future life would be much easier for them. The question is how they are gonna deliver it. Looking at what's available to buy now I don't rate the chances of a person investing today recouping the advertised return. A lot of stuff is in the SM in bulk for good reason. The issue seems less pronounced for Assetz. For one, they don't have a product trying to offer 10%... if you want those risks you have to self-select. They also have way more loans to diversify across, with way more focus on the smaller loans. Their loan selection and management appear slightly tighter than Lendy's, so overall I don't think the target return is unrealistic or onerous. Another point that we miss is that the Lendy of today is not the Lendy of three years ago. I'm fairly sure all their good work reflected in your returns was mostly done in the past, where 1% a month was paid like clockwork. Certainly from my own point of view, those days of interest have cushioned the overall returns I have got. But for someone today investing in the current available loans, I would say there is not a chance of 10%, even with 365 day access. It isn't promised, so invariably anyone that invests in that is going to be disappointed. At the worst case it might prove to be too much for Lendy to chew. Where would £10m of new money go if they received it today? I guess new money will be feeding new tranches and term extensions of existing thirsty DFLs, this way there are chances for projects to be completed at some point.
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empirica
Member of DD Central
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Post by empirica on Aug 16, 2018 11:47:07 GMT
That is true. Going blackbox is not the worst idea for Lendy - it would solve a heap of their problems. If the majority of their customers fall under the new Wealth umbrella in future life would be much easier for them. The question is how they are gonna deliver it. Looking at what's available to buy now I don't rate the chances of a person investing today recouping the advertised return. A lot of stuff is in the SM in bulk for good reason. The issue seems less pronounced for Assetz. For one, they don't have a product trying to offer 10%... if you want those risks you have to self-select. They also have way more loans to diversify across, with way more focus on the smaller loans. Their loan selection and management appear slightly tighter than Lendy's, so overall I don't think the target return is unrealistic or onerous. Another point that we miss is that the Lendy of today is not the Lendy of three years ago. I'm fairly sure all their good work reflected in your returns was mostly done in the past, where 1% a month was paid like clockwork. Certainly from my own point of view, those days of interest have cushioned the overall returns I have got. But for someone today investing in the current available loans, I would say there is not a chance of 10%, even with 365 day access. It isn't promised, so invariably anyone that invests in that is going to be disappointed. At the worst case it might prove to be too much for Lendy to chew. Where would £10m of new money go if they received it today? I guess new money will be feeding new tranches and term extensions of existing thirsty DFLs, this way there are chances for projects to be completed at some point. There's a not unreasonable presumption that we get to see all loans that Lendy originate. I wouldn't be surprised if that wasn't the case now and even less surprised if it became the case when and if the W60/W365 products took off.
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invester
P2P Blogger
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Post by invester on Aug 16, 2018 11:53:30 GMT
Is there actually any advantage to earning 6% annualised at Lendy as opposed to 6% annualised with Lending Works? I would even go as far to say the counterparty risk is far greater at Lendy given the status of DFL1/2.
I would say one of the only ways I can see out for Lendy would be to do something different - why not take on these projects themselves and offer people a chance to participate in the profits? With the GDVs they are pushing out they could put their money where their mouth is, that is, the new intake of money.
Of course that would require a whole new intake of skilled staff.
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Post by scerbera on Aug 16, 2018 12:08:42 GMT
Lendy are barely competent at even providing any decent communication to lenders, they are showing a complete lack of competence in managing their business except for collecting fees, what makes you think they have any chance at continuing failed developments? I'd say there is more chance of Michael Jackson singing at my next birthday. I give Lendy a 5% chance of being a going concern in 3 years time.
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Post by df on Aug 16, 2018 12:42:25 GMT
Is there actually any advantage to earning 6% annualised at Lendy as opposed to 6% annualised with Lending Works? I would even go as far to say the counterparty risk is far greater at Lendy given the status of DFL1/2. Exactly. In a long term, with initial cash drag, you are likely to get just slightly below 6% with L that works. Not very likely with L that doesn't.
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Post by p2plender on Aug 16, 2018 13:51:03 GMT
Lendy are barely competent at even providing any decent communication to lenders, they are showing a complete lack of competence in managing their business except for collecting fees, what makes you think they have any chance at continuing failed developments? I'd say there is more chance of Michael Jackson singing at my next birthday. I give Lendy a 5% chance of being a going concern in 3 years time. 5% and 3 years??!! You are generous. Going for 50k big hitters won't work but Lendy are very good at things not working out so maybe they're feeling comfortable... 50k big hitters will be more than wised up to the disaster that is Lendy so they need another plan. Their best plan is to try and find 20000 more investors who don't read TP, are dazzled by fanciful returns and like a flutter with poor odds. The other major hurdle is their sheer arrogance. I'm not sure someone with 50k wants to be treated like Lendy like to treat investors. Nope, all roads lead to nowhere Lendy 
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Post by scerbera on Aug 16, 2018 16:11:55 GMT
Lendy are barely competent at even providing any decent communication to lenders, they are showing a complete lack of competence in managing their business except for collecting fees, what makes you think they have any chance at continuing failed developments? I'd say there is more chance of Michael Jackson singing at my next birthday. I give Lendy a 5% chance of being a going concern in 3 years time. 5% and 3 years??!! You are generous. Going for 50k big hitters won't work but Lendy are very good at things not working out so maybe they're feeling comfortable... 50k big hitters will be more than wised up to the disaster that is Lendy so they need another plan. Their best plan is to try and find 20000 more investors who don't read TP, are dazzled by fanciful returns and like a flutter with poor odds. The other major hurdle is their sheer arrogance. I'm not sure someone with 50k wants to be treated like Lendy like to treat investors. Nope, all roads lead to nowhere Lendy I think I meant more that there will be still some sort of entity in 3 years time, perhaps an administrator. I am sure they can drag this out for a while yet though.
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rocky1
Member of DD Central
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Post by rocky1 on Aug 17, 2018 17:55:34 GMT
so we have a rush of interest in the lendy wealth products after cowes week [more lendy BS i reckon] i could help them get started if they would like to transfer my 50k that is currently held in SUS/NON PERFORMING/CLAIMS UNDERWAY.i dont mind which wealth product it goes into because lendy will be able to diversify better than i was ever able to do.i will contact them and see what the chances are.
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Post by df on Aug 17, 2018 18:45:04 GMT
so we have a rush of interest in the lendy wealth products after cowes week [more lendy BS i reckon] i could help them get started if they would like to transfer my 50k that is currently held in SUS/NON PERFORMING/CLAIMS UNDERWAY.i dont mind which wealth product it goes into because lendy will be able to diversify better than i was ever able to do.i will contact them and see what the chances are. "We’ve seen a rush of interest so far in the Lendy Wealth accounts" - sounds encouraging even if "a rush of interest" were just "enquiries". Attracting new lenders is Lendy's strong point.
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cwah
Member of DD Central
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Post by cwah on Aug 17, 2018 21:09:39 GMT
does the Wealth product means that the funds can be withdrawn even if some loan are in default?
I mean if I were to invest in a 60 days product, and within this time half of the loan defaulted, would I still be able to withdraw 100% of the funds + interest?
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cwah
Member of DD Central
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Post by cwah on Aug 17, 2018 21:44:22 GMT
found the answer: "Access times relate to withdrawals in normal market conditions but cannot be guaranteed."  |
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