sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Aug 31, 2018 11:38:56 GMT
I agree that is one way for Lendy to market the 80% reduction in qualifying for the elite Lendy Wealth club. If they do, then the phrase "weaselwords" comes to mind.
Another way of looking at it is they are simply trying to avoid admitting they got it very wrong in the first place.
When they sent me the initial invitation I questioned when I might get my current portfolio repaid. They have not yet replied.
I wonder if these who have placed the required minimum of £50k into the Wealth black box now might feel aggrieved that less sophisticated investor are being allowed to join the club.
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dandy
Posts: 427
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Post by dandy on Aug 31, 2018 12:16:20 GMT
I agree that is one way for Lendy to market the 80% reduction in qualifying for the elite Lendy Wealth club. If they do, then the phrase "weaselwords" comes to mind.
Another way of looking at it is they are simply trying to avoid admitting they got it very wrong in the first place.
When they sent me the initial invitation I questioned when I might get my current portfolio repaid. They have not yet replied.
I wonder if these who have placed the required minimum of £50k into the Wealth black box now might feel aggrieved that less sophisticated investor are being allowed to join the club. I wouldn't confuse sophisticated with wealthy - very different sadly  I would actually say there is in fact likely to be a direct correlation between amount invested and stupidity - the more one invests the more stupid they are likely to be
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Post by loftankerman on Aug 31, 2018 12:44:37 GMT
I agree that is one way for Lendy to market the 80% reduction in qualifying for the elite Lendy Wealth club. If they do, then the phrase "weaselwords" comes to mind.
Another way of looking at it is they are simply trying to avoid admitting they got it very wrong in the first place.
When they sent me the initial invitation I questioned when I might get my current portfolio repaid. They have not yet replied.
I wonder if these who have placed the required minimum of £50k into the Wealth black box now might feel aggrieved that less sophisticated investor are being allowed to join the club. I wouldn't confuse sophisticated with wealthy - very different sadly I would actually say there is in fact likely to be a direct correlation between amount invested and stupidity - the more one invests the more stupid they are likely to be Presumably massaging egos by suggesting the stupid are sophisticated brings on a further flow of cash.
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invester
P2P Blogger
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Post by invester on Aug 31, 2018 17:00:11 GMT
Going forward, wouldn't it be easier if Lendy Wealth just became the product of choice and all new funds (whether from existing or new customers put into it).
No updates to make, no annoying customers to pacify.
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Post by scerbera on Aug 31, 2018 18:12:40 GMT
There is no lendy going forward. Lendy are finished.
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Post by captainconfident on Aug 31, 2018 18:27:16 GMT
There is no lendy going forward. Lendy are finished. Bleep! This comment fails the "State of the Forum" test.
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zlb
Member of DD Central
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Post by zlb on Aug 31, 2018 22:49:17 GMT
Lendy need to go back to the start, aim for less profit and go for smaller better quality loans. I've written to them twice with this query, and suggested at least balance out risk with some offer like you mention. Not mentioned in their reply, including the email version of the phone calls they made a while back.
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Post by oweno on Sept 4, 2018 14:54:23 GMT
Well they're hitting the phones to sell it now.
Amazingly I said I wasn't interested since I'd rather control what loans my cash goes into
- but took the opportunity to express concern over the state of the loan book, to which I got a 'errr I'm just selling wealth - you need to take part in the loan book surgery'
In about 2 months time some big loans will be officially 'non performing' - at which point near as damn it half the loan book will be non-performing + in recovery.
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webwizard
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Post by webwizard on Sept 4, 2018 15:46:34 GMT
New website avalable: lendywealth.comNote that there is a 1% purchase charge (paying in) and a 1% withdrawal charge too. |
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sj
Member of DD Central
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Post by sj on Sept 4, 2018 16:06:05 GMT
Ooh, it must be good, look at the gold text and posh joined-up writing! Nice photo of Liam's weekend pad too, it's always good to see where your money is being spent...
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invester
P2P Blogger
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Post by invester on Sept 4, 2018 16:09:35 GMT
Blimey. A bad deal just got even worse. Why not just go to Ratesetter or Lending Works? Are these the business development execs that are being paid up to £100K OTE?
You'd think they'd avoid troubling existing customers - they need to go after people that are cash rich and time poor.
It's amazing that there used to be nothing on the SM, now it must resemble a bit of a boiler room - smooth talking salesmen only talking about the upside of some dubious quality investments, when pressed about anything else they claim you need to talk to someone else.
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Post by Deleted on Sept 4, 2018 16:14:55 GMT
New website avalable: lendywealth.comNote that there is a 1% purchase charge (paying in) and a 1% withdrawal charge too. you are kidding, even Hargreaves L doesn't play that game, just 0.45% for being in the game annually.
To be fair these new punters might start taking our loans off our hands so we should welcome them aboard.
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jwatson
Member of DD Central
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Post by jwatson on Sept 4, 2018 16:39:19 GMT
New website avalable: lendywealth.comNote that there is a 1% purchase charge (paying in) and a 1% withdrawal charge too. you are kidding, even Hargreaves L doesn't play that game, just 0.45% for being in the game annually.
To be fair these new punters might start taking our loans off our hands so we should welcome them aboard.
Surely we'll end up keeping the dross. Any Lendy Wealth lenders will get the new shiny loans, with (hopefully) more realistic valuations, ransom strips included in the security etc.
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Post by loftankerman on Sept 4, 2018 17:04:43 GMT
you are kidding, even Hargreaves L doesn't play that game, just 0.45% for being in the game annually.
To be fair these new punters might start taking our loans off our hands so we should welcome them aboard.
Surely we'll end up keeping the dross. Any Lendy Wealth lenders will get the new shiny loans, with (hopefully) more realistic valuations, ransom strips included in the security etc. Hard to identify dross on Lendy, the finest looking loan that has consistently claimed excellent progress and promised repayment on time can turn out to be a pack of lies when the promised repayment doesn't turn up.
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
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Post by sussexlender on Sept 4, 2018 18:34:03 GMT
I informed the p2p finance news about this rapid reduction of the £50k entry level because Lendy had not made it public but simply reduced it on the Lendy Wealth page.
As of 1st August the boast was that the minimum was clearly £50,000. Suddenly by 1st September it is down 80% to a bargain basement £10,000.
The result was the article in the p2p finance news this morning and the weasel words / spin by Lendy trying to make it look as if they had reduced the amount to assist non "high net worth" people pour cash into the delayed / new Lendy IFISA. The obvious truth is that they did not attract anywhere near enough people willing to risk £50k.
The suggestion that it was also because people could only transfer £10,000 at a time is laughable.
I would suspect that many "high net worth" investors will already have used their IFISA allocation by now so will be able to resist the urge to chuck more cash into loans that fail to pay interest or repay any of the initial capital on time.
Who are Lendy now trying to get money from at this stage?
Question: How do you get a small fortune? Answer: start with a large fortune and invest with Lendy.
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