invester
P2P Blogger
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Post by invester on Sept 4, 2018 20:23:16 GMT
Yeah you have to wonder why the P2P paper swallowed that excuse.
Which banks have this £10,000 limit? Not heard of it myself.
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GeorgeT
Member of DD Central
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Post by GeorgeT on Sept 4, 2018 22:30:02 GMT
New website avalable: lendywealth.comNote that there is a 1% purchase charge (paying in) and a 1% withdrawal charge too. I had a look at the website earlier and the sub pages and it was typical Lendy. Several typos and bits where it didn't make sense or was grammatically incorrect. Attention to detail lacking as normal. Not inspiring of confidence.
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registerme
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Post by registerme on Sept 4, 2018 23:07:47 GMT
Which banks have this £10,000 limit? Not heard of it myself. From my time in the industry (exit 2014, and I wasn't in compliance or AML etc, so could be wrong) no bank has a "£10,000 limit". However every bank has a "£10,000 limit" where transfers above that require additional anti-money laundering checks. Whilst I think the above is correct, I suspect that the likely reason for the Lendy Wealth drop in "buy in" requirements is simply that they didn't get enough uptake.
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sj
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Post by sj on Sept 5, 2018 0:03:34 GMT
What's the betting that it drops even further, when there is insufficient interest in the £10k level?
And yes, I do find it somewhat ironic that Lendy are now the ones that are getting getting insufficient interest...
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rocky1
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Post by rocky1 on Sept 5, 2018 5:28:22 GMT
was there ever much interest in the lendy SIPP club?i hope people havent risked their pension funds in that scheme.what happened to lendy bonds is that scheme still going.self select scheme,lendy wealth scheme,coming soon lendy IFISA scheme.all this on the strength of the current lendy big loan book offerings.they really are trying to milk it for as much/long as they can.
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Post by mattygroves on Sept 5, 2018 7:06:10 GMT
Which banks have this £10,000 limit? Not heard of it myself. From my time in the industry (exit 2014, and I wasn't in compliance or AML etc, so could be wrong) no bank has a "£10,000 limit". However every bank has a "£10,000 limit" where transfers above that require additional anti-money laundering checks. Whilst I think the above is correct, I suspect that the likely reason for the Lendy Wealth drop in "buy in" requirements is simply that they didn't get enough uptake. Someone with a private bank account won't have a £10,000 limit requiring extra checks and I assume these are the HNWIs Lendy is trying to attract. The limit for a single transaction on my account is £100,000 but multiple transactions of that amount are possible in the same day if the money is in the account although that may generate a phonecall.
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Post by p2plender on Sept 5, 2018 7:38:07 GMT
Probably a blessing in disguise for Lendy that interest has wained. I mean they have all hands to the pump over at TP trying to fire fight on an hourly basis, another team busily readying for Cowes 2019 and then of course there's the imaginary 'credit control' department weeding out loans with silly valuations. Just not enough hours in the day at carry on Lendy.
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withnell
Member of DD Central
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Post by withnell on Sept 5, 2018 7:40:13 GMT
From my time in the industry (exit 2014, and I wasn't in compliance or AML etc, so could be wrong) no bank has a "£10,000 limit". However every bank has a "£10,000 limit" where transfers above that require additional anti-money laundering checks. Whilst I think the above is correct, I suspect that the likely reason for the Lendy Wealth drop in "buy in" requirements is simply that they didn't get enough uptake. Someone with a private bank account won't have a £10,000 limit requiring extra checks and I assume these are the HNWIs Lendy is trying to attract. The limit for a single transaction on my account is £100,000 but multiple transactions of that amount are possible in the same day if the money is in the account although that may generate a phonecall. Pretty sure Lloyds have a 25k a day maximum for online payments - there's also the fact that while a HNW may have a lot of assets, they won't always have that much liquid cash available
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Post by portlandbill on Sept 5, 2018 8:03:18 GMT
"Interest is quoted gross and is up to the quoted rate although actual returns could be lower. Target interest rates should be considered along with the relevant investment account expected defaults and losses (managing risk). Annualised projected return after expected losses for the Wealth60 is currently 6.0% gross, assuming all monthly interest is re-invested. If the interest is taken as monthly income, the projected return is 5.8%.
Past performance does not guarantee future performance. Access times relate to withdrawals in normal market conditions but cannot be guaranteed. This is an investment in peer-to-peer loans - it is not a bank account. Investment in peer-to-peer loans is not protected by the Financial Services Compensation Scheme (FSCS). Capital is at risk."
So many weasel words. You'll never see your money again.
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Post by p2plender on Sept 5, 2018 8:55:03 GMT
"Past performance does not guarantee future performance"Fingers XXXXXD 
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rocky1
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Post by rocky1 on Sept 5, 2018 9:17:46 GMT
covering their arses from start to finish.no confidence in their own products.lendy seem to be out their league and if people fall for the hype and lose money then read the T@Cs, lendy never said they know what their doing. playing monopoly aint we,it aint our money,YOUR CAPITAL IS 100% AT RISK.
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Post by mattygroves on Sept 5, 2018 9:34:32 GMT
Someone with a private bank account won't have a £10,000 limit requiring extra checks and I assume these are the HNWIs Lendy is trying to attract. The limit for a single transaction on my account is £100,000 but multiple transactions of that amount are possible in the same day if the money is in the account although that may generate a phonecall. Pretty sure Lloyds have a 25k a day maximum for online payments - there's also the fact that while a HNW may have a lot of assets, they won't always have that much liquid cash available By private bank account I meant Coutts, Adam, Hoares etc. Surely the FCA definition of a HNWI is one with at least £250,000 of liquid assets unless you earn £100,000 + so I would expect enough liquidity to cope with a £10,000 limit. Personally i wouldn't touch this with a bargepole and I'd be surprised if it is as sucessful as the Lendy marketing gurus think it will be.
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Post by mattygroves on Sept 5, 2018 9:39:39 GMT
covering their arses from start to finish.no confidence in their own products.lendy seem to be out their league and if people fall for the hype and lose money then read the T@Cs, lendy never said they know what their doing. playing monopoly aint we,it aint our money,YOUR CAPITAL IS 100% AT RISK. Surely that applies to all P2P and particularly in development property loans ? I've never thought anything different and have been in P2P for 10 years although only a couple in the higher yielding platforms. You are after all lending to sub prime borrowers who can't get their finance at normal commercial rates - there will be a good reason for this usually.
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invester
P2P Blogger
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Post by invester on Sept 5, 2018 9:45:18 GMT
Not really sure Lendy are after the really rich people. If someone plonked down big money they would have a bit of a problem as there would be nowhere to put it. For more modest amounts I can see it might be better, they could simply front-run orders on the SM for the better loans and get some good diversification that way.
I think we'd see them being a bit more sly in their marketing tactics - perhaps being discreet in Premiership footballer circles (they love a bit of property), very rich ex-pat communities, etc. They could have done this already, but given the minimum requirement has come down so sharply I doubt it.
I think Lendy already know that it's an poor product, but they need cash. I think deep down they already know that anyone signing up will not be getting the returns advertised if the current loans are anything to go by.
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jwatson
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Post by jwatson on Sept 5, 2018 9:57:38 GMT
Yeah you have to wonder why the P2P paper swallowed that excuse. Which banks have this £10,000 limit? Not heard of it myself. Nationwide has a £10,000 limit per transaction (though higher sums can be transferred in practice as you can do multiple transactions for the same payee).
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