bloodycat
Member of DD Central
Posts: 184 
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Isa
Sept 7, 2018 15:35:38 GMT
Post by bloodycat on Sept 7, 2018 15:35:38 GMT
Might have been.
Like you I wasn't impressed by the influx of people from big name companies - we all know that isn't any guarantee of competence- and anyway Lendy is a completely different kettle of fish compared to their previous organisations.
I hope they are successful in their endeavours, but it isn't for me. I will continue to invest in any new loans that may come up that look reasonable, but based on past history I don't trust the 'black box' model for the time being - nor do I class such schemes as p2p.
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Isa
Sept 8, 2018 12:54:15 GMT
ozboy likes this
Post by baronhardup on Sept 8, 2018 12:54:15 GMT
Well they definitely intimated that the better loans were being reserved for Lendy Wealth when I said that the reason I had some uninvested funds was because I was already up to my limit on those loans that look ok. It was also stated that the accounts would be carefully monitored and managed.
I suspect that the people making the calls are on commission and will probably say whatever they think they can get away with to try and encourage people to buy in. The chap who called me back again after I had had a chance to look was definitely pissed off that someone else had already called me after I had registered (not that it actually gave me any more details than are available without registering for Lendy Wealth) as he insisted he was my investment relations manager (though since I can't remember what his name was and the other one sent me an email with her details, in the unlikely event I wish to talk to either of them it won't be him). Yes, they told me the same. The rep also said they had investors investing 100k in the 365 account. I just laughed when they said that. I replied that they must be investing other peoples' money! To suggest I invest 10k in a Lendy ISA when there is still so many unresolved outstanding loans in the 'retail' product demonstrates, to me, immense hubris. I'd prefer to give that a very wide swerve.
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Post by baronhardup on Sept 15, 2018 6:31:37 GMT
|Yes, they've been on to me as well.
I take their reassurances that lendy wealth will get better quality loans and better management with a pinch of salt.
I can't see any advantage in it for people like us who actively take an interest and want to pick what we invest in - probably good for those who would otherwise just use auto-investing all new loans.
It's definitely advantageous for lendy as people won't know what they are invested in sop will take much longer before problems become apparent, plus lendy can target borrowers who don't want their loans quite so publicly scrutenised. Also if they actually do pick their game up then they cream off a bit more profit (or can offer lower rates to borrowers if mostpeople opt for the 60 day notice account).
Did they really say "better quality loans and better management" - if so that is an admission I'd be surprised they would make! I received a follow-up call from Lendy wanting to know what I thought of the marketing material they had emailed to me. I didn't think much of it, frankly. Just a load of aspirational photos and fine words - nothing of any substance at all. I certainly wouldn't commit 10k to a load of ol' flannel. Again I got the reassurances about 'select loans' and 'personal account management' but I'm not convinced. It occurs to me that Lendy might been taking these 'select' loans and then collateralising ('slicing and dicing') them to spread the risk out among the various ISA holders. All in order to the ISA safer, you understand, so if a loan goes bad the loss is spread over many and not the few. Just like the sub-prime mortgage loans in the USA. And that worked out lovely, didn't it.
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pence
Posts: 46
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Isa
Sept 19, 2018 11:00:26 GMT
Post by pence on Sept 19, 2018 11:00:26 GMT
I also got a phone call from Scott. I asked if I would receive interest during the up to 60 days (for Wealth 60) 'in normal market conditions' till the loans are sold. He said yes. But the terms & conditions (https://lendywealth.com/terms/) clearly state no. Also said that he will send me an email which never arrived. All this didn't feel very professional.
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empirica
Member of DD Central
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Isa
Sept 19, 2018 11:16:39 GMT
Post by empirica on Sept 19, 2018 11:16:39 GMT
I also got a phone call from Scott. I asked if I would receive interest during the up to 60 days (for Wealth 60) 'in normal market conditions' till the loans are sold. He said yes. But the terms & conditions (https://lendywealth.com/terms/) clearly state no. Also said that he will send me an email which never arrived. All this didn't feel very professional.
How about 4.9.3? (Section 4 relates solely to LW investors)
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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: 11,330
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Isa
Sept 19, 2018 11:33:15 GMT
Post by ilmoro on Sept 19, 2018 11:33:15 GMT
I also got a phone call from Scott. I asked if I would receive interest during the up to 60 days (for Wealth 60) 'in normal market conditions' till the loans are sold. He said yes. But the terms & conditions (https://lendywealth.com/terms/) clearly state no. Also said that he will send me an email which never arrived. All this didn't feel very professional.
Similarly promised additional material on technical aspects of the product, reporting etc but nothing has materialised (probably didnt bother as I was fairly clear wasnt going to invest currently)
NB Lendy have now recieved ISA manager status from HMRC though surprisingly they havent trumpeted it
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pence
Posts: 46
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Isa
Sept 19, 2018 13:19:04 GMT
Post by pence on Sept 19, 2018 13:19:04 GMT
I also got a phone call from Scott. I asked if I would receive interest during the up to 60 days (for Wealth 60) 'in normal market conditions' till the loans are sold. He said yes. But the terms & conditions (https://lendywealth.com/terms/) clearly state no. Also said that he will send me an email which never arrived. All this didn't feel very professional.
How about 4.9.3? (Section 4 relates solely to LW investors) Hmm .. thanks for pointing this out. I remember reading that interest is only payed till the repayment request. So either I remember this incorrectly or the terms were changed. In any case I do apologise: Scott gave the right answer.
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tx
Member of DD Central
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Post by tx on Sept 20, 2018 7:28:47 GMT
If you lose two months of interests, annual return just dropped 16.7% from the 7%. That’s losing 1.17% in annual return, it becomes 5.83%! On other p2p with much less risk, if willing to go for 5 year term (you know which platform) you can get 6.5% at the moment.  |
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