More radical action is needed

It's time the regulator forced Lendy into administration, and loan agreements transferred to investors, particularly with a potential property crash getting ever closer with several successive months of flat-lining and receding prices - Valuations aren't going to get much better than they currently are. 


I've submitted a 17 page fact file to BBC's Watchdog, anyone else of a similar mindset ought consider doing the same, it has a habit of making regulators and Ombudsman prick their ears up, and thousands of "investors" speak out, as well as condemnation by other successful platforms.



Waiting for Lendy to work through £130m of ever increasing distressed loans is foolhardy, they have neither the skills, manpower or any sense of urgency, they can't even keep in regular communications anymore, and they can't fund any of the upcoming tranches either.  As others have pointed out Lendy are still turning a profit while investors have been taken to the cleaners. This isn't a situation that will continue forever with no new investments, the pyramid will collapse and the time to act will have passed. 

Their recovery ability is limited to the one or two percent they make on loans, rather than the 12pc we're owed, to say nothing for capital itself. 
The regulator needs to be made aware that this situation is untenable in the long term, and is simply placing investor funds at even further risk by plodding along at a snail's pace while everyone is pointing the finger of blame but doing nothing about it other than complaining at each other.


Sitting about on a little corner of the internet hoping Lendy will still be here next month and waiting for repayment emails which may never come isn't going to make this bad situation any less bad, it's inviting it to get worse. Action needs to be taken immediately, by all investors. FSA and Ombudsman complaints are the only way to get things moving before there's no Lendy left to move.

I would urge every investor to follow Lendy's complaints procedure with detailed concerns in order to obtain a final response, and then immediately proceed to the Ombudsman. While you wait for a final response in the mean time I would suggest beginning to collate information detailing how and why you believe Lendy has arrived in it's current state, and why you might feel that their recovery action simply isn't producing results at a reasonable standard.  The PR disaster means no new investors are coming on board, and that is no fault of investors. 

Lendy have absolutely no business launching a 2nd "Wealth" product with their current track record, it's trying to put out a fire with petrol. At the very least we may be able to walk away with new regulations to ensure this sub-prime lending debacle isn't allowed to trap innocent unsophisticated and retail investors in future.

would lendy make available to download my loan contracts between myself and the details of what i have signed up for by lending[not investing]to these people/SPVs/LTD.COs.it seems lendy are clinging on at the moment,but with nothing getting anywhere near funded and not likely to for the forseeable it does not look good for any of us.our biggest borrower recently had 2 ccjs against him for a mere 8k, ok lendy say this has now been sorted but does not give much hope for the millions tied up waiting for refinance on pie in the sky GDVs that are going to bite us all in the ar*e.as these loans are between myself and many different entities am i not entitled to a copy of each contract or have i lost that right by agreeing to lendys T@Cs.as with a lot of lenders i am finding all this p2p business very frustrating at the moment and whether i have been stupid/niave/to trusting or whatever this is certainly not what my idea of what P2P lending is all about.i really hope lendy are around long enough to salvage the best returns for all lenders.

In my opinion, at the moment, I consider people who succeed in trying to cause Ly to fail, would be directly responsible, imo for a delay in recovery of my investment, and a lessening of my investment where money had been diverted to an administrator. 

How long does a claim against a RICS insured valuer take where the value at risk is as high as it is in some cases? My knowledge only roughly of something somewhat different but does involve insurance companies: 5-6 years is the standard time for personal injury claims that go to court, sometimes the court hearing date can be moved several months forward which would take it to 7 years.

sure they will get the wheels turning, very slowly and charge you through the nose for the pleasure