More radical action is needed

I firmly believe more invasive oversight is what is needed right now, but this is just my opinion and should be debated with others. If enough investors request that the regulators should receive detailed monthly updates directly from Lendy, we may find more progress is made across the board.

We can debate this eternally, so I would suggest that we conclude any group decision on our objectives in the coming weeks before xmas and then should it be agreed, act upon it in January.

Your thoughts boys and girls?

I have to laugh at the idea of lenders running the platform.

Lendy and the model of massive projects are a busted flush, and a change of owners isn't going to change that. That is the real problem.

You're right. There are hell of a lot of risks, I just what nobody bargained for was that some of them are correlated together.

The massive blocks of flats going up over London is testament to that big multi-million developments do work, but then these are constructed in a different world from Lendy.

Correcting all those points would be very expensive I feel, and I don't think P2P is a suitable method for these things, because the developer holds all the cards while a development is only partially complete. There are so many examples of this.

Even if Lendy gave lenders the business collectively for free, there would be no avoiding of very poor results. For many of the bad projects on there, the damage has been already done.

FCA and Ombudsman are a waste of time. Many on here have written to them as well as TP contributors.

If Lendy truly were interested in winning over investors, then the elusive Lendy Paul would be contributing on here. After all he couldn't wait to get on here and tell us they had FCA authorisation - a quite incredible feat given the circumstances.

They appear a shameless organisation and therefore I feel you're wasting your time. Probably best to keep spreading the word and warning potential investors away. Nothing wrong with a bit of altruism in this case.

Folks,


In 9 pages of comments in response to this thread the general feeling (and I may be wrong) seems to be that many here would like to see some kind of deeper oversight by the regulators into lendy’s ability to put investors interests first as a priority, and assurances that the many issues aren’t simply being kicked down the road.

We have no idea how lendy are prioritising recoveries, but one would imagine that greater attention is being given to the more lucrative recoveries which may be a conflict of interest in that Lendy are essentially working on commission and targeting their recoveries on that basis, while “lost cause” defaults into several hundred days are given less attention to maintain a limited reputation of zero write off’s, and the extreme legal implications a write off would have to the platform and P2P as a whole.

It’s been mentioned that a joint open letter to both the Ombudsman and the FCA, signed by investors could be an option, as it doesn’t seem that investor’s concerns are reaching the regulators in any substantial way.


A 2nd option suggested would be for individual investors write an independent and private letter to the regulators in a coordinated campaign to simply ensure that concerns are being highlighted in quantity where both the Ombudsman and the FCA currently appear to be watching from afar.

The overwhelming consensus appears to be that most would welcome increased oversight, but without direct interference at this stage. This would go some way to alleviating investor’s concerns that regulators could assure investors that Lendy have the skills and experience to maximise their recovery activities, rather than mincing words with single paragraph monthly commentaries on multi million pound assets. Monthly reports to both investors and regulators by Lendy may produce more detailed and substantial reports with verifiable facts. Investors could then take up any issues with those reports with Lendy and the regulators jointly.

Investors would like to have complete records of activities and communications in any given monthly period on each loan. Dates and times of telephone calls, summaries of communications, copies of letters. They may or may not be subject to an NDA, however investors can no longer be satisfied that progress is being made when monthly updates are simply rewords of the previous month. Where progress is made, where no visible action or progress is being made, or where a specific reason for no progress has occurred, investors should absolutely be privy to it. Obscuring, withholding and providing misleading information to investors must come to an end. 


I’m no union leader and I’m fresh to this forum having lurked since H********** but since lost my final two investments to defaults which were up for sale earning no interest since the end of 2017. Any action must take into consideration the interests of many who have ended up locked in Lendy as it was originally marketed as a savings platform advertising on Facebook who gradually started to see the secondary market fail after it was too late, right up to experienced investors who have no issue with waiting several years if need be to get their capital back, so there must be middle ground we can all agree on due in part to the wide net Lendy cast to draw individuals into their platform.


This kind of coordinated action would require pragmatism by all involved, and we should all bear in mind that regulators are more interested in drawing a line under this to ensure it doesn’t happen again.

It doesn't require 100% consensus of all investors here, but I feel that should be our intention to ensure consistency and a unified voice.
We should all also be absolutely aware that Lendy will be reviewing every comment in this thread as we are.  
I firmly believe more invasive oversight is what is needed right now, but this is just my opinion and should be debated with others. If enough investors request that the regulators should receive detailed monthly updates directly from Lendy, we may find more progress is made across the board.

We can debate this eternally, so I would suggest that we conclude any group decision on our objectives in the coming weeks before xmas and then should it be agreed, act upon it in January.


Your thoughts boys and girls?