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Post by broker2020 on Dec 20, 2018 13:00:13 GMT
Has anybody with the Lendy wealth product managed to successfully get their money out, in particular the Wealth60 account. I have just heard a disturbing story that the money is being used to pay the interest on certain deals, and I am not sure if this is just speculation or fact.
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Carter
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Post by Carter on Dec 20, 2018 13:03:43 GMT
Has anybody with the Lendy wealth product managed to successfully get their money out, in particular the Wealth60 account. I have just heard a disturbing story that the money is being used to pay the interest on certain deals, and I am not sure if this is just speculation or fact. What's your source?
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Mucho P2P
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Post by Mucho P2P on Dec 20, 2018 13:48:47 GMT
Has anybody with the Lendy wealth product managed to successfully get their money out, in particular the Wealth60 account. I have just heard a disturbing story that the money is being used to pay the interest on certain deals, and I am not sure if this is just speculation or fact. Has this "source" come from within Lendy mansions? The interest is pre-paid upfront, so I see no reason why the Wealth60 would be paying interest due on other loans. So which deals are having their interest paid by the Wealth60 product?
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withnell
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Post by withnell on Dec 20, 2018 15:50:23 GMT
Has it been around long enough for anyone to have invested and given the 60 days notice required for withdrawal?
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Mr_N
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Post by Mr_N on Dec 21, 2018 15:36:06 GMT
Wealth is the most ridiculous and dangerous idea Lendy have pulled out of their arse to date.
Where are they going to get money from when a large number of investors give 60 days notice?
Where are they going to get the money from when a borrower defaults?
Oh yes, that's right, they will get the money from new investors to pay for capital returns to existing investors. That plan can't fail! Anyone considering putting capital in to Lendy Wealth must be allergic to money.
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rocky1
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Post by rocky1 on Dec 21, 2018 15:58:49 GMT
i think they call it multi level marketing or a pyramid scheme. that seems to be the business model anyway.
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Mucho P2P
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Post by Mucho P2P on Dec 21, 2018 16:35:07 GMT
Wealth is the most ridiculous and dangerous idea Lendy have pulled out of their arse to date. Where are they going to get money from when a large number of investors give 60 days notice? Where are they going to get the money from when a borrower defaults? Oh yes, that's right, they will get the money from new investors to pay for capital returns to existing investors. That plan can't fail! Anyone considering putting capital in to Lendy Wealth must be allergic to money. Very misleading title for an investment product, as would be expected from Lendy. It is certainly not the WEALTH of the Lenders, more like the WEALTH of Liam/Lendy it is titled after!
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GeorgeT
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Post by GeorgeT on Dec 21, 2018 16:37:10 GMT
Has it been around long enough for anyone to have invested and given the 60 days notice required for withdrawal? Yes. I remember the new COO Robert Kelly giving an interview to promote Wealth at Cowes week , and that was back in August. So Wealth must have been going for 4 months now.
I think it says somewhere that the notice periods are only meetable in normal market conditions. Presumably the current situation re: LY mass defaults/suspensions, and re: Brexit uncertainty etc, would result in LY having reason not to returned the money after 60 days because of the unusual times.
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trevor
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Post by trevor on Dec 21, 2018 16:44:03 GMT
I notice Broker2020 has not revealed his source. Could just be a scaremongerer.
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jomantha
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Post by jomantha on Dec 21, 2018 17:30:24 GMT
I notice Broker2020 has not revealed his source. Could just be a scaremongerer. Given lendys behaviour I don't think there is anything more scarey than Lendy themselves
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wuzimu
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Post by wuzimu on Dec 21, 2018 18:22:37 GMT
Yeah I had a horrible nightmare earlier in week, that I had somehow got bamboozled by lendy marketing and invested a shedload into 'wealth', tried to exit and couldn't. Wife woke me up cos I was swearing in my sleep apparently. So relieved that it was just a dream.
Went downstairs for breakfast and there was the HCR letter on the mat.
Swearing started again.
Have a very lendy Xmas everybody🎅😬
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Carter
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Post by Carter on Dec 21, 2018 18:25:30 GMT
I notice Broker2020 has not revealed his source. Could just be a scaremongerer. Quite. It says something about the state of this board doesn't it. People can drop grenades and then put their feet up and watch the usual suspects regurgitate ad infinitum.
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bugs4me
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Post by bugs4me on Dec 21, 2018 19:16:19 GMT
I notice Broker2020 has not revealed his source. Could just be a scaremongerer. Quite. It says something about the state of this board doesn't it. People can drop grenades and then put their feet up and watch the usual suspects regurgitate ad infinitum. Carter - couldn't agree more - hence many of the original regular posters no longer bother to contribute. The forum was originally intended to be a source of (reliable) information and advice relating to P2P. Sadly it's become more like a gossip Facebook shop and you need to search (if you can be bothered) for the reliable stuff.
Just a personal observation.
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Post by charliebrown on Dec 22, 2018 0:01:44 GMT
Hasn’t LY just used clever language here, stating the WEALTH product pays up to 10% interest (read 0%) and requires at least 60 days notice (read you’re never getting your money back).
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jcb208
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Post by jcb208 on Jan 17, 2019 12:37:14 GMT
looks like we need to get a move on , had this email today   Quick! Secure up to 10% returns with Lendy Wealth John, we will soon be dropping the interest rates on our Lendy Wealth accounts. |
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