An Update From The CEO

Also, not much harm emphasising the high risk now, is there, after so many have invested so much?

I have spoken to many CEOs and Chairmen of other P2P platforms in this country over the past year. I never bring up the Lendy issue, however, about 80% of the time it is brought up by the people I converse with. My general take from our talks is that (a) they do not like the impression/reputation that Lendy gives to the P2P industry and (b) they are waiting to see the outcome of the gross amounts of losses. 

I think people should always be able to spend or waste their cash how they see fit.

I think many people were taken in by the new p2p and fintech bubble and close to zero returns from mainstream deposit accounts.

I think some people, me included, were taken in by what was being written in forums such as this.

Back in 2016 I was reading a thread on FC I think, & posters on there were slagging off FC about defaults, low(ish) returns etc & saying how wonderful Saving Stream were, with the standard 12% rate & NO defaults.
Looking to diversify (I'm now in 9 platforms + Collateral) I started investing & to be fair, I've had over £5k in interest from them.
However, SS/Ly have gone the same way (possibly further) than some other platforms in having over-ambitious valuations, slow or no action on recoveries, & lack of adequate communications.
Other platforms are now having their detractors, with posters slagging them off left right and centre (FS comes to mind)

So yes, I was taken in by those wonderful comments made back then about SS, just as michaelc & others have been.

As far as Ly are concerned, I've long since assumed that the platform has got a lot to live up to & I'm expecting to get little or no return on my 5 figure investment (I already sold all I could back in 2017).

I read with amusement some of the posts that were saying that Liam has left the UK with our cash in his suitcase, but that's clearly not the case.
Yes, he's made his cash (who in the finance industry hasn't)
Yes LY are in a bad place.
Yes we've been let down.

But the bottom line is that LY are still there, and seem to be trying to recover some of the cash for us (I got over £100 today, which is now on its way to my bank).
Lets hope they try harder, because if they don't, then the platform will die on its feet.

Meanwhile, simply slagging people off on this & other threads, ain't going to solve anything.

If I was running a platform & you did that to me, I'd just say s*d you, I'm off, & you'd all be worse off.

Sorry about the rant, I don't do it very often (honest)

and to add insult to injury some are frangible bullets

Email 29/03/19 16:51 titled 'Update from the CEO'.

As I see it, exercising patience is the healthiest position. There's nothing we can do to recover funds stuck in failed loans. It was good to receive this e-mail, confirmation of activities is much better than silence.