chuchuj
New Member
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Post by chuchuj on May 3, 2019 15:48:33 GMT
nope
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epic
Posts: 14 
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Post by epic on May 3, 2019 15:52:44 GMT
Also nope
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neal
Member of DD Central
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Post by neal on May 3, 2019 16:01:51 GMT
No, I'm still waiting to be credited my £2.10 so I can withdraw it.
I suppose the notice does say "Please note we have now resolved our banking services issues and are working through the backlog and hope to complete all outstanding requests within the next 48 hours" hope being the get out clause.
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sl75
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Post by sl75 on May 3, 2019 16:04:53 GMT
48 hours divided by 8 working hours a day is 6 working days, isn't it?  |
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Mucho P2P
Member of DD Central
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Post by Mucho P2P on May 3, 2019 16:13:01 GMT
Exactly 48 hours since I received an email saying: " We have now resolved these issues, are working through the backlog and hope to complete all outstanding requests within the next 48 hours'.Has a single person here received any notification of a successful credit or withdrawal of funds to/from Lendy? Received nothing yet, no interest, no notification, no updates.
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MarkT
Member of DD Central
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Post by MarkT on May 3, 2019 20:45:59 GMT
Whatever happened to the old adage of "under promise and over deliver"?
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Post by GSV3MIaC on May 4, 2019 7:17:06 GMT
Whatever happened to the old adage of "under promise and over deliver"?
Seems to be incompatible with all P2P companies, ime.
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ptr120
Member of DD Central
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Post by ptr120 on May 4, 2019 7:18:32 GMT
The banner on the website now states that it will take until close of business on Tuesday to work through the backlog of requests.
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Mucho P2P
Member of DD Central
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Post by Mucho P2P on May 4, 2019 8:44:24 GMT
The banner on the website now states that it will take until close of business on Tuesday to work through the backlog of requests. Frankly, with so few payments actually coming though (who has actually received or had a payment credited yet?), just how LARGE is this "backlog"? At what rate are they being processed by Lendy? It is now clear, if it takes this long for Lendy to resolve a few payments, no wonder the [backlog of] defaulted loans are taking Lendy years upon years to resolve! If Liam was not otherwise occupied by setting up "PayMeToday" and other thumb twirling activities, and actually assisting in processing the "backlog", it might have just been resolved by now. Lendy - lets have some stats, how many transaction are you attempting to process, and how many people are dealing with these transactions? Your historic rate of transaction processing should have given you more than a guide if it would have been possible to conclude the backlog by close of business yesterday or not. Appears someone overestimated the time needed by a factor of 50%. Not good, when numbers are involved and you are a financial business! What hope is there in actually dealing with the backlog of defaults, if the backlog of payments is proving too much to handle in your own allocated time frame?
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invester
P2P Blogger
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Post by invester on May 4, 2019 9:20:32 GMT
Don't buy it myself, I think it's a pack of lies, just how the 'banking issues' are nothing to do with the bank and everything to do with the FCA not allowing them to do any banking.
Not sure what else they could do. The choices are say nothing and do nothing, not really acceptable. Fronting up about running everything through the FCA might see an avalanche of (attempted) selling out and more bad press. Pretending that these issues are caused by something else and hoping it resolves itself in the months to come is the only way forward. I have an irrational hope that with some FCA muscle behind it some of these refinances might speed up but I doubt it.
It is akin to watching a car crash in slow motion. I really do think that Lendy itself is in a period of forbearance from the FCA, and when it becomes apparent that they are not going to resolve anything I think they will have to step in and shut them down. In my own opinion it is scandalous that the possibility for a new user to register and deposit exists because clearly the projected returns have no chance of being delivered.
Is there much of a difference between Wealth365 as of now and the LCF debacle? In my opinion no, because any money invested into that on the face of it is not tied into any particular asset, it is only claimed to be.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on May 4, 2019 9:58:00 GMT
I think the FCA are in a difficult position, do they close Lendy down, or support them to what many now seem to think is an inevitable failure. Either way some lenders will feel mislead and the FCA will be in the firing line, as they are with Collateral.
And how long will Lendy soldier on with all the restrictions, bad press and criticism?
I can't see this ending well, unless there is a major shift, like a change of ownership.
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Mucho P2P
Member of DD Central
Posts: 946
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Post by Mucho P2P on May 4, 2019 10:37:58 GMT
I think the FCA are in a difficult position, do they close Lendy down, or support them to what many now seem to think is an inevitable failure. Either way some lenders will feel mislead and the FCA will be in the firing line, as they are with Collateral. And how long will Lendy soldier on with all the restrictions, bad press and criticism? I can't see this ending well, unless there is a major shift, like a change of ownership. The FCA are partly to blame as they were the ones that authorised Lendy (after a long application process) last July 2018, apparently having checked over their contracts, back office, AML procedures, compliance, budgets + cash flows, systems and controls, and the numerous other checks. Something is seriously amis here. Lets see who blames who when the dust settles on this fiasco.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on May 4, 2019 10:51:58 GMT
I think the FCA are in a difficult position, do they close Lendy down, or support them to what many now seem to think is an inevitable failure. Either way some lenders will feel mislead and the FCA will be in the firing line, as they are with Collateral. And how long will Lendy soldier on with all the restrictions, bad press and criticism? I can't see this ending well, unless there is a major shift, like a change of ownership. The FCA are partly to blame as they were the ones that authorised Lendy (after a long application process) last July 2018, apparently having checked over their contracts, back office, AML procedures, compliance, budgets + cash flows, systems and controls, and the numerous other checks. Something is seriously amis here. Lets see who blames who when the dust settles on this fiasco. Presumably all the relevant bits were deemed OK. But if the FCA had refused full permission (bearing in mind Lendy were fully operational under interim permission) that would also have left lenders in a mess, with cries of why couldn't the FCA have help them through it etc.
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Mucho P2P
Member of DD Central
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Post by Mucho P2P on May 4, 2019 11:17:28 GMT
The FCA are partly to blame as they were the ones that authorised Lendy (after a long application process) last July 2018, apparently having checked over their contracts, back office, AML procedures, compliance, budgets + cash flows, systems and controls, and the numerous other checks. Something is seriously amis here. Lets see who blames who when the dust settles on this fiasco. Presumably all the relevant bits were deemed OK. But if the FCA had refused full permission (bearing in mind Lendy were fully operational under interim permission) that would also have left lenders in a mess, with cries of why couldn't the FCA have help them through it etc. For the FCA to grant approval, "all relevant bits" have to fully comply. If there are any sections that do not comply, the applicant is given time to rectify and then for the FCA to reassess once the applicant is ready. There is no time limit imposed upon the FCA to grant authorisation, they could have very easily left Lendy with interim permission whilst Lendy were sorting out [any further] FCA queries.
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sydb
Member of DD Central
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Post by sydb on May 4, 2019 12:24:37 GMT
Pretending that these issues are caused by something else and hoping it resolves itself in the months to come is the only way forward. This may have been Lendy's policy on client communications for a number of years. The FCA are partly to blame as they were the ones that authorised Lendy (after a long application process) last July 2018, apparently having checked over their contracts, back office, AML procedures, compliance, budgets + cash flows, systems and controls, and the numerous other checks. Something is seriously amis here. The timing has got to be one of the most embarrassing things for the FCA and may help explain why they have kept such a low profile. However, the FCA have to obey the law and I think some people think they have the powers of a fairy godmother. I would have thought that imposing restrictions is a little easier legally than removing a CEO or shutting a company down, particularly when doing so does not guarantee lenders will end up better off. On a side note, on a superficial level, I don't feel such an idiot for using Lendy given that they also managed to 'achieve' FCA approval after all their 'due diligence'.
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