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Post by HMS Ardent on May 27, 2019 11:54:35 GMT
Hello everyone,
My first post so greetings to you all.
Like most of you I'm feeling very angry and sick to my stomach, but most of all guilty. Guilty in the fact that I was mugged into putting £30k into the Lendy Wealth platform and persuading my Wife to do the same!!
Both lots of monies came from our pension pots to act as a regular monthly income above the pitiful rates of return from an annuity. Now all seems lost.
According to the Lendy Wealth website "Investors’ money is invested in a diversified and managed property investment portfolio, in accordance with Lendy’s standard lending criteria"...does anyone know if this is truly the case? And will the administrators handle the Lendy wealth lenders accounts in the same way or will we be at the back of the queue? Any advice would be truly helpful. Thank you.
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Monetus
Member of DD Central
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Post by Monetus on May 27, 2019 12:11:12 GMT
Hello everyone, My first post so greetings to you all. Like most of you I'm feeling very angry and sick to my stomach, but most of all guilty. Guilty in the fact that I was mugged into putting £30k into the Lendy Wealth platform and persuading my Wife to do the same!! Both lots of monies came from our pension pots to act as a regular monthly income above the pitiful rates of return from an annuity. Now all seems lost. According to the Lendy Wealth website "Investors’ money is invested in a diversified and managed property investment portfolio, in accordance with Lendy’s standard lending criteria"...does anyone know if this is truly the case? And will the administrators handle the Lendy wealth lenders accounts in the same way or will we be at the back of the queue? Any advice would be truly helpful. Thank you. Welcome to the forum. Sorry that you have joined us in these circumstances. To be honest I haven’t properly looked at the Lendy Wealth model or terms in full but it’s very early days and impossible to really know how the various terms will be interpreted by the administrators. Hopefully someone who knows more about the LW model and any “run down plan” mentioned in the terms can chime in...
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Post by denzilh on May 27, 2019 12:23:51 GMT
I'm sorry you have got money in Lendy "wealth" It could be possible that your money was never invested into loans and maybe in the client account still? Maybe wishful thinking??
There has been little transparity with us investing in self select loans and the "wealth" gives even less info as to where they have invested and progess of the loan book.
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zccax77
Member of DD Central
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Post by zccax77 on May 27, 2019 12:32:38 GMT
I hope 30k is a small part of your SIPP.
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Post by p2plender on May 27, 2019 13:05:49 GMT
Who and how were you 'persuaded'?
IMO it was all over well before Brooke invented 'wealth'.
Myself and many on here commented at the time, that it was just further funding to keep paying wages...
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invester
P2P Blogger
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Post by invester on May 27, 2019 13:08:02 GMT
Did Lendy not say there was over £1m invested in these products? Although the rapid reduction in minimum investment suggested it wasn't a roaring success and IMO more to do with smoothing cashflows.
In theory they would have known which loans were better than others and front-running the secondary market, they could have built a superior portfolio of loans to all self-select investors.
Perhaps treatment for these lenders might be a bit different, as it seems to have more in common with LCF.
Gut feeling is that not all LW money was not apportioned to loans.
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sl75
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Post by sl75 on May 27, 2019 14:10:22 GMT
Hello everyone, My first post so greetings to you all. Like most of you I'm feeling very angry and sick to my stomach, but most of all guilty. Guilty in the fact that I was mugged into putting £30k into the Lendy Wealth platform and persuading my Wife to do the same!! Both lots of monies came from our pension pots to act as a regular monthly income above the pitiful rates of return from an annuity. Now all seems lost. According to the Lendy Wealth website "Investors’ money is invested in a diversified and managed property investment portfolio, in accordance with Lendy’s standard lending criteria"...does anyone know if this is truly the case? And will the administrators handle the Lendy wealth lenders accounts in the same way or will we be at the back of the queue? Any advice would be truly helpful. Thank you. The main people who know (or will soon find out) if that is actually the case are the appointed administrators, and the FCA who've been giving Lendy VERY close scrutiny for the last few weeks/months.
As the first person I know of who's publicly admitted to having even touched the "Lendy wealth" product, I'd be fascinated to know what you actually see when you log in - e.g. are there sections of the site you can click through to in order to find out where it says your money is currently invested, or is absolutely no information given apart from the amount invested and the product?
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Post by HMS Ardent on May 27, 2019 14:16:14 GMT
Hello everyone,
thank you for the replies. To be honest I have only myself to blame. I was totally oblivious that Lendy were even in difficulties until about 3 weeks ago!!
With Lendy wealth I first showed an interest in October and was phoned by a "Client advisor"...can't even remember his name now!!! Guess I/we were being greedy with the rates of return on offer with the LW365 account, first deposit was 10k and sure enough received the interest in November, Dec. and January. Thought this was great so invested another 10K, same again interest payments for the next 3 months. Finally invested another £10k in April!!!!! Sadly after that no more interest payments!!! Same for my Wife so £60k in Lendy Wealth. Plus smaller amounts in our basic Lendy platforms....a big chunk of our pension monies.
Apologies for sounding very naive and ignorant but I've only found this forum days before Lendy went pear shaped.
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Post by HMS Ardent on May 27, 2019 14:19:31 GMT
Hello everyone, My first post so greetings to you all. Like most of you I'm feeling very angry and sick to my stomach, but most of all guilty. Guilty in the fact that I was mugged into putting £30k into the Lendy Wealth platform and persuading my Wife to do the same!! Both lots of monies came from our pension pots to act as a regular monthly income above the pitiful rates of return from an annuity. Now all seems lost. According to the Lendy Wealth website "Investors’ money is invested in a diversified and managed property investment portfolio, in accordance with Lendy’s standard lending criteria"...does anyone know if this is truly the case? And will the administrators handle the Lendy wealth lenders accounts in the same way or will we be at the back of the queue? Any advice would be truly helpful. Thank you. The main people who know (or will soon find out) if that is actually the case are the appointed administrators, and the FCA who've been giving Lendy VERY close scrutiny for the last few weeks/months.
As the first person I know of who's publicly admitted to having even touched the "Lendy wealth" product, I'd be fascinated to know what you actually see when you log in - e.g. are there sections of the site you can click through to in order to find out where it says your money is currently invested, or is absolutely no information given apart from the amount invested and the product?
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Post by HMS Ardent on May 27, 2019 14:31:32 GMT
Thanks sl 75, My LW account page shows only dates of payments in and Interes ![]() t payments. My Investment breakdown page shows basically nothing except for "Portfolio status active". |
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cwah
Member of DD Central
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Post by cwah on May 27, 2019 14:37:16 GMT
I've lost load of money to lendy too although not on lendy wealth  |
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Post by captainconfident on May 27, 2019 14:37:23 GMT
The main people who know (or will soon find out) if that is actually the case are the appointed administrators, and the FCA who've been giving Lendy VERY close scrutiny for the last few weeks/months.
As the first person I know of who's publicly admitted to having even touched the "Lendy wealth" product, I'd be fascinated to know what you actually see when you log in - e.g. are there sections of the site you can click through to in order to find out where it says your money is currently invested, or is absolutely no information given apart from the amount invested and the product?
Sir, I want to give you a manly hug and try to reassure you as much as I can. What can I say? These investments are asset based, so there is security underlying which can be sold and will recoup some of the money. Secondly, as has been said. this firm is FCA authorised and has been under strict FCA supervision for months now, so you are not a victim of a fraud here, just bad management which the FCA has had under observation. Blimey, having written that, I hope it's true!
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james21
Member of DD Central
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Post by james21 on May 27, 2019 14:41:57 GMT
Hello everyone, My first post so greetings to you all. Like most of you I'm feeling very angry and sick to my stomach, but most of all guilty. Guilty in the fact that I was mugged into putting £30k into the Lendy Wealth platform and persuading my Wife to do the same!! Both lots of monies came from our pension pots to act as a regular monthly income above the pitiful rates of return from an annuity. Now all seems lost. According to the Lendy Wealth website "Investors’ money is invested in a diversified and managed property investment portfolio, in accordance with Lendy’s standard lending criteria"...does anyone know if this is truly the case? And will the administrators handle the Lendy wealth lenders accounts in the same way or will we be at the back of the queue? Any advice would be truly helpful. Thank you. Not all lost there is some value in the securities but its anyone's guess what will ultimately be returned to lenders
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kaya
Member of DD Central
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Post by kaya on May 27, 2019 14:43:21 GMT
A sad story indeed.
Forums can work the other way too though. It was through this forum that many people first heard of the Collateral platform - and now wish they never had.
Doubt that will make you feel any better though.
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Post by HMS Ardent on May 27, 2019 14:44:58 GMT
Thank you Captainconfident your words are a great encouragement to all of us.  |
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