How many of the 22000 + investors

I see thanks for this. Encouraging investors to add more funds to existing loans could still be considered “financial advice” and offering promises like “you’ll get all your money back it will just take 12-24 months” sounds highly unethical and bordering on mis-selling. Will be interesting to hear what other interactions people have had with Lendy customer services.

Hi Monetus,  further to my earlier post on the Lendy Wealth page.

After expressing an initial interest in Lendy Wealth......feel sure I saw it advertised on the standard Lendy site or email from Lendy.....I received two phone calls one from a "friendly and confident" young lady and one from a "Friendly and confident" man (Scott?)- thinking back now I'm sure the lady called first, she was to be my "Wealth advisor" after I had deposited the first 10k. She explained how LW worked and all the "hard work" of choosing which loans to go for would be done for me, after that I stopped hearing from her!! but received at least one more call from Scott? to see if I was happy, and to ask if I was thinking of Investing more! I was at that time as the first interest payments had started coming in.  

I am not at all hopeful of receiving compensation from the FSCS after reading the following confusing passage from another P2P site.....See below.



"The activity of advising on P2P investment became regulated in April 2016; previously it wasn’t. As a result, FSCS compensation may be claimed if an investor is advised to invest in P2P, that advice is shown to have been unsuitable and the adviser has failed (gone bust) in the meantime. The FSCS put out a news bulletin which seems to have caused some to believe that P2P may be covered by the FSCS; only if unsuitable advice was involved and only if the adviser was authorised to advise on P2P investment at the time. Since P2P platforms presently tend not to offer any form of advice, and are unlikely to be authorised to do so at this stage, this is likely to apply only in situations where a properly-authorised third-party adviser has recommended investment in P2P. The FSCS news bulletin explains it well."

I remembered them calling me a few times to get access to Lendy Wealth. Every time I told them they should sort out their current loan book first.

Then I also asked them, "why would I choose Lendy Wealth instead of picking myself the better loans?"

Then the guy told me that Lendy Wealth would have access to privileged loans not available for other investors. These loans would be safer and better and only for Lendy Wealth investors.

Not sure how true it is, and it isn't written anywhere, but still sounded very fishy as a last attempt to trick me into this. Good thing I didn't want to have more cash stuck into it!

Well if the borrowers were to buy the assets back then they could potentially be seized again where that buyer has given a PG against the loan, probably be bought in some shady shell company with some help from LB who probably already owns the title deeds to the land

FCA probably looking at Lendy offering up to 3% of capital on late loans. Even with the warning some might have been taken in without due care.

After I read all comments above, I feel like really "little" fool with my loss 500GBP. But to be honest, I would not sleep well if I knew that thousands of my savings is locked in this black box without the expiration. Finger crossed for all of us. If I get 10% back, I would be more than happy and take it like a really bad but helpful experience!

To me it is still worth the risk in investing in some P2P firms. 2% on savings is pathetic and is basically the same rate as inflation... I know Lendy is looking a very bleak situation right now but if you were a lucky investor and got out early/picked the good loans, you would have made a nice sum of money. I still believe there are much better managed P2P companies than Lendy that offer a nice return.