ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,333 
Likes: 11,556
|
Post by ilmoro on Jul 4, 2019 8:47:34 GMT
All very interesting & yet no-one has mentioned the key player in all this fantasy ...
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Jul 4, 2019 9:34:48 GMT
All very interesting & yet no-one has mentioned the key player in all this fantasy ... It's true. The FCA almost certainly wouldn't approve of a couple of random blokes from the Internet with no financial background or experience managing c. £150 million quid of investor money in the Lendy wind down. Although.... 
|
|
TenKay
Member of DD Central
Posts: 144
Likes: 117
|
Post by TenKay on Jul 4, 2019 17:20:10 GMT
i got an email saying i had been approved, then another saying denied doesn't fill me with confidence Tip - If you actually fill out the basic entry questions properly instead of just writing "hello" your chances of approval will greatly increase.  and can i ask for what purpose does the question serve ? just seems inane to me
|
|
|
|
Post by queenvictoria on Jul 4, 2019 20:01:10 GMT
Tip - If you actually fill out the basic entry questions properly instead of just writing "hello" your chances of approval will greatly increase. and can i ask for what purpose does the question serve ? just seems inane to me I joined the website a couple of weeks ago and can't now remember the exact detail of the questions but the purpose, it seemed to me, was to be able to identify me as bone-fide Lendy investor. What is wrong with that? Might I politely suggest, TenKay, that you either complete the questions and the rest of the application process or otherwise go off and plough your own furrow. The people behind LAG have got better things to do than chew the fat with you and end up in a pointless argument. Please don't pursue it.
|
|
|
|
Post by philhove on Jul 4, 2019 20:34:50 GMT
Might I politely add to TenKay - "go and waste your own time and do not bother those working their backsides off, putting in so many hours of the day and night on our LAG behalf to provide you, (assuming you have investments) - and the rest of us investors a valuable lobbying source to maximize our return from the Lendy Administrator's. <removed by mod> and leave those doing valuable work on our behalf to get on with it.
|
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on Jul 5, 2019 6:40:21 GMT
Tip - If you actually fill out the basic entry questions properly instead of just writing "hello" your chances of approval will greatly increase. and can i ask for what purpose does the question serve ? just seems inane to me It serves to bias the membership of the group to those who answer the question in a manner that the gatekeeper for the group wants to hear. Whether you consider that a good thing or not would of course depend on whether that bias results in a group whose interests are more aligned with yours or less.
Edit: I can understand that an "action group" wants people who are going to participate in some kind of "action", so biasing towards those who are "at least bothered to fill in one simple form" makes sense for them. Other criteria or biases, whether intentional or not, would be much more of a matter of speculation.
|
|
TenKay
Member of DD Central
Posts: 144
Likes: 117
|
Post by TenKay on Jul 5, 2019 13:40:39 GMT
i notice the entry question has now been changed
now i cant argue with that one, the old one really wasn't any help unless you just wanted a rant
|
|
TenKay
Member of DD Central
Posts: 144
Likes: 117
|
Post by TenKay on Jul 5, 2019 13:42:16 GMT
Might I politely add to TenKay - "go and waste your own time and do not bother those working their backsides off, putting in so many hours of the day and night on our LAG behalf to provide you, (assuming you have investments) - and the rest of us investors a valuable lobbying source to maximize our return from the Lendy Administrator's. <removed by mod> and leave those doing valuable work on our behalf to get on with it. you can ask it anyway you wish and yes i have circa 14k not including any "interest payment" due
|
|
wuzimu
Member of DD Central
Posts: 236
Likes: 735
|
Post by wuzimu on Jul 6, 2019 11:36:57 GMT
Brief update of LAG meeting with RSM 5July (w/ref to LAG position statement) uploaded to LAG website.
Expanded report next week.
*** I will produce a short version for this site this evening ***
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Jul 6, 2019 11:46:53 GMT
Any reason that can't be repeated here even in a redacted form? After all, I assume if you've (the LAG) been meeting with RSM then in effect all Lendy investors have paid for it already.
|
|
michaelc
Member of DD Central
Say No To T.D.S.
Posts: 5,712
Likes: 2,986
|
Post by michaelc on Jul 6, 2019 14:04:49 GMT
I'm a bit surprised at some of the stick Monetus is getting.
He's clearly put in a lot of time and effort to get this show off the road. It might not be perfect for this or that reason but boy do we need some kind of voice that at least broadly represents us.
There are so many problems with p2p. Just one of those is that whilst lenders ought to be on the same side, quite often we're not. In fact some of the platforms require lenders to compete with each other to do well. If we start nit-picking about who is going to represent us now or partially represent us, or campaign for us maybe folk like Adam will get pi**sed off, drop it and then we'll have even less of a voice recovering what is due.
|
|
Greenwood2
Member of DD Central
Posts: 4,385
Likes: 2,784
|
Post by Greenwood2 on Jul 6, 2019 15:31:35 GMT
I'm a bit surprised at some of the stick Monetus is getting. He's clearly put in a lot of time and effort to get this show off the road. It might not be perfect for this or that reason but boy do we need some kind of voice that at least broadly represents us. There are so many problems with p2p. Just one of those is that whilst lenders ought to be on the same side, quite often we're not. In fact some of the platforms require lenders to compete with each other to do well. If we start nit-picking about who is going to represent us now or partially represent us, or campaign for us maybe folk like Adam will get pi**sed off, drop it and then we'll have even less of a voice recovering what is due. I hope you mean on the road!
|
|
iRobot
Member of DD Central
Posts: 1,680
Likes: 2,477
|
Post by iRobot on Jul 6, 2019 15:32:08 GMT
I'm a bit surprised at some of the stick Monetus is getting. He's clearly put in a lot of time and effort to get this show off the road. It might not be perfect for this or that reason but boy do we need some kind of voice that at least broadly represents us. There are so many problems with p2p. Just one of those is that whilst lenders ought to be on the same side, quite often we're not. In fact some of the platforms require lenders to compete with each other to do well. If we start nit-picking about who is going to represent us now or partially represent us, or campaign for us maybe folk like Adam will get pi**sed off, drop it and then we'll have even less of a voice recovering what is due. That's a interesting statement of fact. Begs the questions: Which ones, and how?
|
|
|
|
Post by samford71 on Jul 6, 2019 16:24:09 GMT
I'm a bit surprised at some of the stick Monetus is getting. He's clearly put in a lot of time and effort to get this show off the road. It might not be perfect for this or that reason but boy do we need some kind of voice that at least broadly represents us. There are so many problems with p2p. Just one of those is that whilst lenders ought to be on the same side, quite often we're not. In fact some of the platforms require lenders to compete with each other to do well. If we start nit-picking about who is going to represent us now or partially represent us, or campaign for us maybe folk like Adam will get pi**sed off, drop it and then we'll have even less of a voice recovering what is due. I'm not sure he is getting that much stick. The positive feedback seems to outweigh the negative feedback by a solid ratio. Nonetheless, it's reasonable for some to disagree. LAG does not pretend to represent every Lendy investor. In fact is only represents say 4% of Lendy investors, albeit I suspect rather more of the active investor base. Nor will it's aims align with every Lendy investor.
I've had concerns about the management of Lendy since they started in 2013. About their lack of experience, their prior roles in other companies, fee structure etc. So I think some of LAG's aims align with mine (I have so little on Lendy it hardly matters). I want Lendy investors to have their rights as bilateral lenders upheld but also be treated as creditors of Lendy. I'd want an efficient wind-down of the Lendy book that maximizes realisations on a loan-by-loan basis. I'd also argue for an investigation into the conduct of Lendy's directors by RSM.
I'm less keen on other parts of LAG objectives. There seems to be a 'compensation' culture building up with Lendy. Lendy was always going to be very high risk. The 12% nailed that on and to pretend otherwise is duplicitous. I fear that LAG's objectives may allow some investors to rewrite history and pretend that they were "mis-sold" and even be allowed FSCS compensation. That sort of compensation becomes a cost burden on other financial firms, that they pass on to their investors.
|
|
iRobot
Member of DD Central
Posts: 1,680
Likes: 2,477
|
Post by iRobot on Jul 6, 2019 16:46:28 GMT
I'm a bit surprised at some of the stick Monetus is getting. He's clearly put in a lot of time and effort to get this show off the road. It might not be perfect for this or that reason but boy do we need some kind of voice that at least broadly represents us. There are so many problems with p2p. Just one of those is that whilst lenders ought to be on the same side, quite often we're not. In fact some of the platforms require lenders to compete with each other to do well. If we start nit-picking about who is going to represent us now or partially represent us, or campaign for us maybe folk like Adam will get pi**sed off, drop it and then we'll have even less of a voice recovering what is due. I'm not sure he is getting that much stick. The positive feedback seems to outweigh the negative feedback by a solid ratio. Nonetheless, it's reasonable for some to disagree. LAG does not pretend to represent every Lendy investor. In fact is only represents say 4% of Lendy investors, albeit I suspect rather more of the active investor base. Nor will it's aims align with every Lendy investor.
I've had concerns about the management of Lendy since they started in 2013. About their lack of experience, their prior roles in other companies, fee structure etc. So I think some of LAG's aims align with mine (I have so little on Lendy it hardly matters). I want Lendy investors to have their rights as bilateral lenders upheld but also be treated as creditors of Lendy. I'd want an efficient wind-down of the Lendy book that maximizes realisations on a loan-by-loan basis. I'd also argue for an investigation into the conduct of Lendy's directors by RSM.
I'm less keen on other parts of LAG objectives. There seems to be a 'compensation' culture building up with Lendy. Lendy was always going to be very high risk. The 12% nailed that on and to pretend otherwise is duplicitous. I fear that LAG's objectives may allow some investors to rewrite history and pretend that they were "mis-sold" and even be allowed FSCS compensation. That sort of compensation becomes a cost burden on other financial firms, that they pass on to their investors.
Being of the more active variety, I'd hope they are in the main also more diversely active across multiple investment types / asset classes. As such, those Lendy investors will to some degree be recompensing themselves. Which is a little ironic as, based on the Lendy model, they'd already been paying themselves interest.  Just a thought.... Let's briefly assume there is FSCS compensation. I wonder if they'd be tempted to extend the Lendy model one more time and state: 'Mr Lender, you claim to have £20,000 tied up in Lendy loans and that you were mis-sold those loans. However, you have to date received £2,000 from those loans and therefore we assess your outstanding balance to be be £18,000'. Or perhaps they'll go the whole hog and use lifetime returns rather than just those returns on specific loans. In my case, I've received more interest than the few thousand I have left on the platform. They might even ask for some money back! 
|
|
