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Post by mrclondon on Dec 11, 2013 22:23:08 GMT
savingstream - can you describe how the wind down of the loan book would be handled in the (unlikely) event of the failure of Lendy Ltd. To what extent (if any) would our loans and the corresponding security (yachts etc) be ring fenced from other Lendy creditors ?
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debeast
(o)(o)
Posts: 238 
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Post by debeast on Dec 12, 2013 9:22:43 GMT
Just a quick post as i'm supposed to working  To say thank you for engaging its very nice to see so many representatives of an organisation on here! IMHO your answers are making this a more interesting option at least for me KR /beastie |
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Post by mrclondon on Dec 12, 2013 10:20:28 GMT
savingstream - maybe the banner ad wan't such a clever idea, see this thread which describes in detail how another one of your website short cuts has come back to bite you. Like others on the forum I want you to succeed ... but taking shortcuts isn't the way to run a business ... it saves money in the shortterm but costs you customers over the long term. Why not feature whoever put up the £600k+ for the superyacht rather than an internet advertising stock photo ?
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andy2001
Member of DD Central
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Likes: 34
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Post by andy2001 on Dec 12, 2013 20:38:14 GMT
Well I just signed up, which turned out to be very fast to do, and put a small amount on one of the loans at 25% LTV.
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andy2001
Member of DD Central
Posts: 361
Likes: 34
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Post by andy2001 on Dec 13, 2013 3:49:03 GMT
Just found the email in spam. It talks about clicking a link to upload ID, but I don't see any such link on the site.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323
Likes: 897
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Post by JamesFrance on Dec 13, 2013 8:40:17 GMT
I see you are only open to UK residents, so wonder why this is?
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Post by savingstream on Dec 13, 2013 9:24:52 GMT
savingstream - maybe the banner ad wan't such a clever idea, see this thread which describes in detail how another one of your website short cuts has come back to bite you. Like others on the forum I want you to succeed ... but taking shortcuts isn't the way to run a business ... it saves money in the shortterm but costs you customers over the long term. Why not feature whoever put up the £600k+ for the superyacht rather than an internet advertising stock photo ? Hi, the £600k loan was funded by a single investor who wishes to remain anonymous. Despite all the somewhat negative forum publicity, people are still investing/saving/funding at the rate of £4k a day, maybe its true what they say about any publicity being good publicity, We are also bewildered by the level of interest/concern using a stock photo has sparked....
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Post by savingstream on Dec 13, 2013 9:27:58 GMT
I see you are only open to UK residents, so wonder why this is? ID checks are simpler to perform on UK residents for AML regulations. Also repayment of funds in the form of withdrawals are free to UK bank account holders and have costs associated with international transfers. We may choose to open our doors to the international investment market in the future but are choosing not to do so at the moment.
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Post by batchoy on Dec 13, 2013 9:29:10 GMT
Hi, the £600k loan was funded by a single investor who wishes to remain anonymous. Despite all the somewhat negative forum publicity, people are still investing/saving/funding at the rate of £4k a day, maybe its true what they say about any publicity being good publicity, We are also bewildered by the level of interest/concern using a stock photo has sparked.... I have to say if you are bewildered by peoples worries over fraudulent statements/images on your website then I am deeply concerned and I certainly wont be investing with you.
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ribs
Probably not James Marshall
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Likes: 151
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Post by ribs on Dec 13, 2013 10:04:00 GMT
We are also bewildered by the level of interest/concern using a stock photo has sparked.... No problems, I'll explain it for you. Fairly soon, I'll have a tidy little sum coming my way (around about £10k, not a lot for many, but something I wish to look after). I'm looking to invest. I see your banner. 12%!!! wow-wee!! I visit your website. Oh look! Mr Marshall says your service is utterly fab! He loves it! Fantastic! But wait... Did Mr Marshall go to a photo shoot just to appear on your website? That photo looks a tad too professional for any family album. Maybe he did. Maybe he really likes your website and your company that much, that he posed for a photo, with makeup, and allowed you to photoshop him to turn him into a really nice, sexy older man. That picture must be him! It has to be! Your website says that's a picture of Mr Marshall! Your website wouldn't lie to me, would it?! Surely not. It says right there, Mr Marshall said those words, in 2013, this year, and that's a picture of him! Your website says so! But alas, that Mr Marshall, what a heartbreaker he is. Mr Marshall is also had skin cancer treatment, and also treatment for hair loss. Mr Marshall has not had much luck with his health. But at least he's getting 12% on his savings, and he really likes getting his picture all over the Internet. Apparently, he also works for a IT company in france. My my, Mr Marshall does get around. Oh, his name might be Philip. My world crumbles. That Mr Marshall has taken us all for a ride! He's a fraud, a fake, a phony! I contemplate contacting you as soon as possible, you've been duped! But I think... Maybe, just maybe, that picture of Mr Marshall is something you got from iStockPhoto (or similar). So basically, childish jokes aside.... That testimony is fake, false, bogus. In fact, I'd go as far to say that Mr Marshall doesn't exist, and you made that quote up. A bold claim I know, but I certainly have more credibility than your website does, and I joined this forum yesterday. Which means you've lied, are lying, to me... Your customer. Via your only point of contact with me, your website. To recap; my first port of call to you, as a customer, via your website, and you choose to lie to me. I'll say it one last time, because, I really, really, want you to understand. I visit your website, in the view of giving you a lot (to me) of my money. Your website lies to me in the opening page with a fake testimony. Companies have been sued for less. ( and yes, it's probably illegal) Not a great start to any business relationship, is it? And of course, let's not forget you claim to be "fully regulated", even though we all know that P2P regulation is a somewhat sore point right now, and let's not forget the little mishap on the MoneySavingExpert.com forums. Oh dear. Not looking great. I'll just leave this here, obviously it's a concept which is eluding you right now: Source: en.wikipedia.org/wiki/Credibility (look at that! a real source that actually exists!) (For anyone confused by this, see this thread I started yesterday).
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Post by batchoy on Dec 13, 2013 12:32:24 GMT
I have to say I get more an more concerned about this Platform the more I research, doing a similar exercise to ribs but using the images on savingstream's Facebook page. On Facebook the claim is that this boat has been valued at £120,000 for a loan of £45,000 but here the very same boat appears to be up for sale for £106,800 and the same goes the Jeanneau Cap Camarat 715 which has been valued at £80,000 for a £10,000 loan, although the one in the picture appears not to be up for sale at the moment I can't find any that are valued at much more than 28,000euro and then there is this. |
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Post by savingstream on Dec 13, 2013 14:03:35 GMT
I have to say I get more an more concerned about this Platform the more I research, doing a similar exercise to ribs but using the images on savingstream's Facebook page. On Facebook the claim is that this boat has been valued at £120,000 for a loan of £45,000 but here the very same boat appears to be up for sale for £106,800 and the same goes the Jeanneau Cap Camarat 715 which has been valued at £80,000 for a £10,000 loan, although the one in the picture appears not to be up for sale at the moment I can't find any that are valued at much more than 28,000euro and then there is this. Hi batchoy, I can confirm the facebook post for the Cap Camarat was a typo (corrected) and should have stated valued at £22k as it does on the actual Saving Stream platform loans page. This loan has now been repaid and funds plus interest returned to all investors, so is no longer available for funding. You will also find the Elan 320 (also repaid) value of £106,800 that you found would be pre-VAT. Our valuations are conducted by independent professionally qualified marine surveyors who have no vested interest in incorrectly valuing an asset.
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Post by pepperpot on Dec 13, 2013 14:18:04 GMT
savingstream - can you describe how the wind down of the loan book would be handled in the (unlikely) event of the failure of Lendy Ltd. To what extent (if any) would our loans and the corresponding security (yachts etc) be ring fenced from other Lendy creditors ? Bump Is there any chance of an answer to mrclondon's Q, if all goes swimmingly it won't be a problem, but...
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Post by batchoy on Dec 13, 2013 14:21:01 GMT
So I've now hit an ethical dilemma, but I shall post anyway and leave it up to the forum moderators to decide whether or not to censor me. In searching against the images savingstream have posted on their facebook page as boats that they have lent money against, I have quite easily managed to identify the owners of one of the boats and it is a holiday business. Now the question is have savingstream ripped any old image from the net, something I suspect since the image appears on wikimedia and there is of course prior history with the image of James Marshall, in which case I have wrongly identified a holiday company as being potentially in financial difficulties which could have all sorts of implications for the company should others make the link, or have I managed to identify a company that is potentially in financial difficulties in which case should I be warning people who might be thinking about booking with them. Whatever the truth is behind the images is just proves the naivety and/or cavalier attitude savingstream have with regard to confidential information and/or other people's images on the internet. |
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Post by savingstream on Dec 13, 2013 14:29:09 GMT
Each creditor has security over the specific asset he has allocated his funds to. Lendy does not have any other creditors that are not securitised in this way. The company will not borrow for general purposes, only for loans against assets. Therefore, in the above unlikely event of Lendy's failure, each asset will be sold (if the loan is not repaid) and capital returned to the individual creditors associated with the assets.
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To say thank you for engaging its very nice to see so many representatives of an organisation on here!
