acky
Posts: 481 
Likes: 262
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Post by acky on Jul 10, 2017 5:23:22 GMT
I'd been wondering for some time whether others may be put off by the name. I invested six figures in SavingStream, but my investment has now reduced substantially and I don't believe I would have invested at all if the name had been Lendy from the start. The name just doesn't inspire any confidence in the solidity and professionalism of the company. But then I generally abhor the modern trend for stupid names, just like I would never ever fly with an airline called Whizz or bank with Cahoot or take a phone contact with TalkTalk.
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papo
trading & P2P
Posts: 9
Likes: 5
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Post by papo on Jul 10, 2017 8:09:07 GMT
I'd been wondering for some time whether others may be put off by the name. I invested six figures in SavingStream, but my investment has now reduced substantially and I don't believe I would have invested at all if the name had been Lendy from the start. The name just doesn't inspire any confidence in the solidity and professionalism of the company. But then I generally abhor the modern trend for stupid names, just like I would never ever fly with an airline called Whizz or bank with Cahoot or take a phone contact with TalkTalk. Changing the name is the last thing that bothers me. They can be called Winnie the pooh, I do not care. What I mind is that rules are changing too often. I doubt I will ever decide to return my "six figures" there (I've substantially reduced, too). The industry will probably be young and unstable for a long time. I wish them luck and keep my fingers crossed, though...
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mikes1531
Member of DD Central
Posts: 6,453
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Post by mikes1531 on Jul 12, 2017 19:39:34 GMT
Lendy needs to get tough on the empty promises of "the cheque's in the post...honest" from borrowers and recover the money owed from sale of the asset. I suspect Lendy would do that happily if they thought a full recovery could be made from the security sale. If they don't -- and there are a number of loans that have been mentioned in this thread that fit that description -- then they have an unfortunately large incentive to avoid the inevitable by putting off the settlements of those loans, and I suspect that is a significant factor in how hard they're trying to deal with some non-performing loans. Unless they're willing to use the PF to cover investors' losses and put their own money in to replenish the PF so it can continue to do that, a large capital loss would have to be admitted, and will reduce confidence in the platform. (A lot of us accept that defaults are part of the business and that we should expect them, but I suspect there are a lot of Lendy investors who haven't taken that fully on board. They'll be looking at the 'no investor has lost any money on the platform' statistics and hoping those continue ad infinitum. When the perfect track record ends, they'll reconsider their investment plans and the platform will suffer.) So the inevitable will be postponed as long as possible. That, of course, would mean the list of DEF loans continues to get longer, and eventually the preponderance of DEF loans in the Lendy portfolio will become more of a 'put-off' for new investors. At some point, Lendy will have to face the music, bite the bullet, etc. and pass some significant losses on to their investors And I haven't a clue how long that time might take to arrive.
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