oldgrumpy
Member of DD Central
Posts: 5,087 
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Post by oldgrumpy on May 4, 2017 14:34:21 GMT
Couple of guys running a company and doing their best. It is not as if they intend to write bad loans is it. Leave out the personal insults and go build your own perfect platform. We get it. You do not like or trust the platform. Move along now   OK. It only takes one platform to crash in avoidable circumstances and all the others will receive a portion of the fan distribution. There is at least one platform director who is apprehensive about that kind of scenario.
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GeorgeT
Member of DD Central
Posts: 1,322
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Post by GeorgeT on May 4, 2017 16:08:18 GMT
Without scrutiny, it would be like a government without any opposition. If we can force U-turns on bad loans etc. then we have done our job.
Opinions, concerns and issues raised by investors helps to keep the management in check and, ultimately, helps everybody - the platform included.
As long as the debate is factual and constructive of course and people don't just wage groundless vendettas for personal reasons.
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warn
Member of DD Central
Curmudgeon
Posts: 638
Likes: 659
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Post by warn on May 4, 2017 20:21:52 GMT
As long as the debate is factual and constructive of course and people don't just wage groundless vendettas for personal reasons. I wish. Judging by a large number of recent posts on several topics, it must be getting pretty crowded up there on the high moral ground of Smugsneer Mountain.
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elliotn
Member of DD Central
Posts: 3,064
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Post by elliotn on Jun 2, 2017 10:30:50 GMT
- unfilled loans (inc 12%)
- unfilled tranches of major, 12%, mid-construction DFLs (Herc, Arby)
- drying up of the SM
- 15.5M Default loans (using Ly's generous definition of 180D passed repayment)
- c8M more Default loans in 10 days or so
- potential that ramped up origination is required to cover future losses - Glouc, Somerset, Fife et al - without loans filling (see 1 & 2)
- & the usual ie drop off in forum engagement, overlooking history of disreputable borrowers, gut feeling that Ly income trumps primacy of lender security & all of the above ^^
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Jun 2, 2017 11:14:25 GMT
You're a wise fellow elliottm!
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spyrogyra
Member of DD Central
Posts: 386
Likes: 148
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Post by spyrogyra on Jun 2, 2017 17:54:52 GMT
Two manouvers that may help: introduction of discounts and premiums on sales and introduction of IFISA.
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Post by d_saver on Jun 2, 2017 18:53:26 GMT
Two manouvers that may help: introduction of discounts and premiums on sales and introduction of IFISA. Or how about simply being responsive to requests and providing an ongoing stream of information regarding the loans to increase investor confidence? One only has to compare the sort of feedback you get from some other platforms to see the difference. A couple I can think of here are fairly exceptional and as a result, people commit funds based on that trust alone sometimes. It can seem like lendy produce a VR, take your money, then you are expected to just sit and wait until lendy pay you back (or not). Investors (or my type of investors) want some ongoing feedback to be confident all is going to plan. Sure, we might not be able to do anything about it, but we know where we are. Lendy is becoming something it was not and that's fine if it's the direction they want to take, but it is not a direction I will tag along on.
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Post by carol167 on Jun 2, 2017 21:52:04 GMT
I have to admit that I've gotten cold feet and finally put everything up for sale a few days ago.... down to my last 6k still for sale.
I hope to feel differently at some point in the not too distant future and will return to investing in Ly, but for the moment my risk taking spidy sense is just too tingling....I have enough fingers in other pies to keep me in bread and cheese for the moment. Sometimes less, is more... more restful nights sleeping in my case. :-)
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Post by charliebrown on Jun 3, 2017 0:06:39 GMT
I previously posted that I was concerned about the number and value of defaulted loans. At the time the replies were along the lines that it's normal, get used to it, if you can't take the heat get out of the kitchen.
However, reading the threads on this forum against each defaulted loan it's possible to see that a lot of them had concerns raised against them right back at the DD stage. Hence, if the loan hadn't been written we could have avoided the defaults. It's not just the benefit of hindsight, concerns were raised about the quality of VRs, legal issues and borrower quality.
It's not only Lendy, I've got one loan in particular over at FS that looks sure to default and the story that led up to where the loan is today was gross incompetence by FS.
I'm starting to lose confidence in p2p in general, which is a shame.
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Post by WestonKevTMP on Jun 3, 2017 6:20:03 GMT
I'm starting to lose confidence in p2p in general, which is a shame. I think this deserves a new general thread, but this is exactly how I feel, about the P2P sector (not all platforms). I've been lending for 10 years, and professionally worked with three platforms. My expertise is in retail consumer lending, not wholesale, business, SME or property. I'm especially impressed that RateSetter have returned ~£70m in interest to lenders, that might otherwise have been only ~£1m if the same money has been in a savings account. That's a fantastic reflection on what P2P should be aspiring to deliver. But some of the lending occuring on some platforms is mired in incompetence, ignorance of traditional risk management principles to access the borrower and security, and ultimately poor treatment of the customer. Some loans can clearly be defined as irresponsible lending. And don't get me started on the transfer of P2P to Bank.... I still love a couple of platforms, but I'm falling out of love with the sector. The drunks have turned up at the party, maybe it's time to go home. Kevin.
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spyrogyra
Member of DD Central
Posts: 386
Likes: 148
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Post by spyrogyra on Jun 3, 2017 9:32:52 GMT
The cynical part of me whispers: The whole system is rubbish. And, yes, the whole system, I mean not just Lendy or P2P. NHS. Education. Police. Politicians. Banks, stock markets, etc. Morals.
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Post by carol167 on Jun 3, 2017 10:41:28 GMT
The cynical part of me whispers: The whole system is rubbish. And, yes, the whole system, I mean not just Lendy or P2P. NHS. Education. Police. Politicians. Banks, stock markets, etc. Morals. It all boils down to greed in society IMO. Alas it will never change.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
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Post by littleoldlady on Jun 3, 2017 15:21:24 GMT
ISTM that most valuations are calculated by dividing whatever the borrower wants by 0.7.
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fp
Posts: 1,008
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Post by fp on Jun 3, 2017 17:52:58 GMT
ISTM that most valuations are calculated by dividing whatever the borrower wants by 0.7. Or 0.6 if they only want to pay sub 10% interest
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tombraider
Member of DD Central
Posts: 117
Likes: 103
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Post by tombraider on Jun 4, 2017 15:49:15 GMT
It does concern me the lack of almost apathy with the default loans. I find it equally surprising that low rate loans are filling as well as they are. I feel a little uneasy with the way this is all going. Botgate is now a distant fond memory. Can anyone explain why people would sell loan parts with a 100k plus queue? There's a few I'd like to dump but don't see the point if there's such a massive queue and you are losing interest.
In light of the comments from Lendy about do your own DD / VR I won't be adding to my holdings I am in a position where I'm looking for a new home for savings and hope the provision fund will still be able to bail out the shortfall on the sale of default loans.... I do feel lendy should be giving us updates every week say every Friday to calm a lot of the hysteria which appears to be developing particularly with defaults and also this less than 100 days to run. My faith is still there but taken a big hit.... IMHO
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