Lendy - Can they be trusted?

Having been with SS now L since the boaty days this appears to be a classic case of small start up, couple of guys & an office, stumble across great business model & then popularity explodes & then outstrips their ability to keep up - especially with things like recruitment, compliance, FCA requirements etc. Personally I think a period of consolidation is required, squaring off the defaulted loanbook, building & future proofing their infrastructure & personnel but I do I still trust them? Yes

Why - I haven't lost anything yet, my defaulting loans look pretty solid, I wasn't in 020 but understood it fully repaid (capital + interest) whilst things may have gone on behind the scenes that unnerved some (I don't know) the outcome is by far the most important thing in my book. Have they dropped the ball on a few occasions - yes & looked a bit unprofessional - yes are they now trying to improve things - yes. Ultimately P2P involves risk, both from the loans themselves & also the ability of the platform to cope with the dynamic & competitive forces that buffet them. Are Lendy perfect? - far from it; but are they the worst platform? - nowhere near - take a look at Bondora, LC even Rebs forum threads.

Another LY bashing thread that may drive investors away, create doubts and nark off the platform staff.
No good ever comes from negativity. I assume the LY bashers do not invest on the Platform in which case I don't understand why they take such an interest in the forum.

/mod hat off

It was 'in the public domain' because that's where a forum member unearthed it from (company shareholding records) .. it was not 'pro-actively disclosed to would-be lenders' (although back then we were lending to SS, not to the final borrower), which is what I think folks would like to have happened.

It is possible to criticize and still invest. A bit like people who moan about the country but never leave. People are also entitled to say why they don't invest and take an interest in what goes on with platforms they don't invest in. Occasionally criticism does yield positive results as the criticized take the criticism on board. A bit like my local pub that I generally enjoy very much but does tend to not look after the beer as they should. Listening to my criticism would actually be good for their business, or they can tell me to take a hike and wonder why the place is so quiet. I really do NOT think people should shut up in case Lendy or some lenders don't like it.

Edit: Yes, I think Lendy can be trusted, even if they need to improve in some aspects. Still waiting for a response to my support ticket from nearly a month ago.

I wrote to them three times in two months and didn't get a reply; the last time I wrote 5 days ago I said I would broadcast my disatisfaction unless they replied.  They didn't. 

When I wrote in the first place I was hoping for a gigantic nostra culpa and an explanation as to why it would never happen again, with which I might have managed to persuade myself to invest once more.  Instead I got ostriches. 

And now today we get the party line, it was in the public domain (why should we have told you) which to me indicates that they still seem to think deceiving lenders is ok.  And absolutely shows that it would be foolish to trust them.

Talking of things in the public domain

Saving Stream Security Holdings has accounts more than a month overdue, is registered at CH at the wrong address and probably should have changed its name. This means that there is an error in the terms and conditions which refer to Lendy Security Holdings registered at Brakesmere House (same company no), a company which publically doesnt exist

Paul64 perhaps you might to get your legal and financial ducks in order?

Edit: Should also be noted that despite the new terms being several months old, charges are still being merrily registered in the name of SSSH rather than LSH. All a bit of a muddle it seems.