adrianc
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Post by adrianc on Jun 20, 2017 15:21:57 GMT
With the current vote showing over 80% of Lenders not fully trusting of Lendy I wonder how many of the votes are from Lendy lenders? If I didn't trust a platform, I wouldn't be using them. That simple. I'd be selling up and getting out asap.
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Post by lendinglawyer on Jun 20, 2017 15:27:37 GMT
Ironically, I voted "yes" despite being in exit mode re Lendy. I do trust Lendy, as I do not believe they are dishonest. However, at present I also do not believe that they offer best home for my investments. If they remedy my misgivings I will be back.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 20, 2017 15:33:00 GMT
<<Moderated: Post deleted: Quoted a subsequently moderated post. Post was commenting specifically on part that was moderated, so loses sense once that moderation is accounted for>> ozboy : I have moderated your post for the reasons stated above. EDIT: I have no idea wot's going on/has gone on here, but I guess I've been naughty and am Out Of Order?! I deserve a good spanking. Please. |
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mary
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Post by mary on Jun 20, 2017 15:37:51 GMT
Trust is an emotive word.
I mostly trust Nationwide Building Society, but when they tell me their new 5 year "loyalty" bond paying 1.65% is a good home for my money I don't believe them, so for them Sort Of would be my answer to the same question.
Hence I'm in the Sort Of category. I don't trust every VR (it's an opinion really), I don't trust loans to companies to take them out of receivership and I'm very wary of loans to foreign companies and borrowers with legal issues - but that does not mean every loan on the platform is terrible.
I mostly like DFLs where you can track the progress and see real value being added to a site, and these I will invest in and generally hold to completion.
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registerme
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Post by registerme on Jun 20, 2017 15:38:33 GMT
Criticism of platforms is fine (and often useful for both platforms and lenders) but please be polite and constructive. Emotive language helps nobody, and think carefully before making anything that might be considered an accusation.
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joe91
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Post by joe91 on Jun 20, 2017 15:47:29 GMT
I mostly trust Nationwide Building Society........ Exactly Mary, I was about to suggest a poll asking 'Do you trust your bank(s)?' wouldn't have too dissimilar a result? Admittedly, we have more protection with them from the FSCS, but we're all aware of that & trade risk for return.
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GeorgeT
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Post by GeorgeT on Jun 20, 2017 15:59:38 GMT
As far as I see it, SS/LY made some mistakes in the past (who hasn't) but I'm sure have learned from them, and no investor has lost any money. What seems to be happening here is to be raking over old coals, which (personally) I don't think is particularly helpful. LY have a bigger, stronger team of staff on board now and have made a number of changes to their practices and procedures.
I wouldn't still be an LY investor if I didn't trust them. That isn't to say I think they are infallible or perfect, far from it, but trust is a relative thing. We all know the risks associated with these kinds of investments and are all adults and can decide whether or not the risk/reward balance is OK to us.
Do I trust LY not to run off with my money? Yes.
Do I trust LY's business model to the extent I think I will never suffer any capital loss? No.
I would give the same answers to those questions in respect of the other platforms I use.
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stevio
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Post by stevio on Jun 20, 2017 15:59:58 GMT
Trust?
I trust every platform like I trust McDonalds to take my money and in exchange for a product
I dont trust them to leave my kids with them, I dont trust them to look out for my best interest over there own, I dont trust them not to try to make the biggest profit they can get away with from me
I trust them to produce a decent quality product which does as it says, if not I go elsewhere
- lack of liquidity
- lower rates without increased security
- quality of borrower vetting appears to have decreased in favour of platform growth
- lack of phone and detailed email support, due to size - no communication from a controlling director publicly (as most other platforms have)
- complex system of default (slow death of loan...)
All the above were fine a year ago, but currently all can be achieved elsewhere
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adrianc
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Post by adrianc on Jun 20, 2017 16:23:25 GMT
I trust every platform like I trust McDonalds to take my money and in exchange for a product ... I trust them to produce a decent quality product So they're different to McDogbits, then?
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Post by akihisafumihiro on Jun 20, 2017 16:54:46 GMT
Trust? I trust every platform like I trust McDonalds to take my money and in exchange for a product I dont trust them to leave my kids with them, I dont trust them to look out for my best interest over there own, I dont trust them not to try to make the biggest profit they can get away with from me I trust them to produce a decent quality product which does as it says, if not I go elsewhere - lack of liquidity - lower rates without increased security - quality of borrower vetting appears to have decreased in favour of platform growth - lack of phone and detailed email support, due to size - no communication from a controlling director publicly (as most other platforms have) - complex system of default (slow death of loan...) All the above were fine a year ago, but currently all can be achieved elsewhere Ronald can be trusted, he isn't a 70s celebrity.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Jun 20, 2017 19:15:17 GMT
I trust every platform like I trust McDonalds to take my money and in exchange for a product ... I trust them to produce a decent quality product So they're different to McDogbits, then? Hmmm link
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am
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Post by am on Jun 20, 2017 22:35:42 GMT
Under the current regime Lendy taking an equity position in a borrower would lead to a potential conflict of interest between their roles as shareholders in the borrower, and as agents for lenders. Therefore I would argue that it shouldn't be done.
Under the regime at the time PBL020 was taken out, where we were lending to Lendy, and Lendy were lending to the borrower, I don't see any essential difference between them having skin in the game in the form of debt investments in the borrowers (which, IIRC, we knew that they were doing in those days) or skin in the game in them having equity investments in the borrower, so there isn't any conflict of interest, so we would only be interested in the effect on platform risk, which I estimate as small. So in my opinion taking an equity position under the old regime was a much smaller sin. I still think that it was a bad business decision, but my view may be tainted by hindsight.
In summary, the equity investment in PBL020 isn't an appropriate club to use to beat up Lendy (IMHO).
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