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Post by charliebrown on Aug 20, 2018 11:31:35 GMT
When your customers tell you that you suck, is it a common practice to ignore them but to try to prevent them from telling others that you suck. Wouldn’t it be better to try not to suck?
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Post by charliebrown on Aug 19, 2018 14:40:02 GMT
I don't understand the benefit of lendywealth: - the 10% return is not guaranteed and will depend on the recovery. So 10% will be achieved if no defaults. - liquidity is not guaranteed either as funds can be locked if a borrower becomes "non performing" So why on earth would anyone use lendy wealth if it gives less return than lendy typical loans, but still keep all the associated risk of liquidity and loss of capital? That is the magic of financial products for retail investors. You take a bunch of very simple things like loans, wrap them up in some very simple "account" (add a bit of gold font to make it feel luxurious) and hey presto that's 5% in margin. Yes, it's about putting lipstick on a pig ... but the lipstick is cheap. What's not to like? Frankly, there is rapidly growing market for these types of product from an affluent (but often not genuinely HNW), older generation that think deposit rates at 5% were somehow normal and who think property is safe. Some of these investors are naive and don't realize that the underlying is a high-risk investment; others do understand but prefer the riskiness to be hidden so they don't see it (ignorance is bliss), others just don't want to be bothered with self-selecting loans (understandable since it can end up a full time job). They all want something that looks and feels like a savings account. By exploiting these investors, Lendy are meeting that need whilst sensibly attempting to diversifying their capital base. They previously tried a number of series of Saving Stream bonds, of 3-5 years in maturity at yields around 6%. I don't think these sold particularly well since they required IFA as a conduit and these days IFAs are totally risk averse. And it's not a though Zopa, RS, FC, AC, Octopus etc aren't doing something similar. The oddity is that it took this long for Lendy to come up with this product and that the product isn't very good! If Lendy Wealth really paid 10% and investors really could get money back after 365 days then it would be a decent product. Anyone who has an intimate relationship with LY will tell you that there’s more chance of seeing Elvis in Tesco. This is a bit like when the telcos used to tell us our internet download speeds were up to 100 Mbps, but when we ran a speedtest it was nowhere near. As usual, no one will be getting wealthy off this product apart from LY themselves.
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Post by charliebrown on Aug 18, 2018 14:45:03 GMT
the borrower wants to extend the facility and a few million loan to build it out.i do not want my funds rolled over into any more of this borrowers projects.of course the latest GDV valuation has gone up by a few million.LENDYS/BORROWERS valuations mean nothing when it comes to payback time as we have found out time and time again. The borrower is looking for development funds so obviously LY will hire a valuer who claims the value of the land has increased.
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Post by charliebrown on Aug 18, 2018 14:28:59 GMT
Now that there is enough of a track record available to judge LY on their performance (even with all emotions detached), who in their right mind would hand over 50k to LY. 2 minutes of analysis on the LY website would convince anyone that it would be a very bad idea.
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Lendy (L) in Administration
MONTHLY BS
Aug 18, 2018 14:10:51 GMT
ozboy likes this
Post by charliebrown on Aug 18, 2018 14:10:51 GMT
you are probably trapped in some of the same loans as me. Realistically it's going to be a long haul - 2 years minimum - blood pressure best controlled by logging in about once every three months. I think you’re right; but can LY survive for 2 more years? If their deal to investors is “wait for 2 years without any interest being paid, then expect to recover a fraction of your invested capital” then I very much doubt it.
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Post by charliebrown on Aug 18, 2018 14:06:00 GMT
One of the worst fortnightly BS ever. Apart from yet another loan defaulting and having receivers appointed (Penrhos) there’s been absolutely no progress on anything. Not sure who they think is going to drop 50k into their “wealth” scheme. Good luck with that.
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Post by charliebrown on Aug 12, 2018 13:58:54 GMT
I live 8 miles from this development. Where is it being marketed, I can't find it. Don't you think Lendy should at least gives us that info within the "updates" I understand that on occasions there will be some info LY can’t make public, but I believe they should release as much info as they possibly can. Telling us where the property is being marketed is, by definition, not a secret.
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Post by charliebrown on Aug 12, 2018 13:22:10 GMT
No, I'm not interested in Good Quality Loans now! What is going on with some peoples thinking? What I want and the majority of others is a focus on defaulted Loans getting recovered simple as that. Lendy? Attitude change and some good recoveries is the ONLY way out, I feel. I’m not sure how many of their 20,000 investors feel the same, but common sense says it’s probably a significant proportion. Imagine if LY dropped the smugness, treated every investor as if he/she was their only investor and accelerated decent outcomes for Exeter, Liverpool and Wolves (for a start) Things might start to look different. I’m just not sure whether they’ve got the appetite to change or whether the owners / leadership are really thinking long term.
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Post by charliebrown on Aug 12, 2018 1:39:21 GMT
With the size of the LY team growing, I do wonder what these people do all day. No new loans are being issued, no defaulted loans are being recovered and the management of the loans that are in-flight appears to be nothing more than a phone call to the borrower and blind acceptance when he/she says everything’s going to plan.
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Post by charliebrown on Aug 12, 2018 1:27:31 GMT
All it will take is some good quality loans to bring people back. The problem for Lendy and the rest is are there many good quality high interest borrowers out there? I think a focus on recoveries and a change in attitude would help restore LY-investor relations. For me at least, new loans being issued, no matter how “good” they might be, wouldn’t make a difference to the macro situation and wouldn’t see me putting any more money in.
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Post by charliebrown on Aug 11, 2018 14:59:24 GMT
If the sea of Red 1 Star Trust Pilot Reviews doesn't bring about profound change in Lendy, and it has had zero effect so far, you REALLY have a much bigger and more serious problem thank you even think.I agree, Oz. LY are the stubborn apathetic type. The more we complain the less they care and the more they give us to complain about. Which is exactly my point, this downward spiral is to some extent self-perpetuating.
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Post by charliebrown on Aug 11, 2018 13:29:03 GMT
I’ve just had a look at the latest TP reviews and it’s a sea (no Cowes Week pun intended) of red 1 star reviews, many of which are an outpouring of anger and are very scathing. Mixed in amongst the 1 star reviews was a single 5 star review that says “Great platform. Does what it says on the tin” presumably posted by a LY employee, or maybe by Princess Anne after a few sherries.
This has got to stop. I say that as one of LY’s biggest detractors and someone who stands to loose a lot of money if this ship sinks. The anger towards LY has got to stop and in turn LY’s “couldn’t care less” attitude needs to be tempered. LY-investor relations have totally broken down. Where do we go from here? This current course is a self fulfilling prophecy. All stakeholders here need to try to work together. Investors need to control their anger and displeasure and LY needs to empathise with investors and open up some honest lines of communication instead of endless broken promises and patronising cut-paste updates.
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Post by charliebrown on Aug 10, 2018 13:54:07 GMT
I think it should have been simpl(er) than a 4.3m valuation and a 1.9m sale. There’s definitely some funny business surrounding this loan and we are being asked to pay for it. Unless you have evidence to the contrary accusations such as “definitely funny business surrounding this” needlessly opens you up to libel. From your unremitting remorselessness on this board you should now have enough investment experience to know that distressed sales can quite easily achieve half their market value or less. That’s more an economic fact than proof of criminal intent. Once they give me my money back they can sue me for libel. Add me to the claims underway page.
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Post by charliebrown on Aug 10, 2018 13:49:15 GMT
Pulling down Trustpilot reviews is one thing, but censoring reviews on Facebook seems rather unethical to me. They know the reason why they don't show any reviews under 4 star. If they are gonna bend the truth here how are they gonna be trusted otherwise? Sadly like many other people going for the exit, my impaired loans make up about c.50% of my portfolio. Genuinely believe it'll end in tears - they've grown to be a massive company and I don't see where sufficient business is going to come from to pay for it. IMO the new 'Wealth' product was designed more as a response to what we see now, that tranches of existing loans are filling so slowly, that they need new cash from somewhere. A big whale coming in with £1m on the 6% one would be a massive boost, but that requires someone to have more money than sense. LY have bitten the hand that feeds them so many times that none of us have any fingers left. Their attitude to investors is “there’s plenty more where they came from” or, dare I say it, “there’s one born every minutue”. Most of my posts on the LY pages are quite negative, but I genuinely can’t find anything positive to say. Smuggly rubbing shoulders with Princess Anne, whilst at the same time delivering losses and BS updates to investors. I noticed LY are still hiring people. If LY can change their attitude and ultimately improve their performance by driving a lot of the defaults to acceptable conclusions then they may be able to restore confidence. Based on what I can see, I really don’t think they can easily replace all the existing batch of investors heading for the exit doors, they ought to be doing more to keep those people onboard.
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Post by charliebrown on Aug 10, 2018 12:51:06 GMT
Since I’m desperately trying to exit Lendy I see this as 65% gained rather than 35% lost. Having said that, I think this illustrates exactly why LY is a bad “investment”. Everyone from the borrower, to the Lawyers, to the agents and of course LY are all winners, yet poor hapless investors take all the losses. This was meant to be a simple PBL with a low LTV. Badly managed, shrouded in secrecy and seemingly incompetence. Everyone comes out on top apart from investors. Looking at the loanbook it looks like the capital losses and investor pain is going to start tricking through. I'm not sure I'd ever call holiday lodges a "simple PBL", quite niche compare to city residential. I think it should have been simpl(er) than a 4.3m valuation and a 1.9m sale. There’s definitely some funny business surrounding this loan and we are being asked to pay for it.
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