Saving Stream now Lendy, anyone else worried?

[cashmax]

Got as much out as I could under the recommendation of a friend who seemed to have the inside track a while ago. Not much hope for the funds I have left in there, everything in default, some two years old, nothing sensible from Lendy and judging by the forums and trustpilot, they are about to get found out.

[anonymous-user]

I was tempted a few years ago but the fact that it was completely unregulated put me off as I just didn't think it was worth the risk. From what I have read it seems the chickens are coming home to roost and it turns out lending unregulated money to people who have no interest in paying it back was not a smart move.

I feel sorry for anybody who has any money stuck in this company.

[cashmax]

Yep, it all seems to have turned a bit ponzi-like with the telesales guys desperately calling round trying to get more cash in and the valuations turned out to be pointless, with properties valued at £4M not even selling for £1.5, so it turns out the real LTV ratios were north of 100%.

Made worse by them still not wanting to admit defeat and just putting every default loan on hold, meaning it can't be sold, but doesn't even crystallise a loss.

Seems to me that all their effort is going into trying to report all the negative trustpilot reviews on a technicality, but the tidal wave has hit now and even though they report daily, there are so many that they can't stop them all.

I had £25K in there (from saving stream days) and managed to get £21k back, since then the rest are stuck in default, with no real prospect of getting the capital back.

Looking on the P2P forum, some guys have six figures stuck in default and understandably are very nervous about exposing Lendy for obvious reasons.

[Dick Dastardly]

It's not looking good. Logging into the system, I count nearly as many loans in trouble as ones that aren't.

12% return sounded too good to be true, when every other p2p platform is offering half that, but I thought it was worth chucking a few quid in. I pulled most of it out recently.

The Cowes sponsorship looks like a typical CEO type of ego-related folly. No idea how they can afford it and even less how they justify it.

[crofty1984]

Looks like whoever pulled their money out did the right thing - just gone into administration. I put £100 just to test the platform a couple of years ago, was going to shove another £3k in after it (which is a lot of money for me). Glad I didn't now!

[p1doc]

good article in telegraph over weekend with sources saying 1 provider a year will go bust until only good ones left

[KTF]

I am in the process of moving my money out of Assetz Capital. Based on the annual statement I lost money with them last year and every few days there is another 'lender action survey' email suggesting it isn't going to get better any time soon.

I don't think they AC are going to go bust, but once your money is tied into a loan that has gone bad, it can take a very long time to get it out again and I don't want to wait around for that...

[bitchstewie]

I'm glad I listened to something DonkeyApple (I think?) pointed out on a thread on P2P which is whether 100% of your capital at risk for 5% ish is reasonable.

Right now I don't think you could pay me to put money in a p2p.

[Dick Dastardly]

I’ve had dealings with Assetz in my property business last year and some of their decisions didn’t make a whole lot of sense. I was planning on borrowing a chunk of money from them for a 14 unit residential development but at the last minute changed to a more conventional lender that felt a bit more like they knew what they were doing.

[NRS]

bhstewie said:

I'm glad I listened to something DonkeyApple (I think?) pointed out on a thread on P2P which is whether 100% of your capital at risk for 5% ish is reasonable.

Right now I don't think you could pay me to put money in a p2p.

Yes, he has been very clear about the stupidity of loaning your money to people who can't get loans at normal banks for say a 5-10% return with the entire amount at risk.