03-06-2019, 09:19 AM
On the 8th of October 2015 one of the owners of Lendy made the following post on P2P Independent Forum:
http://p2pindependentforum.com/post/66654
I have quoted it here for ease of reference:
"Remember the ONLY likelihood of a total loss is a massive fraud committed by the borrower. 1 in a 1000 seems to be very conservative, so we would put it at 1 in 10,000 maybe 1 in 100,000 given our DD and security measures in place and even then, those figures are conservative.
All assets have indemnified valuations.
Our legals are indemnified.
We have a big pot of cash in the Provision Fund which is increasing all the time.
We are the most profitable P2P lender in the UK, probably Europe and most likely the known Universe.
Our overheads are very negligible (for now, as we are building the infrastructure and team to accommodate future growth)."
How do we all feel about this statement now?
- Do you think that the risks of investing with Lendy/SS were accurately communicated to you?
- Would a statement like this by the owners of a platform potentially encourage you to invest your funds there?
- Should The FCA have done more to regulate the entire P2P sector from the very beginning to protect you as an investor?
Discuss.
http://p2pindependentforum.com/post/66654
I have quoted it here for ease of reference:
"Remember the ONLY likelihood of a total loss is a massive fraud committed by the borrower. 1 in a 1000 seems to be very conservative, so we would put it at 1 in 10,000 maybe 1 in 100,000 given our DD and security measures in place and even then, those figures are conservative.
All assets have indemnified valuations.
Our legals are indemnified.
We have a big pot of cash in the Provision Fund which is increasing all the time.
We are the most profitable P2P lender in the UK, probably Europe and most likely the known Universe.
Our overheads are very negligible (for now, as we are building the infrastructure and team to accommodate future growth)."
How do we all feel about this statement now?
- Do you think that the risks of investing with Lendy/SS were accurately communicated to you?
- Would a statement like this by the owners of a platform potentially encourage you to invest your funds there?
- Should The FCA have done more to regulate the entire P2P sector from the very beginning to protect you as an investor?
Discuss.