LinkedFinance - new website

ct5amr2ig1nfhp

Fire them an email or a tweet and ask? No harm.

ganmo

I kinda surprised there was no email sent out about their rate drop!
0.25% across the board

ct5amr2ig1nfhp

Did you ever follow up on this? I have asked twice but have been ignored.

Darc19 wrote: »

Is loanguru.ie part of linked finance?

I got an email from them to an email address that I only have ever used for a small linked finance investment account and one director of loanguru Ltd is listed as a previous sales manager in linked finance

I hope that details weren't taken without knowledge.


Has anyone else had this email from loanguru.ie

benjamin d

Has anyone had any success with contacting Linked about their lack of updates?
Almost all of my in default loans have a last update saying that they would provide more info in a week/14 days/28 days but haven't been follwed up for months in some cases.

I have 2 or 3 loans with a payment or two left and after that all I'm missing is the non-paying loans before I can close my account and never go near LF again

FinanceDublin

benjamin d wrote: »

Has anyone had any success with contacting Linked about their lack of updates?
Almost all of my in default loans have a last update saying that they would provide more info in a week/14 days/28 days but haven't been follwed up for months in some cases.

I have 2 or 3 loans with a payment or two left and after that all I'm missing is the non-paying loans before I can close my account and never go near LF again

I reckon a lot of people have sussed that if you get to within 2/3 payments of concluding loan, LF are unlikely to go after you in a serious way. Looks that way to me.

Shelflife

I spoke to them and there seemed to be an improvement (prob unrelated) . It doesn’t fill me with confidence to be told that a lender has missed a payment but they can’t get hold of them !

If they are serious about lending , the lenders need to have a genuine fear of missing payments.

The problem with LF is that they have no skin in the game and a default doesn’t hurt them. If it’s a sales led business as in get as many loans on their books as possible without proper vetting of the ability to repay the loans and a reluctance to vigorously chase defaulters then they are on a dangerous path.

I’ve turned off my autoinvest and I’m getting my cash out ASAP.

manafana

Shelflife wrote: »

I spoke to them and there seemed to be an improvement (prob unrelated) . It doesn’t fill me with confidence to be told that a lender has missed a payment but they can’t get hold of them !

If they are serious about lending , the lenders need to have a genuine fear of missing payments.

The problem with LF is that they have no skin in the game and a default doesn’t hurt them. If it’s a sales led business as in get as many loans on their books as possible without proper vetting of the ability to repay the loans and a reluctance to vigorously chase defaulters then they are on a dangerous path.

I’ve turned off my autoinvest and I’m getting my cash out ASAP.

yes strange that they get most their money up front, and loan sucess has little impact in short term, mintos is much better, and skin in the game is reassuring

Cute Hoor

benjamin d wrote: »

Has anyone had any success with contacting Linked about their lack of updates?
Almost all of my in default loans have a last update saying that they would provide more info in a week/14 days/28 days but haven't been follwed up for months in some cases.

I have 2 or 3 loans with a payment or two left and after that all I'm missing is the non-paying loans before I can close my account and never go near LF again

Absolutely no updates on late loans in months it seems, looks like the debt manager they hired has since left or moved to other duties. Why would any business bother their ass paying off their loans (other than a sense of duty to their lenders) when they know that LF won't be doing anything about their defaulting. To the best of my knowledge they haven't had a single success in recovering debts due, even where it looks like the debtor is merrily carrying on their business - LF, feel free to challenge this and show where you have recovered money due from a defaulter. They are only damaging their own business model in the long run, they have plenty of lenders now it seems, but how anxious will these lenders be to stick with them given their lack of effective debt management

meijin

why would they bother? only few people are complaining... one of the latest loans, 200K, funded in 1 second :rolleyes:

Squall Leonhart

Have been steadily withdrawing from Linked Finance for the last 2yrs. Almost out the gap now.

I'm using Mintos instead with the buyback guarantee, working out much better.

sceach16

My number of loans in default reduced by 2 because Linked reclassified them as bad debts and claimed they are now finished ...like the loans that are fully paid off!


11% by number of my loans are bad debts or in default or way behind.....

benjamin d

I have one paying loan left with 2 payments to make. I have 5 in default with approx €180 owed between all of them. Once I get the two payments from the good loan I'll probably consider my account closed because Linked are doing F all about the defaulters

garrettod

The only thing necessary for the triumph of evil is for good men to do nothing.


.... Don't accept crap treatment from LF, give them hell until they take responsibility and seek to recover unpaid debts properly & professionally.

LF made a big deal of telling people that they'd been approved by the UK Regulator (Financial Conduct Authority) years ago, so lash in the complaints about LF there too!

f321BM

garrettod wrote: »

The only thing necessary for the triumph of evil is for good men to do nothing.


.... Don't accept crap treatment from LF, give them hell until they take responsibility and seek to recover unpaid debts properly & professionally.

LF made a big deal of telling people that they'd been approved by the UK Regulator (Financial Conduct Authority) years ago, so lash in the complaints about LF there too!

I've currently have 24 new late payment loans in October and November. Huge increase. 7 of these have never had any update, not even saying the payment was missed...

Screenshots:

ibb.co/TYk6XhK
ibb.co/gmtFM78

(unable to attach images)

Peter File

f321BM wrote: »

I've currently have 24 new late payment loans in October and November. Huge increase. 7 of these have never had any update, not even saying the payment was missed...

Screenshots:

ibb.co/TYk6XhK
ibb.co/gmtFM78

(unable to attach images)

Are these autobid loans or loans you were able to do a little bit of research on?

f323BM

Peter File wrote: »

Are these autobid loans or loans you were able to do a little bit of research on?

At the beginning of LF I was doing OK as I had time to research before lending.
After the autobid system was introduced, I reduced to the minimum amount, 50 per loan. These are the loans I'm now having problems with.

At the time, I changed to autobid as my account balance was increasing but I wasn't getting the opportunity to lend.

I turned off autobid 18 months ago, and since then I've only bid on around 5 loans (Grade A, 12 and 24 month loans)

I've another missed payment today, thats late 25 loans in 50 days. As your can see in my previous attachment, many of these have already had 30+ repayments out of 36, so the balance due to me now on each loan is quite low.

benjamin d

I'm now down to one last payment from a loan that has never given trouble, and five loans in default that I doubt I'll ever get anything more from.
Looking at my lending history approximately half of all loans have had at least one "Status Update" against their name for a late or missed payment... does anyone know how that would compare to a bank's loan book? And how would an average bank deal with a defaulter or someone who repeatedly missed payments compared to LF's approach?

Jim2007

benjamin d wrote: »

I'm now down to one last payment from a loan that has never given trouble, and five loans in default that I doubt I'll ever get anything more from.
Looking at my lending history approximately half of all loans have had at least one "Status Update" against their name for a late or missed payment... does anyone know how that would compare to a bank's loan book? And how would an average bank deal with a defaulter or someone who repeatedly missed payments compared to LF's approach?

You're doing subprime lending, what do you expect? You are getting their rejects that is how they are dealing with it. Oh and the norm if there is one for banks doing subprime is to securitize it, take it off the books and make it someone else's problem.

whampiri

Latest loan is for a social media "blogger". They're kidding, right? Just glad I didn't have autobid on.

Captainsatnav

whampiri wrote: »

Latest loan is for a social media "blogger". They're kidding, right? Just glad I didn't have autobid on.

That's hilarious, ffs!

Btw I turned off autobids months ago. LF do feck all chasing late payments and their 'updates' are always a) late and b) along the lines of "we rang this guy to see what the craic is. Will update borrowers when we hear back".

Even the level of spelling and grammar in the updates makes the whole business just look sloppy and cowboy-esque
Emailed them there saying their standard of customer care and chasing of defaulters was unacceptable and that I'm complaining to the Financial Conduct Authority in the UK as there's no way IMO that LF is fit to carry out P2P lending.

ganmo

whampiri wrote: »

Latest loan is for a social media "blogger". They're kidding, right? Just glad I didn't have autobid on.

With "UP TO" half a million followers
jasus I've up to half a million followers on my twitter...that actually has 6

chris2000

Is it just me or have linkedfinance gone from bad to worse over the past couple of months. A large number of my loans failed to pay during October and There has been no update for a number. At least in the past some update would have been given. I presume the spike in Oct was due to tax that is payable that number.

Basically once a loan goes into default little or no chance of getting anything back.

XIRR running at 1.22% after tax....have been withdrawing for the past year...can't get out quick enough...

benjamin d

chris2000 wrote: »

Is it just me or have linkedfinance gone from bad to worse over the past couple of months. A large number of my loans failed to pay during October and There has been no update for a number. At least in the past some update would have been given. I presume the spike in Oct was due to tax that is payable that number.

Basically once a loan goes into default little or no chance of getting anything back.

XIRR running at 1.22% after tax....have been withdrawing for the past year...can't get out quick enough...

The updates are a complete joke at this point. Loads of them where LF have promised to provide an update in a week/two weeks/28 days etc. and not a peep in months.

I spotted this on their listing on the Financial Conduct Authority register the other day under "Permission"...

Closed to new lending business (effective from 02/10/2019)
Linked Finance P2P Limited must update the FCA with a revised business plan and receive approval of its plan before it can undertake any new lending business on its electronic lending system

Anyone any insight into that?

Captainsatnav

benjamin d wrote: »

The updates are a complete joke at this point. Loads of them where LF have promised to provide an update in a week/two weeks/28 days etc. and not a peep in months.

I spotted this on their listing on the Financial Conduct Authority register the other day under "Permission"...

Closed to new lending business (effective from 02/10/2019)
Linked Finance P2P Limited must update the FCA with a revised business plan and receive approval of its plan before it can undertake any new lending business on its electronic lending system

Anyone any insight into that?

Wow - that's...ominous? How do you search for that on FCA website? I can't find it.

Update on Max Roofing Systems Limited (a 'B' rating mind you):

"Despite our efforts we have been unable to contact the borrower regarding the repayments outstanding on this loan agreement . A final attempt to reolve this balance prior to legal proceedings has been issued today and a further update communicated to lenders upon reply."

I mean if B rated company's (the other one that I have in default was also a 'B') are acting like this then LF are making up this stuff as they go along with seriously shoddy due diligence. Be extremely wide of this 'influencer' one with a Y rating! :rolleyes:

ct5amr2ig1nfhp

You should be bombarding their twitter feed with questions and comments until you get a response from LF. https://twitter.com/LinkedFinance

Strettie11

I suspect this relates to not having sufficient loans for the funds they have on account plus I know FCA have received complaints on the issues highlighted here

Shelflife

If I was a lending company I’d be embarrassed to say that I couldn’t get in contact with the lender.

Darc19

Banks have become very easy to get loans from and at very good rates.

Circa 6% for a 3 year term loan and in many cases the account is pre-approved internally so from application to drawdown is a few days.

When LF set up, banks were not giving loans unless you were aaa rated, so it was a gap LF filled.

Unfortunately when you add their commission, the best rate for a+ rated business is over 10% for b& c rated it's close to 15% and that simply means that it's only those who have difficulty getting loans from a bank who will apply to LF and that means poor quality lending.

Millionaire only not

From your posts recently are ye saying linked finance is effectively gone ?

benjamin d

Millionaire only not wrote: »

From your posts recently are ye saying linked finance is effectively gone ?

I don't think they're gone but I suspect their loans are increasingly junk (more than they were) and LF have zero interest in chasing defaulters