adrianc
Member of DD Central
Posts: 9,013
Likes: 4,825
|
Post by adrianc on Apr 23, 2019 18:01:34 GMT
Seems there is a copycat on Unbolted.... anyone else involved in this? At least that borrower doesn't have to pay a solicitor...
|
|
|
Post by Wakey on Apr 23, 2019 18:53:15 GMT
Seems there is a copycat on Unbolted.... anyone else involved in this? Yes I am in it.
|
|
agent69
Member of DD Central
Posts: 5,624
Likes: 4,194
|
Post by agent69 on Apr 23, 2019 18:56:37 GMT
Seems there is a copycat on Unbolted.... anyone else involved in this? At least that borrower doesn't have to pay a solicitor... And you know what they say about somebody that represents themselves in court?
|
|
|
Post by df on Apr 23, 2019 19:12:13 GMT
Seems there is a copycat on Unbolted.... anyone else involved in this? Yes, now two borrowers want to sue me for lending them a bit of cash, it looks like it's becoming a trend.
|
|
|
Post by cymrukid on Apr 23, 2019 21:34:45 GMT
Seems there is a copycat on Unbolted.... anyone else involved in this? Yes, now two borrowers want to sue me for lending them a bit of cash, it looks like it's becoming a trend. Yes, in the same boat as you! As with the London loan it's not as if I wrote the legal pack and know what T&Cs were stipulated. I think involving individual lenders is a tactic to gain leverage and the sooner it is prohibited in the T&Cs the better.
|
|
|
Post by meg on Apr 23, 2019 21:54:00 GMT
Would anyone mind telling me if this copycat is Lendy or another platform? If so which platform?
|
|
|
Post by balloonthief on Apr 23, 2019 21:56:36 GMT
Yes, now two borrowers want to sue me for lending them a bit of cash, it looks like it's becoming a trend. Yes, in the same boat as you! As with the London loan it's not as if I wrote the legal pack and know what T&Cs were stipulated. I think involving individual lenders is a tactic to gain leverage and the sooner it is prohibited in the T&Cs the better. Sickening to hear this. The sooner these loans I'm involved in pay back the better. This p2p is an absolute joke. FCA need to get a grip and start making an example of a few of these companies. Lendy has consistently lied to its lenders and is in serious trouble financially, honest hard working peoples money wrongly at risk due to the company not doing what it said it would on multiple loans and offering multiple promises that end in failure. This whole industry is a joke, FCA included. Wish I never even had the cash to invest, would be better spent on whisky and fine wine, at least that would be enjoyable.
|
|
|
Post by Ace on Apr 23, 2019 22:40:54 GMT
Would anyone mind telling me if this copycat is Lendy or another platform? If so which platform? It's on the Unbolted platform.
|
|
|
Post by samford71 on Apr 23, 2019 23:28:12 GMT
Yes, now two borrowers want to sue me for lending them a bit of cash, it looks like it's becoming a trend. Yes, in the same boat as you! As with the London loan it's not as if I wrote the legal pack and know what T&Cs were stipulated. I think involving individual lenders is a tactic to gain leverage and the sooner it is prohibited in the T&Cs the better. T&Cs will not help. Fundamentally, in P2P the lenders are the principal and face the borrower directly. The P2P platform is simply the agent.
If you prefer not to be sued then you need to insert an entity between you and the borrower. There are a variety of ways to do this. One way is to put all your investments in an LLP or Ltd. Another way is for every loan to be made from an alternative investment fund (AIF), a form of collective investment scheme under AIFMD regs, to the borrower. The lenders/investors owns the proceeds from the AIF based on pro-rata investment. The P2P platform is replaced by a Alternative Investment Fund Manager (AIFM) who manages the process, recovery etc. LendInvest is example an AIFM who manages AIFs. This is not, however, formally P2P anymore.
A fund structure, where fund adminstration is formally separated from fund management is more expensive but could provides better protection for investors. The AIF can have separate directors and if they believe the AIFM is doing something not in the interest of the investors, they can replace the AIFM. The AIFM is not allowed to hold client money so cannot run off with it. Moreover, the AIF's fund administrator has all the books and records such as the ownership of each loans, cash balances etc. Imagine how much easier the Collateral debacle might have been with that type of division or how much easier replacing Lendy could be.
|
|
|
Post by banffy on Apr 24, 2019 20:11:21 GMT
I think Lendy need to get this loan sorted out this could make or break the will on P2P as a whole. The eyes are watching you Lendy from every corner of the planet!
|
|
|
Post by brightspark on Apr 24, 2019 20:13:43 GMT
Don't those chaps on the Space Station have a say?
|
|
revvy
Posts: 17
Likes: 24
|
Post by revvy on Apr 24, 2019 20:21:28 GMT
I dont think this is even the start of it. This borrower has provoked a thought in the minds of other borrowers and whilst on this loan, clearly the protagonist ran out of money and couldn’t meet the cost order, I think this will show other borrowers that the one thing that came out of this case....is that the judge saw fit to allow the release of our information and as is English Law, every man is allowed his day in court regardless of the merit of the claim.
|
|
revvy
Posts: 17
Likes: 24
|
Post by revvy on Apr 24, 2019 20:54:29 GMT
If you look at the other thread “FCA register confirms restrictions on Lendy’s activities” you will see that prt120 says that they have spoken to the FCA and they have confirmed that further restrictions were placed on Lendy on the 16th April due actual or potential legal action by a borrower
|
|
adrianc
Member of DD Central
Posts: 9,013
Likes: 4,825
|
Post by adrianc on Apr 25, 2019 7:51:32 GMT
If you look at the other thread “FCA register confirms restrictions on Lendy’s activities” you will see that prt120 says that they have spoken to the FCA and they have confirmed that further restrictions were placed on Lendy on the 16th April due actual or potential legal action by a borrower Which may or may not be the same one again.
|
|
gc
Member of DD Central
Posts: 152
Likes: 141
|
Post by gc on Apr 25, 2019 16:59:25 GMT
I think Lendy need to get this loan sorted out this could make or break the will on P2P as a whole. The eyes are watching you Lendy from evey corner of the planet!Great, well there goes my disc, flat earth theory!
|
|