lexo
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Post by lexo on May 9, 2019 15:29:59 GMT
I'm wondering if Lendy were to stop trading, how the investors can avoid it to become another Collateral where administrators are simply sucking all the money via their astronomical fees. Collateral stopped trading more than a year ago and as far as I know investors haven't received a penny yet, not even an access to the website to view their accounts.
Can investors cooperate and appoint another (experienced?) manager for Lendy's loans, e.g., another p2p platform?
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Greenwood2
Member of DD Central
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Post by Greenwood2 on May 9, 2019 15:33:42 GMT
I'm wondering if Lendy were to stop trading, how the investors can avoid it to become another Collateral where administrators are simply sucking all the money via their astronomical fees. Collateral stopped trading more than a year ago and as far as I know investors haven't received a penny yet, not even an access to the website to view their accounts. Can investors cooperate and appoint another (experienced?) manager for Lendy's loans, e.g., another p2p platform? There should be an orderly wind down in place, since Lendy is FCA authorised and that is part of the authorisation, so administration shouldn't be necessary.
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ben
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Post by ben on May 9, 2019 18:46:30 GMT
I'm wondering if Lendy were to stop trading, how the investors can avoid it to become another Collateral where administrators are simply sucking all the money via their astronomical fees. Collateral stopped trading more than a year ago and as far as I know investors haven't received a penny yet, not even an access to the website to view their accounts. Can investors cooperate and appoint another (experienced?) manager for Lendy's loans, e.g., another p2p platform? Unfortunately the majority of administrators just suck money out of companies with astronomical fees, after all they are the only ones that are pretty much guaranteed to get there money.
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richox
Member of DD Central
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Post by richox on May 9, 2019 18:56:20 GMT
Aren't we now in the process of an (orderly??) wind down, even though it feels more like a smash and grab wind down by LB and cronies? That seems to be their only interest in the organisation now.
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Post by masquedefer on May 10, 2019 6:29:12 GMT
I posted the following on another thread.
If Lendy were to stop trading could we investors recover the legal right to pursue recovery of defaulted loans ourselves? Eg as a cooperative.
Are there any reasonable grounds that exist to repudiate our agency agreement with Lendy to enable investors to do this now? Eg Lendy failed to act competently/properly as our agent, unfair agency contractual terms, misselling, conflict of interest, other........
Is there is a case for Lendy investors to ditch Lendy and use their own expertise to recover loans or appoint competent experts? Would it be worthwhile for one investor to pursue a test case for Surveyor negligence claim through the small claims court. Would Lendy stop us?
Does anybody know a legal firm who could free us from this nightmare?
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Post by p2plender on May 10, 2019 7:21:19 GMT
no win no fee  |
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sl75
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Post by sl75 on May 10, 2019 9:01:29 GMT
To my mind the best way to "not become another Collateral" is to let whatever process the FCA is invoking behind the scenes play out, rather than potentially undermining it by attacking the potentially viable residual business that is still being kept running in some form as a going concern.
The FCA do not appear to have blocked the most recent tranche draw-down on DFL029, and I very much doubt that the latest tranches of DFL034 and DFL037 will be going live unless the team are confident of the FCA's approval of the necessary transactions to allow those to occur.
My own goal is to support the process that the FCA is currently closely supervising (whatever that may be), rather than to seek to undermine it. In particular my own chosen strategy involves continuing to hold a diversified portfolio of loans (I'm not going to improve recoveries on the bad loans by selling off the good stuff), and keeping at least part of any returned capital and interest on platform, re-investing in what residual loans still seem to look ok.
It's anyone's guess what deals they're negotiating behind closed doors, and whether that ultimately results in Lendy transitioning to full wind-down mode (either on-platform as at present, or dealt with offline by a third party), the entire loan book being transferred to another operator, or even a new CEO being brought in with the aim of turning around the Lendy platform and brand against all odds. However, in the short term, it seems clear that keeping the platform operating "as normal" is still considered the appropriate strategy.
However, having a potentially viable ongoing business (even if the former management team were not able to turn it around and make it viable again) would seem to me to keep rather more options open to the FCA for how they deal with it...
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Jeepers
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Post by Jeepers on May 10, 2019 11:05:27 GMT
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pi
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Post by pi on May 10, 2019 12:41:51 GMT
Interesting "Some investors have already received compensation as a result of individual legal action they have taken."
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SteveT
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Post by SteveT on May 10, 2019 13:18:39 GMT
Interesting "Some investors have already received compensation as a result of individual legal action they have taken." I suspect that relates to the couple of instances where lenders who'd invested in a particular loan via the SM after a specified date (deemed when Lendy ought to have suspended trading) were offered the chance to have their parts bought back.
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Post by peertopier on May 18, 2019 9:37:46 GMT
My Lendy portofolio is now £700 over 15 loans all of which bar one are between 5 and 400 days past their finish date. I dipped my foot into several P2P sites at the same time to get a feel for them. Some of the others have been great.
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