shimself
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Post by shimself on Feb 3, 2020 13:11:26 GMT
Lendy went bust. So whatever recovery goes to investors less admin costs, that's p2p isn't it? NO. Because Lendy wrote some small print and the administrators don't have the balls to fight it (in fact I think the administrators make more money if they don't) It's something like £20M of recovered funds might actually go to Lendy's owners instead of investors. If they get away with it you can forget p2p, it will become like all other dodgy investment, P2LyingFatCat More info: www.facebook.com/groups/lendyactiongroupwww.lendyactiongroup.co.ukor contribute direct on www.crowdjustice.com/case/lendy-...egal-fund/ |
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shimself
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Post by shimself on Feb 3, 2020 13:13:02 GMT
Or in the LAG's own words:
I've been asked to explain again why we are raising money to fight the waterfall. Here's the simple explanation: Lendy originally promised to only deduct charges for administering the default loan then pay back investors. (that's not what was in the notes we were never allowed to see) Then after the portfolio started defaulting en mass and we were stuck, Lendy sent an email, retrospectively changing this. The issue is what is defined as a "fee" which Lendy defined in a way that paid penalty interest and many other items to themselves first. This is a hole LAG is focused on plugging. You should know, RSM did not include these deductions when estimating investor recovery. We think these illegal deductions could reduce our recovery by £20m - that's 25% of the total recovery forecasted and that money could go to L**m ? Are you ready to fight now? www.crowdjustice.com/case/lendy-action-group-legal-fund/
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cb25
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Post by cb25 on Feb 3, 2020 13:28:46 GMT
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shimself
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Post by shimself on Feb 3, 2020 13:36:52 GMT
Fixed thanks. so much for copy-paste
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hazellend
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Post by hazellend on Feb 3, 2020 14:30:32 GMT
I donated £1 / £ 1000 loaned
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ton27
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Post by ton27 on Feb 3, 2020 16:41:50 GMT
I think lots of people who are aware of the fund raising (is this mostly LAG members?) have contributed the requested amount (I have put in £1.50 per £000 on my £40k) but it seems there are many many more investors who may not be aware or are unwilling to contribute. My view is that we only have one go at this so will be willing to put in a bit more.
One issue for me, and possibly for others, is that I do not know what we get for £25k and what more for £75k. Perhaps it is not possible to disclose these details.
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shimself
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Post by shimself on Feb 3, 2020 18:58:48 GMT
I think lots of people who are aware of the fund raising (is this mostly LAG members?) have contributed the requested amount (I have put in £1.50 per £000 on my £40k) but it seems there are many many more investors who may not be aware or are unwilling to contribute. My view is that we only have one go at this so will be willing to put in a bit more.
One issue for me, and possibly for others, is that I do not know what we get for £25k and what more for £75k. Perhaps it is not possible to disclose these details.
From facebook The first money will address the waterfall. I'm hopeful the amount raised will do that. Subsequent funds will be used to secure M2 investors rights as creditors
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michaelc
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Post by michaelc on Feb 3, 2020 21:07:33 GMT
Lendy went bust. So whatever recovery goes to investors less admin costs, that's p2p isn't it? NO. Because Lendy wrote some small print and the administrators don't have the balls to fight it (in fact I think the administrators make more money if they don't) It's something like £20M of recovered funds might actually go to Lendy's owners instead of investors. If they get away with it you can forget p2p, it will become like all other dodgy investment, P2LyingFatCat More info: www.facebook.com/groups/lendyactiongroupwww.lendyactiongroup.co.ukor contribute direct on www.crowdjustice.com/case/lendy-...egal-fund/I actually prefer your explanation - its very easy to understand and to the point. I have also contributed what has been asked. And what has been asked is actually tiny. For example if you have ten grand invested they only want a tenner. Seems crazy not to really.
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zlb
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Post by zlb on Feb 3, 2020 22:12:49 GMT
I donated £1 / £ 1000 loaned interesting, it says minimum £5 - so it's not a limit set by the crowd fund site.
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shimself
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Post by shimself on Feb 4, 2020 8:26:45 GMT
Lendy went bust. So whatever recovery goes to investors less admin costs, that's p2p isn't it? NO. Because Lendy wrote some small print and the administrators don't have the balls to fight it (in fact I think the administrators make more money if they don't) It's something like £20M of recovered funds might actually go to Lendy's owners instead of investors. If they get away with it you can forget p2p, it will become like all other dodgy investment, P2LyingFatCat More info: www.facebook.com/groups/lendyactiongroupwww.lendyactiongroup.co.ukor contribute direct on www.crowdjustice.com/case/lendy-...egal-fund/I actually prefer your explanation - its very easy to understand and to the point. I have also contributed what has been asked. And what has been asked is actually tiny. For example if you have ten grand invested they only want a tenner. Seems crazy not to really.
Thank you. I actually pressed Lisa at LAG to come up with her simplified version, which she did and it's a lot better than what went before, but yes I can outsimple anyone
And I agree, it's too small. As fortunately was my investment, in fact I have bunged in 7%
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 4, 2020 12:51:57 GMT
Lendy went bust. So whatever recovery goes to investors less admin costs, that's p2p isn't it? NO. Because Lendy wrote some small print and the administrators don't have the balls to fight it (in fact I think the administrators make more money if they don't) It's something like £20M of recovered funds might actually go to Lendy's owners instead of investors. If they get away with it you can forget p2p, it will become like all other dodgy investment, P2LyingFatCat More info: www.facebook.com/groups/lendyactiongroupwww.lendyactiongroup.co.ukor contribute direct on www.crowdjustice.com/case/lendy-...egal-fund/I actually prefer your explanation - its very easy to understand and to the point. I have also contributed what has been asked. And what has been asked is actually tiny. For example if you have ten grand invested they only want a tenner. Seems crazy not to really. Hey don't forget the old adage. Look after your tenners as Lendy will look after your ten grands for themselves 😱😀
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shimself
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Post by shimself on Feb 5, 2020 9:34:20 GMT
In True DT fashion, somebody said, I don't remember who:
Apparently Liam accepted investment from some characters who it is foolish to upset. One might almost imagine that he is utterly desperate to reimburse them privately, and for this to be possible he might need his pocket-picking to succeed, because if not a singular comeuppance will be coming his way.
Are you tempted now?
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shimself
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Post by shimself on Feb 6, 2020 13:19:47 GMT
Progress. Up to 44K now
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Post by failedtheturingtest on Feb 6, 2020 15:39:18 GMT
I'm not a lender in Lendy, but I do lend on other P2P platforms. I have made a small contribution in solidarity. I hope we can protect all lenders' investments everywhere!
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