rocky1
Member of DD Central
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Post by rocky1 on Mar 3, 2023 13:17:22 GMT
though 1 final distribution would not have justified the costs of these interim updates and scraps of payments that is going on now.looks like my final losses will be many thousands but mentally wrote off a long time ago and moved on.paltry %repayments and looking at the costs and everything else now. i just shake my head and smile to myself for being taken in by all this.
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ilmoro
Member of DD Central
'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 Mar 3, 2023 13:24:47 GMT
Sorry if this has been covered elsewhere, but what is the justification for retaining 25% of the recoveries? Do we get the interest on that cash or do they just pocket it? On DFL12, there is a 25% retention totalling £1.7m! They then charge £6k to distribute £161k (absurd in itself), and then leave a retained balance on top of that of £77k. At the very least why is the £77k not distributed? What a bunch of shysters. The retention is there for any fees yet to arise. When everything's settled, the balance of that will be distributed. They could have retained the lot until everything was settled... No, the retention is there to largely cover fees that have already arisen ... Lendy & RSM costs in relation to operating the platform, undertaking recoveries etc. Currently these fees/costs have been paid from the general estate or accrued. Once the Court has signed off on the protocol, the exact value will be agreed with the stakeholders ie M2 committee. Naturally there might be some further fees to factor in, particularly in relation to loans where there are ongoing recoveries but most loans are at the point of no further recovery. They could have tried, might have found the Court took a dim view of such behaviour
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jhamster
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Post by jhamster on Mar 3, 2023 17:49:01 GMT
Wow - what a ripoff. Thanks for the explanation. It is the Lendy directors who have ripped us off. They operate in the financial industry which allows theft as long as paperwork can be provided.
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Post by rooster on Mar 3, 2023 18:30:12 GMT
Wow - what a ripoff. Thanks for the explanation. It is the Lendy directors who have ripped us off. They operate in the financial industry which allows theft as long as paperwork can be provided. Seems to me that the FCA are complicit in conspiring with them to rip us all off.
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rocky1
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Post by rocky1 on Mar 3, 2023 18:52:46 GMT
any chance that the FCA will take some action with this pair of crooks after this is finished. or do they both sail off into the sunset a few mil better off to have a good laugh about their exploits and work out another FCA regulated scam i mean scheme to rip off ordinary people.white collar crime seems to pay very well with little risk except for a slapped wrist and a pat on the back.
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copacetic
Member of DD Central
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Post by copacetic on Mar 3, 2023 19:19:45 GMT
Nearly 4 years later and 7 quid up! Time to head out and celebrate with a well earned water and half a bag of peanuts. Cheers all!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,886
Likes: 11,108
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Post by ilmoro on Mar 3, 2023 19:21:21 GMT
any chance that the FCA will take some action with this pair of crooks after this is finished. or do they both sail off into the sunset a few mil better off to have a good laugh about their exploits and work out another FCA regulated scam i mean scheme to rip off ordinary people.white collar crime seems to pay very well with little risk except for a slapped wrist and a pat on the back. FCA investigation ongoing so yes still a chance.
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Post by p2psws on Mar 4, 2023 13:05:15 GMT
any chance that the FCA will take some action with this pair of crooks after this is finished. or do they both sail off into the sunset a few mil better off to have a good laugh about their exploits and work out another FCA regulated scam i mean scheme to rip off ordinary people.white collar crime seems to pay very well with little risk except for a slapped wrist and a pat on the back. FCA investigation ongoing so yes still a chance. I do hope so. A few loans going bad is understandable, but not to the extent that has become apparent! Didnt Liam and Tim fabricate (ie: make up) a load of invoices to an off-shore marketing firm? They got caught-out by HMRC, found guilty, and were let off the hook? Im probably wrong in this because Im sure if HMRC found I was guilty of tax evasion they wouldnt let me off! Can you clarify that situation? Like I say, Im probably wrong.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,886
Likes: 11,108
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Post by ilmoro on Mar 4, 2023 15:20:36 GMT
FCA investigation ongoing so yes still a chance. I do hope so. A few loans going bad is understandable, but not to the extent that has become apparent! Didnt Liam and Tim fabricate (ie: make up) a load of invoices to an off-shore marketing firm? They got caught-out by HMRC, found guilty, and were let off the hook? Im probably wrong in this because Im sure if HMRC found I was guilty of tax evasion they wouldnt let me off! Can you clarify that situation? Like I say, Im probably wrong. The administrators alleged that funds had been misappropriated but that remains unproven as the case was settled. HMRC wasn't involved AIUI, so no they weren't found guilty or let off as there has been no prosecution, it was a civil case. Full coverage mouseinthecourtroom.wordpress.com/2022/12/22/marshall-island-mystery-lendy-directors-to-pay-3-4m-report-reveals/
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gustapher
Member of DD Central
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Post by gustapher on Mar 5, 2023 7:16:39 GMT
Wow - what a ripoff. Thanks for the explanation. It is the Lendy directors who have ripped us off. They operate in the financial industry which allows theft as long as paperwork can be provided. Yes, but surely the fees for running the administration and the way it has been done is a clear rip-off also. There is no reason an administration process should be this expensive, particularly on ones like DFL012.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Mar 6, 2023 17:04:19 GMT
Unfortunately Administrators fees are very high, and they charge on an hourly rate, very often a named Administrator will be £200 an hour I saw one recently where Admin was charged at £150, Administrator at £250 and partners in the firm at £900 that's all per hour not per day. they were even charging £38 per hour for porterage ie guys to load stuff into vans to go to auction house.
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Post by goldservice on Mar 6, 2023 21:32:00 GMT
I've always been aware that these blood sucking fees are the norm. Does anyone know if they are also the norm in other European countries?
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r1200gs
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Post by r1200gs on Mar 7, 2023 10:52:15 GMT
Request to withdraw on 04/02/23 received today 07/03/23. Received by Faster Payments Incoming (FPI).
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Mar 13, 2023 14:42:42 GMT
Withdrawal made 3rd March has arrived today. Seems a fair bit quicker than the last one.
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Post by anthony on Mar 14, 2023 15:17:41 GMT
Same here for me - just under 2 weeks - I think that's the quickest so far.
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