taffy
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Post by taffy on May 24, 2023 8:44:52 GMT
Lendy entered administration 24 May 2019, four long years ago. Since then, the Administration has been extended by Birmingham Court of Justice to 23 May 2025. How the costs will have mounted and the value of funds decimated over six years, with possibly more extensions. We should all be proud of the UK regulatory authorities, especially the FCA under the watchful eye of the now BOE Governor no less. How`s the interest rates and inflation going as well as attracting companies to the City, well I trust  |
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adrianc
Member of DD Central
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Post by adrianc on May 29, 2023 10:28:17 GMT
Without the administrators, there would be nobody chasing borrowers and valuers, or distributing funds.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,874
Likes: 2,310
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Post by keitha on May 29, 2023 10:37:28 GMT
Without the administrators, there would be nobody chasing borrowers and valuers, or distributing funds. Exactly. Administrators also have a duty to investigate to see if any of the directors etc of the now defunct company broke any laws. Without them absolutely nothing would happen.
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rocky1
Member of DD Central
Posts: 1,120
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Post by rocky1 on May 29, 2023 12:18:36 GMT
i hope the actions of this pair who i think are to blame for this whole mess are taken to account by the FCA.the administrators must have quite a file by now on the many misrepresentations,deceit,and blatant lies that were fed to lenders through their own updates on many loans. they seem to have broken almost every rule of being directors in their efforts to make millions for themselves at whatever cost to every body else.this should not be the end of the road for this pair where it appears they will still come out with very large bank balances.the FCA should fine them at least whatever amounts they make after admin ends plus a bit of jail time would also be nice.
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,744
Likes: 3,136
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Post by jonno on May 29, 2023 12:34:31 GMT
Without the administrators, there would be nobody chasing borrowers and valuers, or distributing funds. You're quite right of course. And yet, you're probably not going to believe this but there's a lunatic fringe out there that think they are soooo good at their jobs that they always seem to come out the other end with significantly more cash than the stupid saps who provided all that cash in the first place. A ridiculous notion of course, as I don't know about you, but I'm drowning in all the cash these fine upstanding fellows are showering me with from the likes of Lendy, Coll, FS et al. 
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on May 29, 2023 12:58:19 GMT
The entire Insolvency Practice "industry" is opaque and beyond archaic and is Nowhere Near Fit For Purpose, it is SO obviously rotten and needs replacing. Immediately.
It is not for me to design and implement a better solution, but I'll bet you my backside that there IS a far better way and certainly MUCH fairer solution.
I will also bet my backside that the various IPs and their "Professional Bodies" would scream blue murder and fight to the death any changes to their highly lucrative practices.
Just how does a £25-£30 per hour Admin. Assistant magicaly transform into a £200-£225+ per hour Admin Assistant when working on an insolvency case?
And the Courts and everyone else and their dog in positions to stop it, allow it!
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on May 29, 2023 13:06:40 GMT
i hope the actions of this pair who i think are to blame for this whole mess are taken to account by the FCA.the administrators must have quite a file by now on the many misrepresentations,deceit,and blatant lies that were fed to lenders through their own updates on many loans. they seem to have broken almost every rule of being directors in their efforts to make millions for themselves at whatever cost to every body else.this should not be the end of the road for this pair where it appears they will still come out with very large bank balances.the FCA should fine them at least whatever amounts they make after admin ends plus a bit of jail time would also be nice. I wish both of them, and their accomplices, All The Very Worst. I hope they all rot in hell. And the same to Those Responsible for Funding Secure, MoneyThing, and Collateral.
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Balder
Member of DD Central
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Likes: 614
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Post by Balder on May 29, 2023 15:26:03 GMT
+ Ablrate
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adrianc
Member of DD Central
Posts: 8,983
Likes: 4,810
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Post by adrianc on May 29, 2023 18:29:58 GMT
Without the administrators, there would be nobody chasing borrowers and valuers, or distributing funds. You're quite right of course. And yet, you're probably not going to believe this but there's a lunatic fringe out there that think they are soooo good at their jobs that they always seem to come out the other end with significantly more cash than the stupid saps who provided all that cash in the first place. A ridiculous notion of course, as I don't know about you, but I'm drowning in all the cash these fine upstanding fellows are showering me with from the likes of Lendy, Coll, FS et al. Well, I'm on about 30% back from COL atm... which is 30% more than I thought I'd ever see.
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Post by martin44 on May 30, 2023 18:44:31 GMT
Without the administrators, there would be nobody chasing borrowers and valuers, or distributing funds. You're quite right of course. And yet, you're probably not going to believe this but there's a lunatic fringe out there that think they are soooo good at their jobs that they always seem to come out the other end with significantly more cash than the stupid saps who provided all that cash in the first place. A ridiculous notion of course, as I don't know about you, but I'm drowning in all the cash these fine upstanding fellows are showering me with from the likes of Lendy, Coll, FS et al. Quite right... iv got back 3% so far and my balance has gone down 11%... how lucky am i? thank god for administrators looking after my money.
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Post by martin44 on May 30, 2023 18:45:23 GMT
i hope the actions of this pair who i think are to blame for this whole mess are taken to account by the FCA.the administrators must have quite a file by now on the many misrepresentations,deceit,and blatant lies that were fed to lenders through their own updates on many loans. they seem to have broken almost every rule of being directors in their efforts to make millions for themselves at whatever cost to every body else.this should not be the end of the road for this pair where it appears they will still come out with very large bank balances.the FCA should fine them at least whatever amounts they make after admin ends plus a bit of jail time would also be nice. I wish both of them, and their accomplices, All The Very Worst. I hope they all rot in hell. And the same to Those Responsible for Funding Secure, MoneyThing, and Collateral. My thoughts exactly. ive had 1 post taken down and deleted a post myself... these people are disgusting.
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