GeorgeT
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Post by GeorgeT on Dec 21, 2018 18:52:50 GMT
By way of a brief update, I had a response from the FCA a few days ago and I've been told my complaint has been passed to an investigator and I can expect a more substantive response within 4 weeks.
I've also had a response from the Treasury Select Committee which says they have had a number of similar complaints and all are being kept on file. The letter says my letter will assist the Committee when it considers the topics for its regular scrutiny of the FCA. It was suggested to me I might like also to complain to the Financial Regulators Complaints Commissioner.
I will bid all forum users a happy holiday season.
In the interests of battery recharge and mental wellbeing, I will try very hard not to switch my computer on until the new year.
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GeorgeT
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Post by GeorgeT on Dec 21, 2018 17:26:19 GMT
Unfortunately, I'm struggling to support the resolution without more information.
1. We are being asked to "...ratify any such enforcement or collection action which any Collateral Group Company may already have taken, following the appointment of the Joint Administrators on 27 April 2018 but prior to the date of this resolution ..."
I mean - I don't know what action, if any, has been taken since April 27th! So how on earth can I reasonably be expected to ratify it? That could be a dangerous thing to do, surely. What if it was illegal. What if it signs away my rights? What if it dobs me right in it, legally? (e.g. we all know what's going on over at LY at the moment with London loans).
2. In addition I'm struggling with this bit, "... including, without limitation, by appointing one or more receivers to the properties in question... ".
I have a rule never to agree to anything "without limitation". It's plain common sense.
I fear BDO are seeking powers and authority in excess of what they need. As I read it they are asking us to give them authority to appoint anyone they like and as many people as they like. So all and sundry can milk us dry.
The words 'reasonable' or 'proportionate', or 'subject to approval of the creditors' committee' aren't attached to anything in the resolution.
I will be looking more into this over the holiday period but I won't be bounced into supporting anything.
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GeorgeT
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Lendy (L) in Administration
Lendy Wealth
Dec 21, 2018 16:37:10 GMT
Post by GeorgeT on Dec 21, 2018 16:37:10 GMT
Has it been around long enough for anyone to have invested and given the 60 days notice required for withdrawal? Yes. I remember the new COO Robert Kelly giving an interview to promote Wealth at Cowes week , and that was back in August. So Wealth must have been going for 4 months now.
I think it says somewhere that the notice periods are only meetable in normal market conditions. Presumably the current situation re: LY mass defaults/suspensions, and re: Brexit uncertainty etc, would result in LY having reason not to returned the money after 60 days because of the unusual times.
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GeorgeT
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Post by GeorgeT on Dec 21, 2018 16:31:51 GMT
I wouldn't give thought to it.
I said to several people right after the referendum that Brexit would never happen. I stand by that view.
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GeorgeT
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Post by GeorgeT on Dec 21, 2018 15:36:03 GMT
I prefer to believe that this sudden request for some sort of support from investors is just to cover their asses. I find it hard to believe that this is absolutely necessary and they have had their hands tied since April. If that was the case then the Court should have grounds to remove them and charge them with gross negligence. It does seem bizarre that they were appointed in this matter in April - the core part of which is to recover the monies loaned out against the various assets - and 8 months into the job and a substantial 6 figure sum of fees amassed already, they seem to be saying they have no authority to do the job / instigate formal action to recover any of our money until we vote on it and give them an unspecified 'sufficient majority' to start doing what they were appointed to do.
No wonder only 2 small loans have repaid in all this time. Seems they claim the only power they have had to date is to ask borrowers politely to pay us back. Any of us would have willingly done that for nothing !!!
Did they mention this matter / vote at the CC meeting a week or 2 ago?
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GeorgeT
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Post by GeorgeT on Dec 21, 2018 14:04:36 GMT
If you wanted to send out an email asking for a response, but you wanted to minimise the number of responses you got back, when would you decide to send it?
Hmmm ....I think I'd choose to send it around midday on the last working day before the Xmas and New Year holiday season, when millions will have already gone away, or left their offices for a couple of weeks.
This looks rather cynical to me.
I can guess what is coming next .... oh dear, there wasn't a sufficient no. of responses .... we need to apply to court now. kerching, kerching, oh dear, a small error on a form, kerching, kerching, court wont rule on it before the summer now, kerching, kerching ....
I doubt the COL debacle will be finalised in under 5 years under BDO. And by then their fees will be well into the £millions.
I think they need to be removed.
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GeorgeT
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Post by GeorgeT on Dec 21, 2018 12:36:14 GMT
Shocking. Shocking, that after all these months on the job and all these hundreds of thousands of pounds in fees they have racked up on seemingly useless IT experts, PR firms, overnight stays in hotels and £600 an hour partners,that this is an admission at the end of year 1 that they have not taken any recovery action whatsoever because they haven't had the authority to do it all along. And let's not forget that all of the Collateral loans matured months ago and should have been repaid months ago and if not recovery enforcement action should have been instigated long ago. Many of the loans are property related and they are now leaving this to be dealt with right around the time of Brexit when values will plunge and nobody will be in the market.
Unbelievable and I'm not surprised they've waited until the last working day before Christmas break to send this out because many people I'm sure we'll be thinking about taking this further and seeing if this whole matter needs taking back to court because it's completely unacceptable.
I will be replying but not immediately because my reply will contain a rocket.
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GeorgeT
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Post by GeorgeT on Dec 19, 2018 22:45:42 GMT
1pm ...hmm..hope I can access a recording, as I will be working! I have already arranged to take my elderly mother to the surgery for an essential warfarin related blood test and the appointment is late morning so I will not be able to watch the broadcast but I trust forum members will update us on what is said, who the persons doing it were and what impression they gained of them and their competency and sincerity. I retain an unfortunate interest in 2 old terms loans in sunny Devon. And I know I am old school but webinar is a new word on me that I shall now add to my vocabulary...or maybe not.
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GeorgeT
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Post by GeorgeT on Dec 18, 2018 0:48:58 GMT
A quick look at the scrores on the doors tonite,
Lendy loans that ARE tradeable (in 'live' and not suspended) ................................................................ £22.8m
Lendy loans that AREN'T tradeable (in 'live' but suspended plus non-performing plus claims underway) ............ £144.7m
You always seem to forget the most important tab when you're publishing these comparisons...
Lendy loans that have already been repaid in full ........ £199.6M
(or £203.4M, depending on whether you believe the "loan" column or the "capital repaid" one)
Well when you put it like that with your rose tinted spectacles on it looks great doesn't it. If we include your £199 million of repaid loans that means out of the total loan book since the business started only 65% of loans are in default / been suspended. I don't think anyone would say a 65% loan failure rate is within the ballpark of normality and lending competence. With that sort of performance track-record you'd want 30% per annum interest to even consider investing. Top quality, class leading, 45 point due diligence process my backside.Didn't they even at one point claim their due diligence was stricter than the banks?!
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GeorgeT
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Post by GeorgeT on Dec 18, 2018 0:12:33 GMT
I note that 6 days ago a reviewer called Laura Scheuler posted a 5 star review of Lendy. Her other 5 star review was on Tim Lowe, whatever that is.
Tonight a reviewer called Winford has posted a 5 star review of Lendy. His/her other 5 star review is also of Tim Lowe.
I also note the American spelling of favor.
Too much of a coincidence to be genuine reviews.
Not sure which has become the biggest joke - TP or LY.
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GeorgeT
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Post by GeorgeT on Dec 18, 2018 0:01:47 GMT
As there is progress on who owns what, are the loans going to be repaid as they complete or do we have to wait until all loans are resolved? Reading between the lines of the committee report that Monetus posted the other day, I rather suspect that once the loan-part-ownership data is deemed adequate, they're going to start distributing. But I doubt that the distributions will be full, at least initially. I suspect some will be held in reserve for fee coverage, since it's sounding as if there's a very good chance the fees will be coming out of the "trust" monies. An interesting interpretation.
I'm sure that initial, albeit fee reduced, distributions of recovered funds based on individual, loan part ownership data would be very much welcomed by investors. As opposed to all having to wait until the very end of the administration process before receiving anything at all.
Of course I'm aware of the restrictions placed on Monetus by the NDA but I wonder if Monetus is able to give any indication as to whether this is a fair intrepretation of how matters may proceed?
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GeorgeT
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Post by GeorgeT on Dec 12, 2018 23:21:32 GMT
I have complained to the FCA in quite forceful terms and set out the action I expect.
If you email you get an automated reply saying they aim to respond within 5 working days. I am awaiting my response.
I can share the meat of my complaint if it will be helpful but I would think more personal, individual complaints are likely to be more effective and troublesome to them.
The bottom line is that nobody should be out of pocket due to their error/incompetence. So, after completion of the administration, they must be liable for any shortfall.
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GeorgeT
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Post by GeorgeT on Dec 12, 2018 23:14:03 GMT
Re: the update by Monetus about a letter to the FCA.
I would urge all COL investors to follow the lead of others and complain individually to the FCA about their register being wrong and misleading.
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GeorgeT
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Post by GeorgeT on Dec 11, 2018 13:48:46 GMT
So that would be one ex BDO man being replaced by another ex BDO man, small world. Quite. 'nuff said.
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GeorgeT
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Post by GeorgeT on Dec 6, 2018 11:05:56 GMT
I recieved a(nother) phone call last night trying to drum up support for Lendy Wealth. Obviously I'm not going to tie up any more of my hard earned cash until I see real evidence of improved due diligence, monitoring and recoveries- I'm not just going to take their word for it.
Summary of their response: Recoveries: They expect to be releasing significant positive information on these over the next few weeks.
New loans: They aren't offering us new loans ( so we can't judge the quality of these new loans) as they can't fill loans already offered to us - I did point out that the reason they can't fill them is because they are only offering us further tranches of loans we are already fully/over exposed to and what we need is diversification.
Exactly !!!! Give us new loans and we consider filling new QUALITY loans. I'm not sure they could even fill gold plated new loans. The brand image / reputation is tarnished. I'd need to see 2 years of top class performance before I'd even consider investing another pound. Platform failure is the big risk and we know from COL that is not an experience to invite into your life.
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