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Post by loftankerman on Apr 15, 2020 8:32:45 GMT
I only checked in again to see what folk thought of the email I too received this morning. I'm pleased I haven't been holding out any expectations. I should be about 80 by the time they next decide they need to kick the can down the road for another three years, just to be sure there's absolutely nothing left. Five stars for their diligence from me.
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Post by loftankerman on Feb 26, 2020 13:39:03 GMT
Is anyone else wondering if this is going to be like an eBay auction where there are a bunch of seasoned bidders trying to get a winning bid in at the last second before it closes? Here I can imagine that someone might be weighing up the time and affordable amount at which they can dive in with a closing pledge. If that isn't the case, maybe this will encourage a few to give it a go.
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Post by loftankerman on Feb 25, 2020 21:54:36 GMT
It isn’t over the line, UNTIL it is over the line! Last I checked, it was already over the (original) line (set at £25k) by some considerable margin.
Will this descend into some kind of contest of how many times RSM and LAG can redraw various lines between them until all the money has gone?
Is there a written guarantee anywhere that the lawyers' costs will now be capped at £75k, and LAG and their lawyers will not be continuing to milk Lendy members for even more money?
My guess: 1) Probably. 2) No.
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Post by loftankerman on Feb 25, 2020 15:01:23 GMT
Please don't do that. The posts may not be to everyone's taste, but I am glad they are there and I appreciate what supernumeray is doing. I admire his enthusiasm but we can just click on the link and see for ourselves how much money has been raised without needing it posting about 5 times a day... I do hope that with all this near constant drum banging and badgering he isn't being distracted from making numerous pledges himself. We are very close now and any difference between achieved and not achieved would be down in the noise level and financially insignificant. However, I do think it is important that the target is achieved, as failing to do so might give some comfort to our adversaries by suggesting that our resolve has not been quite so much as hoped. Achieving the target on the other hand doesn't dispel the possibility that we are a very long way from finished yet. Given that my net shortfall in the event of a total loss is not of much concern, I have pledged an irrational sum already but I'll find a few more quid if we aren't there before the final whistle blows.
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Post by loftankerman on Feb 22, 2020 10:26:31 GMT
Suppose we don't reach £75k - what happens then? Can we not use the £70+k we'll have raised? If things go well, if we can see we need more cash, can we not continue to top up the fund at a later date? I'm not really adept as a Facebook person and can rarely find a topic I recall seeing previously but I had a look a week or so ago. There was the question raised by the organiser as to whether the funding should cease when the day counter ran down to zero, be left open to see if it could eventually get over the line, or even if it did, remain open longer on the assumption that all further funds would be of use. I think they were planning on taking a vote on it. I expect that if it gets pretty close by the due date, a flurry of activity may kick it over the line, but it has slowed down significantly now. There are probably many who might have pledged but haven't had the faintest idea that anything is going on. It was only random chance that brought it to my attention.
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Post by loftankerman on Feb 17, 2020 18:04:52 GMT
We have committed money to the LAG fund raise but what are lender's views with regards to those who did NOT challenge the new T&C's issued by Lendy in March 2018? Is the challenge going to be along the lines that those who did not agree to them and / or challenged them should not be subject to those Terms OR is the challenge on the basis that the T&C's were actually unfair and therefore should not be allowed? Apologies if this has been covered elsewhere (either on this forum or on the LAG forum - which we are also signed up to) but it would be helpful if we could have dome clarity on this please? Short answer from me is that I don't know. However it was pretty clear to me that one could not comply with their requirements if one disagreed, because it was not practical to immediately sell ones loan shares and subsequently withdraw funds if one had immediately stopped using the web site. Even expediting withdrawal and exit could have been inferred as accepting the T&C. So I figured than a prompt exit was the optimum solution rather than pointlessly debating terms. The tip of my tail got caught in the door on the way out but I can cope with that. Water under the bridge, but I'm happy to make a brief comeback here just for this funding exercise, then I'll be disappearing again as I don't have enough in the pot to be stressing myself about it.
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Post by loftankerman on Feb 14, 2020 18:17:42 GMT
As the original goal was £25k, I don't like the assumption that the real goal was £75k, but it had to be presented as a stretch target to get people onboard. I think this is a consequence of how the funds are used. The original target allowed for funds not to be taken had it not been achieved. This original target is the minimum necessary to start with action. The stretch target is what might be though of as what is really hoped for to put up a good fight. Yes, it is not presented well on the crowdjustice website and might be seen to be misleading, however, those people involved with LAG would certainly have known that £25k was the start and £75k was what is really hoped for. I thought £25k was what a solicitor charges you for settling down with a quick brew to contemplate whether or not they can be bothered putting some effort in and charging you much more.
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Post by loftankerman on Feb 13, 2020 23:57:52 GMT
I an sure there are more than ~1200 investors with funds still stuck in Lendy. Why are they sat on their hands instead of putting them in their pockets? I was an early joiner of the Equitable Members Action Group. I was approached by someone I knew who had money in Equitable Life. He asked about membership of the action group and I told him about it and said the suggested annual membership donation was £25. So he asked if any resulting returns would be conditional on membership. I said not and he replied "Well there's no point in wasting money on it then is there, if someone else is going to cover the costs and do all the work?"
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Post by loftankerman on Feb 13, 2020 17:14:27 GMT
I just posted the link to the page on THC's chat line along with "Buddy can you spare a dime?" They don't know me as my forum name here, but know me well. Got an immediate positive response, they'll check with compliance dept. Response from compliance... Unfortunately its not something we as an company or our employees can do unfortunately. Ah Well!
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Post by loftankerman on Feb 13, 2020 16:57:19 GMT
Actually ..........wouldnt it be swell if some of the big hitters like Ratesetter /Asscap etc made a high profile donation just to show solidarity with their customers and virtue signal their own credentials? I just posted the link to the page on THC's chat line along with "Buddy can you spare a dime?" They don't know me as my forum name here, but know me well. Got an immediate positive response, they'll check with compliance dept.
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Post by loftankerman on Feb 13, 2020 16:55:50 GMT
Actually ..........wouldnt it be swell if some of the big hitters like Ratesetter /Asscap etc made a high profile donation just to show solidarity with their customers and virtue signal their own credentials? I just posted the link to the page on THC's chat line along with "Buddy can you spare a dime?" They don't know me as my forum name here, but know me well.
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Post by loftankerman on Feb 12, 2020 12:37:52 GMT
I really don't have a lot in this but put in about £6 per thousand owing to me. I was thinking that if it was getting close to target towards the end of the period I'd put in a bit more. Now it occurs to me that if many are thinking along the same lines, then there could be a shortfall that would make me think it wasn't worth bothering. So pension day is approaching and I'll bump things up to £15+ per thousand. As things stand, given interest already earned and the fact that I sold 90% of my loans after reading Lendy's T&C, there'll be irritation but no pain if I get nothing back.
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Post by loftankerman on Feb 10, 2020 19:49:36 GMT
I read widely and a lot, but understand little. American issues intrigue me and from time to time I have wondered if Lendy have any suffering investors in the USA. The reason being that my limited grasp of what goes on suggests that any persons investing online from the USA and feeling hard done by, might have a chat with the folk in the J. Edgar Hoover Building on the topic of wire fraud. It can involve eye watering fines and depending on circumstances carry up to 20 or 30 years behind bars. This could of course all be a just a misunderstanding on my part and I stand ready to be corrected. EDIT: Dunno what happened to the quote but it involved talk of jail time
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Post by loftankerman on Feb 4, 2020 14:39:17 GMT
3Quite possibly one of the journalists who have already covered this mess might be willing to harvest a few more column inches by mentioning the fund raise. Telegraph!? Times? My creativity in raising this money knows no bounds. I have some money in another P2P outfit that has been pretty good on returning capital but a bit snail like on pursuing defaults and closing on the selling deals that would release interest. They are currently revising their model in a way that alarms me because it has elements that could (not would) lead it down the slippery slope that SS took. They are trying desperately to create a good image and assure everyone that if they go t*ts up, we'll have the same sort of security that we believed we had here. I just wonder if they might want to chuck a wedge into this fund to demonstrate their integrity, belief in P2P and encourage new customers.
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Post by loftankerman on Feb 2, 2020 16:04:29 GMT
Beat them. They will be fine. Asia is HUGE I can't imagine them fully funding their hotels and expenses, so I may yet end up a winner.
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