sirius
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Post by sirius on Oct 21, 2017 21:30:50 GMT
Yes I can. I can see you're pretty determined on your outlook. Good luck to you. Having invested you wont be surprised that I don't share your views. Lets return to this when the loan matures! Or when it defaults. lolly88, I am with you on this one. It looks a stonewall cert to me!
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sirius
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Lendy (L) in Administration
Weekly BS
Oct 21, 2017 21:21:09 GMT
Post by sirius on Oct 21, 2017 21:21:09 GMT
Without the fortnightly updates it will certainly be far more time consuming, and a considerable inconvenience in future to see how all loans are progressing, (or not as the case may be), which is what I and many others have been doing in the past.
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sirius
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Post by sirius on Oct 18, 2017 8:19:20 GMT
I have stayed out of this loan and the thread up 'til now, I will not invest. I agree that p2p providers need to significantly up their underwriting game and only present loans to investors once and only once they have taken the essential steps in verifying the information provided by prospective borrowers is factually correct prior to preview then launch. By heck isn't the p2p sector as a whole stoking up one massive hillock of trouble for itself if it continues down the road it appears hell bent to travel with so many inexperienced retail investors and their funds entering the marketplace it is perhaps a short sighted view on the part of some who operate these platforms to derelict prudence and in so doing ensure the downfall of the many including their own inflated sense of ambition. No MoneyThing I will not commit my families limited resources to this loan, if you don't have the wherewithal to present things correctly from the outset then you do not deserve my cash, I ducked the Newcastle loan offering for similar reason, Paisley and B*******h too.Is it not indicative of a wider under performance as witnessed and attested to on other sites also, to my mind it is the purest folly to believe that anyone can hope to build anything worthy of a Nations praise if the foundations of this edifying performance comprise nowt but rotten concrete laid atop sand? Can do better, must do better. I am out for exactly the same reasons as in bold above.
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sirius
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Post by sirius on Oct 17, 2017 8:51:05 GMT
3 hours ago bababill said: I wonder why F&P didn't use either their own platform BlendNetwork or even TC. seeingred replied: Size of the loan? Now and into the future?
Another positive - if you believe the valuations along the way, is a max LTV of 50%. This may be an indication of MT being suitably cautious.
Having all the skeletons on display before launch is maybe preferable to discovering them afterwards.
Anyone out there still a believer???!!!
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sirius
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Post by sirius on Oct 12, 2017 17:49:19 GMT
mikes1531
I do not think I could have put it better myself.
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sirius
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Post by sirius on Oct 8, 2017 8:09:56 GMT
Having been 'moderated', I can understand why others would want to have a more open forum rather than repeatedly using the more tedious method of PM.
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sirius
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Post by sirius on Oct 8, 2017 7:56:10 GMT
charliebrown
FS are culpable, it is just a question as to how many actions/omissions and how much.
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sirius
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Post by sirius on Sept 29, 2017 20:39:18 GMT
copacetic
It is not only the doom and gloom around Lendy. Many people here have invested in loans on other platforms that were also, "advised that everything is progressing well", and some of those loans will definitely not end well.
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sirius
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Post by sirius on Sept 29, 2017 17:35:57 GMT
If the chronological order of events, as we appear to understand them, are true, then I would think FS may find it hard to defend both:
Fraudulent misrepresentation: where a false representation has been made knowingly, or without belief in its truth, or recklessly as to its truth:
Possibly all three; probably at least one.
and
Negligent misrepresentation.
I say, "if", of course as this is pure speculation until the full facts emerge.
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sirius
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Post by sirius on Sept 29, 2017 17:07:17 GMT
It is not just loans on Lendy. Many here have also invested on other platforms that were, "advised that work was progressing well", and some of those will definitely not end well.
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sirius
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Post by sirius on Sept 29, 2017 7:40:48 GMT
There is also the isse of FS having a 'duty of care' to lenders and I think that this in particular would be their achilles heel.
Whether FS checked that the woodwork had actually been ordered; that money had been spent on-site and not used for a court case, which would be fraud and FS should have stopped it right there; that they checked all subsequent tranches had been spent properly; that they checked when lenders stated their concerns; when they saw photographs of the site, especially after stating that the alleged 'rendering' work had been done, when said photos clearly showed this to be untrue...........I may have missed something, but this is a long thread and you get the drift.
I am not in this loan, but I am taking great interest in it all the same.
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sirius
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Post by sirius on Sept 28, 2017 19:25:20 GMT
Fraud Act 2006
2 Fraud by false representation
(1) A person is in breach of this section if he—
(a) dishonestly makes a false representation, and
(b) intends, by making the representation—
B2 Fraud Act 2006 (c. 35)
(i) to make a gain for himself or another, or
(ii) to cause loss to another or to expose another to a risk of loss.
(2) A representation is false if—
(a) it is untrue or misleading, and
(b) the person making it knows that it is, or might be, untrue or misleading.
(3) “Representation” means any representation as to fact or law, including a
representation as to the state of mind of—
(a) the person making the representation, or
(b) any other person.
(4) A representation may be express or implied.
(5) For the purposes of this section a representation may be regarded as made if it
(or anything implying it) is submitted in any form to any system or device
designed to receive, convey or respond to communications (with or without
human intervention).
3 Fraud by failing to disclose information
A person is in breach of this section if he—
(a) dishonestly fails to disclose to another person information which he is
under a legal duty to disclose, and
(b) intends, by failing to disclose the information—
(i) to make a gain for himself or another, or
(ii) to cause loss to another or to expose another to a risk of loss.
4 Fraud by abuse of position
(1) A person is in breach of this section if he—
(a) occupies a position in which he is expected to safeguard, or not to act
against, the financial interests of another person,
(b) dishonestly abuses that position, and
(c) intends, by means of the abuse of that position—
(i) to make a gain for himself or another, or
(ii) to cause loss to another or to expose another to a risk of loss.
(2) A person may be regarded as having abused his position even though his
conduct consisted of an omission rather than an act.
My guess is that Section 2, (2) b would likely apply, should it be found that FS did give misleading information, but as in anything lawful/legal, the devil is in the detail!
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sirius
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Post by sirius on Sept 28, 2017 18:38:55 GMT
If it does turn out that FS have given misleading information, then that is definitely fraud.
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sirius
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Post by sirius on Sept 16, 2017 11:02:50 GMT
Well, I am guessing c.£180k for a distressed sale, so I will definitely not be in this one.
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sirius
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Post by sirius on Sept 15, 2017 7:54:26 GMT
I am not in this loan, but if they have removed it, Lendy need reminding that they have a Fiduciary Duty of Care to lenders NOT to the 'Valuer' and should put the VR back in plain sight.
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