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Post by wightknight on Dec 23, 2018 10:04:57 GMT
This thread is being read by people connected to the borrower and maybe even the borrower. Please do not allow her to sit there cackling into her witch’s brew while gaining ideas to move forward with the claim thanks to the fear and paranoia from contributors. This needs to be taken off the public record for the protection of those invested (and I’m not one). I think its a bit late for that. I'm a bit late to this, having only been woken up to the situation by HCR, but if this moves further towards active legal proceedings against the lenders, then I think some steps will have to be taken to limit open forum discussion. In our favour, forum members aren't vetted, so there is no way for a party to the case to be sure of the veracity or origin of anything posted here. Probably a secure forum for lenders would be best, however without some form of verification it would be counterproductive.
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Post by wightknight on Dec 23, 2018 9:14:36 GMT
A Few Good Loans
Starring Tom Offonacruise, Jack Nickedyourmoneyson and Gimme Moore.
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Post by wightknight on Dec 22, 2018 19:27:15 GMT
I've contacted them, but not expecting a reply until after the Christmas period. I'm not in the loan for much, but I'm more worried about liabilities obviously. I wonder what the chances would be of having fees awarded in this case? I feel rather in the dark, being a named defendant in this case, yet having no details of the claim nor Lendy's actions which may have increased my liability! I would forget about fees being awarded as I can not find any assets of the Claimant within easy reach to pay the fees even if awarded. Other points answered further down this thread by others. I'm only on the hook for DFL*** - The security is in excess of the loan amount, I presumed costs could be awarded against the value of the property - but obviously it's a Lendy valuation so.....
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Post by wightknight on Dec 22, 2018 19:03:13 GMT
The sensible thing would be for Lendy to underwrite a class action representative for all of us, given they hold all our contact details and actually have knowledge of the claim details, which at this point we don't. I suppose there is the issue that a class action solicitor might find we had a case against Lendy?
I'm surprised this isn't in the financial media yet, huge potential to disrupt the whole P2P industry.
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Post by wightknight on Dec 22, 2018 16:18:46 GMT
I feel rather in the dark, being a named defendant in this case, yet having no details of the claim nor Lendy's actions which may have increased my liability! You are not yet a named defendant. Claim documents have yet to be served to lenders. I do not know whether Lendy has been served yet but I think not. Sometime ago, as I understand it, I believe a claim was served by the borrower on the receivers appointed by Lendy to stop them being able to possess and sell the property comprising the security of the loan. All that has happened so far is that a court has given the claimants permission to join Lendy and the lenders to this claim and has instructed Lendy to give lender contact details to the borrower. The permission was given back in March or so. It has been suggested that if a claim is served to each lender, it will occur by email. There are approximately 4000 lenders. It has been suggested that the best time to cause maximum chaos was to serve documents around Christmas due to absences. This is all to the best of my understanding; please correct me if you know the facts to be different. Thanks for the info. Sorry, I used the term 'named defendant' a bit loosely there, but clearly I am party to a claim I'm largely in the dark about. No further info to add, although my letter from HCR says they have court permission to serve by email.
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Post by wightknight on Dec 22, 2018 15:18:43 GMT
Many thanks, I guess I'll contact them and find out. I'd be happy enough just to be on a reliable mailing list in case action is needed. Maybe hanging out here more is the way ahead though. Just so that you are aware, as I have clarified this from HCR, anyone who "hangs on", to come in at a later stage, will be charged catchup fees, and to paraphrase HCR, this is just to be fair to those who were on board from the start, or words to that effect. I've contacted them, but not expecting a reply until after the Christmas period. I'm not in the loan for much, but I'm more worried about liabilities obviously. I wonder what the chances would be of having fees awarded in this case? I feel rather in the dark, being a named defendant in this case, yet having no details of the claim nor Lendy's actions which may have increased my liability!
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Post by wightknight on Dec 22, 2018 14:46:23 GMT
I think Lendy has had ample opportunity to provide repayment to all investors in the old structured loans, including this one. You can either sit back and continue to read the BS or take action against Lendy to get what you’re owed. Persistence pays! Have you had some success in getting Lendy to payout on this?
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Post by wightknight on Dec 22, 2018 13:01:36 GMT
My opinion has always been that I've done nothing wrong, so shouldn't be liable for prosecution/civil action, or any other action against me. This, however, doesn't stop malicious b*******s like her implicating me in this mire, but hopefully justice will prevail & I'll go home happy & unsullied. Whatever the actual outcome (if I'm still alive in years to come) if she is successful in taking action against investors, it'll kill P2P completely, as only a complete idiot would risk being sued just for lending a few squid to a developer. Id be more than happy to write off the original amount of the loan just for this headache to go away. Maybe that's the idea behind this legal action. It does say something about the court process that it is able to be used in such an obvious way to frustrate a legitimate claim and intimidate small investors in this way.
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Post by wightknight on Dec 22, 2018 12:59:24 GMT
Maybe hanging out here more is the way ahead though. That's probably one of the more important contributions to this thread.
In a situation where its not clear what to expect and when (.... an email ? .... a letter ? .... something else ? ) and where timely action is required, knowing what others are experiencing is important.
That said, please remember there are people contributing to this thread (anonymously) who may not necessarily be lenders, so treat one off reports with care until additonal posts corroborate.
Thank you very much, I'll definitely keep a closer watch from now.
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Post by wightknight on Dec 22, 2018 12:42:28 GMT
I just got the letter from HCR today - did I read correctly in the thread that their advice is free to lenders? I think Lendy have agreed to pay for initial advice from HCR, which will probably be no more than 'you need to instruct us'. Instructing them will cost you, and from what i can gather from other posters its not a small amount. Many thanks, I guess I'll contact them and find out. I'd be happy enough just to be on a reliable mailing list in case action is needed. Maybe hanging out here more is the way ahead though.
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Post by wightknight on Dec 22, 2018 12:36:55 GMT
Does anyone remember the original loan application for the London loans? Am I right in thinking that the borrower's details were not in the information provided to us? I wonder if you can be bound in contract if the other party is anonymous?
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Post by wightknight on Dec 22, 2018 12:34:35 GMT
I just got the letter from HCR today - did I read correctly in the thread that their advice is free to lenders?
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Post by wightknight on Dec 22, 2018 12:19:54 GMT
Should the London loans case go against us (or even for us), the saga may make a good plot for a movie (all profits to go to the principals (not agents) in the loans). Anyone got any good ideas for the name of the movie (apart from London Loans the Movie or London Loans the Webinar), and who should play the cast members. My thoughts are: Myself: Angelina Jolie Liam: Johnny Vegas New Directors: Harry Redknapp, Sam Allardyce and Steve McLaren The valuer: Mr Bean Mucho P2P: Harrison Ford Title: Lock, Stock and Two Smoking Contracts...
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Post by wightknight on Dec 22, 2018 12:14:00 GMT
So latest update exactly the same as last month....have they just been having a chat for the last two months.....then of course the previous two months suggested hope......that seems to have evaporated ...not that I expected anything more Does anyone know what the state of play is on the ground - or is all chat about this in DD Central now?
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Post by wightknight on Dec 22, 2018 12:09:54 GMT
Been away for a long time. Just heard locally that contractors are being hired and the original scheme is going ahead. What this means for recovery I don't know, but certainly seems 'interesting' that the original scheme was viable without any of the issues that 'devalued' the land.
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