stokeloans
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Post by stokeloans on Nov 27, 2018 12:48:43 GMT
I quote adrianc"Then let me remind you where we're at...To date, £1.2m of cash received, together with £1.7m of bling loans defaulted and security in the administrators' possession. That's ~£3m of the £17m loan book already gathered in." Not quite,only £400,000 of loans actually turned into hard cash,£800,000 or thereabouts was in Collateral's bank accounts and none of the bling has yet been sold so it's anyone's guess how much that will total
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stokeloans
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Post by stokeloans on Nov 26, 2018 20:47:19 GMT
So,after 6 months of 'work' they have recovered around £400,000....if you ignore the amounts in the 2 Collateral bank accounts which must have taken all of 5 minutes to recover.....and that has cost £350,000. Of that nearly £60,000 went to their IT dept.....who it would appear have managed to get their hands on the raw data and.....well that's it really.So copying the data from the original server to an external hard drive costs £60,000 .Bargain. Fortunately BDO are working in our best interests
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stokeloans
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Post by stokeloans on Nov 25, 2018 18:48:20 GMT
I've emailed everyone on the Select Committee,the Telegraph journalist and also complained to the Financial Ombudsman. I suggest you all do the same Has nobody got any patience anymore ? We have yet to see the first report from BDO. I would imagine any replies to a batched email would be “Thanks for your email we will look into it when the effect of any errors are identified on conclusion of investigations “ Plenty of companies go into receivership without catastrophic effects. Now if it were to be bankruptcy that would be a different ball game. NOTHING will be done until the final outcome is known and that takes time (a lot of time ) no matter who we tell our ongoing saga. It can take longer to get planning permission for parking in your front garden than has passed for this. The FCA is in the news,strike while the iron is hot
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stokeloans
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Post by stokeloans on Nov 25, 2018 16:56:40 GMT
Is it sensible to post such photos on an open forum? Thinking squatters, vandals, arsonists, people wanting a new kitchen, loo etc etc. Yes, I'm surprised it hasn't been stripped out by now,shows how posh the area is 😉
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stokeloans
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Post by stokeloans on Nov 25, 2018 12:08:15 GMT
I've emailed everyone on the Select Committee,the Telegraph journalist and also complained to the Financial Ombudsman. I suggest you all do the same
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stokeloans
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Post by stokeloans on Nov 25, 2018 8:03:46 GMT
I believe most folk are not going to give a T**s about FCA semantics if we all get our money back with or without interest The funniest post of the day award goes to....
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stokeloans
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Post by stokeloans on Nov 23, 2018 18:11:37 GMT
It's time the regulator forced Lendy into administration, and loan agreements transferred to investors, particularly with a potential property crash getting ever closer with several successive months of flat-lining and receding prices - Valuations aren't going to get much better than they currently are. I've submitted a 17 page fact file to BBC's Watchdog, anyone else of a similar mindset ought consider doing the same, it has a habit of making regulators and Ombudsman prick their ears up, and thousands of "investors" speak out, as well as condemnation by other successful platforms. Waiting for Lendy to work through £130m of ever increasing distressed loans is foolhardy, they have neither the skills, manpower or any sense of urgency, they can't even keep in regular communications anymore, and they can't fund any of the upcoming tranches either. As others have pointed out Lendy are still turning a profit while investors have been taken to the cleaners. This isn't a situation that will continue forever with no new investments, the pyramid will collapse and the time to act will have passed. Their recovery ability is limited to the one or two percent they make on loans, rather than the 12pc we're owed, to say nothing for capital itself. The regulator needs to be made aware that this situation is untenable in the long term, and is simply placing investor funds at even further risk by plodding along at a snail's pace while everyone is pointing the finger of blame but doing nothing about it other than complaining at each other. Sitting about on a little corner of the internet hoping Lendy will still be here next month and waiting for repayment emails which may never come isn't going to make this bad situation any less bad, it's inviting it to get worse. Action needs to be taken immediately, by all investors. FSA and Ombudsman complaints are the only way to get things moving before there's no Lendy left to move. I would urge every investor to follow Lendy's complaints procedure with detailed concerns in order to obtain a final response, and then immediately proceed to the Ombudsman. While you wait for a final response in the mean time I would suggest beginning to collate information detailing how and why you believe Lendy has arrived in it's current state, and why you might feel that their recovery action simply isn't producing results at a reasonable standard. The PR disaster means no new investors are coming on board, and that is no fault of investors. Lendy have absolutely no business launching a 2nd "Wealth" product with their current track record, it's trying to put out a fire with petrol. At the very least we may be able to walk away with new regulations to ensure this sub-prime lending debacle isn't allowed to trap innocent unsophisticated and retail investors in future. What a load of old tosh.
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stokeloans
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Post by stokeloans on Nov 23, 2018 10:24:32 GMT
I think this deserves a thread of it's own if we're to mobilise people into action Maybe in an exclusive environment .... Quite the opposite,the more Collateral investors who complain about the FCA's incompetence to an authority with some clout,the more chance of getting some compensation
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stokeloans
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Post by stokeloans on Nov 23, 2018 7:18:42 GMT
I think this deserves a thread of it's own if we're to mobilise people into action
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stokeloans
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Post by stokeloans on Nov 21, 2018 9:30:41 GMT
So, unless anyone has an alternate take, we are only talking the original monies we provided, fed in by part and not new money subsequently offered for funding. Yes I have a different take. This is a dispute over the future tranches that were never offered on the platform. And if they had been offered it's quite possible that only a few or even none of the investors in the original loan might invest in the subsequent tranches,so how the original investors can even remotely be held liable is farcical in the extreme
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stokeloans
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Post by stokeloans on Nov 18, 2018 13:50:35 GMT
I don't think he did, that was just for the initial hearing wasn't it,circa 50k or so ? I bet they haven't got a pot to pee in But then to say you expect nothing back is a bit overly negative in my view.....for accounting purposes ive written my investment down by 50% but u'm hoping for more..whilst excepting that there will be a substantial loss You don't know how much....or little.... I have invested. I've seen enough media reports of companies in administration where the creditors only get a few p in the pound
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stokeloans
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Post by stokeloans on Nov 18, 2018 13:13:26 GMT
So 7 months in and they haven't even been able to tell us if they've recovered the database.....what was the point of the Collateral page on their website then ? I'm not holding out much hope for the return of any of my money,it will be swallowed up in fees As has been said many times before the judge ordered the curry brothers to pay all fees and i am expecting the majority of my money back. I don't think he did, that was just for the initial hearing wasn't it,circa 50k or so ? I bet they haven't got a pot to pee in
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stokeloans
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Post by stokeloans on Nov 16, 2018 11:54:36 GMT
On my daily drive past this morning I did notice some new construction through the window,some timberwork has gone up in the last couple of days
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stokeloans
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Post by stokeloans on Nov 14, 2018 17:20:29 GMT
The court judgement gave Lendy 14 days to release the details of the investors and then a further 14 days for those investors to be contacted by this 'lady'. I would imagine once that date has passed she would have to go back to court and start again,no ?
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stokeloans
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Post by stokeloans on Nov 13, 2018 12:18:13 GMT
So 7 months in and they haven't even been able to tell us if they've recovered the database.....what was the point of the Collateral page on their website then ?
I'm not holding out much hope for the return of any of my money,it will be swallowed up in fees
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