Monetus
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Post by Monetus on Mar 2, 2019 8:54:48 GMT
LinkedIn seems to suggest that more staff members have parted ways with Lendy recently including James Crascall - Portfolio and Debt Recovery Officer. Presumably all recovery is now being outsourced to specialist firms?
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Post by p2plender on Mar 2, 2019 9:32:27 GMT
and all the while wages are collected - not earned. Get the administrators in I say, at least let someone else have a go on the Lendy gravy train. Hopefully old Brookes will take a bath on his loan if this happens.
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Post by loftankerman on Mar 2, 2019 14:26:15 GMT
LinkedIn seems to suggest that more staff members have parted ways with Lendy recently including James Crascall - Portfolio and Debt Recovery Officer. Presumably all recovery is now being outsourced to specialist firms? Sometimes it can be worrying to find that described roles and responsibilities are broader than explained at interview. Ten or more years ago, a colleague moved on to a seemingly dream job as the highly paid MD of a new foreign funded competitor in our market place. Within a very short time he was off their premises having refused to sign off documents that would have made him criminally liable. The company did not last much longer either. When you are employed to turn over rocks you need to understand the implications of what you are finding and act in your own best interest.
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Mucho P2P
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Post by Mucho P2P on Mar 2, 2019 23:29:35 GMT
I have a five figure sum invested with Lendy. Every loan I have is now either classed as non performing or suspended and I haven't received a single meaningful update regarding the recovery process for more than a year. The head of their compliance team sent me an email dated Jan 4th CLEARLY stating that the updates would be released on Jan 7th. When they were not forthcoming I replied with an email entitled "ANOTHER BROKEN COMMITMENT". I then immediately received an apology stating they would be released by the end of this week. As we now know they were in fact released on Jan 8th. So we have a new Lendy team, a new Lendy board and yet exactly the same BS has been copied into every loan update for Jan 19? Can that really be described as progress? I AM NOW FURIOUS and grossly insulted at the way Lendy continue to treat their Lenders with such contempt. Yesterday I wrote to the head of compliance stating that I believe Lendy are trading while insolvent which is against the law. I have demanded that meaningful updates are received with in seven days showing some semblance of progress towards recovery. If this information isn't forthcoming I believe it's time for Lenders to UNITE to enforce our rights. I don't believe we can allow this situation to continue. Withholding vital information from Lenders on a permanent basis sighting confidentiality as an excuse ONLY benefits Lendy. The issue we have here, as is becoming apparent, the UBO of L, Mr. LB is changing staff at an alarming rate. At the end of the day, it is he who is ultimately responsible for appointing the staff, which he is then sanctioning their removal after a short period. This appears to be happening on a regular basis in carousel fashion. One can only deduce that Mr. LB is not particularly good at picking staff in the first place. Similar to loans which are also apparently selected by his [regularly changing] staff and thoroughly checked for so many points [which are what exactly?] by the expert credit committee! At the end of the day, the buck stops with the Captain of the ship!
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Post by charliebrown on Mar 3, 2019 10:41:46 GMT
Staff, including LB, can all walk away if they feel they can’t be bothered anymore. We investors cannot walk away, we’re trapped between a rock and a hard place.
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invester
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Post by invester on Mar 3, 2019 10:58:54 GMT
Also gone seem to be Mehar Patel (Head of Legal), Mark Whitburn (Head of Credit).
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invester
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Post by invester on Mar 3, 2019 11:02:17 GMT
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Monetus
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Post by Monetus on Mar 3, 2019 12:30:30 GMT
Also gone seem to be Mehar Patel (Head of Legal), Mark Whitburn (Head of Credit). I guess as Lendy are now using external providers for legal, recovery and enforcement, it makes sense for them to drastically scale back their full-time staff in order to save costs and run a “leaner” model.
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wuzimu
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Post by wuzimu on Mar 3, 2019 12:54:27 GMT
Yeah Mark Whitburn gone according to LinkedIn, this from his page about his time at Lendy says:
We have completed on cases all across the UK .... and look for a way to exceed our borrowers and introducers expectations and needs.
Lendy have of course entirely succeeded in the aim above, with lenders down over £100m I am sure that borrowers and introducers and Lendy have more of our money than they ever expected to get and more than they even need.
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Balder
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Post by Balder on Mar 3, 2019 12:58:25 GMT
Also gone seem to be Mehar Patel (Head of Legal), Mark Whitburn (Head of Credit). I guess as Lendy are now using external providers for legal, recovery and enforcement, it makes sense for them to drastically scale back their full-time staff in order to save costs and run a “leaner” model. and to possibly take those costs against any recovery ahead of distribution - essentially making the "workforce" free to Lendy?
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Mucho P2P
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Post by Mucho P2P on Mar 3, 2019 14:07:30 GMT
I guess as Lendy are now using external providers for legal, recovery and enforcement, it makes sense for them to drastically scale back their full-time staff in order to save costs and run a “leaner” model. and to possibly take those costs against any recovery ahead of distribution - essentially making the "workforce" free to Lendy? " and to possibly take those costs against any recovery ahead of distribution" <---- Lendy stuff up, and we the lenders cover the cost. Surely L do no expect anything more than 1* TP reviews for making lenders pay twice.
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Post by princekie on Mar 3, 2019 14:09:15 GMT
Mehar Patel now at Shoosmiths...
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Post by GSV3MIaC on Mar 3, 2019 15:46:34 GMT
I wonder if the departees got a bonus as well as a gagging order?
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11025
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Post by 11025 on Apr 1, 2019 18:50:15 GMT
I’m looking forward to the 1st April update. Having said that, every day is Fools’ Day for Lendy investors. Still waiting
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Post by loftankerman on Apr 2, 2019 9:21:28 GMT
I wonder if the departees got a bonus as well as a gagging order? "Gary, David and Paul each made valuable contributions to the business during a period of transition and have left on good terms...” Straight from the horses mouth, whatever it really means.
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