rocky1
Member of DD Central
Posts: 1,139 
Likes: 1,963
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Post by rocky1 on Mar 5, 2018 15:51:21 GMT
with total lack of comms from LENDY they are making me feel that they realise that they have/are digging themselves into a very deep hole and are slowly getting ready to abandon ship and pass the mess on without any thing coming back to them. i certainly hope i am wrong but sometimes gut feelings and frustration of not being able to do anything to stop this happening
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Post by stevem on Mar 5, 2018 15:52:37 GMT
I've made a support request, requesting clarification of what has changed - i wonder if it will result in one of their cut n paste non specific replies. I've also done the same... let's see what happens Same here 
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mj
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Post by mj on Mar 5, 2018 15:53:26 GMT
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mj
Posts: 37
Likes: 49
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Post by mj on Mar 5, 2018 15:58:02 GMT
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Tunny
Sometimes it is the people no one imagines anything of who do the things that no one can imagine
Posts: 30
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Post by Tunny on Mar 5, 2018 16:08:29 GMT
So does this mean if i don't accept the new T&C I can close my account and Lendy buy back all my loans? Watch the stampede to get out!  |
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webwizard
Member of DD Central
Posts: 157
Likes: 145
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Post by webwizard on Mar 5, 2018 16:16:25 GMT
Here are the old (November) and current with track changes as PDF Lendy-Compare.pdf (464.69 KB) |
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Post by ladywhitenap on Mar 5, 2018 16:22:51 GMT
This document should show the changes between the new version and the one referred to in the preceding post. Lendy Ts Cs changes.doc (121 KB) Hope this works LW |
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Post by Deleted on Mar 5, 2018 16:38:03 GMT
Thanks lady, very useful. I think a good coms person would have provided what you have done. Paul you should have lead this.... Paul64 |
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Tunny
Sometimes it is the people no one imagines anything of who do the things that no one can imagine
Posts: 30
Likes: 13
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Post by Tunny on Mar 5, 2018 16:38:43 GMT
dear LENDY i DO NOT agree to these changes could you therefore close my account and return all my capital plus any interest and ba that i have on my account up to today.i will also be seeking legal advice as your constant ducking /diving and making the rules up as you go along is not in the T/C's that i signed up for. you will be hearing from my l solicitor in due course I posted the same sentiment on the other "New T&C's" thread.
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MONEY
Posts: 63
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Post by MONEY on Mar 5, 2018 16:40:24 GMT
Revisions highlighted - apologies in advance for lengthy post:-  |
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nyneil
Member of DD Central
Posts: 349
Likes: 438
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Post by nyneil on Mar 5, 2018 16:56:31 GMT
Lendy,
Under the section ' How to become a lender' clause 7: 'Lendy is not required to monitor the Borrower or its obligations under the loan or security contracts.'
So if 1000 lenders take part in a loan, each and every one of them needs to monitor the - often anonymous - borrower? Oh come on Lendy, you really do need to do some work for your money!
If you can't be bothered and still expect people to invest, the very minimum you would need to do is identify who the borrower is, what the planning application reference is, etc etc BEFORE investments are made.
Have you read the trust Pilot reviews? They are far from complimentary about your attitude to lenders.
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Post by ladywhitenap on Mar 5, 2018 16:57:01 GMT
Thanks lady, very useful. I think a good coms person would have provided what you have done. Paul you should have lead this.... Paul64 All down to the power of Microsloth Word 2002  In the days when I worked for my living, document revisions were always managed using this sort of tool so that review teams could see what had changed. All part of our quality management plan and yes Lendy should have something similar in place to show FCA that they are under traceable change control. LW
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nyneil
Member of DD Central
Posts: 349
Likes: 438
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Post by nyneil on Mar 5, 2018 16:58:59 GMT
Lendy,
Under the section ' How to become a lender' clause 7: 'Lendy is not required to monitor the Borrower or its obligations under the loan or security contracts.'
So if 1000 lenders take part in a loan, each and every one of them needs to monitor the - often anonymous - borrower? Oh come on Lendy, you really do need to do some work for your money!
If you can't be bothered and still expect people to invest, the very minimum you would need to do is identify who the borrower is, what the planning application reference is, etc etc BEFORE investments are made.
Have you read the trust Pilot reviews? They are far from complimentary about your attitude to lenders.
Will this really help you become fully authorized by the FCA?
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Post by Lendy Support on Mar 5, 2018 17:04:16 GMT
Dear all The refreshed T&Cs are by and large a tidying up exercise to reflect changes we have been making to the model over recent months, and had previously been communicated, for example, cash preferencing. The main addition is the new section 16, which relates to a new voting feature that will enable us to seek the views of 'eligible lenders' before we take action in relation to a loan. Further information on this feature will be communicated to all investors ahead of launch. It is important that all investors familiarise themselves with the new set of T&Cs in their entirety. They should be self-explanatory, but if you have any questions please contact Support. Regards Lendy Support |
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Post by Lendy Support on Mar 5, 2018 17:11:23 GMT
Dear all The refreshed T&Cs are by and large a tidying up exercise to reflect changes we have been making to the model over recent months, and had previously been communicated, for example, cash preferencing. The main addition is the new section 16, which relates to a new voting feature that will enable us to seek the views of 'eligible lenders' before we take action in relation to a loan. Further information on this feature will be communicated to all investors ahead of launch. It is important that all investors familiarise themselves with the new set of T&Cs in their entirety. They should be self-explanatory, but if you have any questions please contact Support. Regards Lendy Support |
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