Mousey
Member of DD Central
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Post by Mousey on Mar 6, 2018 21:04:58 GMT
Well I’ve “notified them in writing” that I don’t agree to the non-monitoring of loans clause so we’ll see what response I get. I guess as you've thrown down the gauntlet this calls for another instant, ill thought out rule to address the problem. So if there isn't something already to refer to in this context, I think a suitably draconian solution would be to accept your implied resignation from membership, stop paying you any otherwise applicable interest and return your funds, when or if the borrower is ever noticed to have repaid the loan. That should stop an unanticipated stampede for the exit. I'm sorry I do not accept that by resisting a change in an existing contract that this results in an implied resignation. Otherwise it would be possible to removes oneself from any contract in a similar fashion. I simply want to remain in a situation where, implied or otherwise Lendy monitors their loan book - something I believe is a very reasonable expectation to have. As an example of monitoring which has been to our benefit just look at DFL017 which was suspended many months before it's term was due to expire.
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Post by loftankerman on Mar 6, 2018 21:24:24 GMT
I was under the impression that membership was conditional on accepting the T&C. As the changes to T&C weren't put forward as proposals to be voted on but new conditions to be accepted by members, it would seem logical that refusing to accept them would imply resignation.
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Jeepers
Member of DD Central
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Post by Jeepers on Mar 6, 2018 21:35:45 GMT
Has anybody got the old terms?
I believe I signed up on the assumption that Lendy would act as the agent and monitor loans on my behalf.
Noe the new terms are saying to hell with it and 'we aren't obliged to monitor loans' so I'd like to reject these terms and withdraw my funds.
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Post by charliebrown on Mar 6, 2018 21:49:43 GMT
“Loans shall not be monitored”. Does that mean we are going to see a lot more FS Whitehaven type frauds.
”Voting is not binding”. Is that a bit like what Brexit should have been. We will hold a referendum but if the result is not the result we wanted then we’ll ignore it.
I’m not really in favour of the voting scheme. I prefer all the bad loans are passed to professional receivers and as LY often writes “receivers are working out the best way to maximise returns to investors”. That’s their job, let them do their job.
I don’t suppose we’ve got any option to reject these T&C but one thing I would like clarity on is whether LY are suggesting the T&C changes are applied retrospectively to historic loans. That I believe would be totally unfair and I’m hopeful would not be legal. A bit like LY United losing a Football game 2-0 but after the final whistle blows LY steps in and says we’ve changed the rules and the team that concedes the most goals wins.
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Post by eascogo on Mar 6, 2018 21:58:35 GMT
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Mousey
Member of DD Central
Posts: 1,598
Likes: 6,768
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Post by Mousey on Mar 6, 2018 22:10:35 GMT
I was under the impression that membership was conditional on accepting the T&C. As the changes to T&C weren't put forward as proposals to be voted on but new conditions to be accepted by members, it would seem logical that refusing to accept them would imply resignation. Indeed, the conditions were presented to me when I first signed up and yes I accepted. Logically thereafter this then formed a legally binding agreement that cannot be altered without the consent of both parties. I would allege that to amend the terms of an existing contract without my permission represents a breach of contract and any loss I suffered as a result of this breach of contact could be remedied in court. To suggest otherwise shows a lack of understanding of contract law. FWIW Lendy might wish to rely on a clause that allows them to alter the contract without my consent but a contract term such as this must be clear and unambiguous. Lendy may wish to confirm compliance with the fairness provision within the Consumer Contract Regulations first if this is how they wished to proceed.
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tx
Member of DD Central
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Post by tx on Mar 7, 2018 0:53:11 GMT
I am not sure if I overlook anywhere, was cash preferencing into the new T&C?
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Post by brightspark on Mar 7, 2018 9:17:04 GMT
Like many others I view the terms of the contract as being onerous and one-sided. The 'Which' website makes for informative reading as to what action consumers may be able to take regarding unfair terms.
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dandy
Posts: 427
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Post by dandy on Mar 7, 2018 11:55:33 GMT
I suggest anyone not agreeing with the new T&C to send an email to Lendy with a full date and a clear refusal to accept the proposed changes. In particular I find unacceptable two points: - Under the section 2 'How to become a lender', in the clause 7 Lendy proposes this new addition: ' Lendy is not required to monitor the Borrower or its obligations under the loan or security contracts.' This looks to me incredible, as this is the precise aim of the lending platform and the entire reason why I pay a (direct or indirect) fee on the loans. Removing that monitoring responsibility makes the lending platform worthless to me. - In the clause 24.1, Lendy proposes to add: " For the avoidance of doubt, any changes to the Terms shall be deemed to apply to pre-existing loans where you continue using the Lendy Platform after the effective date of such changes, unless you expressly notify us otherwise in writing." This is unacceptable to me, as I feel loans agreed under the old T&C (in particular DFL001) should continue to have the agreed terms and Lendy should be deemed responsible for its repayment. I also suggest to put in writing that until Lendy generate and publicise an alternative platform access, designed for check older loans and updates and for withdrawing, you will have no alternative than to use the current platform, even if you don't accept the proposed changes. Of course you will not participate to the funding of any new loan proposal. This is what I did also last year when Funding Circle asked to agree to the new terms and I refused to do so. I still continue to get back my repayments and withdrawals from older loans on the FC platform without funding anything new... If you do not agree to the new terms then you have to confirm you do not do so and I assume put all your loans on the SM with a view to closing your account. If you do not put all loans on the SM and wish to continue earning interest then you are deemed to accept the new t & c's. So you can either accept new t & c's or sell all loans and thereby forfeiting any further interest whilst you wait for you capital It is all in or all out
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webwizard
Member of DD Central
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Post by webwizard on Mar 7, 2018 12:03:23 GMT
For those individuals that feel there are moving goal posts, the only market force that can produce change is to stop investing new funds or reinvesting interest and remove capital from the platform.
When Lendy struggle to fill loans (more than they are now looking at recent tranches), they might ask investors for their opinions on improving the working relationship.
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dandy
Posts: 427
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Post by dandy on Mar 7, 2018 12:14:55 GMT
If you do not agree to the new terms then you have to confirm you do not do so and I assume put all your loans on the SM with a view to closing your account. If you do not put all loans on the SM and wish to continue earning interest then you are deemed to accept the new t & c's. So you can either accept new t & c's or sell all loans and thereby forfeiting any further interest whilst you wait for you capital It is all in or all out I would suggest you not to write totally wrong and false information for which you might be deemed responsible. I have already an agreement with Lendy and that is to me legally valid until I get repaid in full 100% of my capital and interests to that date. Until that date the older T&C are legally valid. Anything you claim is full fantasy and I would suggest to delete it! (and as I said earlier this is obvious ALSO looking at the FC example, where a large number of lenders refused the changes and maintained the older T&C, applied of course only to the older loans. They are still receiving in full their repayments and interests from the FC platform, where they access with the old T&C. They of course can only withdraw and not invest in newer loans...) Chill out. The only thing that is not clear in my opinion (and I did say i assume) is whether continuing to use the platform includes earning further interest on existing loans. I think it does. Extremely happy to be corrected by Lendy Support I do not think that is fair and in fact it is outrageous. Whether it stands up is another matter.
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Post by portlandbill on Mar 7, 2018 12:58:05 GMT
I suggest anyone not agreeing with the new T&C to send an email to Lendy with a full date and a clear refusal to accept the proposed changes. In particular I find unacceptable two points: - Under the section 2 'How to become a lender', in the clause 7 Lendy proposes this new addition: ' Lendy is not required to monitor the Borrower or its obligations under the loan or security contracts.' This looks to me incredible, as this is the precise aim of the lending platform and the entire reason why I pay a (direct or indirect) fee on the loans. Removing that monitoring responsibility makes the lending platform worthless to me. - In the clause 24.1, Lendy proposes to add: " For the avoidance of doubt, any changes to the Terms shall be deemed to apply to pre-existing loans where you continue using the Lendy Platform after the effective date of such changes, unless you expressly notify us otherwise in writing." This is unacceptable to me, as I feel loans agreed under the old T&C (in particular DFL001) should continue to have the agreed terms and Lendy should be deemed responsible for its repayment. I also suggest to put in writing that until Lendy generate and publicise an alternative platform access, designed for check older loans and updates and for withdrawing, you will have no alternative than to use the current platform, even if you don't accept the proposed changes. Of course you will not participate to the funding of any new loan proposal. This is what I did also last year when Funding Circle asked to agree to the new terms and I refused to do so. I still continue to get back my repayments and withdrawals from older loans on the FC platform without funding anything new... If you do not agree to the new terms then you have to confirm you do not do so and I assume put all your loans on the SM with a view to closing your account. If you do not put all loans on the SM and wish to continue earning interest then you are deemed to accept the new t & c's. So you can either accept new t & c's or sell all loans and thereby forfeiting any further interest whilst you wait for you capital It is all in or all out I would sell if I could, but my sole remaining loan is suspended.
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Post by Deleted on Mar 7, 2018 13:59:02 GMT
I would be interested to know how many people are refusing the new T&C and what Lendy's written response it. I can see no reason why the two T&C (one per person to be clear) cannot run side by side within Lendy's portfolio.
Could anyone with a response drop me a copy??
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sirius
Member of DD Central
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Post by sirius on Mar 7, 2018 15:22:15 GMT
I was under the impression that membership was conditional on accepting the T&C. As the changes to T&C weren't put forward as proposals to be voted on but new conditions to be accepted by members, it would seem logical that refusing to accept them would imply resignation. Indeed, the conditions were presented to me when I first signed up and yes I accepted. Logically thereafter this then formed a legally binding agreement that cannot be altered without the consent of both parties. I would allege that to amend the terms of an existing contract without my permission represents a breach of contract and any loss I suffered as a result of this breach of contact could be remedied in court. To suggest otherwise shows a lack of understanding of contract law. FWIW Lendy might wish to rely on a clause that allows them to alter the contract without my consent but a contract term such as this must be clear and unambiguous. Lendy may wish to confirm compliance with the fairness provision within the Consumer Contract Regulations first if this is how they wished to proceed. This is probably the best post on this thread and should, I believe, be read slowly more than once as it contains much wisdom, especially with regard to the understanding of contract law and the fact that if Lendy, or we if we are so disposed, want to change the T & C's one party must notify the other party. Should the other party not object than the new terms will apply. IF YOU DO NOT WANT TO AGREE TO THE TERMS AND CONDITIONS THAN TELL LENDY, OTHERWISE YOU ARE GIVING YOUR TACIT AGREEMENT TO THEM. I notified Lendy by email this morning that I do not consent to the new T & C's, as I am on holiday in Spain at the moment, and requested an address to write to upon my return at the weekend. Instead of a specific response, Lendy replied with a 'standard reply': Thank you for getting in touch. Please visit our Help & Support Centre regarding this here. Kind regards, The Lendy Team Has anyone else received such a non-response if they got in touch and does anyone know the correct address to write to please?
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sirius
Member of DD Central
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Post by sirius on Mar 7, 2018 17:05:41 GMT
Hi new2p2p
Many thanks for that.
I was not being lazy. I am on holiday but have spent the last four days in bed with a flu virus. As a result, my head is thicker than usual!
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