Greenwood2
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Post by Greenwood2 on Dec 9, 2019 14:44:04 GMT
On a positive note, it has only taken their team 18 months to recover the database, so at this rate we should be getting any outstanding monies, anytime now ..... (and no, I have not yet taken my meds today!) A less trusting person could assume that this is almost some sort of money syphoning exercise by the administrators! Watching RSM now running up (100k?) of chargeable time just in case you could interpret lendy's p2p loans as not in fact being p2p after all. The FS lot so far seem OKI don't think so, client money and loan trusts not properly ring fenced, lenders money may be used to pay creditors??? MT seems OK so far... TC another fiasco waiting to happen in terms of recoveries...
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shimself
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Post by shimself on Dec 9, 2019 17:57:05 GMT
Watching RSM now running up (100k?) of chargeable time just in case you could interpret lendy's p2p loans as not in fact being p2p after all. The FS lot so far seem OKI don't think so, client money and loan trusts not properly ring fenced, lenders money may be used to pay creditors??? MT seems OK so far... TC another fiasco waiting to happen in terms of recoveries... "loan trusts not properly ring fenced"- that's what I meant. "not properly ring fenced" means - we have found a lawyer who is prepared to argue the small print has a defect which means that we can dither and walk up and down the courts (at £400 an hour going to RSM, plus lawyers etc on top) until some judge says (I hope) - on balance and unfair contract terms and etc means that we shall interpret it in the way that everyone thought viz p2p, Lender<>borrower and Lendy creditors have no claim
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Greenwood2
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Post by Greenwood2 on Dec 10, 2019 8:41:05 GMT
I don't think so, client money and loan trusts not properly ring fenced, lenders money may be used to pay creditors??? MT seems OK so far... TC another fiasco waiting to happen in terms of recoveries... "loan trusts not properly ring fenced"- that's what I meant. "not properly ring fenced" means - we have found a lawyer who is prepared to argue the small print has a defect which means that we can dither and walk up and down the courts (at £400 an hour going to RSM, plus lawyers etc on top) until some judge says (I hope) - on balance and unfair contract terms and etc means that we shall interpret it in the way that everyone thought viz p2p, Lender<>borrower and Lendy creditors have no claim I was talking about FS having problems with funds not being properly segregated (as well as, or worse than Lendy).
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amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
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Post by amanda373 on Dec 11, 2019 15:17:43 GMT
have i missed the feedback from the latest board meeting 6/12/19?
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Post by waryinvestor on Dec 28, 2019 13:06:04 GMT
Watching RSM now running up (100k?) of chargeable time just in case you could interpret lendy's p2p loans as not in fact being p2p after all. The FS lot so far seem OKI don't think so, client money and loan trusts not properly ring fenced, lenders money may be used to pay creditors??? MT seems OK so far... TC another fiasco waiting to happen in terms of recoveries... "MT seems OK" - but how would they complete recoveries in 1 year when some of the loans have seen no progress in a couple of years now ? The only option seems to be a fire sale, which would not even achieve 50%. And MT wouldn't answer that question.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Dec 31, 2019 10:35:30 GMT
At what point will we start law action against the FCA. It might not even come to that considering hey are banging to rights. They probably wont need the exposure and jusy cough up. I presume we will all need to know how many of out hard earned pennies that have been riffled away ends up back in our pockets.
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ceejay
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Post by ceejay on Dec 31, 2019 11:30:13 GMT
At what point will we start law action against the FCA. It might not even come to that considering hey are banging to rights. They probably wont need the exposure and jusy cough up. I presume we will all need to know how many of out hard earned pennies that have been riffled away ends up back in our pockets. I seem to remember reading somewhere - possibly in Duck's excellent material? - that you/we can't take legal action against the FCA, because they have been set up in a way that makes them immune. Hence all the focus on putting pressure on parliament.
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duck
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Post by duck on Dec 31, 2019 11:47:31 GMT
At what point will we start law action against the FCA. It might not even come to that considering hey are banging to rights. They probably wont need the exposure and jusy cough up. I presume we will all need to know how many of out hard earned pennies that have been riffled away ends up back in our pockets. I seem to remember reading somewhere - possibly in Duck's excellent material? - that you/we can't take legal action against the FCA, because they have been set up in a way that makes them immune. Hence all the focus on putting pressure on parliament. That is correct.
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averageguy
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Post by averageguy on Mar 3, 2020 12:44:10 GMT
Is there a meeting due this month?
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averageguy
Member of DD Central
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Post by averageguy on Mar 5, 2020 20:39:53 GMT
Is there a meeting due this month? Repeating this as no reply cancel that a kind person has answered my question
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GeorgeT
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Post by GeorgeT on Mar 6, 2020 23:01:00 GMT
On behalf of the many of us who have some of our life savings lost in this black hole, is there any reason why we can't be told when the next meeting is here on the forum. Surely the lame creditors' committee have not now signed up to a secrecy agreement on the meetings. Given the apparent waving through of exorbitant fees and and excessive time to value and dispose of assets, it all smacks of a bit of a racket involving people with cosy connections.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 6, 2020 23:49:05 GMT
On behalf of the many of us who have some of our life savings lost in this black hole, is there any reason why we can't be told when the next meeting is here on the forum. Surely the lame creditors' committee have not now signed up to a secrecy agreement on the meetings. Given the apparent waving through of exorbitant fees and and excessive time to value and dispose of assets, it all smacks of a bit of a racket involving people with cosy connections. Not sure, but I believe the only CC member active on the forum now is Bondmason.
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averageguy
Member of DD Central
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Post by averageguy on Mar 7, 2020 0:44:20 GMT
On behalf of the many of us who have some of our life savings lost in this black hole, is there any reason why we can't be told when the next meeting is here on the forum. Surely the lame creditors' committee have not now signed up to a secrecy agreement on the meetings. Given the apparent waving through of exorbitant fees and and excessive time to value and dispose of assets, it all smacks of a bit of a racket involving people with cosy connections. I was told end of the month
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bugs4me
Member of DD Central
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Post by bugs4me on Mar 7, 2020 8:38:39 GMT
On behalf of the many of us who have some of our life savings lost in this black hole, is there any reason why we can't be told when the next meeting is here on the forum. Surely the lame creditors' committee have not now signed up to a secrecy agreement on the meetings. Given the apparent waving through of exorbitant fees and and excessive time to value and dispose of assets, it all smacks of a bit of a racket involving people with cosy connections. I do not believe that the creditors committee fall into the lame category but are restricted by an NDA.
Their remit as far as I recall was simply to keep an eye on things to ensure 'fair play' by the liquidators where possible. It is not their responsibility to report back either good news or most probably bad news - that is the responsibility of BDO who no doubt have their arses fee notes well and truly covered.
No point in beating around the bush and as was mentioned by a forum member when COL collapsed, whatever the outcome of individual loans would be, as lenders/investors our return will finish up being pennies in the pound.
It's injustice at it's finest and totally unfair but that's how things are. Lenders protests/comments/etc will have little (if any) effect on the overall outcome.
Maybe there will be a few pennies tossed into the recovery pot from the FCA for the incompetent part they played in the COL story but I doubt it.
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picnicman
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Post by picnicman on Mar 7, 2020 10:28:25 GMT
stevefindlayWith Monetus being unable to continue at present, and apologies if I am mistaken, but I believe you are still on the CC. If so, do you know when the next CC is due. Clearly viz the NDA, you may not be able to say much here, but can you please ask BDO to give us some sort of update if you are not allowed to do so, on 1. Progress with selling the chattels and do they plan to repay these funds (if there are any) from this part of the loan book without prejudice from the property side of the loan book - to have such a situation would be unfair to holders of such loans 2. When they plan to send out schedules of investors loan holdings - it must be 'feasible to do so' by now. 3. When they plan to release interim payments - as others on L and FS boards have said, Administrators have immediately paid out once funds have been recovered??!! - I appreciate the different issues here, re lost IT system etc, but it has been over two years now. If you are not on the CC still or this is not appropriate, I fully apologise, but not sure who else to contact. Cheers P
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