mjc
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Post by mjc on Nov 2, 2018 0:07:44 GMT
I’m not in this loan, but: doesn't “Service” have to be to your own address? in writing rather than via an email/“agent’s” web site? Demand the plaintiff to lodge an adequate sum in escrow to cover your costs in the event they lose this vexatious frivolous claim, as they surely will. request the hearing that is local to you as an individual LiP, as opposed to a represented professional make Lendy your “agent” in this matter. make the counter claim and deny any liability, put the claimant to strict proof of liability, ask them to quote case law, and their skeleton argument to determine if you need to be represented. ‘Her’ lawyers have a duty to assist an LiP opponent. Ask your MP (and some MPs must be in p2p, possibly with Lendy even), ask the FCA for their advice in this matter.
Also: 14 days seems unreasonable considering holidays infirmity hospitalisations etc. they borrowed £8m, failed to perform/repay on demand now seek perhaps £8m, so is that a £16m hole? there is reference to a ‘her’ I don’t see the name here, but is it the “21-24 year old” in the court papers that are on line? (Am I allowed to provide Link available by PM?) doubtless many hundreds may be asking to be heard by the court in person. Hmmmm that will be interesting logistically for the court case-admin hearing.
hth, or ask me to b off.
p.s. Is the loan book Lendy’s to sell? Sure they can sell their IP, office and premises if owned (unlikely), but not the loans, they are the lender’s. There might be other platforms that have a better recovery modus! There is clearly more wisdom on this forum than at L. So we lenders could buy them out??? Then run it for lenders not for middlemen agents, and we would have skin in the game. TeHe: We could keep the best staff, and be Directed by lenders - the new owners. Karma
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nsinvestor
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Post by nsinvestor on Nov 2, 2018 0:50:44 GMT
Did anyone ascertain whether emails had been sent to every investor in these two loans, or have they just included a sample of investors (I assume ranked on the size of their investment)?
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mjc
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Post by mjc on Nov 2, 2018 1:13:19 GMT
mrclondon - thanks for the links, will you act on the understanding that Ly continuing to enforce the security on lenders’ behalf against the borrower’s claims constitutes our defence filing? mjc , interesting points, on the narrow one of serving the claim, the judge permitted this by email (sending 5,000 letters would have been too costly) and delivery is assumed after 24 hours (although I’ve put up an out of office message on a dedicated email and won’t open directly). Yes, interesting. Is this common practice to apply CPR 10.2 EVEN when exceptionally his lordship allows Service by email to an Out of Office / junk folder over an unsecure system, to a lost / stolen mobile phone......... etc etc. ? The beak, Er sorry M’lud, hearing this case may have his metal tested in several areas ....... btw, just read an old but entertaining Daily Mail Online article on the £65m who seems to be a fellow director of a company with the subject ‘her’ - if I’m allowed to say this(?)
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Post by portlandbill on Nov 2, 2018 7:45:17 GMT
Did anyone ascertain whether emails had been sent to every investor in these two loans, or have they just included a sample of investors (I assume ranked on the size of their investment)? Has anyone received the email?
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rocky1
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Post by rocky1 on Nov 2, 2018 8:06:49 GMT
lendy state that they are funding their legal team as part of normal recovery costs.when this is sorted out will lendy be taking these costs +agents fees etc from whatever is decided or will morticia and her cronies have to pay all costs?.
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garfield
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Post by garfield on Nov 2, 2018 8:12:26 GMT
Did anyone ascertain whether emails had been sent to every investor in these two loans, or have they just included a sample of investors (I assume ranked on the size of their investment)? Has anyone received the email? Only the initial one from Lendy on September 27. I think Lendy should e-mail ALL investors (not just in these 2 loans) to ensure everyone involved is fully aware of what is going on.
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Post by Deleted on Nov 2, 2018 8:43:29 GMT
Hopefully, lendy will provide a suggested suggested response. You know that things are bad when suggestions aren't forthcoming, only suggested suggestions
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invester
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Post by invester on Nov 2, 2018 9:12:54 GMT
Surely it might be easier for Lendy to give us a cut 'n' paste reply to make. 5,000 people replying the same thing is solidarity.
A range of responses ranging from the 'get f*cked' to 'I surrender and pay up' would not be good for us, however trivial.
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Post by masquedefer on Nov 2, 2018 11:01:22 GMT
Good morning.
Could someone please provide the Lundy reference for this loan? How do I find out if I am affected? I have not received any emails. How can I find out if I need to do something about something I don’t think I know anything about?
TIA
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Post by investor1925 on Nov 2, 2018 11:50:47 GMT
See parts 10 and 12 of the civil procedure rules (paras 10.2 and 12.1 in particular)
clearly from mrclondon's post, with the links, you have to reply to the court, else you get a default judgement (which none of us want) This then points to section 15.1 which is typical legal non-speak & I quote: "Filing a defence 15.2 A defendant who wishes to defend all or part of a claim must file a defence. (Part 14 contains further provisions which apply where the defendant admits a claim) Back to top" Great, so we all file a defence. Does anyone actually know how to do this in legal jargonese (not taught as a language at my school) instead of just saying "not guilty guv" A written form of defence as an opener would be very handy for me & I'm sure about another 5000 also. P.S sorry Star dust for my earlier rant, which may have led to the ID of the borrower.
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garfield
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Post by garfield on Nov 2, 2018 11:57:26 GMT
"Filing a defence 15.2 A defendant who wishes to defend all or part of a claim must file a defence. I understood Lendy were working on preparing a defence on behalf of all investors. 31/10/18 update, parag. 3.
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Post by Deleted on Nov 2, 2018 12:16:53 GMT
I have £500 invested in this fiasco. Superficially the breach of contract / fraud seems contrived and unlikely to win. However, we have only limited information from Lendy. I have asked to see the contract but get no response from L. So we cannot be sure that L has not made a cockup. I think many are blase about the risk to all investors in these 2 developments. "Jointly and severally" means they can come after any of us and clean us out - all our savings and assets. It is NOT just your initial investment that you could lose. The borrower is sitting on a pile of money, and hence can afford the best solicitors and barristers. In fact, their solicitors are in the top 100 - see their site. How much money do L have to fight this case?? Can we be sure that L's solicitors and barristers are going to act in the investor's interest too or perhaps just L??? Although L's solicitors and quantity surveyors have Professional Indemnity, L refuses to answer the question if they are covered. I think we need independent legal advice, and suggest that we all use HCR as a group. If enough of us signup, then the legal costs may be reasonable. However, those investors with small amounts invested must be tempted to settle??? Some positive thoughts follows! IF WE LOSE? Contract damages are limited by two fundamental principles: foreseeability and reasonableness. There is a legal principle here and that is that any loss pursuant to a breach of contract must be “within the contemplation of the parties” before it’s recoverable. It was certainly not within my contemplation, when I invested 500 quid in this, that I would potentially face a claim for £10 million. It’s basic law. Foreseeable? Have a look at L's Risk page: lendy.co.uk/riskOn this page we can see that we can lose our investment and interest payments. There is no mention of the risk that we could be sued for breach of contract. I have taken a copy of this page in case it changes. I do not therefore believe it would be reasonable to foresee this outcome. Yes, I am concerned and wish I could be as optimistic as many on this forum. It may just be a delaying tactic but I think we need to protect ourselves with HCR.
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mjc
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Post by mjc on Nov 2, 2018 12:35:38 GMT
IF I was filing a defence, I would be asking a LOT of pertinent questions, query whether I was allowed to even reply due to GDPR, asking for proof the claimant of this novel (in both senses ie fiction and unusual - ground breaking - left-side) law suit was able to meet my legal costs if incurred. Etc etc Their particulars to mount my counter-claim and my rebuttals. Demand correspondence was by post.
Whilst L’s guidance would be worthwhile, it would be FAR MORE effective for lenders for her lawyers to have nearly 5000 DIFFERENT letters to have to reply to. If she didn’t I would demand the case be thrown out. Even without this number of defendants she will probably be looking at six figure costs. (Will she go to Lendy or FS?)
But I would always be aware that anything I say or write might be read by a court of law.
Lets remember, “before kicking the tiger in the balls, formulate a plan to deal with its teeth”.
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Post by charliebrown on Nov 2, 2018 12:37:08 GMT
What email are we supposed to have received?
i haven’t received any email. Email is not a reliable nor guaranteed delivery mechanism. Can we really be sued over email? Unbelievable.
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Grezza
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Post by Grezza on Nov 2, 2018 12:52:23 GMT
Some people seem to know a fair bit about process and procedure and what questions to ask in a 'defense'. I know nothing, and I am reasonably confident that many small (and some large) investors in this loan ever contemplated a loss over and above their invested capital, which I always thought was the worst case scenario ('your capital is at risk' freely acknowledged, but not my home, not my life savings etc). I think we should all agree to use HCR, to show a united front, expedite proceedings and hopefully keep fees to a minimum. This is just my honest opinion.
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