zccax77
Member of DD Central
Posts: 82
Likes: 76
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Post by zccax77 on Apr 1, 2019 10:53:59 GMT
This is a very useful thread why superceed it?
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Post by bl3nder on Apr 1, 2019 10:56:19 GMT
why should we pay lendys legal fees.it is bad enough that they are taking fees and interest from this run down of bad loans which lendy are entirely responsible for bringing to the platform and leading lenders into.lenders getting shafted right till the end.well done again Liam/lendy.also still no breakdowns on where our money has gone on recent repayments.surely we have the right to know who is taking what. Whilst I don't disagree with you, I'd imagine all of this would be in their Ts&Cs when we signed up to their platform. If we believe they breached their agreement in not doing enough DD or mismanagement of the matter, then, probably us lenders would have to prove that and bring a case against them. This is all (pessimistic) speculation on my front. I'm sure someone much more knowledgeable than me and confirm/correct me.
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jfh82
Posts: 77
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Post by jfh82 on Apr 1, 2019 10:57:29 GMT
Yes I see no reason why Lendy's fee's should be paid by investors. They have made it quite clear they are only paying for their own defense and that we would need to fund our own should we be joined to the claim. As we haven't been joined to the case they can't claim they are incurring expsneses on behalf/defense of lenders. They are protecting themselfs and only themselves
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Post by keyboardworrier on Apr 1, 2019 12:59:08 GMT
Logged into Lendy to see this... "Please note, an update concerning the status of the current litigation loans will be published on the private portal by midday, 2nd April, 2019"
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henryjford
Member of DD Central
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Post by henryjford on Apr 1, 2019 13:21:07 GMT
Logged into Lendy to see this... "Please note, an update concerning the status of the current litigation loans will be published on the private portal by midday, 2nd April, 2019" Well I should hope so!
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keith
Member of DD Central
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Post by keith on Apr 1, 2019 13:25:03 GMT
Well, we’d all know about where we stood well before that.
My guess is that Lendy Comms are doing a Boris and have two alternative pieces ready to roll depending on whether the borrower ponies up the costs.
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Mucho P2P
Member of DD Central
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Post by Mucho P2P on Apr 1, 2019 14:08:09 GMT
The borrower will not pay a penny and likely go bankrupt, that was the plan all along. You will pay the legal fees and then pay Lendy's accrued interest when the security is sold, whatever remains you will get. I am on the tiddler property where recovery is estimated at 50%, I expect a 20-25% recovery after fees. The only winners are Lendy and the borrower. Lendy wins in the short term. In the long term, where they ensure they are first paid with our cash, they won't survive. Karma.
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keith
Member of DD Central
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Post by keith on Apr 1, 2019 14:27:43 GMT
I am travelling at the moment and am not sure what the correct time difference is.
Am I right in saying that the borrower has only about half an hour to serve?
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Post by vithca on Apr 1, 2019 14:29:26 GMT
I am travelling at the moment and am not sure what the correct time difference is. Am I right in saying that the borrower has only about half an hour to serve? Yes, 31 minutes UK time.
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keith
Member of DD Central
Posts: 118
Likes: 72
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Post by keith on Apr 1, 2019 14:31:49 GMT
Thanks. Cutting it fine.
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Post by walter on Apr 1, 2019 14:32:19 GMT
It's all a bit exciting...having to have a few pints to calm the nerves (any excuse!)
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Post by masquedefer on Apr 1, 2019 14:37:16 GMT
From memory. Claims have to be served by 4pm (Nb. this is not the same as time received).
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Post by grumpysculler on Apr 1, 2019 14:41:45 GMT
Gah. Every time my phone beeps I wonder if that's it. Then I find it's someone posting to this thread about the same.
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Post by portlandbill on Apr 1, 2019 14:44:06 GMT
Logged into Lendy to see this... "Please note, an update concerning the status of the current litigation loans will be published on the private portal by midday, 2nd April, 2019" Where did you see that? The last update I can see is from 23rd January
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Post by portlandbill on Apr 1, 2019 14:49:57 GMT
i should've gone to specsavers
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