travolta
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Post by travolta on Apr 2, 2019 9:02:06 GMT
Given the propensity of certain members of this forum to get irritated by the imaginary sensitive information being posted on this thread I would suggest they simply ignore it. Group therapy is a healing force for sensitive beings. Passing info promotes strength and unity . Shall we all hold hands now and collapse into a circle.
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boundah
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Post by boundah on Apr 2, 2019 10:02:16 GMT
I'm just grateful for all the work my fellow forumites have put into heaving this thread past 150 pages. Well done!
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Post by gaspilot on Apr 2, 2019 10:59:30 GMT
Please note, an update concerning the status of the current litigation loans will be published on the private portal by the end of 2nd April, 2019 we are awaiting final legal comments.
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quidco
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Post by quidco on Apr 2, 2019 11:06:39 GMT
Please note, an update concerning the status of the current litigation loans will be published on the private portal by the end of 2nd April, 2019 we are awaiting final legal comments. They missed the high noon deadline; there's nothing like missing your own arbitrarily imposed deadline
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Post by timm2006 on Apr 2, 2019 11:28:28 GMT
Hi
Positive update just received from HC* to clients signed with them. Very interesting read and proposed course of action. Cant reveal more information since strictly private and confidential.
Thanks
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voss
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Post by voss on Apr 2, 2019 11:43:23 GMT
Given the propensity of certain members of this forum to immediately blurt out any sensitive information they're provided without giving a second thought to the wider implications of making the information public (sometimes being more interested in being "first" to post about it), can I suggest that this thread is locked until such a time as the latest update has been received and the more knowledgeable members of the forum have had a chance to privately discuss with moderators any "rules of engagement" about how much of the information is suitable for public discussion? Edit: for clarity, I'm not counting myself amongst the "more knowledgeable members", as I have no direct experience of court or enforcement/recovery action.
I agree. Chat obscures information.
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sl75
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Post by sl75 on Apr 2, 2019 11:45:20 GMT
Positive update just received from HC* to clients signed with them. Very interesting read and proposed course of action. Cant reveal more information since strictly private and confidential. I'm not signed up with them and have no information beyond what's already been discussed on this thread (and the letter that I ignored from them), so I can make a speculative wild guess of the best possible update they could give...
"The amount Lendy already paid us has covered our costs to date, so as there's now no case for you to answer we're returning the monies you paid to cover our anticipated costs to defend the case"
If it's anything less than that (or something with equivalent outcome for their clients), then I'm glad I didn't waste more money engaging their services.
Edit: NB this is NOT a request for confidentiality to be broken for those who do know... if it is that good, just be quietly and privately smug about it!
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invester
P2P Blogger
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Post by invester on Apr 2, 2019 11:52:26 GMT
Indeed.
I think there may be a danger that simply getting back to zero might be deemed a good result, where in actual fact collectively we are owed millions.
Actually getting some repayment of the capital might prove more difficult than fending off a frivolous action.
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Mousey
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Post by Mousey on Apr 2, 2019 11:54:08 GMT
Hmmm I'm intrigued!
I wonder how hopeful the second charge holder is feeling...
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Apr 2, 2019 12:22:40 GMT
Hi Positive update just received from HC* to clients signed with them. Very interesting read and proposed course of action. Cant reveal more information since strictly private and confidential. Thanks How much did they charge you for the update. Thanks for the news though.
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sl75
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Post by sl75 on Apr 2, 2019 13:20:49 GMT
I think there may be a danger that simply getting back to zero might be deemed a good result, where in actual fact collectively we are owed millions. Actually getting some repayment of the capital might prove more difficult than fending off a frivolous action. Based on prior discussions on this thread, the first portion of capital (that which can be raised by selling the security at actual market value, rather than the inflated valuation) shouldn't be terribly difficult to get, once any remaining barriers to, or unwanted side-effects of selling it have been removed.
It's the amounts over and above that which seem likely to prove a little more difficult to recover, especially when faced with an obstructive counter-party - whether Lendy &c have the tenacity to overcome all the necessary obstacles to actually enforce a judgement, and indeed whether other lenders will allow sufficient time for these various processes to reach completion remains to be seen.
As mentioned elsewhere, on other P2P platforms, I'm still getting recovery payments more than 10 years after the original loans were made... and looking at the way some of those are progressing, I wouldn't be surprised if in another 5 years I'll be reporting that a small number of recovery payments are continuing 15 years after the original loan was made. Those kinds of timescales allow for huge changes in the personal circumstances of borrowers and guarantors, sometimes for the worse (e.g. ultimately resulting in bankruptcy, or similar arrangements that oblige lenders to write off the residual amount) and sometimes for the better (e.g. allowing full recovery of a loan that, at time of default, had seemed hopeless).
There may even come a point where the borrower themselves just wants to pay the remainder as soon as possible (even if it means finding a way to liquidate/divert funds from an off-shore holding), just so that they can get on with their next money-making opportunity...
Indeed, the very best possible outcome remains that the borrower has a change of heart and "voluntarily" repays in full so that we release the property back to the borrower to let her do with it as she wishes. I don't hold out much hope for that one, but cannot completely rule it out either, and one unwanted side-effect of selling the security property is that it does completely rule that out as a possibility. I might even be open to negotiations involving waiving at least part of the interest in circumstances where the borrower becomes co-operative, but don't quote me on that just yet!
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adrianc
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Post by adrianc on Apr 2, 2019 13:30:24 GMT
Indeed. I think there may be a danger that simply getting back to zero might be deemed a good result "Getting back to zero" is where we've been all along, since this time-wasting never actually carried any realistic chance of success. Yesterday's deadline, imho, wasn't so much "Phew, my house is safe again" as "Right, that's stopped the mucking about, now can we get on with repaying?".
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sydb
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Post by sydb on Apr 2, 2019 14:26:13 GMT
I might even be open to negotiations involving waiving at least part of the interest in circumstances where the borrower becomes co-operative, but don't quote me on that just yet! You think you have any say and that Lendy will give you the option to reduce their cut? They benefit from interest paid, not capital returned. Now that many consider them to have little reputation left to be damaged, some might say that their interest (no pun intended) is best served by dragging defaults out for as long as possible to rack up the interest, then selling the security and taking from that the full interest owed to them. Lenders, likewise, should get the interest owed to them and what is left will be a significantly reduced capital return. Why should this loan be any different from the others in administration? After securities are sold off, I find it hard to see why Lendy has any incentive to pursue further claims of capital other than, maybe, so that they can use it to pay their own fees associated with those claims. Am I being unfairly cynical? If HC* are proposing counteraction then possibly they might write to everyone again if it is in their interest to get more people on board now that they have been given everyone's contact details. For the pittance I have in this loan and their behaviour so far (re letter at Christmas), I might pay for the pleasure of telling them where to shove it. If you have a significant sum in then it's a different matter.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Apr 2, 2019 15:51:03 GMT
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tommytaylor
P2P - The new wild west
Posts: 234
Likes: 375
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Post by tommytaylor on Apr 2, 2019 15:52:47 GMT
In the end they had no doe to cough up for security. No chance of them coughing up our money then
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