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Post by mrclondon on Apr 3, 2019 15:09:24 GMT
[Admin Note] Yesterday's update from Lendy included the following text If we assume they were referring to this forum (as opposed to other p2p or more general finance forums that are also discussing these loans), it feels to me that we should be mindful that people raising points on this thread for the attention of Lendy would expect the discussion on this thread to be kept on topic so that Lendy don't have wade through pages of irrelevance to gain an appreciation of where the forum mood and concerns on the London loans currently lies. I've split off 24 posts onto a new thread on the chat board p2p vs stockmarkets (Split from Lendy thread)
For the benefit of Lendy Support , the posts since the update was published late yesterday afternoon start on page 151 of this thread
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ben
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Post by ben on Apr 3, 2019 15:23:04 GMT
This is ludicrous! So we've been 'cleared' but we can still get a claim against us? I think the Americans would call it a 'Cruel & Unusual' punishment! Is there no timescale to this potential claim, or could it hang over our heads for the rest of our lives? I would say that without Lendy being involved the borrower would even have difficulty now identifying and proving who we were let alone making a claim against us. I certainly have never heard of Lendy if asked. They already know, Lendy have had to provide this information previously.
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Post by Badly Drawn Stickman on Apr 3, 2019 15:59:16 GMT
I would say that without Lendy being involved the borrower would even have difficulty now identifying and proving who we were let alone making a claim against us. I certainly have never heard of Lendy if asked. They already know, Lendy have had to provide this information previously. I think it was mentioned earlier (I really don't fancy wading through to find it) that there may well be a data protection aspect in this somewhere. Might be a subject Lendy could give a view on, given they would have supplied the data presumably with conditions?
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sl75
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Post by sl75 on Apr 3, 2019 16:02:00 GMT
If we assume they were referring to this forum (as opposed to other p2p or more general finance forums that are also discussing these loans)... ... or indeed to a Q&A forum that may be part of the yet-to-be-launched new-format private portals for various loans deemed to need one.
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oddis
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Post by oddis on Apr 3, 2019 16:03:34 GMT
Do I have to pay for my own legal advice to try to get a settlement, or is Lendy working on this for the benefit of ALL lenders? Lendy previously clearly stated that they expected very few lenders to pay for their own legal advice. Furthermore, Lendy stated they are paying for the legal advice for the benefit of all the lenders. As I understand the most recent update it seems we lenders are all left on our own (?). After all, Lendy is acting as the agent for all lenders in these loans, and should work for the benefit of all, just as they explicitly wrote in previous updates.
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adrianc
Member of DD Central
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Post by adrianc on Apr 3, 2019 16:14:03 GMT
Do I have to pay for my own legal advice to try to get a settlement, or is Lendy working on this for the benefit of ALL lenders? Lendy previously clearly stated that they expected very few lenders to pay for their own legal advice. Furthermore, Lendy stated they are paying for the legal advice for the benefit of all the lenders. As I understand the most recent update it seems we lenders are all left on our own (?). After all, Lendy is acting as the agent for all lenders in these loans, and should work for the benefit of all, just as they explicitly wrote in previous updates. Us lenders were never part of any court case. There is no court case against Lendy any more. Lendy are now into perfectly normal recovery of bad debts from a loan that goes south. As and when any come in, the loan will be partially repaid as any other bad debt.
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Mucho P2P
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Post by Mucho P2P on Apr 3, 2019 16:22:18 GMT
Do I have to pay for my own legal advice to try to get a settlement, or is Lendy working on this for the benefit of ALL lenders? Lendy previously clearly stated that they expected very few lenders to pay for their own legal advice. Furthermore, Lendy stated they are paying for the legal advice for the benefit of all the lenders. As I understand the most recent update it seems we lenders are all left on our own (?). After all, Lendy is acting as the agent for all lenders in these loans, and should work for the benefit of all, just as they explicitly wrote in previous updates. Us lenders were never part of any court case. There is no court case against Lendy any more. Lendy are now into perfectly normal recovery of bad debts from a loan that goes south. As and when any come in, the loan will be partially repaid as any other bad debt.
" Lendy are now into perfectly normal recovery of bad debts from a loan that goes south. As and when any come in, the loan will be partially repaid as any other bad debt. " <- after Lendy deducts their costs for the recovery of this loan (and legal costs for the case), do not hold high hopes for that much capital back, as pursuing the borrowers and PGs, in this case, will be all but out of Lendy capabilities. Unless they believe otherwise?
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jhma
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Post by jhma on Apr 3, 2019 16:30:40 GMT
Do I have to pay for my own legal advice to try to get a settlement, or is Lendy working on this for the benefit of ALL lenders? Lendy previously clearly stated that they expected very few lenders to pay for their own legal advice. Furthermore, Lendy stated they are paying for the legal advice for the benefit of all the lenders. As I understand the most recent update it seems we lenders are all left on our own (?). After all, Lendy is acting as the agent for all lenders in these loans, and should work for the benefit of all, just as they explicitly wrote in previous updates. Us lenders were never part of any court case. There is no court case against Lendy any more. Lendy are now into perfectly normal recovery of bad debts from a loan that goes south. As and when any come in, the loan will be partially repaid as any other bad debt.
Unfortunately that conclusion is not entirely consistent with statements in the H** letter (correctly or incorrectly - I don't know) which is why I have written to Lendy to require that they act on ALL lenders' behalf in any followup. Oh and I have just sent my third note of today for them to clarify which forum they are referring to!
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paw
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Post by paw on Apr 3, 2019 16:31:19 GMT
They already know, Lendy have had to provide this information previously. I think it was mentioned earlier (I really don't fancy wading through to find it) that there may well be a data protection aspect in this somewhere. Might be a subject Lendy could give a view on, given they would have supplied the data presumably with conditions? As I assume the data is no longer relevant, under GDPR, it must be deleted. If the claimant has cause to require it again then they will need to go through the process to get it again.
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adrianc
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Post by adrianc on Apr 3, 2019 16:31:52 GMT
Lendy are now into perfectly normal recovery of bad debts from a loan that goes south. As and when any come in, the loan will be partially repaid as any other bad debt.
...after Lendy deducts their costs for the recovery of this loan (and legal costs for the case) Well, yes. Obviously. Who did you think would be paying it? Administration costs always impact upon any recovery, if there's insufficient assets to repay in full.
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paw
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Post by paw on Apr 3, 2019 16:32:34 GMT
Us lenders were never part of any court case. There is no court case against Lendy any more. Lendy are now into perfectly normal recovery of bad debts from a loan that goes south. As and when any come in, the loan will be partially repaid as any other bad debt.
" Lendy are now into perfectly normal recovery of bad debts from a loan that goes south. As and when any come in, the loan will be partially repaid as any other bad debt. " <- after Lendy deducts their costs for the recovery of this loan (and legal costs for the case), do not hold high hopes for that much capital back, as pursuing the borrowers and PGs, in this case, will be all but out of Lendy capabilities. Unless they believe otherwise? Maybe one for the provision fund...?
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jhma
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Post by jhma on Apr 3, 2019 16:42:46 GMT
Confirmation - Lendy DO mean this thread on this forum.
Immediate reply from Lendy Customer Support to my question!
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Post by robberbaron on Apr 3, 2019 16:46:49 GMT
Do I have to pay for my own legal advice to try to get a settlement, or is Lendy working on this for the benefit of ALL lenders? Lendy previously clearly stated that they expected very few lenders to pay for their own legal advice. Furthermore, Lendy stated they are paying for the legal advice for the benefit of all the lenders. As I understand the most recent update it seems we lenders are all left on our own (?). After all, Lendy is acting as the agent for all lenders in these loans, and should work for the benefit of all, just as they explicitly wrote in previous updates. You are not imagining it. Lendy expects YOU to pay their designated lawyers to strike out a claim that arose from THEIR gross negligence.
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oddis
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Post by oddis on Apr 3, 2019 17:03:50 GMT
Do I have to pay for my own legal advice to try to get a settlement, or is Lendy working on this for the benefit of ALL lenders? Lendy previously clearly stated that they expected very few lenders to pay for their own legal advice. Furthermore, Lendy stated they are paying for the legal advice for the benefit of all the lenders. As I understand the most recent update it seems we lenders are all left on our own (?). After all, Lendy is acting as the agent for all lenders in these loans, and should work for the benefit of all, just as they explicitly wrote in previous updates. Us lenders were never part of any court case. There is no court case against Lendy any more. Lendy are now into perfectly normal recovery of bad debts from a loan that goes south. As and when any come in, the loan will be partially repaid as any other bad debt.
Hi adrianc,
I just want Lendy to clearly inform us if they are trying to settle this case for ALL lenders, or if we have to try this ourselves. A I understand it Lendy is off the hook, but not we.
Please correct me if I'm wrong.
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adrianc
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Post by adrianc on Apr 3, 2019 17:08:14 GMT
We were never, ever part of the court case. The borrower quite simply failed to join us to it by the court-imposed deadline - they threatened to, but never did. There quite simply is no case involving us to settle, and never was.
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