jane
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Post by jane on Apr 4, 2019 19:03:22 GMT
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. This may have been covered earlier in the thread but I can't see a GDPR 'lawful basis' Lendy could use to justify passing our details to H** or any other external company. I can't find anything in the Ts&Cs that would allow them to do so, and I certainly didn't consent to it. The only one they could fall back on is 'legitimate interest', but that would be very shaky IMHO. The correct course of action in my view would have been to email all those in the loan and give us the lawyers' details, so we could make up our own minds whether to pass over our personal data. If I were litigious I might be minded to report the company to the ICO, but I'll probably leave it for now. I agree that the correct course of action should have been how you stated. However in the Lendy world you do you want and spout a load of BS in anyone questions. Here's the response i got back from Lendy when questioning this at the time. Basically they just say blame H**. Data controllers are also permitted to process data where – as in this case – they have a legitimate interest in doing so. In this case, Lendy shared your contact details with H** as this was necessary for the purposes of ensuring that lenders had timely access to informed and appropriate legal advice when legal proceedings were threatened to which you and other lenders were co-defendants. Organisations must balance the legitimate interests pursued against the rights of the relevant individuals. By sharing this limited personal data in this limited manner, Lendy was positively acting in your and other lenders’ interests, particularly given the protections put in place by Lendy, with H** being required to keep this information confidential and only being permitted to use it to provide legal advice to lenders in respect of this matter. On receipt of the limited lender personal data from Lendy, although limited in how it could use it, H** became a controller of the personal data it received. H** therefore became responsible for compliance with the above requirements in respect of its processing of that personal data. This includes its use of the personal data to contact you and other lenders. We understand that H** had, and relied on, legitimate interests in sending its letter to lenders on 21 December confirming its appointment and providing further details on how its services could be accessed. However, should you require further information on this you should contact H** direct as data controller .
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Post by magoo68 on Apr 4, 2019 19:39:28 GMT
While I completely agree that releasing our details to H** was dubious at best, I also think it served a valuable purpose in that it alerted those lenders who hadn't seen the updates on the secret squirrel bit of the site, and for that I'm personally prepared to over look it. I think it served a purpose, and while that purpose should have been served by a simple letter from LY to each of us, better late than never, and I guess in this case, by any means necessary.
That doesn't change my dim view of H** though, and of course I can only speak for myself on this.
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Post by slopsjon on Apr 4, 2019 20:14:40 GMT
While I completely agree that releasing our details to H** was dubious at best, I also think it served a valuable purpose in that it alerted those lenders who hadn't seen the updates on the secret squirrel bit of the site, and for that I'm personally prepared to over look it. I think it served a purpose, and while that purpose should have been served by a simple letter from LY to each of us, better late than never, and I guess in this case, by any means necessary. That doesn't change my dim view of H** though, and of course I can only speak for myself on this.
Lendy should not of released our details to H** without our permission. I would if asked said no at the beginning no in the middle of this farce and still no to this ambulance chaser at the end
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henryjford
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Post by henryjford on Apr 4, 2019 23:41:03 GMT
While I completely agree that releasing our details to H** was dubious at best, I also think it served a valuable purpose in that it alerted those lenders who hadn't seen the updates on the secret squirrel bit of the site, and for that I'm personally prepared to over look it. I think it served a purpose, and while that purpose should have been served by a simple letter from LY to each of us, better late than never, and I guess in this case, by any means necessary. That doesn't change my dim view of H** though, and of course I can only speak for myself on this.
Lendy should not of released our details to H** without our permission. I would if asked said no at the beginning no in the middle of this farce and still no to this ambulance chaser at the end
I agree, ---- I wonder if they made any money out of it!
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Post by masquedefer on Apr 5, 2019 6:54:18 GMT
Lendy have recently said they will take account of comments made on this forum.
Now that this legal fiasco is hopefully coming to an end will Lendy please ascertain by enquiry to the legal department of city of Westminster planning department whether the planning permission has expired (because no works commenced within the time limit) and if this is the case ensure that new planning permission is obtained for the development in order to maximise resale value.
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boundah
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Post by boundah on Apr 5, 2019 9:09:14 GMT
Lendy have recently said they will take account of comments made on this forum. Now that this legal fiasco is hopefully coming to an end will Lendy please ascertain by enquiry to the legal department of city of Westminster planning department whether the planning permission has expired (because no works commenced within the time limit) and if this is the case ensure that new planning permission is obtained for the development in order to maximise resale value. That would be great, but I reckon Liam & his mates gave up reading posts on this forum a while back.
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sydb
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Post by sydb on Apr 5, 2019 9:20:04 GMT
That would be great, but I reckon Liam & his mates gave up reading posts on this forum a while back. I think you missed the point. The reading of posts in this forum has been recently confirmed through a communication from Lendy and through correspondence with an individual.
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adrianc
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Post by adrianc on Apr 5, 2019 9:40:04 GMT
That would be great, but I reckon Liam & his mates gave up reading posts on this forum a while back. I think you missed the point. The reading of posts in this forum has been recently confirmed through a communication from Lendy and through correspondence with an individual. Point? We don't need no point. There's a personal vendetta and witch-hunt to pursue!
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gc
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Post by gc on Apr 5, 2019 13:58:05 GMT
Just to echo comments from few others. Mucho P2P has been an outstanding individual throughout this fiasco. From just after Christmas to this; I confess that letter spooked me significantly during family and downtime from work, culminating in a few hasty and likely anxiety ridden posts here. Thankfully cooler heads and a large dash of common-sense and pragmatism, offered by many posters here was just the tonic. In this game, "cooler heads" is very important. The mods/admin showed a lot of restraint by letting this thread run its course as goodness knows the chat behind the scenes of locking it as it seemed to be spinning out of control ;-)...... In this case, keeping it was definitely a good thing as it served to help a lot of people, myself included. That said, I wouldn't worry about "hasty and anxiety ridden posts", we're all entitled to blow off some steam when nonsense like this happens.
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shimself
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Post by shimself on Apr 6, 2019 15:03:37 GMT
When your capital is not at risk and yours fees are taken upfront (even if some of it is then paid out monthly) your incentive is volume not quality. It's an excellent business model and by the time the defaults start mounting you're already rich. Do we have any clue how much Liam and friends have extracted to date?
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Post by gaza77 on Apr 6, 2019 17:21:21 GMT
When your capital is not at risk and yours fees are taken upfront (even if some of it is then paid out monthly) your incentive is volume not quality. It's an excellent business model and by the time the defaults start mounting you're already rich. Do we have any clue how much Liam and friends have extracted to date? I have heard that L**** will take out their interest, aside from all of the legal costs, before paying us - over the whole period! 🤬 It is our money NOT L****’s money how dare they take out interest on a failed loan that they organised without doing the correct due diligence ie giving a loan that far exceeds the property value to an overseas company run by a less than honourable person!!! Calming down...The property hasnt been sold yet, so perhaps I am jumping the gun, may be they will turn out to be reasonable in this. They should be claiming the legal costs from the other party only, not from our capital! I certainly dont mind not being paid the outstanding interest or even losing up to 20/30% of the capital, but no more! If L**** what to charge a ludicrous litigation cost then they had better be prepared for a battle - after all, what have they been doing for the last 2.5 months for instance? Nothing is the answer, just waiting, so their costs cannot be much more than £0.5M. This figure I would accept. If the property sells for £5.5M and L**** take out £0.5M, this would leave £5M from a loan of £7.5M, which according to me leaves around 66% for the rest of us - and again far from ideal, but acceptable. Anyone have any other figures?
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Post by fhilomena on Apr 6, 2019 18:40:45 GMT
Do we have any clue how much Liam and friends have extracted to date? I have heard that L**** will take out their interest, aside from all of the legal costs, before paying us - over the whole period! 🤬 It is our money NOT L****’s money how dare they take out interest on a failed loan that they organised without doing the correct due diligence ie giving a loan that far exceeds the property value to an overseas company run by a less than honourable person!!! Calming down...The property hasnt been sold yet, so perhaps I am jumping the gun, may be they will turn out to be reasonable in this. They should be claiming the legal costs from the other party only, not from our capital! I certainly dont mind not being paid the outstanding interest or even losing up to 20/30% of the capital, but no more! If L**** what to charge a ludicrous litigation cost then they had better be prepared for a battle - after all, what have they been doing for the last 2.5 months for instance? Nothing is the answer, just waiting, so their costs cannot be much more than £0.5M. This figure I would accept. If the property sells for £5.5M and L**** take out £0.5M, this would leave £5M from a loan of £7.5M, which according to me leaves around 66% for the rest of us - and again far from ideal, but acceptable. Anyone have any other figures? I totally agree with you that Lendy should be claiming the legal costs from the borrower. After all, the legal costs incurred were to soley defend Lendy and its business , not to defend its investors (who would have had to fund their own legal defense). This action would not be the reasonable actions of someone purporting to be an Agent, and would be a breach of their fiduciary duties, i.e. in not acting soley in the interests of its principals, but to its own benefit .
Furthermore if investors are regarded as principals, and Lendy as Agent then we should consider reclaiming any undisclosed fees which Lendy have received as an agent. We all know that Lendy receive fees from borrowers but has anyone had a copy of every loan agreement that they have entered into and checked the actual fees Lendy charge? It is not sufficient for Lendy to only inform principals that they are taking a fee, but they must actively forward and inform us of the amount of all fees they receive from the borrower.
Investors are legally entitled to a copy of every loan agreement that investors have been entered into by Lendy (5000 copies just for London Loan). A logistics nightmare for Lendy if we all requested contract details for each agreement we have been entered into.
Any comments?
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adrianc
Member of DD Central
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Post by adrianc on Apr 6, 2019 18:55:53 GMT
I totally agree with you that Lendy should be claiming the legal costs from the borrower. And they will. If the borrower has sufficient assets to repay the principal, the back interest, AND the legal costs. If not, then pick which of them falls short first. Clue: It isn't the legal bills, because there wouldn't be any money to repay anything at all if they hadn't been incurred.
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rocky1
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Post by rocky1 on Apr 6, 2019 18:57:22 GMT
i am sure i read somewhere in the T@Cs that you can purchase a copy of each of your loan agreements from LENDY FOR £100.00 each to cover admin costs ,might be wrong here.anybody else any the wiser know?
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Mucho P2P
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Post by Mucho P2P on Apr 6, 2019 19:09:35 GMT
Do we have any clue how much Liam and friends have extracted to date? I have heard that L**** will take out their interest, aside from all of the legal costs, before paying us - over the whole period! 🤬 It is our money NOT L****’s money how dare they take out interest on a failed loan that they organised without doing the correct due diligence ie giving a loan that far exceeds the property value to an overseas company run by a less than honourable person!!! Calming down...The property hasnt been sold yet, so perhaps I am jumping the gun, may be they will turn out to be reasonable in this. They should be claiming the legal costs from the other party only, not from our capital! I certainly dont mind not being paid the outstanding interest or even losing up to 20/30% of the capital, but no more! If L**** what to charge a ludicrous litigation cost then they had better be prepared for a battle - after all, what have they been doing for the last 2.5 months for instance? Nothing is the answer, just waiting, so their costs cannot be much more than £0.5M. This figure I would accept. If the property sells for £5.5M and L**** take out £0.5M, this would leave £5M from a loan of £7.5M, which according to me leaves around 66% for the rest of us - and again far from ideal, but acceptable. Anyone have any other figures? Without going into the specific calculations, the Lendy loan contract to the borrowers (London Loan specifically) favours Lendy the longer the loan goes on for. I was too busy preparing the legalities to ever get around to calculating it all out, but I will note that their interest rate calculation and fees to the borrowers was one of the very first items in the contract that caught my eye. I believe that L**m previously worked in an offshore bank, the type that deals in wealth management so it is very plausible that he would be aware of how banks rack up extra charges from wealthy clients.
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