dandy
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Post by dandy on Oct 25, 2018 13:45:53 GMT
I received the email from the solicitors, but it does not confirm what if any costs will be covered by Lendy. I have asked the question of Support. In the meantime if a claim is issued by email and received, I gather we have 14 days to acknowledge it otherwise a default judgement can be entered. I do not believe that the claimant has a hope in hell on this one, but it remains important to use correct procedure. Lendy should be covering the cost of the solicitors in my view and I have asked what insurances they may have in place which could become effective. All a pain in the arse but we will get there in the end. Double-edged sword. If that happens then they (claimant) leave themselves on the hook for potentially thousands of investors individual costs in getting the claim struck out, which it inevitably would be as it borders on the laughable let alone vexatious. The possibility of it happening are so remote and so ridiculous it really isn't worth worrying about
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dandy
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Post by dandy on Oct 25, 2018 14:21:36 GMT
Double-edged sword. If that happens then they (claimant) leave themselves on the hook for potentially thousands of investors individual costs in getting the claim struck out, which it inevitably would be as it borders on the laughable let alone vexatious. The possibility of it happening are so remote and so ridiculous it really isn't worth worrying about I would agree it is not worth worrying about, but there may well be lessons to be learned and acted upon when it inevitably 'goes away'. I would question any legal action being carried out by email as having much validity, anything I was sent would probably be automatically deleted as spam before I even had a chance to delete it as such manually. Registered mail (as in signed for letter) would probably be the absolute minimum needed? Yes that is true, email alone would be invalid service
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Mike
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Post by Mike on Oct 25, 2018 14:30:19 GMT
I would agree it is not worth worrying about, but there may well be lessons to be learned and acted upon when it inevitably 'goes away'. I would question any legal action being carried out by email as having much validity, anything I was sent would probably be automatically deleted as spam before I even had a chance to delete it as such manually. Registered mail (as in signed for letter) would probably be the absolute minimum needed? Yes that is true, email alone would be invalid service Unless the Court gave permission for the Claim Form to be served by email... The court might also decide that the email will be treated as having been received (or “served”) 24 hours after it is sent.
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ilmoro
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Post by ilmoro on Oct 25, 2018 14:53:39 GMT
Yes that is true, email alone would be invalid service Unless the Court gave permission for the Claim Form to be served by email... The court might also decide that the email will be treated as having been received (or “served”) 24 hours after it is sent. Correct
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Garage246
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Post by Garage246 on Oct 25, 2018 14:59:34 GMT
Court have allowed contact by email, and it is deemed to be received 24hrs after sending. Personally I'm surprised but there you go. One of the points I was making was that if you get the email it needs to be acknowledged otherwise there is a risk of a default judgement being entered. Only those who have asked for updates from the solicitors have been told this, so I suspect a number of investors are unaware.
So whilst I totally agree that any action is unlikely to succeed based on my understanding, if a claim is issued investors need to follow the process to acknowledge it.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 25, 2018 15:34:07 GMT
Court have allowed contact by email, and it is deemed to be received 24hrs after sending. Personally I'm surprised but there you go. One of the points I was making was that if you get the email it needs to be acknowledged otherwise there is a risk of a default judgement being entered. Only those who have asked for updates from the solicitors have been told this, so I suspect a number of investors are unaware. So whilst I totally agree that any action is unlikely to succeed based on my understanding, if a claim is issued investors need to follow the process to acknowledge it. Its in the follow up Lendy update but noone has actually been alerted to that
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Village Idiot
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Post by Village Idiot on Oct 25, 2018 15:45:26 GMT
Court have allowed contact by email, and it is deemed to be received 24hrs after sending. Personally I'm surprised but there you go. One of the points I was making was that if you get the email it needs to be acknowledged otherwise there is a risk of a default judgement being entered. Only those who have asked for updates from the solicitors have been told this, so I suspect a number of investors are unaware. So whilst I totally agree that any action is unlikely to succeed based on my understanding, if a claim is issued investors need to follow the process to acknowledge it. Its in the follow up Lendy update but noone has actually been alerted to that Well given that email now seems to constitute a legal document (take a bow, Ray Tomlinson). Maybe Lendy should try using it as a simple means of communicating with the lenders involved in this issue.
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jeremy12
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Everything's frozen
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Post by jeremy12 on Oct 26, 2018 9:37:37 GMT
How does the FCA or the FOS help us in this situation? Anyone have insight into what the powers and responsibilities of these outfits are in such circumstances - even if they don't actually do anything ! When would it be best for us to contact these two and what would we ask them to do? Has anyone already pursued Lendy via the FCA or FOS and what has been the response so far? There are obviously issues regarding this Loan but also Lendy's conduct generally, so maybe this question should go wider.
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Post by portlandbill on Oct 26, 2018 10:38:59 GMT
so should each lender contact the solicitors involved to make sure they're in the loop, as it were?
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Garage246
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Post by Garage246 on Oct 26, 2018 12:04:05 GMT
I think it is worth getting on their mailing list given the sparse information available from the platform.
Highly likely in my view that nothing more will come of this, but that's just the rational view.
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Post by mrclondon on Oct 26, 2018 12:10:33 GMT
For the benefit of anyone who hasn't yet read Lendy's fairly long update on 17th Oct (on the dedicated webpage used for the vote), Lendy makes it clear that if/when court papers are received by lenders they must be acknowledged on the form provided and returned to the court's email address provided.
For now, I personally don't feel I need any further info at the present time beyond that provided by Lendy on the 17th, which seemed pretty comprehensive IMO.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Oct 26, 2018 14:02:31 GMT
I am in this loan for a few grand. I have resigned myself to the fact that this has gone along with the other thousands i have lost over at moneything. Holding my breath on Collateral.
This whole scenario is complete fantasy. Dont let it even enter your head fellas. I know that easy to say but the absolute logical outcome from this is nothing at all.
Can you imagine the implications around the world if they pulled it off.
It does give you pause for thought as to whether you should carry on dipping your toes into p2p. Seems like its just not worth the hassle anymore to me
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Godanubis
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Post by Godanubis on Oct 26, 2018 22:22:50 GMT
I am in this loan for a few grand. I have resigned myself to the fact that this has gone along with the other thousands i have lost over at moneything. Holding my breath on Collateral. This whole scenario is complete fantasy. Dont let it even enter your head fellas. I know that easy to say but the absolute logical outcome from this is nothing at all. Can you imagine the implications around the world if they pulled it off. It does give you pause for thought as to whether you should carry on dipping your toes into p2p. Seems like its just not worth the hassle anymore to me A tad hard on P2P !!! Fully diversified investment at 0.1-0.2% of portfollio generally results in a trim rather than a Haircut. 
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Post by df on Oct 26, 2018 23:15:10 GMT
I am in this loan for a few grand. I have resigned myself to the fact that this has gone along with the other thousands i have lost over at moneything. Holding my breath on Collateral. This whole scenario is complete fantasy. Dont let it even enter your head fellas. I know that easy to say but the absolute logical outcome from this is nothing at all. Can you imagine the implications around the world if they pulled it off. It does give you pause for thought as to whether you should carry on dipping your toes into p2p. Seems like its just not worth the hassle anymore to me A tad hard on P2P !!! Fully diversified investment at 0.1-0.2% of portfollio generally results in a trim rather than a Haircut. I'm at around 0.1% on some loans, but far less on most (diversified across 17 platforms). However, if all of my currently "non-performing" loans are not recovered and who knows what the Col outcome will be - It can result in much more than a haircut. The time will show, but generally my investments in "property secured" are plummeting in favour of lower rate products that deliver what's promised and require little attention.
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debaura
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Post by debaura on Oct 26, 2018 23:39:06 GMT
I received the email from the solicitors, but it does not confirm what if any costs will be covered by Lendy. I have asked the question of Support. In the meantime if a claim is issued by email and received, I gather we have 14 days to acknowledge it otherwise a default judgement can be entered. I do not believe that the claimant has a hope in hell on this one, but it remains important to use correct procedure. Lendy should be covering the cost of the solicitors in my view and I have asked what insurances they may have in place which could become effective. All a pain in the arse but we will get there in the end. Good form thank you.
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