ilmoro
Member of DD Central
'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 27, 2018 16:43:29 GMT
The solicitors only have the details of lenders who have contacted them direct, Lendy have not provided contact details due to GDPR.
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adrianc
Member of DD Central
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Post by adrianc on Oct 28, 2018 9:15:25 GMT
The continuing publicity about this has dealt a fatal blow to lendy. The reputational damage is irreversible. No one will invest with Lendy if they do any research whatsoever. The other borrowers smell blood and will start monkeying around. The regulator will scrutinise to the Nth degree to show their worth. The media will have a field day. Lenders will start piling up complaints directly and via FCA and FOS. The specific borrower in this matter can just twiddle their thumbs now waiting for the collapse expecting a get out of loan free agreement sometime soon. Lenders will ultimately get some capital back and some interest. That's it!! I think that's an overly pessimistic (or sensationalist) view.
A loan has gone south. Whether that was predictable or not is another question. It happens - and it's why they pay the rates they do. It is to be expected.
What is unusual about this is the borrower's reaction to that. If there's any merit in that reaction, and they get their way, then there's massive knock-ons not just for all P2P but for all syndicated lending.
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Post by loftankerman on Oct 28, 2018 12:01:10 GMT
I am optimistically extrapolating from this that if the claim is upheld, it should be possible for all of us to indefinitely extract money from any former lender provided we can point to some nebulous and insufficiently explored expectation that we had of outcomes arising from the original loan. That could be a guarantee that the more formal lending institutions might rush to pull strings.
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debaura
Member of DD Central
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Post by debaura on Oct 29, 2018 6:32:55 GMT
Markets are crashing, real este to follow shorty, already the case in several countries/cities P2P is investment when all is good and rosy (and of course with serious lenders, with Lendy, 70% of the loan book is defaulted in time of economic growth) does not take a genius indeed to realise it can only go south from here.. so deposit zero, p2p and market now risky..real estate over valued only thing I see that's not overvalued are the precious metal right now I know! I have lost over 15% of my portfolio in about a week -
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SteveT
Member of DD Central
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Post by SteveT on Oct 29, 2018 7:38:37 GMT
Markets are crashing, real este to follow shorty, already the case in several countries/cities P2P is investment when all is good and rosy (and of course with serious lenders, with Lendy, 70% of the loan book is defaulted in time of economic growth) does not take a genius indeed to realise it can only go south from here.. so deposit zero, p2p and market now risky..real estate over valued only thing I see that's not overvalued are the precious metal right now I know! I have lost over 15% of my portfolio in about a week - Unless you're obliged to sell immediately, you've lost nothing. You still own the same stakes in the same companies as you did before.
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debaura
Member of DD Central
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Post by debaura on Oct 29, 2018 13:14:52 GMT
I know! I have lost over 15% of my portfolio in about a week - Unless you're obliged to sell immediately, you've lost nothing. You still own the same stakes in the same companies as you did before. Hi thanks yes I know that. I have not of course sold - I just prefer a bull market 
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Post by loftankerman on Oct 29, 2018 13:24:26 GMT
Unless you're obliged to sell immediately, you've lost nothing. You still own the same stakes in the same companies as you did before. Hi thanks yes I know that. I have not of course sold - I just prefer a bull market You must be as pleased as Punch with Lendy then, there's no shortage of bull here.
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debaura
Member of DD Central
Posts: 277
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Post by debaura on Oct 29, 2018 13:36:01 GMT
Hi thanks yes I know that. I have not of course sold - I just prefer a bull market You must be as pleased as Punch with Lendy then, there's no shortage of bull here. I would laugh but it hurts
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paul123
Member of DD Central
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Post by paul123 on Oct 30, 2018 17:23:11 GMT
There’s been one email from lendy. An update on lendy.co.uk at the link on that email. If you contact lendy/our lawyer you may get a holding email. There’s been no email from the other side yet. There’s just been an email from “our” lawyer.
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Post by faraday815 on Oct 30, 2018 17:37:25 GMT
What should our response to them be?
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SteveT
Member of DD Central
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Post by SteveT on Oct 30, 2018 17:38:15 GMT
Yup, the <redacted> is now alleging fraud on the part of individual lenders, as well as Lendy 😂
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Village Idiot
Member of DD Central
Who was that masked man?
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Post by Village Idiot on Oct 30, 2018 17:38:20 GMT
There’s been one email from lendy. An update on lendy.co.uk at the link on that email. If you contact lendy/our lawyer you may get a holding email. There’s been no email from the other side yet. There’s just been an email from “our” lawyer. Does "Our" lawyer have anything interesting to say?
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SteveT
Member of DD Central
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Post by SteveT on Oct 30, 2018 17:48:22 GMT
There’s just been an email from “our” lawyer. Does "Our" lawyer have anything interesting to say? Mainly that they’re going to want paying if you want them to continue to be “your” lawyer. And that they “strongly advise that you take steps to file an Acknowledgment of Service once you receive the Particulars of Claim (whether independently, via HCR or via another law firm) in order to negate the risk of Judgment in Default been entered against you.”
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jeremy12
Member of DD Central
Everything's frozen
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Post by jeremy12 on Oct 30, 2018 17:50:52 GMT
One might have expected this development to occur
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IFISAcava
Member of DD Central
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Post by IFISAcava on Oct 30, 2018 17:56:44 GMT
One might have expected this development to occur I think this development is possibly the biggest threat to P2P's existence as we know it. Risking your capital on a loan is one thing, risking your entire net worth (or even just hefty lawyers' fees) is quite another.
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