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Post by nyquest on Oct 31, 2018 8:46:04 GMT
Is it worth keeping a daily record of the stress this is causing, time off work etc? Anyone preparing to countersue if this nonsense does indeed turn out to be true. Yep, I have an old friend who is a lawyer at a New Bond street practice, had a discussion about this as he has just drafted me a joint venture contract with a record label, we would have a strong case here to enter into litigation as a united front of investors or as an individuals.
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sl75
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Post by sl75 on Oct 31, 2018 11:24:41 GMT
I have reason to believe someone connected to the borrower's legal team is studying the posts made on this forum.
The more we give the impression of worrying about the issue, the harder they will push it. Their aim is to get us to agree to their settlement offer by intimidation / bullying tactics. The only answer (in the short term) is to "turn the other cheek".
This remains for now, just a threat, until there is evidence that a lender has actually been joined to the case.
I'd be more surprised if they weren't. <waves to cynical ambulance chasers>
Surely it can come as no surprise to anybody that some are worried about these baseless, frivolous, utterly risible claims?
I also wouldn't be surprised if some of the fuel being added to the various s**t-stirring threads that seem to endlessly pop up on this forum had a similar source.
What better way for the borrower to win the case than for them to help spread rumours about Lendy's alleged inability to enforce the loans effectively, until enough investors pull their funds that Lendy has no resources to fall back on in order to effect the intended strategy, making it a self-fulfilling prediction? ... or at least perhaps that's what some of them may be thinking.
Hopefully Lendy do in fact have adequate reserves set aside (for example from the earlier highly-profitable loans) so that delinquent borrowers will be in for a nasty shock if their main strategy involves surviving longer than Lendy's recovery process. Indeed, I had thought that having resources set aside to cover the recovery process in the event that the platform ceases to trade was one of the requirements for becoming an FCA authorised P2P lending platform.
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debaura
Member of DD Central
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Post by debaura on Oct 31, 2018 13:47:10 GMT
I'd be more surprised if they weren't. <waves to cynical ambulance chasers>
Surely it can come as no surprise to anybody that some are worried about these baseless, frivolous, utterly risible claims?
I also wouldn't be surprised if some of the fuel being added to the various s**t-stirring threads that seem to endlessly pop up on this forum had a similar source.
What better way for the borrower to win the case than for them to help spread rumours about Lendy's alleged inability to enforce the loans effectively, until enough investors pull their funds that Lendy has no resources to fall back on in order to effect the intended strategy, making it a self-fulfilling prediction? ... or at least perhaps that's what some of them may be thinking.
Hopefully Lendy do in fact have adequate reserves set aside (for example from the earlier highly-profitable loans) so that delinquent borrowers will be in for a nasty shock if their main strategy involves surviving longer than Lendy's recovery process. Indeed, I had thought that having resources set aside to cover the recovery process in the event that the platform ceases to trade was one of the requirements for becoming an FCA authorised P2P lending platform.
I agree, and what better way to determine the future of this platform by its ability to respond in an executive and forthright manner in chasing these scalliwags out of town.
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Post by chris42 on Oct 31, 2018 14:08:47 GMT
Aiming to outlive your lender so you do not have to pay back is not viable, the loans are an asset (joking aside ) , someone would buy them up and call them in. You may get to pay back less but as there is security in place, the discount will not be huge.
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debaura
Member of DD Central
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Post by debaura on Oct 31, 2018 14:13:49 GMT
Yep, me too. They can even keep 100% of the winnings afaiac .. well 99% maybe. Are there a few thousand more for the same offer? Is there infact a lawyer on the forum who'd like to take the case ... 8 figure fee, maybe. 8>. I'll go further than that. Not only the lawyer can keep all my winnings, but I will throw in the pot my whole investment in this loan (£2000) if he can get her bankrupt. I applaud that.
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Post by vindhi on Oct 31, 2018 15:22:22 GMT
Lendy have added another update to the dedicated page for these loans.
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Garage246
Member of DD Central
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Post by Garage246 on Oct 31, 2018 16:49:49 GMT
Lendy have added another update to the dedicated page for these loans. Yep - a useful update and worth a read. Personally I am very comfortable with our position in this should the borrower continue with the claim. Ultimately it will be a very expensive lesson for them.
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invester
P2P Blogger
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Post by invester on Oct 31, 2018 17:16:56 GMT
Quite, but the vexatious nature of the claims has reset everyone's expectations to zero, perhaps as they wanted.
How do we see the return of capital? It is still a loan on a property that is grossly over-valued.
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dermot
Member of DD Central
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Post by dermot on Oct 31, 2018 18:23:49 GMT
Lendy have added another update to the dedicated page for these loans. Where should I be looking to find this update, not seeing anything under 'recent updates' on the loan itself.
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Post by banffy on Oct 31, 2018 18:23:59 GMT
Where is the Update from lendy and how do I receive it? I'm in this loan. Updated - I have now found the update
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Post by Badly Drawn Stickman on Oct 31, 2018 18:29:50 GMT
Lendy have added another update to the dedicated page for these loans. Where should I be looking to find this update, not seeing anything under 'recent updates' on the loan itself. Its on the platform, but I have yet to find a way to directly access it from there. Something for Lendy Support to look into maybe. Plan b is if you have the original email click on the link whilst signed into the platform Plan c in your case, read the relevant thread on DDc
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sl75
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Post by sl75 on Nov 1, 2018 7:55:00 GMT
..., read the relevant thread on DDc I'm intentionally not a member of any "restricted access" subforums here, so cannot comment specifically on any content that may or may not be there.
However, the relatively low entry bar for access to DDc means I would be concerned that there may be at least one "spy" amongst the almost 400 members who already have access.
Two relevant sayings come to mind:
"The walls have ears"
"I cannot comment on an ongoing court case"
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Post by magoo68 on Nov 1, 2018 8:42:00 GMT
sl75 , DDC isn’t that kind of place. It only contains information that any lender should already have and far less “comment” than here. Why not join and find out for yourself? If you don’t like it you can easily remove yourself instantly by using the “leave group” link on your profile/groups page. Which would be fine if "they" would let you, tried last night and got a very blunt "come back when you have 50 posts" ...... hardly the supportive reaction to a worried member of the 5000 I was hoping for. I'd respectfully suggest at a time like this it might be better to check how long someone has been a member of the forum, rather than how verbose he may have been during that time, as the current approach has something of the horse & stable door about it.... imvho.
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Post by Badly Drawn Stickman on Nov 1, 2018 8:42:47 GMT
..., read the relevant thread on DDc I'm intentionally not a member of any "restricted access" subforums here, so cannot comment specifically on any content that may or may not be there.
However, the relatively low entry bar for access to DDc means I would be concerned that there may be at least one "spy" amongst the almost 400 members who already have access.
Two relevant sayings come to mind:
"The walls have ears"
"I cannot comment on an ongoing court case"
I respect peoples decisions on joining or not, there is truly nothing on there that is secret. In this particular case there is a link which only works if you have legitimate access to the Lendy update anyway, so could prove useful to those of us too lazy to keep looking for the original email.
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sl75
Posts: 2,092
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Post by sl75 on Nov 1, 2018 9:01:31 GMT
I respect peoples decisions on joining or not, there is truly nothing on there that is secret. In this particular case there is a link which only works if you have legitimate access to the Lendy update anyway, so could prove useful to those of us too lazy to keep looking for the original email. 'twas just a friendly reminder (albeit in ignorance of whether or not the reminder was needed) that the "restricted" forums are still essentially "public"... which is essentially my reason for not bothering - any topic that can be freely discussed in a forum to which "anyone" can get access can be freely discussed in public, but with the proviso that forum rules restrict contents slightly; I personally find it easier to remind myself that "anyone" could be reading what I wrote when it's in a truly public forum rather than in one that superficially appears private.
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