blender
Member of DD Central
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Post by blender on Nov 1, 2018 9:14:20 GMT
True. Good to remind ourselves that DDC gives neither privacy nor protection. I am neither in Lendy nor this loan, but can read everything on DDC - I am the public, or a third party, as far as this case is concerned. Also it is best not to overdo the idea of protection resulting from privacy. If A writes a private letter to B, libelling C, then the libel has already been committed. A is only safe from being sued for damages so long as C does not find out.
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bloodycat
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Post by bloodycat on Nov 1, 2018 10:51:00 GMT
I'm not in this loan so don't have the full details, and I appreciate that on occasions the law can be non-sensical - especially when it hasn't kept up with modern technology and practices but here are my thoughts.
As lenders our only liability is the potential loss of the money we have put into any loan - whilst this could be a substantial amount for some, unless they have misguidedly put all their life savings , or worse borrowed the money from elsewhere to chase the higher returns it is not the end of the world.
When we buy loan parts we are only agreeing to fund £xxx of the loan - as individuals we are not committing to fund further tranches. We do not have any sight or control of what conditions are in the Loan agreement or any other written or verbal promises Lendy may make with the borrower.
We have seen with other loans that borrowers can employ many delaying tactics to prevent enforcement of the security, and it is inevitable that in some cases it will not be worth trying to recoup any shortfalls in funds.
This could drag on for a very long time . We have to hope that Lendy have been thorough and robust in all their administration of this loan and there are no loopholes in the agreement or evidence that they have failed to follow their own procedures correctly , else there is a very real possibility that lenders may receive nothing back from this loan after costs.
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Post by mrclondon on Nov 1, 2018 14:51:42 GMT
A new update has been added to the dedicated webpage today (1st Nov).
Its important that this is read.
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invester
P2P Blogger
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Post by invester on Nov 1, 2018 15:00:32 GMT
If one gets one of these emails, does one have to reply to it or suffer further consequences?
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Post by mrclondon on Nov 1, 2018 15:03:34 GMT
If one gets one of these emails, does one have to reply to it or suffer further consequences? The advice from Lendy (read the 17th Oct update) and from the independent legal firm is you MUST acknowledge receipt following the instructions given.
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Post by vindhi on Nov 1, 2018 16:21:36 GMT
I can't understand why Lendy haven't sent an email advising everyone that there are important updates to read; there must be a significant number of lenders who haven't checked the page since September, and there can't be that many of us who check it on a daily basis.
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star dust
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Post by star dust on Nov 1, 2018 17:01:02 GMT
I find it bizarre that, like real post, the email will have been deemed to have been received even if it isn't. The more bizarre question is, conversely, would the reply be deemed to been received, even if it wasn't ! I guess it should be if you have 'proof' of posting - something I always ask for when sending an important email.
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Post by investor1925 on Nov 1, 2018 17:01:33 GMT
'the Claimants seek to make allegations of fraud directly against each investor' I lend a few hundred pounds in good faith (I did not know the name of the borrower) to this project, they take my money and refuse to pay it back, and they appear to be saying I have committed fraud? Their lawyers will have my name, and directly accuse me of fraud? Have I got this right? I always though fraud was "wrongful or willful deception intended to result in personal or financial gain" In the case of lending cash to someone, there is the intention of a financial gain, as a reward for lending the money in the first place (for whatever intent the recipient wanted it) I don't think the <redacted> will be able to prove wrongful or willful deception in this case.
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Post by Badly Drawn Stickman on Nov 1, 2018 17:27:19 GMT
I find it bizarre that, like real post, the email will have been deemed to have been received even if it isn't. The more bizarre question is, conversely, would the reply be deemed to been received, even if it wasn't ! I guess it should be if you have 'proof' of posting - something I always ask for when sending an important email. I suppose that will be something to 'look at' when/if the email arrives and it is clearer how we are to respond. On the plus side we have a choice of 3 emails that presumably we could contact if we have any questions, I'm sure fielding 5000 email queries would not be a problem for them. There is some information on the link below Edit www.justice.gov.uk/courts/procedure-rules/civil/rules/part06#6.20
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p2ploser
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Post by p2ploser on Nov 1, 2018 19:06:38 GMT
Just wondering if anyone has received advice on how we get compensation from the claimant for the faff caused to lenders once she loses her case? Thanks.
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Post by nyquest on Nov 1, 2018 22:10:43 GMT
If we are to be sued for fraud on an individual basis then surely we can counter sue? Possibly with a separate claim for deformation. If we all pursued as individuals I am sure that well over 3000 separate claims to answer would keep this person busy for quite some time not to mention the legal cost to this person, litigation will go on for years with this so why not employ an eye for an eye brinkmanship?
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sydb
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Post by sydb on Nov 1, 2018 22:13:49 GMT
If one gets one of these emails, does one have to reply to it or suffer further consequences? The advice from Lendy (read the 17th Oct update) and from the independent legal firm is you MUST acknowledge receipt following the instructions given.
Why is this important?
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invester
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Post by invester on Nov 1, 2018 22:20:58 GMT
Seems odd then that Lendy haven't put an email out to all affected: without this place one would have never known to be looking out for it.
Assuming that some people don't reply, and some people will also be successfully intimidated, what would happen then?
Let us not forget from that survey a couple of years back (where somehow a massive portion of the active lenders replied within a couple of hours), that the views on here do not necessarily reflect the majority, and might even run contrary to them.
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Post by mrclondon on Nov 1, 2018 22:23:34 GMT
See parts 10 and 12 of the civil procedure rules (paras 10.2 and 12.1 in particular)
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Post by nyquest on Nov 1, 2018 22:45:52 GMT
Should this actually happen contact has to be made direct to the investors concerned not on some hidden Lendy page nobody can even find. Communication regarding this whole affair is woeful & at best amateur. The lender is cornered & lashing out, make no mistake we have the upper hand she's already underwater, Im not.
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