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Post by hammertime on Nov 15, 2018 10:06:22 GMT
Do you think that will actually happen or will they find a way around it.Or just drag it out as long as possible.I hope you are right though.
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invester
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Post by invester on Nov 15, 2018 10:06:41 GMT
The thing is, platforms are a law onto themselves. They are basically reviewing themselves for wrongdoing, the time delay IMO to try and drag up whatever mitigating circumstances there are.
If this was a £100k loan I am sure that things would be different. But the size of this loan is too big to take the same approach.
Has there been any case of lenders taking a P2P platform to court to enforce a refund of the loan when the T&C's were not followed? That would be a gamechanger and obviously would tighten up things industry-wide, but it would require someone with deep pockets to start, because the case might be sailing in uncharted waters.
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cb25
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Post by cb25 on Nov 15, 2018 10:12:19 GMT
Has there been any case of lenders taking a P2P platform to court to enforce a refund of the loan when the T&C's were not followed? Wouldn't a much cheaper first move be to make a formal complaint to the P2P platform and, if that did not generate the desired result, a complaint to the regulator? Agreed it's not going to see the return of lenders' money, but that isn't guaranteed via a court case.
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invester
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Post by invester on Nov 15, 2018 10:45:21 GMT
I am sure that has been done already for various platforms.
What are the regulators going to do? They can revoke a licence, I don't think they can force a platform to repay lenders on an individual loan.
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cb25
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Post by cb25 on Nov 15, 2018 11:01:46 GMT
I am sure that has been done already for various platforms. What are the regulators going to do? They can revoke a licence, I don't think they can force a platform to repay lenders on an individual loan. Not sure if platforms would have the money to repay lenders.
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angrysaveruk
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Post by angrysaveruk on Nov 15, 2018 11:42:27 GMT
If I was a major shareholder in AC, I would be suggesting they make a statement about the position of the GEA investors and the provision fund. In the financial services sector a reputation for prudent decision making is everything.
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Post by captainconfident on Nov 15, 2018 13:47:25 GMT
Has there been any case of lenders taking a P2P platform to court to enforce a refund of the loan when the T&C's were not followed? Wouldn't a much cheaper first move be to make a formal complaint to the P2P platform and, if that did not generate the desired result, a complaint to the regulator? Agreed it's not going to see the return of lenders' money, but that isn't guaranteed via a court case. A whole group of us have begun the formal complaints process and I am surprised that you cb25 did not also do this as you have posted a lot on the subject.
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invester
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Post by invester on Nov 15, 2018 14:00:06 GMT
Personally I think the formal process is a waste of time. It's hardly going to be independent.
The company simply cannot afford to find themselves at fault here. So they won't, by whatever means possible. IMO a combination of timewasting and excessively technical excuses will be the way.
The regulator's job isn't to arbitrate on individual cases.
Could there be negligence involved? It would be tough to prove that I think, even if it does seem rather obvious the platform are at fault.
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ilmoro
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Post by ilmoro on Nov 15, 2018 14:25:21 GMT
Personally I think the formal process is a waste of time. It's hardly going to be independent. The company simply cannot afford to find themselves at fault here. So they won't, by whatever means possible. IMO a combination of timewasting and excessively technical excuses will be the way. The regulator's job isn't to arbitrate on individual cases. Could there be negligence involved? It would be tough to prove that I think, even if it does seem rather obvious the platform are at fault. If the platform formal compliants process doesnt result in a satisfactory outcome (& there are clear guidelines on its conduct & timeframes) then the next step would be to go to the FOS who do look into individual cases.
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invester
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Post by invester on Nov 15, 2018 14:50:28 GMT
My own impression of the FOS based on my few uses is that they don't have the sharpest tools in the box. And they will be up against some slick legal teams.
The timelines would also be very slow. They say in excess of a year for a mis-sold PPI claim, something a little more contentious like this could be even longer.
That said, is anyone aware of any cases that have been brought against a platform (whether upheld or not?) It would be interesting reading.
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Post by brightspark on Nov 15, 2018 14:56:16 GMT
My own impression is that until a loss is crystallised it is premature to lodge a formal complaint with the intention of taking matters forward to the Ombudsman.
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ilmoro
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Post by ilmoro on Nov 15, 2018 15:26:43 GMT
My own impression of the FOS based on my few uses is that they don't have the sharpest tools in the box. And they will be up against some slick legal teams. The timelines would also be very slow. They say in excess of a year for a mis-sold PPI claim, something a little more contentious like this could be even longer. That said, is anyone aware of any cases that have been brought against a platform (whether upheld or not?) It would be interesting reading.
Search by company (start at earliest date), one for AC, 2 for Lendy, few FC.
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Post by hammertime on Nov 15, 2018 15:42:16 GMT
Then again they have there legal team in place.And nothing can be done until there is some kind of settlement .All they need to do is keep us informed for however long it takes and be seen to be doing something . Allegedly.
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invester
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Post by invester on Nov 15, 2018 15:46:49 GMT
Having a flick through of those reports pretty much says to me the chances of them doing anything is slim to none, even though we might have a different perspective of the case.
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cb25
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Post by cb25 on Nov 15, 2018 15:53:09 GMT
Wouldn't a much cheaper first move be to make a formal complaint to the P2P platform and, if that did not generate the desired result, a complaint to the regulator? Agreed it's not going to see the return of lenders' money, but that isn't guaranteed via a court case. A whole group of us have begun the formal complaints process and I am surprised that you cb25 did not also do this as you have posted a lot on the subject. I'm not in the I** loans and have consequently made very little contribution to this thread, unlike DM loan 227 where I have been quite active as I'm in it to the tune of £1000s.
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