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Post by sayyestocress on Oct 24, 2018 8:56:16 GMT
Agree samford71 , the Borrower apparently has form in mounting frivolous or vexatious legal actions and is only trying it on. Shouldn't Lendy have picked that up in their due diligence on the borrower before launching the loan...?
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dandy
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Post by dandy on Oct 24, 2018 9:05:36 GMT
For all the negative vibes coming out of Lendy I think some credit should be given to the director who "appears" to have injected some capital into the business to help it survive - which is to everyone's benefit. There has been much talk on here of them just moving on and leaving the mess behind - but the evidence suggests the opposite is true and I think all lenders should at least be thankful relieved that seems to be the case.
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wuzimu
Member of DD Central
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Post by wuzimu on Oct 24, 2018 9:26:33 GMT
I doubt the LY shareholder has enough capital to 'inject', for dealing with the ... they have created.
If LY were to fulfil their fiduciary obligations to lenders they have a massive cash flow problem
The best way out for lenders is Lendy to transfer its loan book and customer base to a bigger financial institution who want to get into P2P, if one can be found.
Faced with a bigger, well resourced Lender, Borrowers will know the game is up and most of the legal shennanigans would disappear.
Transfer of business something FCA can help with, I've seen that happen before.
** I note this morning 2 cornish projects have been placed into Administration after many, many months of default. Hopefully the start of a tougher approach? We'll see
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mjc
Member of DD Central
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Post by mjc on Oct 24, 2018 9:40:28 GMT
Fortunately I’m not with Lendy. Unfortunately I am with FS. Fortunately I am with 4 other platforms with whom I do have confidence. This thread is a salutary lesson for all. I doubt the action stands much chance, but their lawyers should have told them if it was vexatious (?). I expect Lendys lawyers will have warned the Borrower of a potential massive counterclaim for losses as a result of reputational damage to the platform, but if they are bust....... No one has pointed out the possibility of lenders details being released that was discussed on DDC on p2pindependentforum.com/thread/13439/lenders-exposure-borrowers Worth a read, marvellous timing! Isn't it now possible to ask a business (the borrower) under GDPR, what details they hold on an individual, foc? That might confirm if details have in fact been supplied by Lendy. That leads to the question of WHY they hold them and under what authority they were acquired (ie Court Order). That might allow details of the Court case to be found. (Caution of too much info then being given on a public forum) |
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 24, 2018 10:12:34 GMT
For all the negative vibes coming out of Lendy I think some credit should be given to the director who "appears" to have injected some capital into the business to help it survive - which is to everyone's benefit. There has been much talk on here of them just moving on and leaving the mess behind - but the evidence suggests the opposite is true and I think all lenders should at least be thankful relieved that seems to be the case. AFAIK Liam has loaned the money against Lendy assets dandy , so I'd say there's no real commitment. What wager does anyone offer me that, perchance, the assets are *valued exactly about right, or maybe even undervalued a tad or three?  [EDIT: * Obvs no "RICS Professionals" involved!    ]
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orvilorvil
Member of DD Central
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Post by orvilorvil on Oct 24, 2018 11:26:11 GMT
They're looking to hire two new members of staff according to LinkedIn; an 'Investment Executive' and 'Investment Executive Admin' - so if you want to join 'a dynamic company with lots opportunity to grow' get your applications in......
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jeremy12
Member of DD Central
Everything's frozen
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Post by jeremy12 on Oct 24, 2018 11:41:31 GMT
They're looking to hire two new members of staff according to LinkedIn; an 'Investment Executive' and 'Investment Executive Admin' - so if you want to join 'a dynamic company with lots opportunity to grow' get your applications in...... Well spotted. They will be crewing the luxury Lendy yacht as they sail off into the sunset
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kith
New Member
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Post by kith on Oct 24, 2018 12:03:25 GMT
From the FT today...
A British peer-to-peer property lender has taken the unusual step of appealing to its regulators for help after one of its biggest borrowers threatened to sue the company and many of its investors.
Retail investors in Lendy are already facing tens of millions of pounds in potential losses after almost two-thirds of borrowers failed to repay their loans on time, according to a Financial Times analysis of its loanbook.Full story via google search... www.ft.com/content/1c40835e-d381-11e8-a9f2-7574db66bcd5I took a look at Lendy about eighteen months ago. Invested £100 as a taster while I studied the Company. Soon decided that Lendy was best left well alone.
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invester
P2P Blogger
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Post by invester on Oct 24, 2018 12:22:03 GMT
Not sure how 'new' these jobs are.
The job descriptions make me laugh, essentially what they are recruiting for is a wide-boy with good telephone manner to get people to invest into Lendy Wealth, and a kid to make the tea.
It wouldn't surprise me if the last person left, or contract not renewed as supposed Lendy do these probation periods for sales. Either way it would be a thankless task ringing round the existing userbase.
There is really little love for Lendy on here, so I become more and more convinced that Wealth is going to be the default soon, with a big middle finger extended to everyone in the self-select as they wind that side of it down. I suspect the turnaround is going to come too late.
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Post by loftankerman on Oct 24, 2018 12:49:15 GMT
Agree samford71 , the Borrower apparently has form in mounting frivolous or vexatious legal actions and is only trying it on. Shouldn't Lendy have picked that up in their due diligence on the borrower before launching the loan...? I believe I recall that in the past when suggestions as to the unsuitability of a potential borrower have been raised, they have been dismissed on the grounds that the only point of interest was the value of the security. I have certainly seen that elsewhere when my own snooping identified a potential borrower as someone who'd have been lynched if the general public could have laid hands on him. The platform said that his history wasn't relevant.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Oct 24, 2018 14:52:37 GMT
From the FT today...
A British peer-to-peer property lender has taken the unusual step of appealing to its regulators for help after one of its biggest borrowers threatened to sue the company and many of its investors.
Retail investors in Lendy are already facing tens of millions of pounds in potential losses after almost two-thirds of borrowers failed to repay their loans on time, according to a Financial Times analysis of its loanbook.Full story via google search... www.ft.com/content/1c40835e-d381-11e8-a9f2-7574db66bcd5I took a look at Lendy about eighteen months ago. Invested £100 as a taster while I studied the Company. Soon decided that Lendy was best left well alone. Well done you. Can i send you a list of P2P companies i am thinking of getting involved in. Hopefully you can strike the dead wood from the fire for me
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jeremy12
Member of DD Central
Everything's frozen
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Post by jeremy12 on Oct 26, 2018 9:39:58 GMT
Has the FCA responded to Lendys letter or done anything? 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 particular matter but also Lendy's conduct generally, so maybe this question should go wider.
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MarkT
Member of DD Central
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Post by MarkT on Oct 26, 2018 9:52:00 GMT
Has the FCA responded to Lendys letter or done anything? 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.
The FCA will only intervene if they can determine that Lendy has been operating outside the terms of its FCA Authorisation.
Even under those circumstances any FCA intervention may not be good for investors if the Collateral example is anything to go by.
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tombraider
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Post by tombraider on Oct 26, 2018 12:26:10 GMT
My fears were the moment I saw this was that is this an exit route for the managers / owners of Lendy
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Post by cazzy on Oct 28, 2018 23:11:06 GMT
This case has been ongoing for 8 months!
The investors details have been disclosed on a court orde.
Each investor is jointly and severally liable for the debt, the onus rests on the investors to scrutinise the company and to make sure that they adhere to FCA regulations or at least operate a legal law abiding funding system. There are other properties that were sold in auction because Lendy ‘set them up to fail’.
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