wuzimu
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Post by wuzimu on Oct 30, 2018 10:46:17 GMT
As the Lendy situation hits the press I think most Lendy lenders can see that this platform is going to have a messy end.
I have floated the idea of a victims action group a few times and a number of other lenders express interest.
This post to explain a bit more how a victims action group can help, how it can be done and invite comments.
1. We are the beneficial owners of the syndicated loans, the loan agreement appoints Lendy as Trustee to manage the loans etc, but not in an unrestrained way - they must always act in the lenders best interests - the provisions of the Trustee Act apply, as does the FCA rule book, principles of business etc.
2. As events unfold going forward there is a contractual tension between the outcome for borrowers, Lendy shareholder and lenders. At present the only parties with a voice and agency for action are borrowers and Lendy.
3. The point of Lendy Victims Action Group is to address this power imbalance as much as possible. It needs to have a concise manifesto explaining how we have arrived at this place, why we feel unfairly treated and what we want. Membership numbers of the group gives the manifesto credibility. Then the Lendy Victims Action Group can be a resource for the press to understand lenders point of view, be a point of contact and pressure for the FCA, be a point of contact and pressure for Lendy.
4. How this is done is to set up a separate Lendy Victims Action Group platform. It should have:
- a description of the manifesto with background and aims
- a list of members (anon avatatr but some details required on reg to confirm what your status is,- lender / other party)
- a forum to report progress - resource of press articles , relevant legislation and FCA handbook rules
- T&C documents that can be publically disclosed
In short it is a place that the press, FCA, FOS, Lendy can get the view of lenders.
Such groups have been very effective in the past, particularly in getting victims point of view aired in the press, (leaves an impression on the regulator - can result in direct contact) and can be instrumental in getting a better outcome for investors.
To be successful a Lendy Victims Action Group has to not be a moaning shop about all things Lendy otherwise focus is lost.
It requires a concise mission statement that most lenders (who are at all concerned) could agree with and must agree with if they are to join the group, the size of the membership creates authority, the mission statement contains the message that we want Lendy , press, FCA, FOS etcc to hear and understand.
I would create such a Lendy Victims Action Group social group (probably on NING networks), IF there is interest from others to support it.
In particular I am interested in what people think the mission statement should contain,
I encourage LY lenders to post their thoughts and over the next week or so we might pull it together to create a basic statement to get LVAG off the ground.
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nyneil
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Post by nyneil on Oct 30, 2018 11:19:11 GMT
As the Lendy situation hits the press I think most Lendy lenders can see that this platform is going to have a messy end.
I have floated the idea of a victims action group a few times and a number of other lenders express interest.
This post to explain a bit more how a victims action group can help, how it can be done and invite comments.
snip.......
In particular I am interested in what people think the mission statement should contain,
I encourage LY lenders to post their thoughts and over the next week or so we might pull it together to create a basic statement to get LVAG off the ground.
I support the idea of forming such a group, should sufficiently experienced and motivated individuals be prepared to lead the way. I am only a minor investor in Lendy and also lack appropriate experience for such a role, but do have respect for the experienced investors, many of whom have professional experience in law, management, accountancy or finance and could appropriately represent the views of lenders. Maybe similar to the way a Credit Committee was formed for Col lenders, but obviously under different circumstances as L isn't in administration, and hopefully won't be.
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ton27
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Post by ton27 on Oct 30, 2018 11:46:40 GMT
I have a decent chunk of money in Lendy, and although a novice in such matters would join the LVAG.
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jeremy12
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Post by jeremy12 on Oct 30, 2018 11:59:32 GMT
It's a good idea, would need some experience to make it work in the long run
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mj
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Post by mj on Oct 30, 2018 12:25:01 GMT
Good idea but I'm not so sure about the word "victims". It's not as though we've been mugged. "Investors" might be better. In principle though I'd be in - it's time investors had a common voice. It's our money after all and our interests don't always seem to be given top priority.
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garfield
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Post by garfield on Oct 30, 2018 12:31:32 GMT
Good idea but I'm not so sure about the word "victims". It's not as though we've been mugged. "Investors" might be better. In principle though I'd be in - it's time investors had a common voice. It's our money after all and our interests don't always seem to be given top priority. I suggested a name on another thread which included the word "investors". I feel it needs a more positive name.
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jaswells
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Post by jaswells on Oct 30, 2018 12:34:24 GMT
What number/ percentage of investors would represent a 'common voice' ? Without access to a database of lendy investors how can a critical mass of investors be brought on board? It has always been my impression that contributors on these forums are a significant minority of Lendy investors.
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ilmoro
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'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 30, 2018 12:51:37 GMT
First thing get the facts right. Lendy is the agent, SSSH is the security trustee but IIRC is not a Trust. (original Lendy comment on structure somewhere, may have changed)
LInvestorAG is better, LLendersAG is possibly more accurate but possibly too comical in its iteration, particularly as lenders are potentially predominantly mature in years.
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jeremy12
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Post by jeremy12 on Oct 30, 2018 13:51:33 GMT
There's always room for an apt or funny acronym, and if it furthers the cause then all the better
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Post by investor1925 on Oct 30, 2018 15:12:50 GMT
About time us investors set up our own P2P platform to invest our money in our interest (no pun intended).
We could run it like a governing body & employ financial bods to do the DD, default chasing etc.
There are enough of us complaining about all the other platforms (not just Lendy)
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69m
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Post by 69m on Oct 30, 2018 15:19:47 GMT
An action group is a good idea. At the moment, Lendy seems to be benefiting from a 'divide and rule' situation with investors (as evidenced by some of the differing opinions on this forum).
I'd suggest that any mission statement needs to be simple and not too constricting in its scope, for example: ensure that the interests of Lendy investors are represented, especially in respect of distressed loans.
Attracting a sufficient number of lenders might be a big issue, though. Somehow, I don't think that Lendy's communications department (if one still exists) would be willing to help with publicity!
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jo
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Post by jo on Oct 30, 2018 15:40:46 GMT
Good idea but I'm not so sure about the word "victims". It's not as though we've been mugged. "Investors" might be better. In principle though I'd be in - it's time investors had a common voice. It's our money after all and our interests don't always seem to be given top priority. Not sure about that. In the binary world we presently occupy (especially on social media), there's a victim, and there's an oppressor. The court of social media's received wisdom (lol) generally finds the corporate entity to be the oppressor.
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Post by loftankerman on Oct 30, 2018 16:19:27 GMT
I have been a member of EMAG, the Equitable Life members Action Group since it kicked off in 2001. It has an all party supporting 'Justice Group' consisting of about 236 MPs and three members of the house of Lords. EMAG has/had almost a million people affected and although the Ombudsman said they should be compensated, there is still £2.6Bn unpaid. The can isn't getting kicked down the road these days, but the group aren't accepting the suggestion that there is no can any more. At the time Gordon Brown rebutted the suggestion that enabling EL's corruption was down to him and the treasury. He claimed that the savers were just experiencing the risks of investing and moaning about what was all their own fault. He discounted the fact that Equitable Life was allegedly the longest established and most reputable insurance company in the country. With that in mind, I don't hold out much chance of getting sympathy about defaults on loans to Steptoe & Son offering 12% returns.
Taking a leaf out of the Trump play book, "Lock them Up!" could be a more effective strategy than "What we need is a focus group!" Me, I see no benefit in putting my blood pressure up for the benefit of dying and leaving a slightly larger estate. I wish I had been as philosophical twenty years ago.
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SteveT
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Post by SteveT on Oct 30, 2018 16:24:04 GMT
While you’re at it, “Drain The Swamp” too (Hull)
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jeremy12
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Post by jeremy12 on Oct 30, 2018 16:39:21 GMT
Yes I like the swamp analogy. Very apt.
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