Garage246
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Post by Garage246 on Oct 30, 2018 16:45:10 GMT
I would join such a group. Our family has 5 accounts and a large 6 figure sum in investment with L. One of tge accounts is a SIPP which has it's own downside if there are losses. I would support something like Lendy Investors Action Group as a name.
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jeremy12
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Post by jeremy12 on Oct 30, 2018 16:51:29 GMT
I think maybe the pressure point for the group would be to take concerted action with the FCA and FOS with a follow up to respective MPs to ask for their support. I don't know what the FCAs powers are in this situation or what buttons we have to push to get it to do something or move things forward in our favour. So if anyone has insight into how to get started with the FCA or FOS then that would be a beginning.
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garfield
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Post by garfield on Oct 30, 2018 17:11:35 GMT
I think maybe the pressure point for the group would be to take concerted action with the FCA and FOS with a follow up to respective MPs to ask for their support. I don't know what the FCAs powers are in this situation or what buttons we have to push to get it to do something or move things forward in our favour. So if anyone has insight into how to get started with the FCA or FOS then that would be a beginning. I can't see anyone getting anywhere with the FOS as no-one has (yet) lost any money! And in any case, I can't see them being interested in P2P. Do any of the platforms contribute to the services of the FOS? I wouldn't have thought so.
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jeremy12
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Post by jeremy12 on Oct 30, 2018 17:52:32 GMT
Well OK, just the FCA in that case.
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Post by routlep on Oct 30, 2018 18:44:28 GMT
I think an action group is a good idea and would join it. Anyone got a sense of when the first losses might start to emerge.? None of my loans have technically defaulted (yet).
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Post by squirreleater on Oct 30, 2018 20:08:31 GMT
I would encourage people to participate in this group.
LInvestorsAG sounds best to me as it has more gravitas than LLendersAG.
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jeremy12
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Post by jeremy12 on Oct 30, 2018 20:15:40 GMT
LInvestorsAG sounds about right.
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invester
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Post by invester on Oct 30, 2018 20:17:36 GMT
I think it should pay respect to the fact that some loans are under the old terms. Let us not be like them and get done on a technicality. Putting stuff like 'victims' is not going to endear it to them, and ultimately the biggest chance of success will be if the platform recognises it (and converses with it). So my suggestion:
Savingstream Lendy Action Group
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jlend
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Post by jlend on Oct 30, 2018 21:11:00 GMT
I think maybe the pressure point for the group would be to take concerted action with the FCA and FOS with a follow up to respective MPs to ask for their support. I don't know what the FCAs powers are in this situation or what buttons we have to push to get it to do something or move things forward in our favour. So if anyone has insight into how to get started with the FCA or FOS then that would be a beginning. You will find a list of MPs here. www.parliament.uk/mps-lords-and-offices/mps/You will need to come up with something standard and not too complicated that you can all take to your local MP if you are based in the UK. They will all have face to face surgery sessions where you can chat to them, as well as write to them. Some MPs will be more useful than others. Anyone with an interest in the Treasury Select Committee or who has supported similar groups is likely to be more helpful. Someone should keep a log of who has been contacted, when, any feedback, actions etc. The more MPs contacted the better in my experience. You need to find a small group of a few MPs willing to put in some time and to champion your case in case it goes on a long time. They you can encourage other MPs to liaise with this smaller group if they have questions. I wouldn't leave it too long to try and get started while it is still fresh in some news papers.
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adrianc
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Post by adrianc on Oct 31, 2018 8:06:14 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.
I'm an investor. I'm not a victim.
Even in the massively unlikely event I never see one single penny more from any of the suspended or default loans I'm in (which form about a third of my current balance), I'm still up on having been a Lendy investor. If I extrapolate the recoveries to date of the partially repaid defaults, then I'm looking at about 5% XIRR.
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nyneil
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Post by nyneil on Oct 31, 2018 10:18:06 GMT
I agree that including 'Victim' in the title, sends out the wrong message.
As everything at Lendy lags behind schedule, why not call it' Lendy Action Group' or LAG for short ;-)
NB, said just a little tongue in cheek.
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dandy
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Post by dandy on Oct 31, 2018 10:34:20 GMT
This thread is ridiculous. If you invest on a platform then you are in the hands of the management. If they turn out to be woefully inadequate, then that is part of the risk we take. So instead of adding more fuel to the fire that will burn the platform alive to everyone's detriment, perhaps you could outline what you would do if you were in charge on any loan you feel is being mis-managed and send your thoughts to Lendy and let them get on with it as you agreed to when you invested.
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unmadem
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Post by unmadem on Oct 31, 2018 10:59:48 GMT
I am no happier with Lendy than anybody else but I do not feel this is the right time to be adding more pressure. Approx 5000 of us are about to be sued personally. The borrower is claiming damages in excess of the loan from us. I think we need to not divert Lendy from this court case. It is already messy enough and I cant imagine how bad the situation would be if Lendy ceased to exist to defend this case. I know everybody says the case is ridiculous but if it goes forward I think we need Lendy to be in existence for the length of the case and focused on it. I'd imagine there are other defaulted borrowers looking on in interest and would immediately copy these tactics should it be successful.
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wuzimu
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Post by wuzimu on Oct 31, 2018 11:14:30 GMT
The point of an action group would be to present lenders concerns to Lendy, FCA, Press etc.
Currently lenders views are not represented, there is an information imbalance which needs correction
The point of an action group is not to put Lendy out of business and nor do I think it would have that effect.
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Post by loftankerman on Oct 31, 2018 11:21:59 GMT
This thread is ridiculous. If you invest on a platform then you are in the hands of the management. If they turn out to be woefully inadequate, then that is part of the risk we take. So instead of adding more fuel to the fire that will burn the platform alive to everyone's detriment, perhaps you could outline what you would do if you were in charge on any loan you feel is being mis-managed and send your thoughts to Lendy and let them get on with it as you agreed to when you invested. I sort of agree with you. I wouldn't want to offend anyone with the use of the word 'ridiculous' though and I can't see much point in offering advice to Lendy management. I reckon that would be about as fruitful as explaining to my cat how it should tackle getting down from the tree it is stuck up. I'm fine with the rest of it.
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