sj
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Post by sj on Nov 12, 2018 22:59:38 GMT
Not every Lendy investor reads this forum, or even knows of its existence. There are a lot of people out there that have been misled by Lendy, that's for sure.
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cb25
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Post by cb25 on Nov 19, 2018 9:40:23 GMT
I'm not in Lendy, but came across this article today which I thought I'd posted in case it was of interest (you may need a Telegraph account to access it): www.telegraph.co.uk/investing/news/fears-peer-to-peer-loans-start-sink/ "Peer-to-peer investors are being urged to review their portfolios as the scale of defaults facing the Lendy platform emerges." |
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iainf
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Post by iainf on Nov 19, 2018 10:30:06 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 is an interesting idea. I agree the manifesto needs to be short and sharp. Essentially this would be about choosing a narrative and sticking with it. I don't feel like a victim, but I definitely feel Lendy has and is behaving poorly. If I had to draft a manifesto I might start with some thoughts: - I invested my money with the 100% knowledge that I might lose it.
- I did expect that while the risk was high, the behaviour would stay professional
- If I were able to apply presure to Lendy, at this point what would I want?
- I would demand that Lendy acknowledge a degree of responsability. Not for our lost assets, that responsability is ours, but for some less-than-stellar management of loans, risk, relationships etc.
- I would demand that Ly put in place measures to support their customers in recovering as much as possible of their assets. This might mean access to borrower data, joint legal consultation, agreement of plans for the business (like Wealth?!? -- essentially help all of us beleive that Lendy feels responsible and is actually working to help resolve the issues)
- I would demand that Lendy formalise the losses so that we could realise our losses from a tax perspective
- I would demand that Ly place a lender representative (raporteur?) on the board so that a lender can report back to the group on a weekly/monthly basis as to the progress of resultions and planning
Manifesto ideas?
We are a group of small investors with assets invested on the Lendy platform. We have formed this action group to apply pressure on Lendy PLC in order to generate the following outcomes:
1) Lendy fundamentally changes its attitude from one of denial of responsability to one of constructive partnership with its lenders 2) Lendy changes its reporting to allow investors to declare and realise losses
3) To drive the partnership, Lendy has invited a representative of the action group to audit its board meetings and decisions
4) Lendy makes changes to platform behaviour in line with action group recommendations
5) Lendy agrees a plan of action with investors 6) Lendy behaves transparently which will encourage trust
Something like that?
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invester
P2P Blogger
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Post by invester on Nov 19, 2018 10:57:04 GMT
I think those claims are easily swatted away. Have Lendy been unprofessional? They could easily refute that smoothly.
There could be a few issues that are obviously lines in the sand and potentially could form part of litigation, which would add pressure to comply:
- were investors adequately warned that they could lose in excess of their capital?
- were investors warned that their first charge securities could be changed to second charges without their consent?
- were investors warned that investing in a loan where interest was held on account, did not actually mean this?
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Mr_N
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Post by Mr_N on Nov 21, 2018 16:28:55 GMT
I'm currently exploring getting a couple of MP's on side.
I would advise others to do the same. Write to your MP, explain the situation and make them aware of this outfit's mismanagement of other people's money.
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Post by baronhardup on Dec 27, 2018 7:44:57 GMT
Things seem to have gone quiet here. I am interested in participating in an Action Group. Is anything happening?
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Post by brightspark on Dec 27, 2018 11:45:01 GMT
I'm currently exploring getting a couple of MP's on side. I would advise others to do the same. Write to your MP, explain the situation and make them aware of this outfit's mismanagement of other people's money. Via Lendy a loan was offered to a borrower to purchase a property. On the basis that Lendy has not arranged a further loan to the borrower to fund development of the property the borrower has apparently expressed the intention of taking lenders of the original loan to court and is claiming against the lenders a substantial sum of money in recompense. The arising of this situation does not in any way mean that the loan has been mismanaged as you seem to be implying.
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kaya
Member of DD Central
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Post by kaya on Dec 27, 2018 15:20:04 GMT
Maybe they will sue us to get it topped up.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 27, 2018 23:20:14 GMT
It would be nice if an actual “Victim” or anyone with documented proof of malfeasance or fraud.
Would show us all here what they have.
Anything less is just bad feeling for some reason that they mysteriously only they are party too.
So let’s have more facts and less faeces.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 28, 2018 11:43:52 GMT
Read the thread on T** C****t and R*****a.
Folks didn't think inaccurate Valuations were such a big deal back then. In fact, some simply accepted it as part of P2P risk!
Oh how times change.
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Post by excalibur on Dec 28, 2018 13:17:46 GMT
I'd prefer "Justice" than "Victim" in the title.
Just an idea but how about engaging with a legal faculty at a university to take this on (e.g. post graduates / PhDs)? This is with a view that ultimately we need boots on the ground to do the hard hours over the next few years to uncover any acts which have broken laws and/or regulations whether by Lendy or borrowers. I see this as something that might take 5 to 10 years. Our prime goal in the manifesto has to be justice.
Having said all that, I am still confident Lendy will deliver and that nothing illegal has been done from their end. However, I do think we need to get the wheels moving on the above suggestion. I don't think paying legal professionals at this juncture will yield anything good for us but only fill their own boots.
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Mr_N
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Post by Mr_N on Dec 29, 2018 20:35:24 GMT
I'm currently exploring getting a couple of MP's on side. I would advise others to do the same. Write to your MP, explain the situation and make them aware of this outfit's mismanagement of other people's money. Via Lendy a loan was offered to a borrower to purchase a property. On the basis that Lendy has not arranged a further loan to the borrower to fund development of the property the borrower has apparently expressed the intention of taking lenders of the original loan to court and is claiming against the lenders a substantial sum of money in recompense. The arising of this situation does not in any way mean that the loan has been mismanaged as you seem to be implying. This is a Lendy wide matter, not just the London loan.
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Mousey
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Post by Mousey on May 10, 2019 11:51:32 GMT
Good work! "Some investors have already received compensation as a result of individual legal action they have taken." - huh?!?
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Mucho P2P
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Post by Mucho P2P on May 10, 2019 11:59:07 GMT
Good work! "Some investors have already received compensation as a result of individual legal action they have taken." - huh?!? I presume this "individual action" is out-of-court settlements?
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wuzimu
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Post by wuzimu on May 10, 2019 12:14:11 GMT
I believe the previous successful compensation relates to specific instances of fault by Lendy and were out of court.
>> BUT Neil Stockdale at Hugh James is a good guy and I think wants to help. AIUI they are not making a specific offer now, they want to guage lender interest and what the initial thrust of action would be depends on the composition of the group of lenders that make contact with them.
I recommend that all lenders who want to improve their position get in touch with Hugh James, the more interest they get from lender community the better they will understand the issues in play.
The Lendy mess requires some creative thinking in order to get the best outcome for lenders.
Of course Lendy has no real value as an corporate entity.
The only value is in the loan portfolio (our money anyway) and in rights of action against various parties including valuers, surveyors and Lendy Director(s).
There are doubtless avenues for a lender group to significantly improve the outcome and I am really pleased a competant law firm has shown an interest and can act as a platform for lenders to clearly articulate what wrongs have been done and what we want to happen.
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