Mousey
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Post by Mousey on May 11, 2019 17:18:39 GMT
I've e-mailed in to register my interest but I'll be considering their proposals very carefully before I make a commitment.
One would assume their fee's would be taken out of any recovery of invested funds as opposed to company profits which would quickly be exhausted. I have to ask to what extent can Hugh James can expedite the efficiency of the recovery process rather than hinder it.
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jane
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Post by jane on May 11, 2019 18:57:58 GMT
I think the charge has already been removed (maybe with a bit of prompting from the FCA?). But anyway the provision fund is entirely discretionary so Liam could probably use it to be himself a new Yacht if he really wanted to. The charge is against Lendy Provision Reserve Ltd in favour of Metro Bank PLC. According to Companies House, it is still outstanding. Sorry, yes you are right, it's still outstanding. But what i have now noticed is that the solictors involved with that charge were a certain Hugh James. Not sure whether they would have been working for Lendy or for Metro Bank. Does this not create a conflict of interest at all?
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wuzimu
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Post by wuzimu on May 11, 2019 19:07:29 GMT
In the last few weeks I have met with a number of law firms to ask what they could do for Lendy lenders.
I felt Hugh James were the most genuine and willing to think creatively (which this mess requires). Thanks to Jeepers they were already aware of many of the issues.
It is my understanding that Hugh James offer no-win-no-fee deals, I'm sure they appreciate that most lenders who have likely lost alot are not going to commit to speculative funding. And IMO nor should they. If law firm expert in this field cannot see clear rights of action which will improve lenders positions to the extent that a NWNF deal is not possible, then lenders should not be encouraged down the legal route.
My understanding is Hugh James are encouraging lenders to contact them, so they can understand the claims that the resulting cohort of lenders could bring. Then they can offer a strategy and funding arrangements. You are not committing to anything by contacting them to add your name to the 'potentially interested'.
So why not make the contact and see what the offer is in due course?
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Some people post negative comment saying that Hugh James are ambulance chasers / just adding extra layer of cost / just going to distract Lendy management from their important work recovering the defaulted loans.
My reaction is - Lendy loan book is in the dire state it is because of the incompetance, mismanagement and negligence of Liam Brooke. Almost every sizeable loan has undisclosed issues with Lendy dealings at the center, which is why recoveries drag on for years and will be pence in the £.
I am certainly not content to let Liam Brooke who got us to this place, be the one entrusted to get us out. His interest now is to save his own skin, taking what ££'s he can, but also preventing the lid being lifted on his past conduct.
It will be the case that at some point (maybe soon) another person will be sorting things. That might be a new independent Board at Lendy, or an Administrator. Either way, the more the lenders have the allegiance of that Board or Administrator the better the result is for us. At the minimum I hope Liam Brooke will be called to account, in addition to the borrowers, valuers, surveyors, etc.
For lenders to get the allegiance of Administrator / FCA we must have our concerns distilled into a legally coherent claim.
And for that we need a law firm. The uplift in recovery for having things sorted out competantly can be very substantial indeed.
So at least contact Hugh James to find out their suggestions in due course.
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invester
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Post by invester on May 11, 2019 19:16:02 GMT
Trouble is on the commencement of legalities, this will just be a convenient excuse to use for any bad recoveries.
I am like most, totally dissatisfied with the crappy approach and communications that Lendy have. I do feel the only way forward which actually nets investors a semi-satisfactory outcome is something co-ordinated by the FCA involving all parties and perhaps wider industry resources (as a Lendy collapse would have implications for them as well).
Is there any update from those who have made complaints to the FCA?
Anything else I think would just see death by by fees, if Collateral is anything to go by.
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Carter
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Post by Carter on May 11, 2019 19:46:17 GMT
wuzimu, out of interest, in the context of no-win-no-fee what constitutes a win for you and have the legal firm clarified their definition of a win?
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Post by brightspark on May 11, 2019 20:01:24 GMT
Trouble is on the commencement of legalities, this will just be a convenient excuse to use for any bad recoveries. I am like most, totally dissatisfied with the crappy approach and communications that Lendy have. I do feel the only way forward which actually nets investors a semi-satisfactory outcome is something co-ordinated by the FCA involving all parties and perhaps wider industry resources (as a Lendy collapse would have implications for them as well). Is there any update from those who have made complaints to the FCA? Anything else I think would just see death by by fees, if Collateral is anything to go by. FCA remit is Regulatory compliance. Regulation limits City excesses and supports and protects government policy. The FCA role does not except incidentally extend to providing advice to struggling financial businesses.
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dovap
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Post by dovap on May 11, 2019 22:42:37 GMT
Sad that this platform is being used to drum up punters for the ambulance chasers
and their enablers in this gobshitery.
shameless
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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 May 11, 2019 23:02:51 GMT
Sad that this platform is being used to drum up punters for the ambulance chasers and their enablers in this gobshitery. shameless I am one of those with £100K + in Lendy. I see no benefit to pay someone to tell us what we know already. Management was poor that is not a criminal or civil offence and as such any actions against the company would result in more of their money defending it to ultimately win for the company and lose lose for all unless you are a lawyer involved. There would need to be evidence of malfeasance on behalf of the company as 90% of the work involves subcontracted valuers and lawyers the chance of identifying an individual to sue would be impossible. Its nice to think a white knight (other colours are available) on a charger will come to our rescue but I fear it will be the green knight that wins out never accepting the obvious. Let us continue to wait until there are completed loans that are 100% loss anything other than that means they have just underperformed and if that was the acceptable basis for a lawsuit heaven help the whole investment markets no matter what.
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Post by petebutt43 on May 11, 2019 23:26:39 GMT
Sad that this platform is being used to drum up punters for the ambulance chasers and their enablers in this gobshitery. shameless I am one of those with £100K + in Lendy. I see no benefit to pay someone to tell us what we know already. Management was poor that is not a criminal or civil offence and as such any actions against the company would result in more of their money defending it to ultimately win for the company and lose lose for all unless you are a lawyer involved. There would need to be evidence of malfeasance on behalf of the company as 90% of the work involves subcontracted valuers and lawyers the chance of identifying an individual to sue would be impossible. Its nice to think a white knight (other colours are available) on a charger will come to our rescue but I fear it will be the green knight that wins out never accepting the obvious. Let us continue to wait until there are completed loans that are 100% loss anything other than that means they have just underperformed and if that was the acceptable basis for a lawsuit heaven help the whole investment markets no matter what. I have almost given up with this forum due to the extreme negativity. Refreshing to read somebody writing cool calm sense for a change.
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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 May 11, 2019 23:38:49 GMT
Godanubis so let me get this straight... You already know all there is to know and it’s impossible to sue. Interesting that some have already received compensation then. I’m not prepared to wait for a 100% loss but I wish you all the best with your strategy- sounds great. Please elaborate?.. Compensation for What ? The whole point of this is nothing is paying so no loss no compensation. As you were the architect of the let’s sue Lendy brigade you may just have a vested interest perhaps a commission on introductions? Please show us the court records for those cases of those compensated. Or the record of payments from a Lendy accounts. We all here are sceptical of unfounded statements but are happy to see concrete evidence good or bad as this is the only sensible basis of formulating a coherent opinion. If you provided verifiable proof then as a stated case all others would succeed as a matter of president.
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agent69
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Post by agent69 on May 12, 2019 10:18:12 GMT
I am one of those with £100K + in Lendy. I see no benefit to pay someone to tell us what we know already. Management was poor that is not a criminal or civil offence and as such any actions against the company would result in more of their money defending it to ultimately win for the company and lose lose for all unless you are a lawyer involved. There would need to be evidence of malfeasance on behalf of the company as 90% of the work involves subcontracted valuers and lawyers the chance of identifying an individual to sue would be impossible. Its nice to think a white knight (other colours are available) on a charger will come to our rescue but I fear it will be the green knight that wins out never accepting the obvious. Let us continue to wait until there are completed loans that are 100% loss anything other than that means they have just underperformed and if that was the acceptable basis for a lawsuit heaven help the whole investment markets no matter what. I have almost given up with this forum due to the extreme negativity. Nothing wrong with negative comments provided they are honest and accurate.
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oddis
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Post by oddis on May 12, 2019 18:57:22 GMT
I guess Lendy and/or LB can later potentially claim paid back losses from the claimants if the litigation ends up worthless?
I have an amount not worth going to court for, and I think I didn't want to either if it was much bigger, in case something adverse happens. Going to court is a serious matter.
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Mucho P2P
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Post by Mucho P2P on May 12, 2019 20:58:20 GMT
The charge is against Lendy Provision Reserve Ltd in favour of Metro Bank PLC. According to Companies House, it is still outstanding. Sorry, yes you are right, it's still outstanding. But what i have now noticed is that the solictors involved with that charge were a certain Hugh James. Not sure whether they would have been working for Lendy or for Metro Bank. Does this not create a conflict of interest at all? Why is a NED at Lendy signing the Charge docs, and not a Director?
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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 May 12, 2019 21:46:55 GMT
Sorry, yes you are right, it's still outstanding. But what i have now noticed is that the solictors involved with that charge were a certain Hugh James. Not sure whether they would have been working for Lendy or for Metro Bank. Does this not create a conflict of interest at all? Why is a NED at Lendy signing the Charge docs, and not a Director? How do you know? Its redacted apart from the name of the witness.
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sj
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Post by sj on May 12, 2019 21:51:11 GMT
Sorry, yes you are right, it's still outstanding. But what i have now noticed is that the solictors involved with that charge were a certain Hugh James. Not sure whether they would have been working for Lendy or for Metro Bank. Does this not create a conflict of interest at all? Why is a NED at Lendy signing the Charge docs, and not a Director? Non Educated Delinquent?
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