j1
Posts: 61 
Likes: 20
|
Post by j1 on Dec 22, 2018 18:31:15 GMT
I won't be fleeced by the borrower, but I won't be fleeced by the first solicitor on the scene either. What do we think is a fair rate for HCR? Seems to me we should just be paying their normal hourly rate split 100+ ways, if they want much more than that then they are worse than the borrower.
What does the group think is a fair rate? Group representation may as well start with group bargaining!
|
|
|
|
Post by mrclondon on Dec 22, 2018 18:58:08 GMT
IF and only IF I'm served at some future point will I consider engaging legal advice.
My current intention is to seek advice from a legal firm on a narrow PAYG basis, with the intiial advice covering
a) the implications of having to file a defence subsequent to acknowledging the claim
b) the implications of not doing anything thereafter vs playing an active role in the defence via HCR
This is a weird situation we find ourselves in, and whilst I feel I may need legal advice to make sure I'm not doing something silly (wrt the legal paperwork), I'm not sure I need to contribute to the huge expense of being an active part of the defence.
In any discussions I have with a legal firm, I would of course explain that there will be many hundreds more like myself needing similiar advice. The problem is that time will be of the essence if we are indeed served, but given the small probability of being served at all its not worth doing anything in advance, beyond identifting a suitable legal firm to approach.
HCR's pricing schedule may or may not be fair for what they are offering, but that may not represent value for money for me personally.
|
|
|
|
Post by wightknight on Dec 22, 2018 19:03:13 GMT
The sensible thing would be for Lendy to underwrite a class action representative for all of us, given they hold all our contact details and actually have knowledge of the claim details, which at this point we don't. I suppose there is the issue that a class action solicitor might find we had a case against Lendy?
I'm surprised this isn't in the financial media yet, huge potential to disrupt the whole P2P industry.
|
|
Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
|
Post by Mucho P2P on Dec 22, 2018 19:03:21 GMT
I won't be fleeced by the borrower, but I won't be fleeced by the first solicitor on the scene either. What do we think is a fair rate for HCR? Seems to me we should just be paying their normal hourly rate split 100+ ways, if they want much more than that then they are worse than the borrower. What does the group think is a fair rate? Group representation may as well start with group bargaining! I believe a fair rate for the lenders would be half what they are charging if they have 100 clients (my opinion only). HCR will cite complexity, uniqueness and numbers involved in justifying their rates. After mid-Jan it might be all action stations, and in that case, it will take time in bringing another lawfirm up to speed on this case. At least HCR should know by now what is involved and have a plan of action drafted. I have experience with many legal firms, and can only think of one that has the resources and know-how to deal with the peculiarities of this case, and they would most likely charge more than HCR.
|
|
Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
|
Post by Mucho P2P on Dec 22, 2018 19:05:11 GMT
The sensible thing would be for Lendy to underwrite a class action representative for all of us, given they hold all our contact details and actually have knowledge of the claim details, which at this point we don't. I suppose there is the issue that a class action solicitor might find we had a case against Lendy? I'm surprised this isn't in the financial media yet, huge potential to disrupt the whole P2P industry. Not only the P2P but the Forex (FX brokers) as well, who operate on much the same principles as the P2P.
|
|
|
|
Post by GSV3MIaC on Dec 22, 2018 20:22:05 GMT
The fair rate depends on how many sign up, which HCR obviously can't know in advance, so they have to guesstimate (on the safe side). I doubt they have 100 signed up clients (yet). I'm with mrclondon on this, until I actually get served court papers I'm in no position to countersue for costs, damages, or anything else, so I've no immediate use for legal eagles, however cheap or expensive. |
|
|
|
Post by juten8 on Dec 23, 2018 11:34:31 GMT
(and see also my just now comment on the london loan thread) I signed up sometime ago with HCR, really due to my lack of knowledge in all this, plus the undoubted shock. Hopefully the case gets thrown out by the court etc., but I don't know. I didn't want to be in a position therefore, where I get a claim form coming in and I don't know how to respond. I understand that I can choose to acknowledge and that then allows me a further 28 days to put my defence in. If things go that far, I want to be confident about the defence I'm putting in, such as can I later defend on facts which I did not mention in my original defence, for instance, or do I need to mention everything at the beginning ? (Would need a big form  To me, this needs counsel who know what they're doing...that's why I signed up, on their minimum band, whilst the thing is annoying, it's not HCR's fault. I do understand your view, wait until it happens / it might not happen, I get that, MY advice is just for those of us who are not so confident in these legal procedures. YOU can always join in later if it goes that far. Hopefully Lendy can still bat this away, or the court might throw it out, the claim is nonsense. The borrowers defaulted the loan by their non compliance... |
|
Mr_N
Posts: 222
Likes: 225
|
Post by Mr_N on Dec 23, 2018 14:52:35 GMT
(and see also my just now comment on the london loan thread) I signed up sometime ago with HCR, really due to my lack of knowledge in all this, plus the undoubted shock. Hopefully the case gets thrown out by the court etc., but I don't know. I didn't want to be in a position therefore, where I get a claim form coming in and I don't know how to respond. I understand that I can choose to acknowledge and that then allows me a further 28 days to put my defence in. If things go that far, I want to be confident about the defence I'm putting in, such as can I later defend on facts which I did not mention in my original defence, for instance, or do I need to mention everything at the beginning ? (Would need a big form To me, this needs counsel who know what they're doing...that's why I signed up, on their minimum band, whilst the thing is annoying, it's not HCR's fault. I do understand your view, wait until it happens / it might not happen, I get that, MY advice is just for those of us who are not so confident in these legal procedures. YOU can always join in later if it goes that far. Hopefully Lendy can still bat this away, or the court might throw it out, the claim is nonsense. The borrowers defaulted the loan by their non compliance... You currently need ZERO legal advice because there are approx ZERO cases against you. Shilling HCR so people throw pound notes at a money-hungry brief for a case that doesn't exist is your prerogative, but it's foolhardy to be doing so right now purely out of legal ignorance. Wait until an actual case is opened then come back to the forum and discuss options, you gain nothing whatsoever by jumping on the money pit bandwagon right now.
|
|
|
|
Post by juten8 on Dec 23, 2018 16:14:10 GMT
Hi Mr N,
I see what you're saying for sure, I just wish I knew about all of this, it's all over the place
and I'm not very confident about it. Never happened before in loads of p2p. Shocked and
anxious about it...if you think nothing will happen, I'd be relieved to hear it.
AFAIK, nothing is to happen until week of 21st january, when there's some hearing or other.
As either you or someone else said, we should put this in a drawer and enjoy Christmas.
best wishes.
|
|
Mr_N
Posts: 222
Likes: 225
|
Post by Mr_N on Dec 23, 2018 16:21:45 GMT
Hi Mr N, I see what you're saying for sure, I just wish I knew about all of this, it's all over the place and I'm not very confident about it. Never happened before in loads of p2p. Shocked and anxious about it...if you think nothing will happen, I'd be relieved to hear it. AFAIK, nothing is to happen until week of 21st january, when there's some hearing or other. As either you or someone else said, we should put this in a drawer and enjoy Christmas. best wishes. As I have said to you in another thread, continually touting paid-for legal representation where no case has been issued is nothing short of the same FUD the borrower is engaging in.
|
|
p2ploser
Member of DD Central
Posts: 163
Likes: 221
|
Post by p2ploser on Dec 23, 2018 16:38:23 GMT
Just for perspective, if this case went anywhere can you imagine how many borrowers would be using the same strategy to avoid paying their debts. It’s total nonsense. Take a loan from the bank, don’t make the repayments then sue the bank for not giving you more money. Like that’s going to work. Hi Mr N, I see what you're saying for sure, I just wish I knew about all of this, it's all over the place and I'm not very confident about it. Never happened before in loads of p2p. Shocked and anxious about it...if you think nothing will happen, I'd be relieved to hear it. AFAIK, nothing is to happen until week of 21st january, when there's some hearing or other. As either you or someone else said, we should put this in a drawer and enjoy Christmas. best wishes. |
|
Mr_N
Posts: 222
Likes: 225
|
Post by Mr_N on Dec 23, 2018 16:58:43 GMT
Just for perspective, if this case went anywhere can you imagine how many borrowers would be using the same strategy to avoid paying their debts. It’s total nonsense. Take a loan from the bank, don’t make the repayments then sue the bank for not giving you more money. Like that’s going to work. Hi Mr N, I see what you're saying for sure, I just wish I knew about all of this, it's all over the place and I'm not very confident about it. Never happened before in loads of p2p. Shocked and anxious about it...if you think nothing will happen, I'd be relieved to hear it. AFAIK, nothing is to happen until week of 21st january, when there's some hearing or other. As either you or someone else said, we should put this in a drawer and enjoy Christmas. best wishes. Don't forget suing other users of the bank who have invested capital.
|
|
|
|
Post by juten8 on Dec 23, 2018 17:36:42 GMT
Mr N,
I hope you're right, nothing would please me more.
I'm upset being accused of being a shill, I am not.
I did come here for help and possibly to offer it, and maybe I have judged the board
wrong. I sincerely apologise for my messages, since I seem to have putting my foot
in it down to a fine art, I will refrain from any further posts.
My apologies.
|
|
Mr_N
Posts: 222
Likes: 225
|
Post by Mr_N on Dec 23, 2018 18:24:23 GMT
Mr N, I hope you're right, nothing would please me more. I'm upset being accused of being a shill, I am not. I did come here for help and possibly to offer it, and maybe I have judged the board wrong. I sincerely apologise for my messages, since I seem to have putting my foot in it down to a fine art, I will refrain from any further posts. My apologies. Good idea.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Dec 23, 2018 21:06:15 GMT
Oh the irony 😂
|
|
