jane
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Post by jane on May 24, 2019 19:05:11 GMT
I guess we can now say goodbye to the positive thread.  It's probably still all positive for this guy - he won't walk away short of a few (million) quid.
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Mucho P2P
Member of DD Central
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Post by Mucho P2P on May 24, 2019 19:32:12 GMT
I guess we can now say goodbye to the positive thread. It's probably still all positive for this guy - he won't walk away short of a few (million) quid. I hear he has a liking for Maltese off-shore companies  as I discovered during my London Loan investigations.
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sydb
Member of DD Central
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Post by sydb on May 25, 2019 0:13:10 GMT
One last positive - no more regular BS.
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Post by p2plender on May 25, 2019 1:20:11 GMT
If this guy doesn't taste porridge I'll be gobsmacked. In many ways it is probably a better option than what some would like to dish out.
Morals of an alley cat is unfair against such animals.
The Malta account proves what this guy's plans were.
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69m
Member of DD Central
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Post by 69m on May 25, 2019 17:22:41 GMT
On a positive note, it seems that Copious Capital is so far unaffected by the Lendy catastrophe. Being "set up a by a team with a strong track record in leading innovative finance businesses" is always a good start for a new venture. It's ethical, too! 
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Post by HMS Ardent on May 27, 2019 12:03:51 GMT
Taken from another P2P website. Re. FCA protection.
"So platforms are not covered by the FSCS but all platforms must have resolution plans in place designed to effect an orderly run off of their loan book if the platform should fail. In theory at least, this means that your invested funds – money actually lent out to borrowers – should be “safe” even without the platform there and the loan repayments should continue to flow to you.
Platforms subject to the FCA’s client money rules will be holding your uninvested cash in a properly segregated client account. So again in theory, this means that cash should be protected in the event of platform failure and most, if not all, of it should find its way back to you."
To me this sounds positive....or have the words "should" and "in theory" been used too liberally?
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zccax77
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Post by zccax77 on May 27, 2019 12:12:24 GMT
This whole thing will take 3-5 years to unwind, alot of the investors might not be alive by the time it come to a end. Not sure what is there to be positive about.
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Mucho P2P
Member of DD Central
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Post by Mucho P2P on May 27, 2019 13:22:17 GMT
Taken from another P2P website. Re. FCA protection. "So platforms are not covered by the FSCS but all platforms must have resolution plans in place designed to effect an orderly run off of their loan book if the platform should fail. In theory at least, this means that your invested funds – money actually lent out to borrowers – should be “safe” even without the platform there and the loan repayments should continue to flow to you. Platforms subject to the FCA’s client money rules will be holding your uninvested cash in a properly segregated client account. So again in theory, this means that cash should be protected in the event of platform failure and most, if not all, of it should find its way back to you." To me this sounds positive....or have the words "should" and "in theory" been used too liberally? That is the theory behind the orderly wind down expectations and processes, except in this case, a specialist fraud investigator was appointed as one of the Administrators. So on the bright and positive side, just one fraud investigator was appointed and not 2!
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Post by loftankerman on May 27, 2019 13:22:52 GMT
This whole thing will take 3-5 years to unwind, alot of the investors might not be alive by the time it come to a end. Not sure what is there to be positive about. Dunno, I'll be 76 later this year if I last but may not be alive when the whole thing becomes 'unwound' as you say. Being dead when it does could be positive as there would be no disappointment at how little was being returned after so many years of waiting. Everything can be positive if one is cynical enough to see it.
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sl75
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Post by sl75 on May 27, 2019 13:38:30 GMT
This whole thing will take 3-5 years to unwind, alot of the investors might not be alive by the time it come to a end. Not sure what is there to be positive about. The loan book would likely have taken 3-5 years (or possibly longer) to fully unwind even before the administrators were called in.
The administration appears to have come as a planned transition following a period of close scrutiny by the FCA, which one would hope allowed the necessary arrangements to provide continuity of service to be in place.
In particular, my hope is that appropriate transition arrangements have been put in place for the DFLs that appear to be on track or nearing completion on or close to their schedule, so that they won't be able to blame a lack of further funds from our direction for their projects failing. It is possible that the large contributions to some previous tranches may not have been "Lendy Wealth" as previously assumed/speculated, but the pre-administration phase of such a transition arrangement, and which may be able to continue despite the administration [NB this is also speculation with little to no substance behind it]
We'll have to see what the next stage of any transition arrangements are, but it appears that they intend to continue to use the Lendy platform itself for this (still being essentially usable now, rather than fully replaced with a simple notice of administration as often occurs when companies cease trading), which I'd see as a huge positive compared to the terrible mess created by some other P2P platforms where access to critical resources was lost when administrators were appointed.
I'll look forward to their initial announcement to lenders. (In the meantime, I've also saved out relevant statements etc. just in case the smooth transition that appears to be happening is actually an illusion!)
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Post by meyerlansky on Jun 1, 2019 20:50:27 GMT
I guess we can now say goodbye to the positive thread. It's probably still all positive for this guy - he won't walk away short of a few (million) quid. He did
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Post by holmesy999 on Jun 1, 2019 21:03:08 GMT
can we crop him out and just keep a picture of the dog?
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garfield
Member of DD Central
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Post by garfield on Jun 1, 2019 21:49:02 GMT
can we crop him out and just keep a picture of the dog? Which one's the dog? My wife's a bitch!
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Post by picanto on Jun 2, 2019 19:17:03 GMT
can we crop him out and just keep a picture of the dog? That is one beautiful dog to be fair.
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Post by Deleted on Jun 2, 2019 19:57:45 GMT
That is one beautiful dog to be fair. Lets try to keep things clean please
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as I discovered during my London Loan investigations.
