wuzimu
Member of DD Central
Posts: 236
Likes: 735
|
Post by wuzimu on Feb 8, 2019 16:29:34 GMT
Sorry Charlie but I'm a big fan of the 'not forced to invest' argument, even when I'm on the losing side. Being in denial about my misjudgements and looking for a root cause honest or dishonest individual, company or circumstance to blame for my choices has no mileage in it. "I should have known better." is a less troubling state of mind. I agree with almost all of your posts and often give you a thumbs up. However, we’ll have to agree to disagree on this one. Investors are looking down the barrel of millions of pounds of losses here, dished out without a care in the world from what is an FCA approved platform. It’s not really adequate to just say well people shouldn’t have been so stupid. Where would we stop with this argument? Does this mean any crook can part people from their money with the simple defence that stupid people deserve to be taken advantage of. Charliebrown, you are completely right. However, the P2P platforms are only liable for breaches of their particular T&C's in force at the time* and the wider legal and regulatory matrix in which they operate. FWIW in my view some platforms (and LY is certainly up there) done many things that have contributed to lenders losses resulting in valid rights of action. Nobody likes a loss, loss aversion is a core human psychological driver - we feel very bad faced with them and that shapes behaviour. People deal with that and the associated regret in different ways. Typically deal with it by contextualizing the importance of the loss as small (see comments from Lofttankerman and godanubis) and in that case you can accept your own fallability as a factor in causing the loss. Or you can ignore the loss / choose not to percieve very old non-performing loans as losses. That is what many on this platform do, who do want to rock Lendys boat. Or you need to mentally resolve matters by doing something about it. That reaffirms your sense of agency and can make you feel better about the loss eventually whether you recover it or not, but it does mean you experience the negative emotion for longer while you are doing something about it. and you must invest time. Which path you follow depends on the size of the loss to you and your disposition. Lofttankerman and godanubis posts indicate their losses are not too large in comparision to their overall worth and their disposition mean they can't be arsed to invest the time to do anything, and time has a value. If you don't mind me suggesting, your posts indicate your likely losses are not something you can discount so easily. Maybe you have to do something. That probably means making some formal complaints /getting you own legal advice, because to get anywhere very specific breaches by P2P platforms must be identified. * I note that most platforms have revised there T&C's over the last few years, systematically reducing their obligations to lenders. If it comes to it I do not think this practice will be legally effective in retrospectively altering the contract in force at the time loans were issued. Apologies for the psycho babble // sugar rush from my Friday afternoon donut .
The Moneything FOS decision is a good example of a complaint without a strong enough right of action and was fairly decided IMO.
|
|
dApps
Posts: 91
Likes: 80
|
Post by dApps on Feb 8, 2019 16:39:36 GMT
see financial ombudsman decisions website, search input MT (the full title) Oct 2018 decision Here's a link to the above referenced Decision. NB: There is no naming of Borrower, Asset or Lender so should be OK to appear here. (I think it is but have self reported anyway.) It's an enlightening read.
|
|
|
|
Post by charliebrown on Feb 8, 2019 16:50:25 GMT
I agree with almost all of your posts and often give you a thumbs up. However, we’ll have to agree to disagree on this one. Investors are looking down the barrel of millions of pounds of losses here, dished out without a care in the world from what is an FCA approved platform. It’s not really adequate to just say well people shouldn’t have been so stupid. Where would we stop with this argument? Does this mean any crook can part people from their money with the simple defence that stupid people deserve to be taken advantage of. Charliebrown, you are completely right. However, the P2P platforms are only liable for breaches of their particular T&C's in force at the time* and the wider legal and regulatory matrix in which they operate. FWIW in my view some platforms (and LY is certainly up there) done many things that have contributed to lenders losses resulting in valid rights of action. Nobody likes a loss, loss aversion is a core human psychological driver - we feel very bad faced with them and that shapes behaviour. People deal with that and the associated regret in different ways. Typically deal with it by contextualizing the importance of the loss as small (see comments from Lofttankerman and godanubis) and in that case you can accept your own fallability as a factor in causing the loss. Or you can ignore the loss / choose not to percieve very old non-performing loans as losses. That is what many on this platform do, who do want to rock Lendys boat. Or you need to mentally resolve matters by doing something about it. That reaffirms your sense of agency and can make you feel better about the loss eventually whether you recover it or not, but it does mean you experience the negative emotion for longer while you are doing something about it. and you must invest time. Which path you follow depends on the size of the loss to you and your disposition. Lofttankerman and godanubis posts indicate their losses are not too large in comparision to their overall worth and their disposition mean they can't be arsed to invest the time to do anything, and time has a value. If you don't mind me suggesting, your posts indicate your likely losses are not something you can discount so easily. Maybe you have to do something. That probably means making some formal complaints /getting you own legal advice, because to get anywhere very specific breaches by P2P platforms must be identified. * I note that most platforms have revised there T&C's over the last few years, systematically reducing their obligations to lenders. If it comes to it I do not think this practice will be legally effective in retrospectively altering the contract in force at the time loans were issued. Apologies for the psycho babble // sugar rush from my Friday afternoon donut .
The Moneything FOS decision is a good example of a complaint without a strong enough right of action and was fairly decided IMO. I wouldn’t bother making any complaints to the establishment as they’re all in this together. My losses are going to be substantial and significant to my overall financial position. However, I can learn from this experience. It only irks me that Liam and his cronies have pocketed millions from this and LY’s systemic failings for investors seem to be something much more than bad luck to me.
|
|
|
|
Post by queenvictoria on Feb 8, 2019 17:08:10 GMT
see financial ombudsman decisions website, search input MT (the full title) Oct 2018 decision Here's a link to the above referenced Decision. NB: There is no naming of Borrower, Asset or Lender so should be OK to appear here. (I think it is but have self reported anyway.) It's an enlightening read. Thanks for the link. Yes v interesting and a fair result in my view.
|
|
|
|
Post by charliebrown on Feb 8, 2019 17:15:58 GMT
We were promised an update on some loans “week commencing 4th February”. That doesn’t appear to have happened.
|
|
|
|
Post by loftankerman on Feb 14, 2019 15:55:37 GMT
We were promised an update on some loans “week commencing 4th February”. That doesn’t appear to have happened. The next Monday 4th February is in 2030, so maybe that is what they meant. On balance it sounds like it might even be doable if they are still around by then. Stay positive.
|
|
Monetus
Member of DD Central
Posts: 1,179 
Likes: 2,961
|
Post by Monetus on Feb 14, 2019 18:12:48 GMT
We were promised an update on some loans “week commencing 4th February”. That doesn’t appear to have happened. The next Monday 4th February is in 2030, so maybe that is what they meant. On balance it sounds like it might even be doable if they are still around by then. Stay positive. Just another Lendy broken promise like this one: “We will also be touch early in January to let you know which are the initial five loans that we will be updating in our lender surgeries and what dates they will be held. We will give you the opportunity to ask questions in advance, so that the updates will be detailed and meaningful to you all." Seems the “new and improved” Lendy is remarkably similar to the old one and that series of emails from Liam late last year was just another round of lip service.
|
|
gc
Member of DD Central
Posts: 152
Likes: 141
|
Post by gc on Feb 14, 2019 19:44:13 GMT
They were actually ok at one point and they have the chance to redeem themselves, be it with updates (or other things we won't go into, here).
With lack of updates and other things going on, one begins to think that these guys are firefighting too hard (or maybe that's just me) and I really hope to be proven wrong!!
|
|
|
|
Post by p2plender on Feb 14, 2019 23:17:50 GMT
Haven't they got another year of Cowes?
Would be shameless of the founder to turn up given the mess created but Lendy seem to have no shame. It's only about 5 months off so it'll be wind down time at Lendy hq.
|
|
richox
Member of DD Central
Posts: 66
Likes: 120
|
Post by richox on Feb 15, 2019 13:47:10 GMT
How about Lendy providing monthly updates on progress of the new Recoveries Team.
Maybe we could expect something like:
We are in regular contact with the Recoveries Team and are working hard pressing for updates on their reports. We have had sight of two heads of reports which we now expect to be completed over the course of the next few weeks or months. Our IMS has confirmed that they are progressing well and that monies have been spent as evidenced through works completed. They have requested an extension of their charging schedule to allow time to finalise a JV with a third party, and we are inclined to consider this positively. The first tranche of funding was sent from the platform this week and we shall be going live with the second tranche next week. We shall provide a further update when more information is provided by the Recoveries Team.
On second thoughts it might be better if Lendy didn't bother.
|
|
|
|
Post by picanto on Feb 28, 2019 17:46:16 GMT
Updates will be published tomorrow morning at 9.30! Can't wait!
|
|
|
|
Post by queenvictoria on Feb 28, 2019 23:42:30 GMT
Updates will be published tomorrow morning at 9.30! Can't wait! I'm tempted to wait up all night in excited anticipation.
|
|
mw
Member of DD Central
Posts: 184
Likes: 83
|
Post by mw on Mar 1, 2019 7:50:41 GMT
Updates will be published tomorrow morning at 9.30! Can't wait! Normally it’s end of the day isn’t it?
|
|
TitoPuente
Member of DD Central
Posts: 624
Likes: 655
|
Post by TitoPuente on Mar 1, 2019 8:01:40 GMT
Updates will be published tomorrow morning at 9.30! Can't wait! Normally it’s end of the day isn’t it? "For your information, the platform loan updates will be published at 09:30 tomorrow morning." Shown since yesterday in the top banner of the self select landing page.
|
|
mw
Member of DD Central
Posts: 184
Likes: 83
|
Post by mw on Mar 1, 2019 8:23:29 GMT
Normally it’s end of the day isn’t it? "For your information, the platform loan updates will be published at 09:30 tomorrow morning." Shown since yesterday in the top banner of the self select landing page. Oh yes good spot message 4 of 4!
|
|
