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Post by queenvictoria on Mar 7, 2019 20:27:26 GMT
According to a post on P2PFrank (credit to CoolingDude) David Gammond apparently left at the end of January "to pursue other business interests" meaning he lasted around 8 weeks. LinkedIn also seems to suggest that Gary Anderson is no longer around either. Was it a pacific interest that he went off to pursue ?
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Monetus
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Post by Monetus on Mar 7, 2019 20:44:50 GMT
Godanubis are you sure? Read t&C's 13.3. Getting a sense of deja vu because I'm sure we've had this conversation before. Seems both Lendy’s fees and accrued interest are at the front of the queue and ahead of investor capital meaning that the longer a loan drags on the more potential profit for Lendy (and increased chance of capital shortfall). Edit: For comparison, see MoneyThing's terms where all of their fees and interest are ranked last (even behind our accrued interest): screencast.com/t/oygliaqx9twI think it's fair to say that the interests of Lendy and its investors are not what you would call "aligned"
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sarahcount
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Post by sarahcount on Mar 7, 2019 21:00:40 GMT
Godanubis are you sure? Read t&C's 13.3. Getting a sense of deja vu because I'm sure we've had this conversation before. “In the event of a shortfall in the amounts available for repayment of the Loan, the available proceeds will be paid in the order set out in the Loan Agreement, as follows: first, payment of any unpaid fees, costs and expenses of the Agent under the Finance Documents; second, payment of any accrued interest, fee or commission due but unpaid under the Loan Agreement; third, payment of any principal due but unpaid under the Loan Agreement; and fourth, payment of any other sum due but unpaid under the Finance Documents. However, Lendy may, and Saving Stream Security Holding may, vary this order in their discretion.” Seems both Lendy’s fees and accrued interest are at the front of the queue and ahead of investor capital meaning the longer a loan drags on the more potential profit for Lendy (and increased chance of capital shortfall). What have we let ourselves in for!
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Post by charliebrown on Mar 8, 2019 0:07:03 GMT
“In the event of a shortfall in the amounts available for repayment of the Loan, the available proceeds will be paid in the order set out in the Loan Agreement, as follows: first, payment of any unpaid fees, costs and expenses of the Agent under the Finance Documents; second, payment of any accrued interest, fee or commission due but unpaid under the Loan Agreement; third, payment of any principal due but unpaid under the Loan Agreement; and fourth, payment of any other sum due but unpaid under the Finance Documents. However, Lendy may, and Saving Stream Security Holding may, vary this order in their discretion.” Seems both Lendy’s fees and accrued interest are at the front of the queue and ahead of investor capital meaning the longer a loan drags on the more potential profit for Lendy (and increased chance of capital shortfall). What have we let ourselves in for! I think the recent 30% recovery where Lendy has so far refused to give a breakdown of where the rest of the money went shows us exactly what we’ve let ourselves in for. Lendy passed the point of no return as a viable business a long time ago, they’re now just trying to maximise their profit (and our loss) before they go off and enjoy their wealth. If Liam’s lack of morals allows him to do that to people then he’s a very <redacted> man.
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rocky1
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Post by rocky1 on Mar 8, 2019 7:15:45 GMT
you can ask any reputable business or company for a breakdown of your bill/costs and they will happily oblige.lendy no longer give a toss about their reputation or the lenders and will take every penny they can out of this disgracefeful abuse of lenders funds across so many loans that it can only come down to their total mismanagement,negligence,incompetence,arrogance and greed and they are now rewarding themselves for failure.well done again Liam/lendy you sure pulled off a good one and it looks like you are going to get away with it.
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rocky1
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Post by rocky1 on Mar 8, 2019 7:16:06 GMT
maybe lendy should give up their agents fees and stick them in the PF and not Liam's treasure chest.not a chance in hell.
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ric
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Post by ric on Mar 8, 2019 8:50:47 GMT
What have we let ourselves in for! I think the recent 30% recovery where Lendy has so far refused to give a breakdown of where the rest of the money went shows us exactly what we’ve let ourselves in for. Lendy passed the point of no return as a viable business a long time ago, they’re now just trying to maximise their profit (and our loss) before they go off and enjoy their wealth. If Liam’s lack of morals allows him to do that to people then he’s a very <redacted> man. It is not just Liam's lack of morale.. I wonder where the FCA is in this and why is letting this happen? I personally can see the logic of Liam's strategy but it should not be him carrying it on but some Administrator/Commissioner who has the lenders interests in mind and not the shareholders' profits? I am no expert of FCA's policies.. but they should really step in now to avoid Collateral #2
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Post by fhilomena on Mar 8, 2019 19:30:36 GMT
“In the event of a shortfall in the amounts available for repayment of the Loan, the available proceeds will be paid in the order set out in the Loan Agreement, as follows: first, payment of any unpaid fees, costs and expenses of the Agent under the Finance Documents; second, payment of any accrued interest, fee or commission due but unpaid under the Loan Agreement; third, payment of any principal due but unpaid under the Loan Agreement; and fourth, payment of any other sum due but unpaid under the Finance Documents. However, Lendy may, and Saving Stream Security Holding may, vary this order in their discretion.” Seems both Lendy’s fees and accrued interest are at the front of the queue and ahead of investor capital meaning the longer a loan drags on the more potential profit for Lendy (and increased chance of capital shortfall). What have we let ourselves in for! Investors capital is paid first according to the 2015 Saving stream T & C; then Lendy fees, and then investors interest.
The Saving stream 2015 T & C were applicable to many loans that were invested in before the rebranding took place.
The Lendy T &C should only apply to those loans invested in after the rebranding, and not retrospectively to loans that already existed.
I don't profess to be a legal expert but its worth looking at the Misrepresentation & Unfair Contract Terms Act 1980 with regard to Evasion by secondary Contract
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Godanubis
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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 Mar 8, 2019 19:42:07 GMT
Godanubis are you sure? Read t&C's 13.3. Getting a sense of deja vu because I'm sure we've had this conversation before. It’s a requirement of FCA approval to “ring fence” lenders funds and have exit plan in place so capital at least is protected. As it was never their money fees may be due but interest should only be paid after capital as mentioned a good case for unfair contracts if other P2P don’t do the same. We will need to wait and see if they actually ever are stupid enough to take their money before investors. It has not as yet happened and also current loans that are years old were under the old conditions. One small money grab on their part would push them off the cliff rather than their current slide down an increasingly slippy slope.
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sussexlender
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Cheat seeking missile
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Post by sussexlender on Mar 8, 2019 21:18:26 GMT
Anyone able to tell us if any of the brilliant new recruits who have so quickly been dsposed of / disappeared were old mates of LB and have simply had a massive golden pay off after just a few weeks on the headed note paper?
Someone needs to find out the links between LB and these people prior to them joining Lendy aka "Now you see it now you don't" and their rapid demise but details of the recent departees previous business experience is proving difficult to find.
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Post by martin44 on Mar 8, 2019 22:47:35 GMT
Fear not. From what started as a boat loan Co and then grew into Savingstream, which then expanded into Lendy, could appear in the future as "<feel free to insert>" ... with a grand headline of "No Lender has ever lost any of their investment in any company we have run... Whilst we were in charge"  edit . spellchecking. |
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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 Mar 9, 2019 0:59:40 GMT
What have we let ourselves in for! Investors capital is paid first according to the 2015 Saving stream T & C; then Lendy fees, and then investors interest.
The Saving stream 2015 T & C were applicable to many loans that were invested in before the rebranding took place.
The Lendy T &C should only apply to those loans invested in after the rebranding, and not retrospectively to loans that already existed.
I don't profess to be a legal expert but its worth looking at the Misrepresentation & Unfair Contract Terms Act 1980 with regard to Evasion by secondary Contract
The 2015 terms apply to 4 loans and continue to apply. All other loans are governed by the new t&Cs as amended. Lenders are assumed to have accepted the new t&cs by continuing to use the platform. You are right that it may well be challengable under unfair contracts legislation.
(By the way there is no 1980 Act, that relates to IOM AFAICS)
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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 Mar 9, 2019 1:31:27 GMT
Godanubis are you sure? Read t&C's 13.3. Getting a sense of deja vu because I'm sure we've had this conversation before. It’s a requirement of FCA approval to “ring fence” lenders funds and have exit plan in place so capital at least is protected. As it was never their money fees may be due but interest should only be paid after capital as mentioned a good case for unfair contracts if other P2P don’t do the same. We will need to wait and see if they actually ever are stupid enough to take their money before investors. It has not as yet happened and also current loans that are years old were under the old conditions. One small money grab on their part would push them off the cliff rather than their current slide down an increasingly slippy slope. AC are one of the most reglatory conservative platforms, here are their T&Cs which rank platform fees ahead of lender capital & interest
Save as may be specified in any applicable intercreditor or priority document to the contrary, all monies arising from the enforcement of any Security Documents will be paid in the following order:
first, to meet any costs incurred in respect of any enforcement action by the Trustee and/or the Assetz Agent and/or by any manager, receiver or administrator appointed by either of them;
second, to meet the payment of any outstanding fees due to the Trustee and/or the Assetz Agent and any brokers or introducers in respect of the relevant Loan;
third, to repay the capital amount of each Loan Unit held by each Lending Syndicate Member on a proportional basis by reference to the percentage of the total number of Loan Units held by each Lending Syndicate Member;
fourth, to meet the payment of outstanding interest on the relevant Loan due to each Lending Syndicate Member.
Therefore I am not sure that your statement is correct.
Lendy has already applied the payment priorites in relation the interest & capital for loans DFL025/DFL035, whether they also took their fees in unknown, they also appeared to have applied it to PBL179 and likely took their fees ahead of lender repayment.
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Post by robberbaron on Mar 9, 2019 14:07:39 GMT
I think it's fair to say that the interests of Lendy and its investors are not what you would call "aligned" Add to that the FCA requiring P2P platforms to have no skin in the game by being totally unexposed to the loans.
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r1200gs
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Post by r1200gs on Mar 9, 2019 14:43:08 GMT
I think it's fair to say that the interests of Lendy and its investors are not what you would call "aligned" Add to that the FCA requiring P2P platforms to have no skin in the game by being totally unexposed to the loans. Is that you Lendy? I'm sure I recognise the name?
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