adrianc
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Post by adrianc on Apr 24, 2019 19:48:23 GMT
I've found out that the restriction was put in place on 16 April due to actual or potential legal action by a borrower. Who, what or where did you "find out" from?
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Post by Ace on Apr 24, 2019 20:11:18 GMT
There seems to be an assumption that 'client' means investor. It could equally refer to the Borrowers and this could then be interpreted as the FCA needing to give permission before monies are advanced to a borrower client of Lendy. That would be more rational if the FCA restriction is on asset growth 'Requirements are rules placed on the firm that apply to all of the financial services activities that it can operate. The firm is the subject of an asset restriction The Authority has decided to impose with immediate effect a requirement on the Firm, under section 55L of the Act, that it: a) must not in any way dispose of, deal with or diminish the value of any of its assets; and b) must not in any way release client money without in either case the prior written consent of the Authority' Seems pretty draconian, but hopefully it is meant to be protecting client funds. Presumably they could be given a single written blanket permission to allow them to return any cash in a lender's account to the lender whenever requested. Surely that wouldn't need separate permission to return my 38p interest!
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ptr120
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Post by ptr120 on Apr 24, 2019 20:23:56 GMT
I've found out that the restriction was put in place on 16 April due to actual or potential legal action by a borrower. Who, what or where did you "find out" from? I called the FCA earlier today and they told me.
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revvy
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Post by revvy on Apr 24, 2019 20:34:57 GMT
I've found out that the restriction was put in place on 16 April due to actual or potential legal action by a borrower. I assume this to be the London loan, but that doesn't explain why the restriction was pit in place only on the 16th April, nor why Lendy wasn't obliged to inform us that this restriction has been put in place. That cant be right as the Telegraph reported this on the 26th March?
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cwah
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Post by cwah on Apr 24, 2019 20:49:10 GMT
I actually tried to put £100 in my Lendy account on the 19th. It's in a limbo and neither back to my bank account nor in my lendy account......  |
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Post by martin44 on Apr 24, 2019 21:29:25 GMT
I actually tried to put £100 in my Lendy account on the 19th. It's in a limbo and neither back to my bank account nor in my lendy account...... A rarity indeed.. someone trying to put money "in" a lendy account, ive been trying to get mine out for nie on 2 years...  
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Post by p2plender on Apr 25, 2019 8:26:30 GMT
I actually tried to put £100 in my Lendy account on the 19th. It's in a limbo and neither back to my bank account nor in my lendy account...... Are there no grids near you?
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jonno
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nil satis nisi optimum
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Post by jonno on Apr 25, 2019 8:37:42 GMT
I actually tried to put £100 in my Lendy account on the 19th. It's in a limbo and neither back to my bank account nor in my lendy account...... Wow. I'll be kind: If there were P2P bravery awards you'd be a cert.
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cwah
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Post by cwah on Apr 25, 2019 10:15:00 GMT
I liked the loan PBL196 and it should have a good chance to repay in full. So I wanted to buy a bit. But now my money is neither there and back  |
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Mucho P2P
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Post by Mucho P2P on Apr 25, 2019 10:33:18 GMT
I liked the loan PBL196 and it should have a good chance to repay in full. So I wanted to buy a bit. But now my money is neither there and back Regardless of how prime the loan may seem to be, there appears to be significant platform risk in play at the moment which will offset any low risk/decent loans that might be currently available.
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Mucho P2P
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Post by Mucho P2P on Apr 25, 2019 10:40:40 GMT
Hopefully not too long as another forum member in the other thread stated they withdrew funds and received them in their bank account the next day. I just find it ridiculous that Lendy need to obtain FCA approval for investors to withdraw their funds (if I've understood this correctly). Funds in your available account are held in a separate Barclays account and should have nothing to do with Lendy's financial position and therefore nothing to do with the FCA. FCA is responsible for enforcing client money rules. I would assume they are ensuring that the client account controlled by Lendy isnt utilised for unauthorised purposes. Sounds exactly what the FCA should be doing. " they are ensuring that the client account controlled by Lendy isnt utilised for unauthorised purposes " <--- This is of concern, as for the FCA to impose such restrictions, they must have sufficient reason to believe that the client money is in potential jeopardy, either from an adverse Legal/Court case/ruling, or from someone inside lendy! One just wonders what Lendy have been internally up to [or not as might be the case] for them to have the FCA all over the company [and our capital] so much!?
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cwah
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Post by cwah on Apr 25, 2019 10:41:05 GMT
I liked the loan PBL196 and it should have a good chance to repay in full. So I wanted to buy a bit. But now my money is neither there and back Regardless of how prime the loan may seem to be, there appears to be significant platform risk in play at the moment which will offset any low risk/decent loans that might be currently available. Yes I can tell now
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Post by investorni on Apr 25, 2019 10:41:51 GMT
I liked the loan PBL196 and it should have a good chance to repay in full. So I wanted to buy a bit. But now my money is neither there and back Regardless of how prime the loan may seem to be, there appears to be significant platform risk in play at the moment which will offset any low risk/decent loans that might be currently available. Agreed risk right now is too high which is a shame as there are many otherwise good and safe loans. Lendy needs to make some quick, public and positive recovery storys in the near future to restore some much needed confidence, fingers crossed, it can go 2 ways, I am hoping its up :-)
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ilmoro
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Post by ilmoro on Apr 25, 2019 11:35:55 GMT
I liked the loan PBL196 and it should have a good chance to repay in full. So I wanted to buy a bit. But now my money is neither there and back I assume you have checked DDC & know that this loan is linked to PBL197 & DFL034/37.
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Post by loftankerman on Apr 25, 2019 11:44:55 GMT
I don't claim to be well informed or even having much understanding, but it puzzles me that anyone with an eye to history can talk about low risk/decent Lendy loans. DFL005 appeared all but done and dusted with the development to some extent operational and nothing but anticipated imminent repayment.
06/07/2018: The borrower has advised that initial documents for funding have been signed and the borrower expects to complete the refinance by the end of July 2018.
A month ago, they were hoping to make a decision about what they should do as a way forward and haven't got there yet. If you think you have found a good Lendy loan, look in the mirror and slap some sense into yourself.
In considering my standing in this loan I have consolidated my Interest and Bonus Interest into a single figure under the heading Bogus Interest.
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