Mousey
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Post by Mousey on Apr 27, 2019 22:27:23 GMT
It is also interesting to note that Liam is married to Pamela. I think this is quite important in understanding what is going on behind the scenes. Who is pamela?
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cwah
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Post by cwah on Apr 27, 2019 22:27:47 GMT
See the first post in the thread Thanks I should have read!
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sydb
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Post by sydb on Apr 27, 2019 23:25:41 GMT
How much would the administration fee be for an advance on the repayment of my Lendy loans?
I wouldn't piss on these parasites if they were on fire.
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Post by supernumerary on Apr 28, 2019 8:07:01 GMT
I know there has been some concern in the mousey household that the Lendy team might not have a job in the coming months. My worries have been alleviated at the discovery of Copious Capital Ltd trading as Pay Me Today. Lessons have been learned at Pay Me Today as frequently asked questions include How long does it take to receive the money?, What happens if the application is fraudulent? and Who carries the risk of non-repayment? We don't have to worry about any of the staff changing their commuting habits as they are based in the same office at Brankesmere House. Incidentally Brankesmere House is owned by Brankesmere Ltd. The director of Brankesmere Ltd is one Liam Brooke. There is also a charge registered at the property in favour of one Liam Brooke of Lendy Group Limited (a companies whose accounts were due 11 August 2018). All quite merky! IMHO, you are missing the point at the start of this thread. Just my opinion.  We have ALL noticed that there are NO new loans on Lendy, but they have started a new venture to issue new loans...  IMHO, the question this raises, is this new venture a valient attempt to help Lendy keep going, to sort out the complicated and challenging Lendy loans going forward, OR is it a way of 'washing their hands' completely of Lendy, some time in the future? 
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Post by loftankerman on Apr 28, 2019 8:16:56 GMT
Provided they don't go mad milking it, it could be the basis of a reasonable service. I assume that the fees involved and the limitation on what can be advanced should prevent an individual's situation getting out of hand unless it is the tipping point that sends them to a more unrestricted lender.
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sydb
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Post by sydb on Apr 28, 2019 9:38:00 GMT
IMHO, the question this raises, is this new venture a valient attempt to help Lendy keep going, to sort out the complicated and challenging Lendy loans going forward, OR is it a way of 'washing their hands' completely of Lendy, some time in the future? The answer to the question can be answered by examining the corporate structure. Is the new company connected to Lendy? If not, then it has nothing to do with saving Lendy (who said it could be saved - the specific business model of later years has self exposed its worthiness to investors; much better to let it slowly die and for the owners not to connect any new schemes to the name). It strikes me that it is simply another possible income stream for Brooke and co, this time by taking a cut from advancing money to those who are worst at managing it. Sound familiar? It sounds like the difference this time is that the borrower is also the lender so, at least, nobody else gets taken for a ride. Thank you, Mousey, for exposing this.
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Post by p2plender on Apr 28, 2019 9:39:26 GMT
I think it is one of the worst ideas I've ever come across and epitomises why the world has gotten into such a financial mess.
What next, an advance on your wages for a year or maybe an advance on your pension. It's a really dumb idea, of course aimed at the more financially vulnerable.
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Mousey
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Post by Mousey on Apr 28, 2019 9:41:05 GMT
loftankerman Yeah it's not a bad idea for a business although I wonder how quickly it would scale and the moment it makes money it could be easily replicated. A company like sage or xero could implement it into their existing offering without much fuss. There's no way big employers like Tesco would allow admin fees to be taken when they could provide the same service and keep the money.
supernumerary You'll hopefully note that Copious Capital Ltd is an entirely legal entity from Lendy Group. There is no way the structure of Lendy has been set-up to help investors only to protect the interests of Liam Brooke.
ETA: It wouldn't surprise me if Copious Capital wern't paying any rent or wages to use the employees and assets of Lendy
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sydb
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Post by sydb on Apr 28, 2019 9:46:47 GMT
Provided they don't go mad milking it, it could be the basis of a reasonable service. I assume that the fees involved and the limitation on what can be advanced should prevent an individual's situation getting out of hand unless it is the tipping point that sends them to a more unrestricted lender. Lol! Dear employer of Mr Bloggs, we are now going to act as the bank of your employee (of course, we are not a bank so can avoid decades of refined regulations). Your employee wants to pay us to do that because they are incapable of managing money; we don't care about how much debt they have but they said they had an unfortunate drug habit or something so clearly need help rather than a parasite like us but, hey-ho, one can only do so much.
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Mousey
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Post by Mousey on Apr 28, 2019 10:19:05 GMT
I note that the phone number of Copious Capital is 0330 113 1605 so if we wanted to speak to the people behind Lendy it might be worth giving them a ring
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Post by brightspark on Apr 28, 2019 10:20:34 GMT
As Pay Me Today are acting as money lenders they will presumably have to be authorised by the FCA - so that's alright then!
"Is it a loan & are there any regulatory issues? Pay Me Today is not a payday lender – this is a major misconception. Pay Me Today is not regulated by the FCA. The advance is for wages already earned; it is not a loan, and there is no interest charged. The service is merely speeding up the payment process for wages that the worker already has a legal right to." Is it not the case that hairs are being split? An advance is a loan which is to be repaid from wages when earned in exactly the same way that a freezer may be bought on hire purchase using wages yet to be earned. An "administration fee" is an interest charge which will vary depending on the number of days in advance of the due wage date that the money is to be paid. I do not seek to judge how individuals handle their finances but it is in the interests of all that huge pools of money flowing through the financial system are properly regulated and ultimately handled by individuals of probity.
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Mousey
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Post by Mousey on Apr 28, 2019 10:30:16 GMT
brightspark I really hope you're not suggesting that Liam Brooke has tried to structure these de facto loans purported to be advances as a way to avoid scrutiny by the FCA?
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Post by brightspark on Apr 28, 2019 10:48:42 GMT
That is a matter for the FCA once they have become cognisant of the situation.
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rocky1
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Post by rocky1 on Apr 28, 2019 11:25:56 GMT
back in the day we could go into the office and ask lovely winnie the wages clerk for a sub till friday.she would always help people out.
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Post by supernumerary on Apr 28, 2019 11:33:02 GMT
supernumerary You'll hopefully note that Copious Capital Ltd is an entirely legal entity from Lendy Group. There is no way the structure of Lendy has been set-up to help investors only to protect the interests of Liam Brooke. ETA: It wouldn't surprise me if Copious Capital weren't paying any rent or wages to use the employees and assets of Lendy
Thank you for acknowledging my post and the reply. Whilst we can speculate as to whether the new legal entity will help Lendy, or whether it is paying any rent, or using the employees and assets of Lendy, we can't be certain of it. HOWEVER, what we CAN ALL be certain about is that Senior figures at Lendy are NOT using ALL their ENERGIES and TIME at Lendy, to get back the capital, the interest, the assets, totaling MANY millions of pounds, to those lenders who believed in them doing their job correctly... IF the Senior figures at Lendy were using ALL their ENERGIES and TIME at Lendy, to get back the capital, the interest, the assets, totaling MANY millions of pounds, to those lenders who believed in them doing their job correctly, then they would NOT have the time to start Copious Capital Ltd. NO ifs, NO buts here... BIG thank you for providing us all, with this information.
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