gijai
New Member
Posts: 5
|
Post by gijai on May 24, 2019 9:14:27 GMT
I have also received same response to send a hard copy with a wet letter, following my initial email of refusal yesterday.
My last load fund was in May2018 so apparently I can still refuse the latest T&C and they will freeze my account but I am wondering what it would really mean? Does it mean for all future recoveries, they will calculate their fees in a different way (as per old T&C) and I will get my capital back in a different percentage compared to someone who accepted the new T&C? And what about the partial recoveries this year (like PBL64, PBL68)? Would they return me some more capital from those recoveries post freezing my account?
I am going to ask them to see what their response is.
|
|
wuzimu
Member of DD Central
Posts: 236
Likes: 735
|
Post by wuzimu on May 24, 2019 9:41:09 GMT
I have updated the opening post with this update, which I hope answers the points raised in the last 24 hrs...
****** UPDATE 24.5.19 ****** the new Lendy response to an email refusing the 11/7/18 terms is to require you to write in with a 'wet signature'. (see jfh82 post ) This is obstruction. Lendy try to bind us with new terms regularly without Liams wet signature on a peice of paper.
Email is a legal form of written instruction.
HOWEVER Lendy are within their rights to be sure the instruction is coming from the lending member, so be clear about your ID in the email. And if you can, why not send a letter too? THIS IS PROGRESS AS LENDY ARE ALREADY NOT IGNORING REFUSAL OF TERMS Lendy also say you can't refuse the 'enhanced' terms if you have bought loan parts since 11/7/18.
Whatever Lendy say, LAG's position is that you CAN refuse the terms for all loan parts you bought PRIOR to 11/7/18 (and 5/3/18) as per Clause 24.1 and law of contract.
It is the act of investing in each loan part that is your acceptance of terms for that loan part. So you need to look at your portfolio and make a note of the dates, there will be a number of versions of terms that apply on a loan by loan basis.
Hopefully most of your loan parts were bought prior to 5/3/18 when the first version of the 'New Enhanced Terms' was published
>>> We can expect alot of obstruction and obfuscation from Lendy about these matters.... do not be confused!
If you have clearly told Lendy who you are and that you refuse the 11/7/18 terms and the terms that do apply are those extant when each loan part you bought was promoted on the Lendy platform, then you have done the job.
|
|
chriscross
Member of DD Central
Posts: 63 
Likes: 70
|
Post by chriscross on May 24, 2019 10:49:55 GMT
What if we pressed a button saying yes, in order to be able to login?
This is a very valid point, I unsually struggle to remember what I did last week let alone six months ago..
Could there have been a scenario that we were forced to accept their new terms, possibly during login or even withdrawing funds?
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on May 24, 2019 10:56:37 GMT
I notified Lendy by email that i did not accept the new terms. They replied that I needed to put it in writing which I did, by Recorded Delivery, on 11/03/2018.
My wife did likewise.
Of course, we did not receive a reply, so we also notified Lendy by email on the 17th March that the email confirmed that they received the letters of Non-Acceptance of the new terms, signed for, on 13th March and attached a copy of said letter for their records.
Count both of us in.
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on May 24, 2019 11:26:15 GMT
GOV UK unfair T&Cs. Lendy would not stand a chance if it comes to a challenge against their unfair conditions on quite a few legal points.
|
|
|
|
Post by winger on May 24, 2019 16:24:03 GMT
Count me in, please. When I received their email on 5-Mar-18 entitled "Changes to our Terms & Conditions", I emailed straight back to say they were unacceptable.
|
|
cwah
Member of DD Central
Posts: 949
Likes: 468
|
Post by cwah on May 24, 2019 19:11:45 GMT
I think this thread is over? Lendy's in administration.
I think we should pursue the FCA. It's when they come in that things turn from bad to worse.
They suddently changed the rules of the platform where it wasn't possible to sell the loan after 180 days even thought it was possible before. I remember there was loans I tried to sell and suddenly FCA came in and it wasn't possible anymore.
Then they let it drag for so long.
|
|
|
|
Post by philhove on May 26, 2019 12:33:07 GMT
I have belatedly sent email to Lendy (via their site) - dated today 26 May 19 (suppose it might make no difference at all - but sent just in the off chance they might take into consideration)?
Dear Sirs
This is to provide notice that I refuse to be bound by the terms and conditions arbitrarily proposed by yourselves on 11/07/18.
By continuing to hold my funds you accept that the revised terms to not apply to myself. Alternatively (and preferably).
I consider the changes to terms to be considerably unlawful and unfair.
|
|
jomantha
Member of DD Central
Posts: 177 
Likes: 63
|
Post by jomantha on May 26, 2019 12:36:43 GMT
I will have a look at my loan purchases but I think I bought after this date which I have long been kicking myself for
|
|
|
|
Post by routlep on May 26, 2019 13:12:28 GMT
Thank you Jomantha, I have submitted a similar email
|
|
sydb
Member of DD Central
Posts: 345
Likes: 316
|
Post by sydb on May 26, 2019 14:12:06 GMT
Aren't other people saying that now Lendy has gone into administration, the old terms put you in a worse situation as a creditor? I may have misinterpreted.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on May 26, 2019 16:24:15 GMT
I have belatedly sent email to Lendy (via their site) - dated today 26 May 19 (suppose it might make no difference at all - but sent just in the off chance they might take into consideration)? Dear Sirs This is to provide notice that I refuse to be bound by the terms and conditions arbitrarily proposed by yourselves on 11/07/18. By continuing to hold my funds you accept that the revised terms to not apply to myself. Alternatively (and preferably). I consider the changes to terms to be considerably unlawful and unfair. I'm sure this sudden influx of letters rejecting minor word changes to the t&cs, not least wording relating to Lendy being fully authorised, is going to course confusion at Lendy & the administrators. Might be worth stating which t&cs you do wish to bound by and even which specific elements are the issue. At least, one of the highlighted elements wasn't stated in the t&cs but in a support document, now altered to match the revisions.
|
|
delboy
Member of DD Central
Posts: 79
Likes: 49
|
Post by delboy on May 26, 2019 20:22:55 GMT
Aren't other people saying that now Lendy has gone into administration, the old terms put you in a worse situation as a creditor? I may have misinterpreted. I'd be interested to get views on this too - is it possible, given the current circumstances, to actually put oneself in a less favourable position by reverting to old terms on all loans?
|
|
Greenwood2
Member of DD Central
Posts: 4,385
Likes: 2,784
|
Post by Greenwood2 on May 26, 2019 20:42:20 GMT
Aren't other people saying that now Lendy has gone into administration, the old terms put you in a worse situation as a creditor? I may have misinterpreted. I'd be interested to get views on this too - is it possible, given the current circumstances, to actually put oneself in a less favourable position by reverting to old terms on all loans? My view: I don't think the new terms (or the previous terms) apply to the very early loans where lenders lent to Lendy (then Saving Stream) who lent to borrowers. Those loans are now probably less secure as lenders are creditors of Lendy not the borrowers. The recent changes relative to the previous terms may mean Lendy have taken fees out that have reduced lenders returns from recoveries. But now the Administrators are in charge I would assume all future recoveries etc are all in their hands and Lendy T&Cs become pretty much irrelevant. Whether lenders could recover fees taken by Lendy under the new terms, if they declined them is probably a moot point since Lendy probably don't have any funds.
|
|
delboy
Member of DD Central
Posts: 79
Likes: 49
|
Post by delboy on May 26, 2019 20:46:34 GMT
I'd be interested to get views on this too - is it possible, given the current circumstances, to actually put oneself in a less favourable position by reverting to old terms on all loans? My view: I don't think the new terms apply to the very early loans where lenders lent to Lendy (then Saving Stream) who lent to borrowers. Those loans are now probably less secure as lenders are creditors of Lendy not the borrowers. The recent changes relative to the previous terms may mean Lendy have taken fees out that have reduced lenders returns from recoveries. But now the Administrators are in charge I would assume all future recoveries etc are all in their hands and Lendy T&Cs become pretty much irrelevant. Whether lenders could recover fees taken by Lendy under the new terms, if they declined them is probably a moot point since Lendy probably don't have any funds. Ah, thank you - it was more the prospect of becoming a creditor to Lendy (under the old-old terms) that concerned me. But from what you've said, that wouldn't be the effect of writing to Lendy as described. Sounds like it will probably have no effect whatsoever in any case!
|
|
