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Post by supernumerary on May 30, 2019 6:32:49 GMT
It truly makes me feel sick to the stomach that there are pensioners out their who may have invested large amounts with those Lendy dogs, who will be relying on the monthly income to make ends meet, and the many hundreds who have invested in the wealth fund, with the same hopefully, seemingly wise move to secure their retirement, to now find themselves here really is truly sickening..... personally i can cope with my loss... i hope they all *at lendy.. rot in hell. edit * When you mention hard working people, placing faith in this project with life savings in this way and then mention the consequences to them, it describes the awfulness that will now ensue, for perhaps many...  As I previously mentioned, the words of a poster on Trust Pilot; "...nobodys dead,it’s not Stalingrad- but it is a daily source of worry and anxiety..."
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adrianc
Member of DD Central
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Post by adrianc on May 30, 2019 8:05:52 GMT
So what part do LB/LENDY now play in this mess? Control of Lendy is now in the hands of administrators, rather than LB. Walked or pushed? That's vanishingly unlikely. At the very minimum, his name has a big black mark in the financial regulator's book, and the value of the company he owns has plummeted, perhaps to zero, since it's more likely it will be wound up than sold as a going concern. At the absolute worst, he could find himself having to answer very difficult questions - perhaps in court - and could find he's barred from being a director of any company. The contracts are the contracts. Any income to Lendy Ltd will first go to paying the administrator's fees. Anything left is an asset of the company. There is a possibility any remaining assets when and if the company is wound up will be disbursed to us as compensation for any shortfalls found. Remember, Lendy Ltd and the loan book are not the same thing. The loan book may well be sold. There is a pre-agreed run-off plan already in place to manage the loans, as part of Lendy Ltd's FCA approval.
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ilmoro
Member of DD Central
'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 May 30, 2019 8:19:01 GMT
In theory correct. The contracts should continue with the backup service provider acting as the agent in place of Lendy. We should not be creditors of Lendy except in the case of the old term loans.
In practice we are awaiting confirmation from the administrators that the theory matches the reality.
I seem to remember Lendy asking me to tick a box so that old loans were under the newer loan terms. Ie individual loans to borrowers. In which case the 4 old loans are also ring fenced so we are not creditors on any loans. Can anyone remember this happening? How can we prove it to the administrator? Should he be told now so he doesn’t make an error that will be harder to undo later? Don't remember that per se but you did IIRC have had to tick a box to accept the new terms going forward, not just assumed acceptance with continued use as with subsequent revisions. Also the original intent was to migrate existing old term loans onto the new model as & when it became possible. PbL37-39 & 52? were migrated inline with additional loans on the same security, but the other loans never were and still have the old terms displayed on the loan page terms link. Unless there is a loan agreement proving the contrary, remember the borrower would have to have same, which the admin would be aware of anyway as the will undoubtably reviewing all docs with legal advisors, then the old terms will stand whatever lenders say. Original migration intent can be demonstrated as there are SS comms to that effect but a moot point if it never happened legally.
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zlb
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Post by zlb on May 30, 2019 9:38:38 GMT
I seem to remember Lendy asking me to tick a box so that old loans were under the newer loan terms. Ie individual loans to borrowers. In which case the 4 old loans are also ring fenced so we are not creditors on any loans. Can anyone remember this happening? How can we prove it to the administrator? Should he be told now so he doesn’t make an error that will be harder to undo later? Don't remember that per se but you did IIRC have had to tick a box to accept the new terms going forward, not just assumed acceptance with continued use as with subsequent revisions. Also the original intent was to migrate existing old term loans onto the new model as & when it became possible. PbL37-39 & 52? were migrated inline with additional loans on the same security, but the other loans never were and still have the old terms displayed on the loan page terms link. Unless there is a loan agreement proving the contrary, remember the borrower would have to have same, which the admin would be aware of anyway as the will undoubtably reviewing all docs with legal advisors, then the old terms will stand whatever lenders say. Original migration intent can be demonstrated as there are SS comms to that effect but a moot point if it never happened legally. Someone else said about tick a box and fiddling a way around getting to the site without ticking it. I remember something like this - or more the feeling discomfort of being forced to in order to proceed on the website. Unless someone took a screenshot (...?) is oral memory enough evidence? Would it be in the website code - if that were ever stored as an iteration - company minutes disappeared?
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Post by picanto on May 30, 2019 10:46:16 GMT
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eddie
i have put up with a great deal from the likes of you people, a very great deal....
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Post by eddie on May 30, 2019 11:03:00 GMT
Why does it go from 4 to 6?
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iRobot
Member of DD Central
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Post by iRobot on May 30, 2019 11:10:22 GMT
Why does it go from 4 to 6? It's a long document, taking no small amount of time to produce and noticing the poor scribe was flagging, the boss told them to 'take 5'. Doesn't explain what happened to 12 though 
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zlb
Member of DD Central
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Post by zlb on May 30, 2019 11:18:59 GMT
Not sure that many have seen this. Ly directors applied for it. They refer to "investors" and "creditors"
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Post by alphareturn on May 30, 2019 11:25:23 GMT
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zccax77
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Post by zccax77 on May 30, 2019 11:33:08 GMT
So lendy were in trouble since last September, why did it take until late may to put them in administration, should have been done a lot earlier, and reduced some cash burn.
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zccax77
Member of DD Central
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Post by zccax77 on May 30, 2019 11:33:48 GMT
So lendy were in trouble since last September, why did it take until late may to put them in administration, should have been done a lot earlier, and reduced some cash burn. The provision fund is no more I guess.
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Post by rhea117 on May 30, 2019 12:01:39 GMT
If I read it right, some current Lendy staff be be managed by the administrators. Hopefully they can do the grunt work and keep the administration costs down.
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zccax77
Member of DD Central
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Post by zccax77 on May 30, 2019 12:12:27 GMT
If I read it right, some current Lendy staff be be managed by the administrators. Hopefully they can do the grunt work and keep the administration costs down. That’s how administrators work, they just manage the process. Hopefully paying someone £300 a day is cheaper than £500 a hour. I wonder if they will pay LB for his time in relation to answering the difficult questions.
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Post by investorni on May 30, 2019 12:14:59 GMT
I like how they are so proud of their turn over and how much provinence it is given the FAQ: RSM is a leading audit, tax and consulting firm to the middle market with nearly 3,500 partners and staff operating from 35 locations throughout the UK. For the year ending 31 March 2017, RSM generated revenues of £319m. RSM UK is a member firm of RSM International - the sixth largest network of audit, tax and consulting firms globally. The network spans over 120 countries, 800 offices and more than 43,000 people, with a fee income of more than $5bn.
Fills me with warm fuzzy feelings that their sole goal is maximum returns for RSM UK and that this FAQ is largely targeted at RSM UK investors and directors.... Also pretty sure under GDPR anyone questioning which terms and conditions they have or have not opted into can request a copy of any information held about them by RSM which by now surely comprises a full data dump from Lendy servers.
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Post by investorni on May 30, 2019 12:22:40 GMT
I also find it interesting but not really relevant that the FAQ file name is faqs-20-05-19.pdf which is clearly a date of writing, note that on the 20th and 21st lendy were still sending emails, processing payments, announcing the sale competion of DFL012....
I just find it odd, they emailed us on teh 21st May that the sale completed and promising updates and monies a day AFTER the administrators had drawn up a draft FAQ covering the administration of Lendy. Administration was the 24th so we are talking atleast 4-5 days of negotion/discussion with LB on this matter with FCA involvement and yet still that email on the 21st including this line: "A more detailed update on the H******* Quay sale will be provided separately, including details of the interim repayments that will shortly be made to you."
Am I alone in finding this email and the date of that FAQ highly odd?
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