chriscross
Member of DD Central
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Post by chriscross on May 30, 2019 12:34:20 GMT
Don't you just love the sentence:
"The Administrators continue to work with all relevant parties to determine the optimal strategy to enable creditors and investors to receive as much back as possible and as soon as possible."
I am sure I read a similar remark in Collateral's early documentation, and although there will be differences, especially COL being a minnow around a tenth the size of Lendy, we are now well over a year into COL's administration and we have all but gone three steps back without the one step forward. It is quite frankly an absolute farce with us Lender's being taken for a ride. I wish I could, but unfortunately I can't see a lot of changes when it comes to this Lendy debacle.
I, like many on here have a chunk in both, and something deep inside me thinks that the day I first read the word "Peer2Peer" now wishes it was an article in a holiday brouchure discussing "visits to our favourite seaside towns", that would have been a lot cheaper..
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Post by brightspark on May 30, 2019 13:39:24 GMT
As an investor my contracts are with borrowers and not with Lendy. I would rather another peer to peer lender took over the loan management. i.e. the loans were sold for what could be achieved in the market place and the money used to satisfy creditors. As a creditor my preferred involvement with the administrators is simply to secure the refund of money due to me from the auction sale of one asset and what is due to me from another asset on which a deal was struck by Lendy in its dying days - most will know to which asset I refer. These monies should be being held in the ring-fenced client account. If the FCA want a forensic investigation of Lendy let them pay for it. The FCA allowed the good ship Lendy to remain afloat until it suited them. It certainly did not suit me.
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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 14:09:53 GMT
I note from my CH alerts that some of the group assets now seem to be owned by a lady reportedly close to everyone's favourite sailor.
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iRobot
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Post by iRobot on May 30, 2019 14:24:20 GMT
... a lady reportedly close to everyone's favourite sailor. Surely not ... ?!? 
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Mucho P2P
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Post by Mucho P2P on May 30, 2019 14:49:10 GMT
I note from my CH alerts that some of the group assets now seem to be owned by a lady reportedly close to everyone's favourite sailor. And that is not only for the UK assets. Hopefully my summary will be off to RSM [finally] this evening, outlining the Spanish and Maltese holdings - Enjoy it Liam  Summary now sent to RSM/Wilson 6.40pm
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r1200gs
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Post by r1200gs on May 30, 2019 15:01:00 GMT
I note from my CH alerts that some of the group assets now seem to be owned by a lady reportedly close to everyone's favourite sailor. Now why on earth would that happen? I do hope Liam has our best interests at heart.
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Post by Ace on May 30, 2019 15:55:05 GMT
I note from my CH alerts that some of the group assets now seem to be owned by a lady reportedly close to everyone's favourite sailor. Now why on earth would that happen? I do hope Liam has our best interests at heart. I'm sure he does, as I suspect he's been taking our interest for a while now!
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sirius
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Post by sirius on May 30, 2019 16:23:08 GMT
I haven't read every post within the discussions regarding Lendy folding, (sorry), but I would suggest that everyone get their loan information from the site whilst they still can/have access, and make sure it tallies (it should).. This may come in quite handy in the future. I am sure everyone knows how to do this, but for anyone a little unsure or new to this... 1, Log into the Lendy site 2, select MY LOANS tab at the top 3, Select EXPORT TO EXCEL tab on the right This will download a .csv file to your computer. If you want to see a list of JUST the loans that you still have outstanding and make sure that the figure tallies with what the Lendy system says, then try the following if you are using Excel. Obviously if you are using other s/ware (Open Office, Libre Office etc, the commands may be different) 4, Open the spreadsheet 5, Select all the data (this can be done by clicking the little tab that is to the left of " A" and above " 1" 6, Click on the Filter and Sort icon within Excel 7, Click on the dropdown box that is in the " Status" field 8, Deselect the bottom three boxes and just leave a tick in the " Live" box (you may notice that the "select all" box is filled in, this is fine) Once you've done this, you should just be left with your "live" loans data on the screen. 9, Highlight all data in the " Amount" column, and also highlight two empty cells below this. 10, Click on the " Sum" tab, it may just be a symbol instead of saying Sum. 11, Save your file - (Personally, I prefer to save it as an Excel Workbook, or whatever prog you are using, than as a .csv file..)The amount it has added up to, should tally with what is still outstanding within Lendy. I am sure you've all done this, but just in case.. Does anyone know how to do this in Open Office please?
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gon
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Post by gon on May 30, 2019 16:52:10 GMT
According to Lendy's T & Cs, in the event of insolvency the obligations under the Terms of the Loan Contracts and the Finance Documents would be transferred to Baker Tilly (a Third party back up servicer). Presumably this is what the Administrators will now deal with? Not sure how this will affect what lenders are likely to recover or whether we are classed as a creditor of Lendy or not but any thoughts / views on this would be appreciated.
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neal
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Post by neal on May 30, 2019 16:54:02 GMT
I'm getting a page not found notice, any ideas? anyone downloaded the PDF that is willing to email it to me? Please  |
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jfh82
Posts: 77
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Post by jfh82 on May 30, 2019 16:58:17 GMT
According to Lendy's T & Cs, in the event of insolvency the obligations under the Terms of the Loan Contracts and the Finance Documents would be transferred to Baker Tilly (a Third party back up servicer). Presumably this is what the Administrators will now deal with? Not sure how this will affect what lenders are likely to recover or whether we are classed as a creditor of Lendy or not but any thoughts / views on this would be appreciated. Yes, I'm rather keen to find out what if investors are 'creditors' or what exactly our status is...
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star dust
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Post by star dust on May 30, 2019 17:02:27 GMT
I'm getting a page not found notice, any ideas? anyone downloaded the PDF that is willing to email it to me? Please If you are after the pdf FAQ document, try here - p2pindependentforum.com/post/330588/thread - full text quoted.
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mary
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Post by mary on May 30, 2019 18:35:24 GMT
According to Lendy's T & Cs, in the event of insolvency the obligations under the Terms of the Loan Contracts and the Finance Documents would be transferred to Baker Tilly (a Third party back up servicer). Presumably this is what the Administrators will now deal with? Not sure how this will affect what lenders are likely to recover or whether we are classed as a creditor of Lendy or not but any thoughts / views on this would be appreciated. Yes, I'm rather keen to find out what if investors are 'creditors' or what exactly our status is... According to the FAQ ... “The Administrators will be writing to all creditors of the Companies within 7 days of our appointment.”Therefore, we should all find out if we have been classed as Creditors (or not) tomorrow!
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Post by magoo68 on May 30, 2019 19:53:34 GMT
If you look at section 6, I'd say that's already been decided?
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Post by Wakey on May 30, 2019 20:01:51 GMT
According to Lendy's T & Cs, in the event of insolvency the obligations under the Terms of the Loan Contracts and the Finance Documents would be transferred to Baker Tilly (a Third party back up servicer). Presumably this is what the Administrators will now deal with? Not sure how this will affect what lenders are likely to recover or whether we are classed as a creditor of Lendy or not but any thoughts / views on this would be appreciated. Yes, I'm rather keen to find out what if investors are 'creditors' or what exactly our status is... As I understand it RSM are part of Baker Tilly.
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