averageguy
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Post by averageguy on May 31, 2019 11:05:21 GMT
Did anyone happen to download the original faqs from the lendy home page? it has been updated to faqs-29-05-19-2.pdf wondering if anyone with both could fire them into a pdf diff tool and see whats changed? RSM have previously reviewed the Companies’ systems as part of a stand by contingency planning service. Accordingly, RSM are well placed to facilitate an orderly wind-down of the book. We have taken legal advice on the existing relationship and discussed the position with the Financial Conduct Authority (“FCA”). The FCA and RSM are comfortable that adequate safeguards have been put in place to manage any potential conflict issues. Changed to RSM have previously reviewed the Companies’ systems as part of a stand by contingency planning service. Accordingly, RSM are well placed to facilitate an orderly wind-down of the book. We have taken legal advice on the existing relationship and are comfortable that adequate safeguards have been put in place to manage any potential conflict issues. ----- The Administrators will be contacting all borrowers directly and are assessing their ability to repay, at the appropriate maturity dates, or earlier, the monies loaned to them by the Companies. Changed to The Administrators will be contacting all borrowers directly and are assessing their ability to repay, at the appropriate maturity dates, or earlier, the monies loaned facilitated by the Companies. ---- We have set up a dedicated telephone line for all creditors to call which currently has recorded basic information, however, this will be manned during next week to receive creditor calls. The number is 0203 858 9653. Changed to We have set up a dedicated telephone line which currently has recorded basic information, however, this will be manned during next week to receive creditor calls. The number is 0203 858 9653. Just for info I rang that number yesterday..it is ‘manned’..but really acts like a recorded message
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adrianc
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Post by adrianc on May 31, 2019 11:13:03 GMT
We have set up a dedicated telephone line which currently has recorded basic information, however, this will be manned during next week to receive creditor calls. The number is 0203 858 9653. Just for info I rang that number yesterday..it is ‘manned’..but really acts like a recorded message You mean they're a call centre working off a script of pre-agreed info? Hardly a surprise, is it? Did you really think you'd get through to the main man doing the actual administration, who would accidentally let slip nuggets?
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iRobot
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Post by iRobot on May 31, 2019 11:33:27 GMT
Did anyone happen to download the original faqs from the lendy home page? it has been updated to faqs-29-05-19-2.pdf wondering if anyone with both could fire them into a pdf diff tool and see whats changed? " We are well-capitalised " still seems to be there, as should have been one of the items to have been removed.Different FAQ? (And the bold bit has really confused me!  )
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averageguy
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Post by averageguy on May 31, 2019 11:38:14 GMT
Just for info I rang that number yesterday..it is ‘manned’..but really acts like a recorded message You mean they're a call centre working off a script of pre-agreed info? Hardly a surprise, is it? Did you really think you'd get through to the main man doing the actual administration, who would accidentally let slip nuggets? No it’s not a surprise and no I didn’t expect much.....but for the thirty seconds it took to make the call it satisfied my curiosity ...and I was just passing on the info in case anyone was going to bother.....sigh
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jane
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Post by jane on May 31, 2019 12:53:19 GMT
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kielbasa
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Post by kielbasa on May 31, 2019 14:09:25 GMT
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rocky1
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Post by rocky1 on May 31, 2019 14:33:26 GMT
are there any assets to realise from lendy?it seems LB has been very busy the past few months making sure he protects his own interests
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ian
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Post by ian on May 31, 2019 14:38:26 GMT
2 key aspects for me.
Cash - “Any amounts, which are due to you from the proceeds of a sale of property (or any other security) will be held on trust for you and paid into the segregated client account. If Lendy were to become insolvent, an insolvency practitioner would be appointed and would distribute the funds in the segregated client account back to lenders. Lenders’ money in the segregated client account would not be distributed to our other creditors.” In terms of cash IF this has been adhered to cash lost in transit (post 20th) or on account should be repaid.
In terms of my loans against property the Segregated Security Holding should ensure all security (i.e. the Legal Charge and any debentures) were held by a third party security trustee – Saving Stream Security Holding Ltd. This company exists solely to hold security for and on behalf of our lenders and this adds an additional layer of security to provide comfort to our lenders.
Again if this has been adhered to the question is will each individual recovery be repatriated to investors in that particular investment rather than allocated to a recovery pool.
Your views?
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Post by investorni on May 31, 2019 14:47:12 GMT
2 key aspects for me. Cash - “Any amounts, which are due to you from the proceeds of a sale of property (or any other security) will be held on trust for you and paid into the segregated client account. If Lendy were to become insolvent, an insolvency practitioner would be appointed and would distribute the funds in the segregated client account back to lenders. Lenders’ money in the segregated client account would not be distributed to our other creditors.” In terms of cash IF this has been adhered to cash lost in transit (post 20th) or on account should be repaid. In terms of my loans against property the Segregated Security Holding should ensure all security (i.e. the Legal Charge and any debentures) were held by a third party security trustee – Saving Stream Security Holding Ltd. This company exists solely to hold security for and on behalf of our lenders and this adds an additional layer of security to provide comfort to our lenders. Again if this has been adhered to the question is will each individual recovery be repatriated to investors in that particular investment rather than allocated to a recovery pool. Your views? I choose to have a very optimistic view at this point, the alternative is tears. My view is that this account is already heavily loaded with repayments, I shall shortly be recieving capital repayments, interest repayments and bonus payments in full. I will be very happy if that happens, just waiting for my ~£30 k to arrive in my bank account, or by cheque, I will accept either I am not fussy :-)
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r1200gs
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Post by r1200gs on May 31, 2019 15:39:30 GMT
I suspect the only people getting out of this without financial damage are some borrowers, some well paid administrators, lawyers, and LB who I suspect of actions that will, erm, not leave us in the best position to recover our funds. I wonder if I'll get away with that and I do hope readers know what I really wanted to say.  |
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cwah
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Post by cwah on May 31, 2019 15:48:01 GMT
I suspect the only people getting out of this without financial damage are some borrowers, some well paid administrators, lawyers, and LB who I suspect of actions that will, erm, not leave us in the best position to recover our funds. I wonder if I'll get away with that and I do hope readers know what I really wanted to say. Do you mean those who will get load of money are some borrowers, administrators, lawyers and LB? And those who will loose load of money are the investors? Any idea how the loans repayment rank? I'd assume (first get paid before the other get ant penny): 1. Administrators (charging between £400-£1000/h for years) 2. Creditors (Metrobank charge, LB loan he used to pay himself and his wife good salary) 3. Investors Is it correct?
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Post by rhea117 on May 31, 2019 15:59:52 GMT
2 key aspects for me. Cash - “Any amounts, which are due to you from the proceeds of a sale of property (or any other security) will be held on trust for you and paid into the segregated client account. If Lendy were to become insolvent, an insolvency practitioner would be appointed and would distribute the funds in the segregated client account back to lenders. Lenders’ money in the segregated client account would not be distributed to our other creditors.” In terms of cash IF this has been adhered to cash lost in transit (post 20th) or on account should be repaid. In terms of my loans against property the Segregated Security Holding should ensure all security (i.e. the Legal Charge and any debentures) were held by a third party security trustee – Saving Stream Security Holding Ltd. This company exists solely to hold security for and on behalf of our lenders and this adds an additional layer of security to provide comfort to our lenders. Again if this has been adhered to the question is will each individual recovery be repatriated to investors in that particular investment rather than allocated to a recovery pool. Your views? Is it too much to hope the administrators will just be creditors too? How can the FCA allow this account to be raided?
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Post by westcountryfunder on May 31, 2019 16:06:03 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? Not totally sure about Open Office, but I use LibreOffice which is, I believe, a fork of OO. Here goes: From instruction 5: 5: Ctrl A to select all 6: Menu item Data > Sort Ascending > SortKey1: Status 7: Select all rows below the last 'Live' item > right click somewhere on selected rows > "delete rows" 9: follow 9 as original 10: 'Sum tab' is a sigma Σ I hope that helps.
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star dust
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Post by star dust on May 31, 2019 16:54:04 GMT
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Post by df on May 31, 2019 17:52:05 GMT
Well, someone keeps to their update deadlines - just received by email. Blue highlighting mine. I've posted it out here as I don't see anything particularly confidential here. This letter came sooner than I expected. I'd speculate that this action was due for a while, just waited for 'London Loan' resolution... Sounds to me that this process won't be as slow as Col - less complications. And hopefully not as expensive as the loan book is larger than Col's.
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