Mucho P2P
Member of DD Central
Posts: 941
Likes: 1,623
|
Post by Mucho P2P on May 24, 2019 18:06:40 GMT
It's just the P2P entities on FCA site, not the wider group entities.
Any idea why this is? I would hope the entire group come under FCA scutiny so all assets can be used to pay for administrators and repay lenders.
We need a Court sanctioned claw-back from the entire group and UBO.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,483 
Likes: 10,653
|
Post by ilmoro on May 24, 2019 18:08:24 GMT
It's just the P2P entities on FCA site, not the wider group entities.
Any idea why this is? I would hope the entire group come under FCA scutiny so all assets can be used to pay for administrators and repay lenders.
This isn't administration in its normal sense, it's the preplanned rundown plan. We have no relationship with the wider group, should already be some provision to cover costs as part of the plan AIUI. Wider group isnt under FCA regulation AFAIK
|
|
cwah
Member of DD Central
Posts: 949
Likes: 468
|
Post by cwah on May 24, 2019 18:12:51 GMT
What happened to the good loans? I fear the recovery may be as bad as with collateral :/
|
|
Mucho P2P
Member of DD Central
Posts: 941
Likes: 1,623
|
Post by Mucho P2P on May 24, 2019 18:17:56 GMT
Any idea why this is? I would hope the entire group come under FCA scutiny so all assets can be used to pay for administrators and repay lenders.
This isn't administration in its normal sense, it's the preplanned rundown plan. We have no relationship with the wider group, should already be some provision to cover costs as part of the plan AIUI. Wider group isnt under FCA regulation AFAIK Frankly I have no idea if this is a run-down plan or a collapse, seems more like an implosion. In true Lendy spirit, it is still possible to open an account on their web-site. 
|
|
jane
Posts: 145
Likes: 213
|
Post by jane on May 24, 2019 18:35:22 GMT
I know you want to recover some of the money your're going to lose in Lendy, but trying to make money from people clicking that link is almost as low as Lendys tactics. Admins could you please change the link to a clean version.
|
|
zlb
Member of DD Central
Posts: 1,395
Likes: 328
|
Post by zlb on May 24, 2019 18:45:15 GMT
I'd be interested to know, if this is wind down as planned (which I thought happened in the case of the platform collapsing..., so has Lendy as a company/platform collapsed?), then will the use of the provision fund come sooner, as a result of different decisions re this...?
And is there any point in refusing the loan terms now?
And what about the legal claim for dfl001 etc loans on the old terms? Does the no win no fee status remain with the new situation?
|
|
|
|
Post by dan1 on May 24, 2019 18:46:11 GMT
I know you want to recover some of the money your're going to lose in Lendy, but trying to make money from people clicking that link is almost as low as Lendys tactics. Admins could you please change the link to a clean version. - I assume you are referring to viglink? Please refer to support.proboards.com/thread/585953/viglink-why-on-forumIn short, it raises revenue for ProBoards who host this site.
|
|
jane
Posts: 145
Likes: 213
|
Post by jane on May 24, 2019 18:48:28 GMT
I know you want to recover some of the money your're going to lose in Lendy, but trying to make money from people clicking that link is almost as low as Lendys tactics. Admins could you please change the link to a clean version. - I assume you are referring to viglink? Please refer to support.proboards.com/thread/585953/viglink-why-on-forumIn short, it raises revenue for ProBoards who host this site. Ok, thanks Dan. Sorry Revvy, i thought it was something you added - didn't realise it was a ProBoards thing
|
|
jane
Posts: 145
Likes: 213
|
Post by jane on May 24, 2019 18:50:14 GMT
I'd be interested to know, if this is wind down as planned (which I thought happened in the case of the platform collapsing..., so has Lendy as a company/platform collapsed?), then will the use of the provision fund come sooner, as a result of different decisions re this...? And is there any point in refusing the loan terms now? And what about the legal claim for dfl001 etc loans on the old terms? Does the no win no fee status remain with the new situation? The provision fund still has a charge outstanding against it as far as i am aware - so i guess there is no provision fund anymore.
|
|
cwah
Member of DD Central
Posts: 949
Likes: 468
|
Post by cwah on May 24, 2019 18:53:38 GMT
I'd be interested to know, if this is wind down as planned (which I thought happened in the case of the platform collapsing..., so has Lendy as a company/platform collapsed?), then will the use of the provision fund come sooner, as a result of different decisions re this...? And is there any point in refusing the loan terms now? And what about the legal claim for dfl001 etc loans on the old terms? Does the no win no fee status remain with the new situation? The provision fund still has a charge outstanding against it as far as i am aware - so i guess there is no provision fund anymore. How can that be legal? Surely the first charge should be for the investors as this is the reason it was created
|
|
jane
Posts: 145
Likes: 213
|
Post by jane on May 24, 2019 18:58:18 GMT
The provision fund still has a charge outstanding against it as far as i am aware - so i guess there is no provision fund anymore. How can that be legal? Surely the first charge should be for the investors as this is the reason it was created That's probably one of the things that the FCA will be looking into. But whats legal/moral and what people actually try and get away with are two different things unfortunately.
|
|
|
|
Post by mikeyb999 on May 24, 2019 19:02:19 GMT
|
|
Mucho P2P
Member of DD Central
Posts: 941
Likes: 1,623
|
Post by Mucho P2P on May 24, 2019 19:04:25 GMT
The provision fund still has a charge outstanding against it as far as i am aware - so i guess there is no provision fund anymore. How can that be legal? Surely the first charge should be for the investors as this is the reason it was created And watch Lendy HQ also not be available to the administrators to sell and recoup lenders losses.
|
|
invester
P2P Blogger
Posts: 612
Likes: 618
|
Post by invester on May 24, 2019 19:06:48 GMT
It was coming unfortunately.
Gonna be some real poor sods there who did put more than they could afford to lose in Lendy.
Feel that this could have been averted perhaps if more action was taken a year ago, unfortunately they kicked the can down the road for so long on these loans and were more or less untruthful on a lot of matters.
Brooke is a coward I feel, I hope justice is done against him in some way.
|
|
|
|
Post by mikeyb999 on May 24, 2019 19:07:03 GMT
Not really a surprise, but still disappointing.
Only saving grace for me is I had about 20K in at one point, but now down to under 4K
|
|
