rocky1
Member of DD Central
Posts: 1,086 
Likes: 1,880
|
Post by rocky1 on May 24, 2019 19:09:46 GMT
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. thats our LIAM for you,sometimes greed gets the better of people and they want more and that is when they make mistakes thinking they are untouchable but i am sure things will come to light and everything will come tumbling down around him.
|
|
jcb208
Member of DD Central
Posts: 791
Likes: 557
|
Post by jcb208 on May 24, 2019 19:09:50 GMT
Only good thing about this sorry mess is the Data has not been lost/deleted so this should help a tad in reducing Costs, not like Collateral where this has happened
|
|
zccax77
Member of DD Central
Posts: 82
Likes: 76
|
Post by zccax77 on May 24, 2019 19:13:18 GMT
No need for so much doom and gloom. A lot of these properties are already with administrators. Additionally the FCA has learnt a lot of lessons from the Collateral debacle and hence been a lot more prepared to deal with the fall-out.
|
|
|
|
Post by mikeyb999 on May 24, 2019 19:16:43 GMT
No need for so much doom and gloom. A lot of these properties are already with administrators. Additionally the FCA has learnt a lot of lessons from the Collateral debacle and hence been a lot more prepared to deal with the fall-out. That's a good point, given Lendy's lack of action I wonder if the FCA might clear up some long overdue loans a bit quicker
|
|
Garage246
Member of DD Central
Posts: 116
Likes: 209
|
Post by Garage246 on May 24, 2019 19:18:34 GMT
DFL012 being a case in point - hopefully will just be down to distributing the funds received without the exorbitant Lendy fee deduction...
|
|
zccax77
Member of DD Central
Posts: 82
Likes: 76
|
Post by zccax77 on May 24, 2019 19:19:18 GMT
The FCA are generally closing the door after the horse has bolted. However, the outcome here is unlikely to materially different compared to LB running off the book. I just feel sorry for people on loans like DFL029, but surely this eventuality was foreseen by even a blind man in a dark cupboard.
|
|
zccax77
Member of DD Central
Posts: 82
Likes: 76
|
Post by zccax77 on May 24, 2019 19:22:08 GMT
The only people celebrating tonight are the unscrupilous borrowers.
|
|
GeorgeT
Member of DD Central
Posts: 1,321
Likes: 1,574
|
Post by GeorgeT on May 24, 2019 19:22:38 GMT
|
|
|
|
Post by GSV3MIaC on May 24, 2019 19:23:09 GMT
DFL012 being a case in point - hopefully will just be down to distributing the funds received without the exorbitant Lendy fee deduction...
That's the optimistic view .. the pessimistic one is that this will form part of the assets needed to pay the administration costs, and you'll get back your share of what is left when the fat lady finally sings.. Most LY assets are debts - this one may actually have some hard cash attached (unless the cheque got lost in the post).
|
|
invester
P2P Blogger
Posts: 612
Likes: 618
|
Post by invester on May 24, 2019 19:26:33 GMT
I take it that there is going to be no distribution until all loans are finalised?
We could be in for a really long wait.
|
|
zccax77
Member of DD Central
Posts: 82
Likes: 76
|
Post by zccax77 on May 24, 2019 19:27:03 GMT
I get a suspicious feeling that the FCA were waiting for big fat load of money to come in and use that as working capital for the administration.
|
|
Mucho P2P
Member of DD Central
Posts: 941
Likes: 1,623
|
Post by Mucho P2P on May 24, 2019 19:29:59 GMT
The only people celebrating tonight are the unscrupilous borrowers. and the Administrators.
|
|
jane
Posts: 145
Likes: 213
|
Post by jane on May 24, 2019 19:30:46 GMT
|
|
jeremy12
Member of DD Central
Everything's frozen
Posts: 83
Likes: 38
|
Post by jeremy12 on May 24, 2019 19:40:30 GMT
Anyone got access to the telegraph for the full article?
|
|
zccax77
Member of DD Central
Posts: 82
Likes: 76
|
Post by zccax77 on May 24, 2019 19:41:44 GMT
There is nothing on there which we do not already know.
|
|
