Mousey
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Post by Mousey on Jul 22, 2019 7:59:27 GMT
Which loan was refunded?!
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nyneil
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Post by nyneil on Jul 22, 2019 8:37:08 GMT
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garfield
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Post by garfield on Jul 22, 2019 8:57:32 GMT
Which loan was refunded?! Sounds like it was more than one loan, but I got all my loan parts paid back on one of the high profile defaulted loans in September 2018. I was asked (by e-mail) not to disclose any info. PM me if you'd like to know which one.
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Monetus
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Post by Monetus on Jul 22, 2019 9:36:10 GMT
Which loan was refunded?! Sounds like it was more than one loan, but I got all my loan parts paid back on one of the high profile defaulted loans in September 2018. I was asked (by e-mail) not to disclose any info. PM me if you'd like to know which one. I am personally aware of at least four loans where certain investors were in scope for remediation. There may be even more as Lendy were seemingly asking investors to sign NDAs.
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registerme
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Post by registerme on Jul 22, 2019 9:58:47 GMT
Sounds like it was more than one loan, but I got all my loan parts paid back on one of the high profile defaulted loans in September 2018. I was asked (by e-mail) not to disclose any info. PM me if you'd like to know which one. I am personally aware of at least four loans where certain investors were in scope for remediation. There may be even more as Lendy were seemingly asking investors to sign NDAs. It would be interesting to know how that qualifies as treating (all) customers fairly.
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Mousey
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Post by Mousey on Jul 22, 2019 10:10:14 GMT
Sounds like it was more than one loan, but I got all my loan parts paid back on one of the high profile defaulted loans in September 2018. I was asked (by e-mail) not to disclose any info. PM me if you'd like to know which one. I am personally aware of at least four loans where certain investors were in scope for remediation. There may be even more as Lendy were seemingly asking investors to sign NDAs. Do you know if this was a result of those lenders complaining or was it prompted by Lendy?
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Post by bl3nder on Jul 22, 2019 10:13:10 GMT
I am personally aware of at least four loans where certain investors were in scope for remediation. There may be even more as Lendy were seemingly asking investors to sign NDAs. It would be interesting to know how that qualifies as treating (all) customers fairly. I agree. Shouldn't this process be transparent? Remediating investors then having them sign NDAs seems like a way of quieting people who make a lot of noise but without advertising it. Of course, there may be a perfectly reasonable (and fair) reason for this approach, but I'd like to know what that is.
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garfield
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Post by garfield on Jul 22, 2019 10:16:39 GMT
I am personally aware of at least four loans where certain investors were in scope for remediation. There may be even more as Lendy were seemingly asking investors to sign NDAs. Do you know if this was a result of those lenders complaining or was it prompted by Lendy? It was prompted by Lendy and depended on the purchase date.
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Monetus
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Post by Monetus on Jul 22, 2019 10:26:57 GMT
Do you know if this was a result of those lenders complaining or was it prompted by Lendy? It was prompted by Lendy and depended on the purchase date. Some investors have claimed they had to make formal complaints to make theirs happen - make of that what you will.
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Monetus
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Post by Monetus on Jul 22, 2019 10:29:38 GMT
It would be interesting to know how that qualifies as treating (all) customers fairly. I agree. Shouldn't this process be transparent? Remediating investors then having them sign NDAs seems like a way of quieting people who make a lot of noise but without advertising it. Of course, there may be a perfectly reasonable (and fair) reason for this approach, but I'd like to know what that is. It's also interesting because it's created an unequal situation where some investors have been compensated in full for their mis-sold loans while others haven't received a penny. "When the platform failed in May, almost £600,000 in compensation had still to be paid."
Some of these loans are also under Model 1 terms so investors in them face potentially being unsecured creditors in the administration.
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star dust
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Post by star dust on Jul 22, 2019 10:41:37 GMT
Do you know if this was a result of those lenders complaining or was it prompted by Lendy? It was prompted by Lendy and depended on the purchase date. I guess it's possible that somebody else complained first which then prompted compensation to all other lenders in a similar position. Is your NDA still valid with Lendy in Administration? I guess some either didn't sign one or theirs are now void otherwise they wouldn't be talking about this.
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garfield
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Post by garfield on Jul 22, 2019 10:58:37 GMT
It was prompted by Lendy and depended on the purchase date. I guess it's possible that somebody else complained first which then prompted compensation to all other lenders in a similar position. Is your NDA still valid with Lendy in Administration? I guess some either didn't sign one or theirs are now void otherwise they wouldn't be talking about this. I'm assuming it still applies, hence not saying any more and not referencing the loan, especially as it's still partially in recovery. I didn't have to sign - it was in the terms of an e-mail. I do see the discussion here is of general interest though.
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Mucho P2P
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Post by Mucho P2P on Jul 22, 2019 11:03:24 GMT
I am personally aware of at least four loans where certain investors were in scope for remediation. There may be even more as Lendy were seemingly asking investors to sign NDAs. Do you know if this was a result of those lenders complaining or was it prompted by Lendy? Not prompted by Lendy, but by the lenders taking legal action against Lendy.
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star dust
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Post by star dust on Jul 22, 2019 11:16:01 GMT
I guess it's possible that somebody else complained first which then prompted compensation to all other lenders in a similar position. Is your NDA still valid with Lendy in Administration? I guess some either didn't sign one or theirs are now void otherwise they wouldn't be talking about this. I'm assuming it still applies, hence not saying any more and not referencing the loan, especially as it's still partially in recovery. I didn't have to sign - it was in the terms of an e-mail. I do see the discussion here is of general interest though.
If the email was from Lendy then did you do something which implied you accepted the terms of it? Hate to suggest it, but have you asked RSM if it still applies/is valid?
If more than one loan really is involved, as others are alleging, I assume the circumstances around each will be different and also the investors involved, some of whom I presume may be oblivious of this?
It's definitely of interest but I find innuendo and speculation aren't very helpful on the whole.
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registerme
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Post by registerme on Jul 22, 2019 11:16:27 GMT
I agree. Shouldn't this process be transparent? Remediating investors then having them sign NDAs seems like a way of quieting people who make a lot of noise but without advertising it. Of course, there may be a perfectly reasonable (and fair) reason for this approach, but I'd like to know what that is. It's also interesting because it's created an unequal situation where some investors have been compensated in full for their mis-sold loans while others haven't received a penny. "When the platform failed in May, almost £600,000 in compensation had still to be paid."
Some of these loans are also under Model 1 terms so investors in them face potentially being unsecured creditors in the administration. Agreed / interesting / thank you. Is this something that is likely to be covered by any Creditors Committee (understanding that not of the details may be made public)?
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