agent69
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Post by agent69 on Jul 28, 2019 10:38:20 GMT
Once you have bern involved in an administration you realise that administrators are in the game to make money. Partner rates at 300-500 per hour. And to keep as many lawyers involved to maximise their administrative returns Yes it's a clear indication they're going to milk it for all it's worth. I have a couple of festering loans on TC and occasionally look at the TC VIP forum to see if anything is moving. Was looking at the N*** G**** loans thread and found the comments on the administrators work interesting.
Where as most people on this forum complain that administrators draw out the process unnecessarily to maximise their fees, on the TC forum the view often put forward is that administrators are too keen on accepting any low offer for assets, in order to get troublesome loans off the books.
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richox
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Post by richox on Jul 28, 2019 12:13:20 GMT
Wait a bit longer and you will start to see similar comments about the Lendy administrators. Drawing out the process is Phase 1.
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garfield
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Post by garfield on Jul 28, 2019 12:23:37 GMT
The form wants the information for 24 may..how do I find that out !??..the website just adds up the interest every day..no idea what it was then !! I have added a note at the top of the form: "Claims as at July 28 2019". Also a comment on the May 24 date: "changes every day". Probably all unnecessary, but this will form part of my own records. I've also taken a snapshot of my loans and interest owed with today's date.
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Post by billy169 on Jul 28, 2019 14:56:12 GMT
Yep.ive done exactly the same,,nowt else can do...the numbers looks nice,,, MASSIVE BUT !!
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Post by riddler on Jul 28, 2019 18:38:48 GMT
The form wants the information for 24 may..how do I find that out !??..the website just adds up the interest every day..no idea what it was then !! I have added a note at the top of the form: "Claims as at July 28 2019". Also a comment on the May 24 date: "changes every day". Probably all unnecessary, but this will form part of my own records. I've also taken a snapshot of my loans and interest owed with today's date.
Hi, How do I source my latest positions as of any date, since the website is down? I am a noobie here, but do have some investments with Lendy, so please go easy on me. Thanks
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star dust
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Post by star dust on Jul 28, 2019 18:47:06 GMT
I have added a note at the top of the form: "Claims as at July 28 2019". Also a comment on the May 24 date: "changes every day". Probably all unnecessary, but this will form part of my own records. I've also taken a snapshot of my loans and interest owed with today's date.
Hi, How do I source my latest positions as of any date, since the website is down? I am a noobie here, but do have some investments with Lendy, so please go easy on me. Thanks I understand the Lendy Wealth Investors may have issues, but from your earlier posts you were a self-select investor, so....
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Post by riddler on Jul 28, 2019 19:19:09 GMT
Also, am I able to withdraw the cash on the platform into my bank account now? Or is this restricted? Please assist, although I only have around £2k of cash there, I might as well take it out if allowed rather than leaving it in there.
I anyway propose to call them tomorrow, but any assistance at this stage would be really helpful.
Thanks
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Post by billy169 on Jul 28, 2019 19:37:17 GMT
As I understand it,, nothing is allowed out until October.!
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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 Jul 28, 2019 21:02:40 GMT
Also, am I able to withdraw the cash on the platform into my bank account now? Or is this restricted? Please assist, although I only have around £2k of cash there, I might as well take it out if allowed rather than leaving it in there. I anyway propose to call them tomorrow, but any assistance at this stage would be really helpful. Thanks Did you receive the emails from the administrator? As per them, no withdrawals can be made until they have resolved an issue with AML regulations. Current estimated time for that to be achieved is 1 Oct as Billy said. If you havent had the emails the updates can be accessed on the Lendy site front page (hasnt yet been updated yet with latest)
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garfield
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Post by garfield on Jul 28, 2019 21:48:18 GMT
Also, am I able to withdraw the cash on the platform into my bank account now? Or is this restricted? Please assist, although I only have around £2k of cash there, I might as well take it out if allowed rather than leaving it in there. I anyway propose to call them tomorrow, but any assistance at this stage would be really helpful. Thanks
Hi riddler, have you been getting the updates from RSM? The last one was Friday 26th. They explain the position wrt cash, including anything held on account. Nothing can be paid out at the present time.
And have you joined the Lendy Action Group? lendyactiongroup.co.uk
There is also a page on Facebook.
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Post by Please turn me over on Jul 31, 2019 8:56:25 GMT
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Post by billy169 on Jul 31, 2019 9:04:24 GMT
FCA position made very clear there.!
F,,k off to all investers.
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agent69
Member of DD Central
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Post by agent69 on Jul 31, 2019 9:36:17 GMT
FCA: "Our primary focus remains the protection of investors, but I can confirm that the FCA will not be compensating lenders for any shortfall in the firm’s remediation plan."The FCA say that Lendy "volunteered to complete a remediation exercise after we identified issues with the quality of information being presented to investors on certain loans"
So does the statement that the FCA will not compensate only relate to those certain loans which prompted the remediation exercise.
Anyone know which loans these were?
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garfield
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Post by garfield on Jul 31, 2019 10:36:03 GMT
Anyone know which loans these were?
There's discussion about these on the LAG website, if you want more detail, but they are DFL001/2 and PBL094/155. Note the circumstances are not the same for all of these loans.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jul 31, 2019 11:17:11 GMT
Anyone know which loans these were?
There's discussion about these on the LAG website, if you want more detail, but they are DFL001/2 and PBL094/155. Note the circumstances are not the same for all of these loans.
I think the remediation might have only applied to loans bought on the SM after a certain date, when perhaps L became aware of facts which should have been notified to loan buyers on the SM. I bought two of them on the PM and was never offered any compensation.
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