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Post by samford71 on Aug 4, 2019 12:56:07 GMT
thedog . As far as I know, Lendy Wealth investors are going to treated as owning a portfolio of individual loans, the same as an Self Select Investor. In that sense, SSSH is the trustee for the security. The difference is that Lendy Wealth investors never actually chose their loans. Other P2P platforms with black box products tend to use some form of algorithm to distribute loans units. In some cases that distribution may change daily. The algorithmic approach to some degree protects the platform from the charge they are managing the portfolio on a discretionary basis for the client. Did Lendy use such an algorithm or were investors allocated units manually? Moreover, in case like some of AC's products or RS, the investor can see the individual loans they are exposed too. This again protects the platform from the charge that this is just a collective investment scheme (even if in pragmatic terms it still is). Did Lendy Wealth customers have that visibility?
Lendy and other platforms are not investment advisers (CF30 customer function). The are agents; they should not be advising their clients to do anything. Did they effectively provide advice to Lendy Wealth clients? Did they effectively run an unregulated CIS post full permissions from the FCA. If there is one area where a mis-selling claim looks the strongest, I'd argue Lendy Wealth is it.
With regard to your comments re: similarities with credit markets. Yes, there are parallels. Platform risk, in particular, is woefully underestimated by investors as is the correlation aspect. I've been bleating on about P2P just being another form of fixed income credit product for almost 6 years on this forum. Somehow the P2P industry have convinced people that P2P is a new 'asset class' when it's just some loans with a P2P platform as an intermediary agent. Most of the forum members here wouldn't touch a leveraged loan fund with a bargepole but somehow speculative property development loans were just fine!
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thedog
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Post by thedog on Aug 4, 2019 15:22:12 GMT
Agree, was just making the point that was as "security trustee" .
Interesting point about how LW investors had their loans allocated - I've no idea but yes if it was carried out by staff on a subjective basis certainly smells like discretionary funds managemnt.
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Post by valueinvestor123 on Aug 5, 2019 18:41:06 GMT
Quick question: does anyone need to fill out the proof of debt form or just specific people that want to vote?
I think I missed the deadline in any case.
What's the latest? Just wait till the 1st of October?
Thanks. and sorry I didn't read the whole thread.
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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 Aug 5, 2019 19:31:05 GMT
Quick question: does anyone need to fill out the proof of debt form or just specific people that want to vote? I think I missed the deadline in any case. What's the latest? Just wait till the 1st of October? Thanks. and sorry I didn't read the whole thread. No, no requirement currently other than if youd wanted to vote. You have Creditors committee elected including two forumites, first meeting due in 5 weeks. Funds will be distributed from recoveries achieved to date shortly but wont be accessible until AML issues resolved by Oct.
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Post by wp69 on Aug 5, 2019 20:26:52 GMT
I presume there isn’t any legal advice being obtained by the CC on behalf of the creditors as the members are creditors like the rest of us? Are there any ideas as to how this could be funded as it seems there are a lot of legal issues which could be relevant to getting our money back?
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p2pete
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Post by p2pete on Aug 7, 2019 6:45:14 GMT
The platform is down. Don't tell me the Administrators forgot to pay the bills again!?
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Post by picanto on Aug 7, 2019 8:02:25 GMT
The platform is down. Don't tell me the Administrators forgot to pay the bills again!? Lendy's platform is working for me as of 9.00am.
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p2pete
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Post by p2pete on Aug 7, 2019 8:06:25 GMT
Yes it's back now, thanks.
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m2btj
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Post by m2btj on Aug 7, 2019 9:04:13 GMT
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sirius
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Post by sirius on Aug 7, 2019 20:51:21 GMT
Hi
Has anyone found a way to download the 'Lendy loan parts' from the site using Open Office, or how to convert the Excel sheet to Open Office please?
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sirius
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Post by sirius on Aug 8, 2019 22:07:27 GMT
Hi paul123
My browser is Maxthon
When I type in 'lendy.co.uk/my-loans.csv' it takes me to Lendy login and then opens the spreadsheet in Word, which has most of the functions disabled so I still cannot do much with it.
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registerme
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Post by registerme on Aug 8, 2019 23:57:19 GMT
Hi paul123 My browser is Maxthon When I type in 'lendy.co.uk/my-loans.csv' it takes me to Lendy login and then opens the spreadsheet in Word, which has most of the functions disabled so I still cannot do much with it. Works fine for me in Chrome. Give that a go?
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Post by westcountryfunder on Aug 9, 2019 9:29:37 GMT
Hi paul123 My browser is Maxthon When I type in 'lendy.co.uk/my-loans.csv' it takes me to Lendy login and then opens the spreadsheet in Word, which has most of the functions disabled so I still cannot do much with it. Works fine for me in Chrome. Give that a go? I can confirm that it works fine in Chrome (on Linux Mint 18 platform in my case). However, it may have nothing to do with the browser. It's a matter of what your platform (Windows, mac, Linux) does with a .csv file. But in your case if it opens a Word document then presumably you can save the file unaltered as .csv somewhere along with your Open Office spreadsheets; then open it with OO. Ideally you should be able to find an option (default applications, perhaps) to define what your platform does automatically with specific file types - in this case it should not specify Word.
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Kyrios
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Post by Kyrios on Aug 16, 2019 16:05:43 GMT
Update now
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Post by faraday815 on Aug 16, 2019 16:16:11 GMT
Check your emails, and also login to the lendy website to check all your personal details are up to date.
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