cwah
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Post by cwah on Apr 14, 2020 21:33:55 GMT
I always said we should pay them based on % of return and not on an hourly fee. Said that many times. Unfortunately people here believed it would make more sense to pay them by hour because of the size of the loan. Big big mistake now. We gonna receive next to nothing back
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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 Apr 14, 2020 23:07:16 GMT
Yes , Isn't it amazing how quickly RSM can get to court and take action when it involves the potential to earn more money for THEMSELVES , it is a pity they are not as diligent and expedient when they are looking to return money to us. Not sure they have exactly popped to court. The one article I found on applying for extensions made out its quite a labour intensive process though is a bit old. www.franciswilksandjones.co.uk/site/fwjsays/component_articles/component_articles_BT_In_Winter_2013.htmlNo doubt the time spent producing the magna opus to justify an extension will appear in the next bill.
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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
Posts: 10,848
Likes: 11,077
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Post by ilmoro on Apr 14, 2020 23:33:06 GMT
I always said we should pay them based on % of return and not on an hourly fee. Said that many times. Unfortunately people here believed it would make more sense to pay them by hour because of the size of the loan. Big big mistake now. We gonna receive next to nothing back Their fees come from Lendy. If you are trying to encourage them to recover more to earn a bigger fee then that effectively means you want them to charge us more as most of the potential recoveries are Lendy fee income from investors. The fee for RSM to manage the recovery process on behalf of lenders is a % of return, 3%. The problem is all the other fees Lendy is entitled to and their level isn't set by RSM. The level of recovery in most cases isn't controlled by RSM but by the individual IP appointed over the loans security and in most cases they are trying to polish a 't**d. All RSM can do is tell them to polish harder but there is a limit to what can be achieved.
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Post by loftankerman on Apr 15, 2020 8:32:45 GMT
I only checked in again to see what folk thought of the email I too received this morning. I'm pleased I haven't been holding out any expectations. I should be about 80 by the time they next decide they need to kick the can down the road for another three years, just to be sure there's absolutely nothing left. Five stars for their diligence from me.
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Post by Badly Drawn Stickman on Apr 15, 2020 8:57:28 GMT
I only checked in again to see what folk thought of the email I too received this morning. I'm pleased I haven't been holding out any expectations. I should be about 80 by the time they next decide they need to kick the can down the road for another three years, just to be sure there's absolutely nothing left. Five stars for their diligence from me. I suspect all the real conversation on this is on the facebook page, which I am not privy to (arguably my own choice). Since the slight flurry when funds were being raised (which I was content enough to contribute too) there has been little in the way of updates on this platform. I suspect that is going to be the way of it. I clearly missed the events that led to Monetus withdrawing from the front line, but very much hope he is Ok and has found a happy state of mind. Apart from the four loans that are likely to repay something, not being among the large number I have making me smile, I pretty much don't waste a lot of time thinking about it. Seems there is not a lot of choice really.
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sam i am
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Post by sam i am on Apr 15, 2020 11:34:27 GMT
I don't think we should be surprised at the extension of the administration. The legal processes to get control of the assets and release the cash can take a very long time. After the court cases there are bound to be appeals. And when the court allows no further appeals the borrower may then appeal the decision not to allow further appeals (as is happening with a Moneything loan). Then after that there may well be attempts to secure further repayment from personal guarantees or debentures. And then there's the possibility of professional negligence claims against valuers. The process goes on and on...
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tony9239
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Post by tony9239 on Apr 15, 2020 18:52:01 GMT
Apart from the four loans that are likely to repay something, not being among the large number I have making me smile, I pretty much don't waste a lot of time thinking about it. Seems there is not a lot of choice really. Yes, I have noticed that when RSM announce that DFL this or PBL that is going to repay, it's just like checking lottery numbers - I always have the one just above or just below the "lucky" number, but never the winning number itself.
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Post by martin44 on Apr 15, 2020 19:58:55 GMT
I don't think we should be surprised at the extension of the administration. The legal processes to get control of the assets and release the cash can take a very long time. After the court cases there are bound to be appeals. And when the court allows no further appeals the borrower may then appeal the decision not to allow further appeals (as is happening with a Moneything loan). Then after that there may well be attempts to secure further repayment from personal guarantees or debentures. And then there's the possibility of professional negligence claims against valuers. The process goes on and on... nice post thanks.. and just about sums it up.
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Post by df on Apr 15, 2020 21:24:29 GMT
I don't think we should be surprised at the extension of the administration. The legal processes to get control of the assets and release the cash can take a very long time. After the court cases there are bound to be appeals. And when the court allows no further appeals the borrower may then appeal the decision not to allow further appeals (as is happening with a Moneything loan). Then after that there may well be attempts to secure further repayment from personal guarantees or debentures. And then there's the possibility of professional negligence claims against valuers. The process goes on and on... Yes, it can take forever. We don't have a benchmark (it's been two years since Col went into administration and we don't know when this will come to an end) to make any meaningful predictions, but three more years for RSM sounds reasonable to me.
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Post by df on Apr 15, 2020 21:36:49 GMT
Apart from the four loans that are likely to repay something, not being among the large number I have making me smile, I pretty much don't waste a lot of time thinking about it. Seems there is not a lot of choice really. Yes, I have noticed that when RSM announce that DFL this or PBL that is going to repay, it's just like checking lottery numbers - I always have the one just above or just below the "lucky" number, but never the winning number itself. I'm not in any of recently listed loans. I've sold these 4 before administration. The ones I couldn't sell are very likely to take ages to crystallise.
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bugs4me
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Post by bugs4me on Apr 16, 2020 9:34:09 GMT
'....it's been two years since Col went into administration and we don't know when this will come to an end....' Having been involved (from the sidelines) with more than a couple of Administrators/Receivers/Liquidators it's always a funny coincidence how quickly these things are finalised once there are only a few coppers (if any) left for the creditors.
Of course whilst there are funds available that can still be stolen grabbed by those appointed A, R and L's it's strange how time seems to mysteriously drag out the process.
I've always maintained the injustice of it all and in my mind at least have written off any meaningful return.
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neeps
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Post by neeps on Apr 16, 2020 15:43:59 GMT
Article in the FT this morning 'The UK accounting industry was plunged into its worst crisis in over a decade as the “Big Four” firms cut partners’ pay while their smaller rivals furloughed junior staff.'.
Perfect opportunity to 'hang out' any ongoing administrations, especially as the FCA with do sweet felicity arkwright about chasing them!!
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TitoPuente
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Post by TitoPuente on Apr 16, 2020 19:35:12 GMT
Article in the FT this morning 'The UK accounting industry was plunged into its worst crisis in over a decade as the “Big Four” firms cut partners’ pay while their smaller rivals furloughed junior staff.'. Perfect opportunity to 'hang out' any ongoing administrations, especially as the FCA with do sweet felicity arkwright about chasing them!! Fairly larger companies are using the Coronavirus Job Retention Scheme (aka furlough scheme) to cover previous cockups. I have anecdotal first hand evidence of a large client shutting down their engagement and my employer, a large professional services firm, using the CJRS opportunistically. Our administrator friends will not miss an opportunity to milk someone, being these their usual target victims or the naive and unaware government. Staff will be furloughed and administration processes will be extended in aeternum.
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henryjford
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Post by henryjford on Apr 16, 2020 21:32:20 GMT
Could someone inform me please as to the AML verification process and when it may end? Or am I supposed to have done something? TIA
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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 Apr 16, 2020 22:35:13 GMT
Could someone inform me please as to the AML verification process and when it may end? Or am I supposed to have done something? TIA I would suggest you go to the Lendy website home page (ie http://www.lendy.co.uk) and read the updates. You should have received an email either telling you that you had been verified or requesting further details so check your inbox. Process still ongoing so you haven't been excluded. Failing that login to your account and see if you can withdraw. I would also suggest joining the Lendy Action Group FB group which is the main source of info these days plus the focus of the attempted fight back.
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