merlin99
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Post by merlin99 on Feb 2, 2022 12:41:34 GMT
I am afraid I can't help humming an old ruby song which included the words "round and round went the bl**dy great wheel" and had a lot to do with being shafted! I sure feel that I am being financially shafted and the current irritations don't help.
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Post by scooter20 on Feb 7, 2022 16:23:11 GMT
well its been 5 years since the first loan. just over 2k stuck in lendy. maybe managed to withdraw like 200 quid or whatever since they went under. is there absolutely any updates with these or what?
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p2pete
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Post by p2pete on Feb 8, 2022 12:12:08 GMT
The most recent progress report was published on 21/12/2021 which says:
As Investors will be aware, following realisations on the loan book, the Joint Administrators had
continued processing interim distributions of loan proceeds to Investors in relation to a number
of specific loans until such time the Judgement was handed down on 12 August 2021. Upon
receipt of the Judgement, the Joint Administrators wrote to all Investors to advise them that
until an agreement could be reached with the various stakeholders as to the applicable costs
and expenses Lendy has incurred in collecting and realising these funds , no further
distributions would be processed.
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quidco
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Post by quidco on Feb 9, 2022 7:54:40 GMT
The most recent progress report was published on 21/12/2021 which says: As Investors will be aware, following realisations on the loan book, the Joint Administrators had continued processing interim distributions of loan proceeds to Investors in relation to a number of specific loans until such time the Judgement was handed down on 12 August 2021. Upon receipt of the Judgement, the Joint Administrators wrote to all Investors to advise them that until an agreement could be reached with the various stakeholders as to the applicable costs and expenses Lendy has incurred in collecting and realising these funds , no further distributions would be processed. "Stakeholders" in lender's money...
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TitoPuente
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Post by TitoPuente on Feb 9, 2022 9:30:11 GMT
According to the LAG leader, RSM are being irresponsive in the process to agree a few items left out of the ruling last year. It's beyond me why the court left out contentious items.
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rocky1
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Post by rocky1 on Feb 9, 2022 9:51:36 GMT
dont say they are now going to do a MT and seek the court route again using our funds held back for their fees and costs until there is sod all left. p2p is certainly a good little earner for everybody it seems. who are the bloody stakeholders anyway ?bloody hyenas and vultures in white collars the lot of them.
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r1200gs
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Post by r1200gs on Feb 9, 2022 12:30:03 GMT
As long as the administrators are sure of getting their extortionate fees then they have no incentive to speed this up or make this easier, not a jot. When the pot is empty, then they'll find a way to close the book.
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rocky1
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Post by rocky1 on Feb 9, 2022 13:36:04 GMT
so RSM are now nit picking the courts ruling at our expense i suppose.LAG should demand they follow the court ruling and get on with the job of winding this farce of administration up once and for all. probably looking for another years extension to carry on milking the cash cow. i understand that they need to be paid and there are fees and costs but all of them now LY,COLL.MT,FS,seem to be looking for ways down legal routes at our cost to make sure they squeeze as much as they can out of our pittance of returns on these loans. get on with the job WE are bloody paying you for and stop taking us for fools and mugs. the platforms and their directors have already done done that big time.
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ilmoro
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'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 Feb 9, 2022 13:56:30 GMT
so RSM are now nit picking the courts ruling at our expense i suppose.LAG should demand they follow the court ruling and get on with the job of winding this farce of administration up once and for all. probably looking for another years extension to carry on milking the cash cow. i understand that they need to be paid and there are fees and costs but all of them now LY,COLL.MT,FS,seem to be looking for ways down legal routes at our cost to make sure they squeeze as much as they can out of our pittance of returns on these loans. get on with the job WE are bloody paying you for and stop taking us for fools and mugs. the platforms and their directors have already done done that big time. No, they are not. The parties are negotiating how fees for managing the recovery of the loan book should be charged. The court hasn't ruled on the question, it's a deferred issue. It the administrators job to maximise returns for creditors so they have to ensure the legal position is correct or they are liable. We aren't paying them ... the job is still being done.
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rocky1
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Post by rocky1 on Feb 9, 2022 14:57:15 GMT
are we creditors? it seems they are maximising returns for themselves and it has been so long now on some of these loans could some one remind us who are all of these creditors and what do we owe them.the only money coming in is recoveries from our loans so the only thing to pay anything must come from our money.i dont think LB/LENDY have been dipping their hands in their pockets anytime during this farce of a show.
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ilmoro
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'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 Feb 9, 2022 15:27:55 GMT
are we creditors? it seems they are maximising returns for themselves and it has been so long now on some of these loans could some one remind us who are all of these creditors and what do we owe them.the only money coming in is recoveries from our loans so the only thing to pay anything must come from our money.i dont think LB/LENDY have been dipping their hands in their pockets anytime during this farce of a show. Mostly no, though that may change dependent on the outcome of the deferred issue on the matter. The creditors are M1 lenders, HMRC (dependent on the outcome of the case against the directors) and assorted professionals like lawyers, valuers etc and maybe an employee. Money is from Lendy funds, the PF recovery, recoveries from M1 loans and Lendy contractural entitlement for managing the recovery of loans, which is subject to negotiation. RSM are required to ensure that Lendy is paid for the work that is being done on lenders behalf and that includes anything relating to their own part in that.
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rocky1
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Post by rocky1 on Feb 9, 2022 16:06:13 GMT
so this so called lendy contract entitlement which when they were taking default interest as well was more than the returns to lenders on most loans. the directors are lendy and as proven a lot of these loans were not exactly what they said they were.why is this lendy entitlement not being used to pay RSM administration fees/costs when LB/LENDY still stand to take a few more millions and us paying for RSM to collect it for them.probably all legal LB tried to make sure of that but the whole lot of it stinks
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Post by lestrute on Jun 5, 2022 10:34:23 GMT
Hi
I freely admit that I have struggled to follow what has been going on. I am now completely clueless as to what is happening and whether there is going to be any chance of received any monies from this. Can someone please summarise where we are? What the likelihood of a payoutr is? when that might be etec?
Thanks very much
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ilmoro
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'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 Jun 5, 2022 11:23:19 GMT
Hi I freely admit that I have struggled to follow what has been going on. I am now completely clueless as to what is happening and whether there is going to be any chance of received any monies from this. Can someone please summarise where we are? What the likelihood of a payoutr is? when that might be etec? Thanks very much The administrators believed that Lendy was entitled to a) receive any default interest accrued, b) receive all money due to it in equal priority to sums due to lenders. Payouts were therefore made on a pro rata basis. This was disputed by lenders so the Court was asked to decide the correct interpretation of the various contracts. The Court determined that a) lenders were entitled to default interest, b) took priority over Lendy for repayment. The next question is how the work involved in recovering the loans on behalf of lenders should be paid for and how these cost/fees should be determined. Currently this is subject to negotiations between LAG and the administrators. Unfortunately it is proving a protracted process and until it is resolved (and signed off by the Court) no money will be paid out. There will be a payout but it will very much depend on which loans lenders are in as to how much. As to when, we dont know. Unfortunately the negotiations are confidential and those involved are limited on what they can say. Updates are provided on the FB group page. In general, the majority of the loans have been resolved as far as realisation of security, but there may still be claims against guarantors & professional advisors (who gets the money/pays is another thing that has to be agreed). Next admin report is imminent which will give a clearer picture.
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Post by lestrute on Jun 5, 2022 20:06:18 GMT
Thanks very much. Very clear and succiinct!
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