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Post by Ace on May 30, 2019 11:56:15 GMT
You can delete your own posts yourself .. mods have plenty to do trying to spot and remove the libelous stuff. Wish people would just go kick a wall instead.... Ouch! Think I may have just broken my toe!
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Post by GSV3MIaC on May 30, 2019 13:32:34 GMT
You have my sympathy. All p2p investors need steel toecap safety shoes, or softer walls.
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Post by brightspark on May 30, 2019 13:51:20 GMT
On the other hand if the administrator decides to take on the task of loan recovery Remember that who manages the loan is already defined in the pre-planned wind-down procedure, part of the FCA approval. Is it not the case that the loan contracts are between the lenders and the borrowers with the platform acting as go-between? i.e. lenders are not creditors other than for money held on account. The FCA may prefer that the loans were handled by the Administrators but does that have to be the case? Many in business are very critical of the results of any Administration. In this case a better result might be for another platform to take over the loan book with a financial adjustment according.
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Post by GSV3MIaC on May 30, 2019 14:56:12 GMT
I'm sure that would be preferable, but for many/most loans I doubt you'll find a replacement, authorised, p2p company dumb enough to take the loans onboard. If it was just 'collect the money, strip out the fees, distribute the rest to lenders' it would not be a problem, but most of the loans are nothing like that by now.
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Post by meyerlansky on Jun 1, 2019 21:24:44 GMT
Can anybody explain the different between old term and new term. What if I bought 10 months ago in an investment that was started in early 2017. Do I have it with old or new term?
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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: 11,330 
Likes: 11,549
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Post by ilmoro on Jun 1, 2019 21:32:14 GMT
Can anybody explain the different between old term and new term. What if I bought 10 months ago in an investment that was started in early 2017. Do I have it with old or new term? Old term loans were loans that were launched before the platform became true P2P. Under old terms you were lending to Lendy who was then lending to the borrower so there was no direct relationship between the lender & borrower which is the key point of true P2P loans (article 36H is technical term). Loans before PBL064, except PBL37-39, and DFL001/2 are old term loans. You can see the terms each loan is on by clicking on particulars, scrolling to the botto. of the page & clicking on terms. Clause 4.5 is key term 'By funding a loan, you are agreeing to enter into a Loan Agreement with Lendy'
For the record unless you have investments in PBL027, 31, 56, DFL001 or 2 you only have new term loans
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Post by meyerlansky on Jun 1, 2019 21:41:27 GMT
Can anybody explain the different between old term and new term. What if I bought 10 months ago in an investment that was started in early 2017. Do I have it with old or new term? Old term loans were loans that were launched before the platform became true P2P. Under old terms you were lending to Lendy who was then lending to the borrower so there was no direct relationship between the lender & borrower which is the key point of true P2P loans (article 36H is technical term). Loans before PBL064, except PBL37-39, and DFL001/2 are old term loans. You can see the terms each loan is on by clicking on particulars, scrolling to the botto. of the page & clicking on terms. Clause 4.5 is key term 'By funding a loan, you are agreeing to enter into a Loan Agreement with Lendy'
For the record unless you have investments in PBL027, 31, 56, DFL001 or 2 you only have new term loans
How will it affect to share the pie in the end? Who has more rights? Possibly there wont be pie just crumbles  ((
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Monetus
Member of DD Central
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Post by Monetus on Jun 1, 2019 22:23:53 GMT
Can anybody explain the different between old term and new term. What if I bought 10 months ago in an investment that was started in early 2017. Do I have it with old or new term? Old term loans were loans that were launched before the platform became true P2P. Under old terms you were lending to Lendy who was then lending to the borrower so there was no direct relationship between the lender & borrower which is the key point of true P2P loans (article 36H is technical term). Loans before PBL064, except PBL37-39, and DFL001/2 are old term loans. You can see the terms each loan is on by clicking on particulars, scrolling to the botto. of the page & clicking on terms. Clause 4.5 is key term 'By funding a loan, you are agreeing to enter into a Loan Agreement with Lendy'
For the record unless you have investments in PBL027, 31, 56, DFL001 or 2 you only have new term loans
A question I have been pondering a lot over this past week in regards to these old terms loans is “if they weren’t P2P, what were they?” They clearly don’t match the FCA’s legal definition of a P2P agreement as per their handbook and definitely aren’t 36.H compliant. So the big question is: “If I wasn’t investing in P2P, what was I really investing in?” Anyone in these loans may find that the legal answer to this question becomes very important further down the line. As the FCA have stated on numerous occasions, the FSCS doesn’t cover P2P loans. But what if you weren’t actually investing in P2P? Some food for thought on a Friday evening... 
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Post by Ace on Jun 1, 2019 22:34:28 GMT
Old term loans were loans that were launched before the platform became true P2P. Under old terms you were lending to Lendy who was then lending to the borrower so there was no direct relationship between the lender & borrower which is the key point of true P2P loans (article 36H is technical term). Loans before PBL064, except PBL37-39, and DFL001/2 are old term loans. You can see the terms each loan is on by clicking on particulars, scrolling to the botto. of the page & clicking on terms. Clause 4.5 is key term 'By funding a loan, you are agreeing to enter into a Loan Agreement with Lendy'
For the record unless you have investments in PBL027, 31, 56, DFL001 or 2 you only have new term loans
A question I have been pondering a lot over this past week in regards to these old terms loans is “if they weren’t P2P, what were they?” They clearly don’t match the FCA’s legal definition of a P2P agreement as per their handbook and most certainly aren’t 36.H compliant. So the big question is: “If I wasn’t investing in P2P, what was I really investing in?” Anyone in these loans may find that the legal answer to this question becomes very important further down the line. As the FCA have stated on numerous occasions, the FSCS doesn’t cover P2P loans. But what if you weren’t actually investing in P2P? Some food for thought on a Friday evening... You've been working too hard @monetus, it's Saturday. Hope you haven't missed your flight back. Oh, and thanks for your efforts.
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Monetus
Member of DD Central
Posts: 1,179
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Post by Monetus on Jun 1, 2019 22:36:35 GMT
Oh dear I don’t even know what day it is... That’s what a night out at the Spurs stadium to watch them lose the Champions League final does to you... |
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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: 11,330
Likes: 11,549
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Post by ilmoro on Jun 1, 2019 23:05:31 GMT
Old term loans were loans that were launched before the platform became true P2P. Under old terms you were lending to Lendy who was then lending to the borrower so there was no direct relationship between the lender & borrower which is the key point of true P2P loans (article 36H is technical term). Loans before PBL064, except PBL37-39, and DFL001/2 are old term loans. You can see the terms each loan is on by clicking on particulars, scrolling to the botto. of the page & clicking on terms. Clause 4.5 is key term 'By funding a loan, you are agreeing to enter into a Loan Agreement with Lendy'
For the record unless you have investments in PBL027, 31, 56, DFL001 or 2 you only have new term loans
How will it affect to share the pie in the end? Who has more rights? Possibly there wont be pie just crumbles (( In theory, two separate pies. New term loans are secured against their own specific assets and the recovery generated from those assets will be returned to those specific lenders. Recoveries from old term loans are part of the general Lendy pie and will be distributed amongst all Lendy creditors, both those in old term loans and anyone else, plus potentially covering administrator fees. New term loans may welll have to contribute to the general administrator fees.
There is an interesting interest conflict here for the administrators in that they are required to maximise returns for lenders in individual loans at the same time as maximising returns for the general Lendy pot ... the former involves limiting the amount of money passed to the Lendy from individual realisations in interest/fees, the latter involves maximising the amount of cash passed to Lendy.
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Post by masquedefer on Jun 2, 2019 8:49:39 GMT
I bought all my old loans on the secondary market after the new loan terms were introduced. Will the FCA deem that I bought them under the new terms and are thus ring-fenced?
And (or alternatively) as mentioned by Monetus, if the old loans aren’t P2P loans at all as defined by FCA how could they have been resold on the Lendy’s P2P platform as a secondary market P2P loan (after Lendy had received provisional FCA approval)?. Surely a clear case of misselling
If old loans are not ring-fenced then the investor surely has entitlement to compensation from the financial services authority?
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((
