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Post by Companion Cube on Jun 26, 2019 11:36:50 GMT
"Please login to Lendy and tell us the PBL number of the loan at the top of the Claims Underway page."
Seriously? This is what passes for a question that nosey-parkers and/or those seeking to disrupt the group would be "unable" to answer? [I'm sure the answer would be readily available on the forum, but I'll not link to it just to make the point, and in any case, anyone with even a passing interest in Lendy probably has an account and can answer that question and lie about the previous one]
It also doesn't even have a single unambiguous answer - it changes depending on what column you sort by (in list mode), and whether the view is in the (default for users who haven't changed it) "slabs" mode [which has up to 4 different loans on the "top" row depending on window size] or the list mode [which has a single row at "the top"].
To my mind, the biggest risk of this "action group" is that it is a self-selected and unrepresentative sample of the wider Lendy user-base, but may be perceived by various outside entities as speaking for the whole group of Lendy investors, taking stances on various matters that non-members may not agree with if consulted... in particular, I would hope that the administrators and wind-down operators ignore the existence of this group, and instead consult ALL investors on matters that affect them. So what should they have done?
You can hope all day long. I'm in favour of the people taking action, hope has got us nowhere.
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star dust
Member of DD Central
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Post by star dust on Jun 26, 2019 11:42:36 GMT
"Please login to Lendy and tell us the PBL number of the loan at the top of the Claims Underway page."
Seriously? This is what passes for a question that nosey-parkers and/or those seeking to disrupt the group would be "unable" to answer? [I'm sure the answer would be readily available on the forum, but I'll not link to it just to make the point, and in any case, anyone with even a passing interest in Lendy probably has an account and can answer that question and lie about the previous one]
It also doesn't even have a single unambiguous answer - it changes depending on what column you sort by (in list mode), and whether the view is in the (default for users who haven't changed it) "slabs" mode [which has up to 4 different loans on the "top" row depending on window size] or the list mode [which has a single row at "the top"].
To my mind, the biggest risk of this "action group" is that it is a self-selected and unrepresentative sample of the wider Lendy user-base, but may be perceived by various outside entities as speaking for the whole group of Lendy investors, taking stances on various matters that non-members may not agree with if consulted... in particular, I would hope that the administrators and wind-down operators ignore the existence of this group, and instead consult ALL investors on matters that affect them. I thought exactly the same when I saw the sign-up questions, if there are no further 'precautions' I would think there are probably also a number of borrowers or related members there too including one from London perhaps  ?
With regard to the final point I'd heard that the Facebook LAG had already written to the administrators demanding several things though I've got no direct knowledge of the content and am going on hearsay really; but your final point sprang to mind and I was contemplating writing to the administrators to say that no-one had consulted me so anyone writing claiming to represent my views does not unless I inform them of the contrary.
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Post by Deleted on Jun 26, 2019 11:58:36 GMT
"Please login to Lendy and tell us the PBL number of the loan at the top of the Claims Underway page."
Seriously? This is what passes for a question that nosey-parkers and/or those seeking to disrupt the group would be "unable" to answer? [I'm sure the answer would be readily available on the forum, but I'll not link to it just to make the point, and in any case, anyone with even a passing interest in Lendy probably has an account and can answer that question and lie about the previous one]
It also doesn't even have a single unambiguous answer - it changes depending on what column you sort by (in list mode), and whether the view is in the (default for users who haven't changed it) "slabs" mode [which has up to 4 different loans on the "top" row depending on window size] or the list mode [which has a single row at "the top"].
To my mind, the biggest risk of this "action group" is that it is a self-selected and unrepresentative sample of the wider Lendy user-base, but may be perceived by various outside entities as speaking for the whole group of Lendy investors, taking stances on various matters that non-members may not agree with if consulted... in particular, I would hope that the administrators and wind-down operators ignore the existence of this group, and instead consult ALL investors on matters that affect them. I thought exactly the same when I saw the sign-up questions, if there are no further 'precautions' I would think there are probably also a number of borrowers or related members there too including one from London perhaps ?
With regard to the final point I'd heard that the Facebook LAG had already written to the administrators demanding several things though I've got no direct knowledge of the content and am going on hearsay really; but your final point sprang to mind and I was contemplating writing to the administrators to say that no-one had consulted me so anyone writing claiming to represent my views does not unless I inform them of the contrary.
The views and recommendation to the admins are that of the LAG group members, they're not speaking for anyone else. Nothing is stopping anyone from writing to Lendy/admins/FO/FCA individually, most of us already have done over the last 6 months on numerous occasions. If you don't agree to what the LAG is debating and proposing, then don't sign up to the website and you won't be spoken for!
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sl75
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Post by sl75 on Jun 26, 2019 13:18:03 GMT
So what should they have done?
You can hope all day long. I'm in favour of the people taking action, hope has got us nowhere.
What should be done right now? Sitting tight and waiting for the initial report from the administrators. Anyone with pertinent information that the administrators might not already be aware of to supply that information for them to consider for their report and their further action.
This "Action Group" appears to me to have the same logic behind it as the oft-quoted - We must do something
- This is something
- Therefore, we must do this.
There seems to me a very real risk that "actions" initiated by well-meaning groups may undermine the result the members desire.
In the clip that iRobot recently posted about, the FCA spokesman made it clear the FCA had been on the case for months, but was unwilling to share much detail due to "an enforcement going on in this field".
I'm fully in favour of the people who are actually taking action (the FCA and administrators).
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Jun 26, 2019 13:29:50 GMT
I thought exactly the same when I saw the sign-up questions, if there are no further 'precautions' I would think there are probably also a number of borrowers or related members there too including one from London perhaps ?
With regard to the final point I'd heard that the Facebook LAG had already written to the administrators demanding several things though I've got no direct knowledge of the content and am going on hearsay really; but your final point sprang to mind and I was contemplating writing to the administrators to say that no-one had consulted me so anyone writing claiming to represent my views does not unless I inform them of the contrary.
The views and recommendation to the admins are that of the LAG group members, they're not speaking for anyone else. Nothing is stopping anyone from writing to Lendy/admins/FO/FCA individually, most of us already have done over the last 6 months on numerous occasions. If you don't agree to what the LAG is debating and proposing, then don't sign up to the website and you won't be spoken for!That is a bit of a circular argument, in that you have to sign up to find out what LAG is proposing. I think that some sort of Lender group representation is going to be desirable, but I'm not so sure about a group representing some but not all (and currently not even a significant number) of Lenders. What % of the loan book do LAG currently represent? And even within LAG how democratic is it and who is going to decide what actions should be taken? To get a high % of lenders on board LAG needs to be able to contact and poll lenders on its intentions and for that it needs contact details, or a route to contact lenders. Maybe that is what LAG should be asking the Administrators to do, ie, inform all lenders of at least the existence of LAG, so it could attract more lenders to join.
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Post by Deleted on Jun 26, 2019 14:03:03 GMT
So what should they have done?
You can hope all day long. I'm in favour of the people taking action, hope has got us nowhere.
What should be done right now? Sitting tight and waiting for the initial report from the administrators. Anyone with pertinent information that the administrators might not already be aware of to supply that information for them to consider for their report and their further action.
That is precisely what you should do. As I pointed out to you on numerous previous rants, if you want to make yourself known to the FCA and administrators, email them on the address they have provided. The Insolvency Act isn't going to change because you disagree with the structure it clearly lays out and must be carried out under law. By the way that you're continually trying to push against everyone else on here, determined to make sure you get a result contrary to what most other people seem to be wanting, I submit to you that you have lost 75% of your capital in a loan and now think your best chances are for a large pot of all money to be evenly distributed across all lenders to cover your losses. That is the direction you appear to be heading in every post in which you push back against other investors. You've done it in many posts to me before storming off with the last word and starting again in another thread. You have made it clear that you don't want to join LAG (even though you have an account there), you're not interested in contributing to it with your thoughts yet you moan about LAG representing it's members, you attack it's method of verification, anything else or are you done for the time being? If you can't be bothered to put a letter together and deliver it to the FCA/FO/RSM now, then wait until the administrators report is out, and if you don't like it you can make yourself known to them at that time too. Butting heads with other investors is only going to make you even more frustrated, because most of us understand that the process RSM are currently following is the ONLY way things are going to be done until their report is published, and understand that they have given us a contact email for any pertinent info we might wish them to include in their investigation. That's all that can be done now, so take a chill pill and try to relax, or go outside and enjoy the sun Simon!
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Post by Deleted on Jun 26, 2019 14:06:50 GMT
The views and recommendation to the admins are that of the LAG group members, they're not speaking for anyone else. Nothing is stopping anyone from writing to Lendy/admins/FO/FCA individually, most of us already have done over the last 6 months on numerous occasions. If you don't agree to what the LAG is debating and proposing, then don't sign up to the website and you won't be spoken for!That is a bit of a circular argument, in that you have to sign up to find out what LAG is proposing. I think that some sort of Lender group representation is going to be desirable, but I'm not so sure about a group representing some but not all (and currently not even a significant number) of Lenders. What % of the loan book do LAG currently represent? And even within LAG how democratic is it and who is going to decide what actions should be taken? To get a high % of lenders on board LAG needs to be able to contact and poll lenders on its intentions and for that it needs contact details, or a route to contact lenders. Maybe that is what LAG should be asking the Administrators to do, ie, inform all lenders of at least the existence of LAG, so it could attract more lenders to join. How LAG chooses to run it's private website to the benefit of it's members is of no concern to you if you don't wish to be part of the group. If you disagree with anything in the administrator's report then you should contact them at that point, as will LAG. No one can do anything until the administrator's report is out. Why not create your own group and invite investors to your website with your own set of proposals based upon your own ideas? If you have a large number of investors signing up you can let everyone else know so we can critique and give you feedback.
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Greenwood2
Member of DD Central
Posts: 4,385
Likes: 2,784
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Post by Greenwood2 on Jun 26, 2019 14:25:48 GMT
That is a bit of a circular argument, in that you have to sign up to find out what LAG is proposing. I think that some sort of Lender group representation is going to be desirable, but I'm not so sure about a group representing some but not all (and currently not even a significant number) of Lenders. What % of the loan book do LAG currently represent? And even within LAG how democratic is it and who is going to decide what actions should be taken? To get a high % of lenders on board LAG needs to be able to contact and poll lenders on its intentions and for that it needs contact details, or a route to contact lenders. Maybe that is what LAG should be asking the Administrators to do, ie, inform all lenders of at least the existence of LAG, so it could attract more lenders to join. How LAG chooses to run it's private website to the benefit of it's members is of no concern to you if you don't wish to be part of the group. If you disagree with anything in the administrator's report then you should contact them at that point, as will LAG. No one can do anything until the administrator's report is out. Why not create your own group and invite investors to your website with your own set of proposals based upon your own ideas? If you have a large number of investors signing up you can let everyone else know so we can critique and give you feedback. What I like is a really welcoming group, always looking for feedback.
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Post by Deleted on Jun 26, 2019 14:31:08 GMT
How LAG chooses to run it's private website to the benefit of it's members is of no concern to you if you don't wish to be part of the group. If you disagree with anything in the administrator's report then you should contact them at that point, as will LAG. No one can do anything until the administrator's report is out. Why not create your own group and invite investors to your website with your own set of proposals based upon your own ideas? If you have a large number of investors signing up you can let everyone else know so we can critique and give you feedback. What I like is a really welcoming group, always looking for feedback. That's what the LAG forums on the various topics are for ;-)
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wuzimu
Member of DD Central
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Post by wuzimu on Jun 26, 2019 14:40:11 GMT
Lendy Action Group (LAG) is a social group with defined aims and an initial set of strategic positions.
LAG only represents the lenders who support it, if you don't support it, don't be a member.
If you join and don't agree with the group, you can leave. No money or enduring commitment is required from anybody.
I really cannot understand the negative comments from a few posters on this thread,
but anyway if you have not joined LAG, or joined and left, then LAG would certainly not believe it has your support or represent to anybody it does, so relax about that.
As to the negative comments that the efforts LAG are making are all a waste of time ..... well supporters of LAG obviously take a different view , so we disagree.
And some of us have unfortunately been through similar investment disasters and know from first had experience that the existence of a pressure group representing investors views is generally a very powerful influence to achieving a good recovery for investors. And fundementally lenders have been kippered by Lendy because we are disparate and in a weaker position for that compared to Lendy or borrowers. Use of social media is a fantastic way motivated lenders can come together to improve their position in all sorts of ways.
An experienced insolvency practitioner from one of the big 4 accountancy firms put it to me this way - 'there is only so much the administrator can do for investors, there are some things they must do for themselves.'
Just by being 'out there' , even in these opening weeks, LAG has gathered all sorts of knowledge that is really going to help as the administration progresses. It's early doors but we definitely feel we are going to make a real difference to how this turns out for lenders. At the end of the day the active members of LAG have all got busy lives, if we didn't believe what we were engaged in was useful, we wouldn't bother. But for sure the only people who need to be concerned what we are doing is the ex-management of Lendy and borrowers.
Right now the more LAG members there are the stronger our voice becomes, so if you are a Lendy lender and haven't joined LAG please join!
if you don't want to stay a member you can leave the group at any time - there is no conspiracy to be found here.
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sl75
Posts: 2,092
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Post by sl75 on Jun 26, 2019 16:40:37 GMT
... if you want to make yourself known to the FCA and administrators, email them on the address they have provided... I did, and one of the points I made was considered sufficiently pertinent that it elicited a direct reply from Mark Wilson. My impression is that he's a busy man right now, and that no follow-up from me was required... they're looking into it.
I'm not sure I've got much else to say to them that won't either be abundantly evident from the investigations they're already conducting, or said hundreds of times over by others who are contacting them. Some of the members of the LAG appear to have better information that's worth discussing further with the administrators, and they don't need the "support" of hundreds of other lenders in an "action group" to do so.
I've ignored the parts of your posts that appear to consist of personal attacks and/or attributing opinions to me that I don't hold. I suspect you may have been remembering someone else's opinions from some other argument.
How LAG chooses to run it's private website to the benefit of it's members is of no concern to you if you don't wish to be part of the group. If that private website (or closed facebook group or whatever) results in disclosure to "members" of information that must be kept confidential from certain parties to avoid prejudicing a case in which I (or an agent acting on my behalf) am or will be involved, it is very much a concern of mine. The security theatre on the sign-up page appears intended to give members the impression that only verified lenders are capable of joining the group, and to my mind increases the risk that some people might carelessly discuss information that they would not be prepared to discuss if they knew the various counterparties were watching. To be quite frank, not only would I be fairly sure the group would be easily infiltrated by persons acting against lenders' interest, I don't even know FOR CERTAIN even that the people running the website are aligned with lenders' interests as they claim (as you say, that's no direct concern of mine, but could be of quite substantial indirect concern as above). I hope that people who've joined have adequately satisfied themselves that their interests are indeed aligned, especially so if they plan on sharing any potentially sensitive information.
Ultimately, I remain unconvinced of the utility of semi-private groups such as this - if something isn't suitable for discussing "in public" e.g. on this forum, I don't think it should be considered suitable for discussion in a "private" group whose members are not all personally known to each other either. I'm pretty sure that the people with the most valuable information are well aware of such considerations and extemely careful in who they discuss it with openly.
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travolta
Member of DD Central
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Post by travolta on Jun 26, 2019 18:40:36 GMT
Chill, Children. Everybody is doing their best in the format that suits them. You are upset and narky. There is no need to fight like dogs over a bone. Have a little faith.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Jun 26, 2019 19:29:07 GMT
What I like is a really welcoming group, always looking for feedback. That's what the LAG forums on the various topics are for ;-) So why so negatively aggressive on here to anyone who wants to make a comment?
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Post by Deleted on Jun 27, 2019 0:25:56 GMT
... if you want to make yourself known to the FCA and administrators, email them on the address they have provided... I did, and one of the points I made was considered sufficiently pertinent that it elicited a direct reply from Mark Wilson. My impression is that he's a busy man right now, and that no follow-up from me was required... they're looking into it.
I'm not sure I've got much else to say to them that won't either be abundantly evident from the investigations they're already conducting, or said hundreds of times over by others who are contacting them. Some of the members of the LAG appear to have better information that's worth discussing further with the administrators, and they don't need the "support" of hundreds of other lenders in an "action group" to do so.
I've ignored the parts of your posts that appear to consist of personal attacks and/or attributing opinions to me that I don't hold. I suspect you may have been remembering someone else's opinions from some other argument.
How LAG chooses to run it's private website to the benefit of it's members is of no concern to you if you don't wish to be part of the group. If that private website (or closed facebook group or whatever) results in disclosure to "members" of information that must be kept confidential from certain parties to avoid prejudicing a case in which I (or an agent acting on my behalf) am or will be involved, it is very much a concern of mine. The security theatre on the sign-up page appears intended to give members the impression that only verified lenders are capable of joining the group, and to my mind increases the risk that some people might carelessly discuss information that they would not be prepared to discuss if they knew the various counterparties were watching. To be quite frank, not only would I be fairly sure the group would be easily infiltrated by persons acting against lenders' interest, I don't even know FOR CERTAIN even that the people running the website are aligned with lenders' interests as they claim (as you say, that's no direct concern of mine, but could be of quite substantial indirect concern as above). I hope that people who've joined have adequately satisfied themselves that their interests are indeed aligned, especially so if they plan on sharing any potentially sensitive information.
Ultimately, I remain unconvinced of the utility of semi-private groups such as this - if something isn't suitable for discussing "in public" e.g. on this forum, I don't think it should be considered suitable for discussion in a "private" group whose members are not all personally known to each other either. I'm pretty sure that the people with the most valuable information are well aware of such considerations and extemely careful in who they discuss it with openly.
You are of course entitled to your opinion, and others will do the same and act as they feel appropriate.
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Post by Deleted on Jun 27, 2019 0:39:11 GMT
That's what the LAG forums on the various topics are for ;-) So why so negatively aggressive on here to anyone who wants to make a comment? When investors find this forum in google search and learn about LAG; created and run by volunteer investors who only wish a positive outcome from the mess LB has created, prolific ranting about it's unsuitability on virtually every level will not aid in it representing the best interests of all investors. Quite the contrary, the fewer investors contributing, the less likely it is going to represent everyone's views and interests, so when those interests aren't aligned to his, or get an outcome he doesn't agree with, it's hardly anyone else's fault. I get that he's frustrated, we all are, but now is the time to come together, not attacking other investors as if they are doing dirty deals with the administrator to his detriment. It's worrying to say the least, as is continually trying with best effort to paint all parties it in a bad light. I'm not a LAG admin and had no hand in creating it, I'm a regular user who signed up a few days ago. I can see it's worth as already documents are being archived, emails being collated for RSM, a general flow of good ideas and already some very specific questions LB needs to answer for are surfacing. This is a very good thing. Attacking the resource itself, not so clever, definitely not constructive in any reality.
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