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Post by gaza77 on Jan 15, 2020 20:45:17 GMT
Lisa Taylor from the Lendy Action Group is mounting a legal challenge to the unfair waterfall mechanism whereby everyone gets paid before the actual lenders. She is asking for £1 for every £1000 invested. I have offered my pledge. We need all the people we can get behind this!
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Post by horselady on Jan 15, 2020 21:12:37 GMT
What is the web address to the lendy action group please?
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Post by gaza77 on Jan 15, 2020 21:17:20 GMT
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Monetus
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Post by Monetus on Jan 15, 2020 22:13:10 GMT
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ptr120
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Post by ptr120 on Jan 15, 2020 23:18:05 GMT
What is the reason that the LAG website will be closing down please (didn't you register it in the first place, or have I imagined that?) I'm minded to donate but would like some reassurance about who will hold any funds and how they will be used.
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Monetus
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Post by Monetus on Jan 15, 2020 23:53:33 GMT
What is the reason that the LAG website will be closing down please (didn't you register it in the first place, or have I imagined that?) Lack of use/engagement so I'm told - FB is far more popular with people it would appear and not much point duplicating info. I am not involved with the fundraising it's being done by Lisa Taylor I am sure she will post more detail shortly.
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mickj
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Post by mickj on Jan 16, 2020 11:09:31 GMT
What is the reason that the LAG website will be closing down please (didn't you register it in the first place, or have I imagined that?) Lack of use/engagement so I'm told - FB is far more popular with people it would appear and not much point duplicating info. I am not involved with the fundraising it's being done by Lisa Taylor I am sure she will post more detail shortly. Personally I find the website easier to navigate, easier to find info. I have a facebook login only to read a few groups, would like to see the a website remain.
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one21
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Post by one21 on Jan 18, 2020 19:03:07 GMT
With regard to fund raising for legal fees, is there any way all Lenders can be contacted - There's no point in just a small proportion contributing.
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jhamster
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Post by jhamster on Jan 18, 2020 22:37:10 GMT
I didn't know about any fund raising, what legal fees is it for?
I don't use facebook either, but nothing positive seems to be happening other than the creation of exclusive groups with meetings no one else can attend or talk about. The administrator fees have more than doubled in just 8 months and still not a penny has come back from any of my investments, so there's zero chance of me throwing any more money at this unmitigated disaster.
£50k down, an entire inheritance. From now on I shall keep any sum I am fortunate enough to come into in the form of gold under my bed, away from any 3rd party as it's clear safeguards are lies. And they wonder why millenials saddled with debt for the get go show little interest in savings and pensions.
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quidco
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Post by quidco on Jan 19, 2020 9:24:51 GMT
I didn't know about any fund raising, what legal fees is it for? I don't use facebook either, but nothing positive seems to be happening other than the creation of exclusive groups with meetings no one else can attend or talk about. The administrator fees have more than doubled in just 8 months and still not a penny has come back from any of my investments, so there's zero chance of me throwing any more money at this unmitigated disaster. £50k down, an entire inheritance. From now on I shall keep any sum I am fortunate enough to come into in the form of gold under my bed, away from any 3rd party as it's clear safeguards are lies. And they wonder why millenials saddled with debt for the get go show little interest in savings and pensions. The fund raise is to enable legal representation for lenders. It has become apparent that RSM only act for the creditors of lendy, including themselves. It has also become apparent that the creditors committee cannot represent the creditors (as a CC should) and represent lenders at the same time. To enable even halfway decent returns for lenders, the obsene fees on recovery lendy awarded themselves, that RSM are more than happy to continue with, need to be challenged. That challenge needs to be professional and independent of the CC. RSM haven't yet issued their legal advice as to whether they are going to uphold the waterfall model as far as I'm aware unless LAG know otherwise?
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quidco
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Post by quidco on Jan 19, 2020 9:26:53 GMT
With regard to fund raising for legal fees, is there any way all Lenders can be contacted - There's no point in just a small proportion contributing. Maybe we can ask the woman who sued us over the London Loan, she was apparently given all our details in order to serve a writ that never came.
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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 Jan 19, 2020 10:22:56 GMT
The fund raise is to enable legal representation for lenders. It has become apparent that RSM only act for the creditors of lendy, including themselves. It has also become apparent that the creditors committee cannot represent the creditors (as a CC should) and represent lenders at the same time. To enable even halfway decent returns for lenders, the obsene fees on recovery lendy awarded themselves, that RSM are more than happy to continue with, need to be challenged. That challenge needs to be professional and independent of the CC. RSM haven't yet issued their legal advice as to whether they are going to uphold the waterfall model as far as I'm aware unless LAG know otherwise?
They wont issue the legal advice as it will be client confidential. As Paul says they have communicated its conclusions. They are not upholding the waterfall model as defined in the t&cs. They are upholding the sums due under the loan contracts/security charges. Its better than it was but not what it should be. So must be challenged.
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star dust
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Post by star dust on Jan 19, 2020 10:52:21 GMT
I didn't know about any fund raising, what legal fees is it for? I don't use facebook either, but nothing positive seems to be happening other than the creation of exclusive groups with meetings no one else can attend or talk about. The administrator fees have more than doubled in just 8 months and still not a penny has come back from any of my investments, so there's zero chance of me throwing any more money at this unmitigated disaster. £50k down, an entire inheritance. From now on I shall keep any sum I am fortunate enough to come into in the form of gold under my bed, away from any 3rd party as it's clear safeguards are lies. And they wonder why millenials saddled with debt for the get go show little interest in savings and pensions. The fund raise is to enable legal representation for lenders. It has become apparent that RSM only act for the creditors of lendy, including themselves. It has also become apparent that the creditors committee cannot represent the creditors (as a CC should) and represent lenders at the same time. To enable even halfway decent returns for lenders, the obsene fees on recovery lendy awarded themselves, that RSM are more than happy to continue with, need to be challenged. That challenge needs to be professional and independent of the CC. So the fund raise is also being restricted to LAG members only? What are the LAG controlled CLB doing with regard to the waterfall/recovery fees? I thought that their role is to act for investors (Model 2 loans) only? At least half of the CLB members are on this forum, yet they too seem reluctant to say anything.
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quidco
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Post by quidco on Jan 19, 2020 11:00:24 GMT
RSM haven't yet issued their legal advice as to whether they are going to uphold the waterfall model as far as I'm aware unless LAG know otherwise?
They wont issue the legal advice as it will be client confidential. As Paul says they have communicated its conclusions. They are not upholding the waterfall model as defined in the t&cs. They are upholding the sums due under the loan contracts/security charges. Its better than it was but not what it should be. So must be challenged. That update talks about the Distribution Waterfall and Lendy Contractual Entitlement, so is that a different waterfall that they are definitely enforcing? I thought they were hanging on to the money pending legal advice as to whether they could keep it. So are you saying they are keeping that money unless we launch a legal challenge?
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one21
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Post by one21 on Jan 19, 2020 11:09:10 GMT
With regard to fund raising for legal fees, is there any way all Lenders can be contacted - There's no point in just a small proportion contributing. Maybe we can ask the woman who sued us over the London Loan, she was apparently given all our details in order to serve a writ that never came. Yes thats another worry - has she destroyed them as required by the DPA?
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