dermot
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Post by dermot on Jun 3, 2019 17:02:19 GMT
Just had a look an there are Exeter updates today - from the language, looks like Lendy are still penning them without guidance from the administrators:
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DFL002 - Exeter Quayside Development
***PLATFORM UPDATE:*** Our appointed Insolvency Practitioner has received a number of offers all of which are below the loan amount outstanding. These offers are currently under review in order to consider if one of them can be moved forward, however there are a number of factors that need to be considered in respect of the potential recovery of any shortfall.
***
With the exception of the IP mention, isn't this substantially the same language as for the last year or two?
Are any returned funds from any loans going to be pooled, or will they repay on a loan-by-loan basis?
Thoughts?
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Post by billy169 on Jun 3, 2019 17:08:27 GMT
That was a month ago !!??
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rocky1
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Post by rocky1 on Jun 3, 2019 17:15:45 GMT
I would have thought they would be paid back on a loan by loan basis if the loan book is being run down properly.with breakdowns of all costs that have come out of our funds.loan by loan and any further action that will be taken about debentures and PGs so we know we stand on losses.i can't see how they can just pool our funds and use as their large petty cash box.
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rocky1
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Post by rocky1 on Jun 3, 2019 17:16:15 GMT
Sorry posted twice.
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iRobot
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Post by iRobot on Jun 3, 2019 20:45:10 GMT
Just had a look an there are Exeter updates today - from the language, looks like Lendy are still penning them without guidance from the administrators: *** DFL002 - Exeter Quayside Development ***PLATFORM UPDATE:*** Our appointed Insolvency Practitioner has received a number of offers all of which are below the loan amount outstanding. These offers are currently under review in order to consider if one of them can be moved forward, however there are a number of factors that need to be considered in respect of the potential recovery of any shortfall.*** With the exception of the IP mention, isn't this substantially the same language as for the last year or two? Are any returned funds from any loans going to be pooled, or will they repay on a loan-by-loan basis? Thoughts? As already mentioned, old news, but looking to the bold bit: Administration being somewhere near the top of the list given the loan's 'heritage' 
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Mousey
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Post by Mousey on Jun 4, 2019 10:05:17 GMT
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adrianc
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Post by adrianc on Jun 4, 2019 14:43:45 GMT
I would have thought they would be paid back on a loan by loan basis if the loan book is being run down properly.with breakdowns of all costs that have come out of our funds.loan by loan and any further action that will be taken about debentures and PGs so we know we stand on losses.i can't see how they can just pool our funds and use as their large petty cash box. Hold on, hold on... Old terms, new terms, remember? With the old terms loans - including this pair - you are lending to Lendy Ltd. With the new terms loans - you are lending to the borrower.
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garfield
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Post by garfield on Jun 4, 2019 20:45:24 GMT
With the old terms loans - including this pair - you are lending to Lendy Ltd. With the new terms loans - you are lending to the borrower.Hmmmmmmm... I think that remains to be seen...
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Post by masquedefer on Jun 4, 2019 21:49:26 GMT
What about people in my situation who bought these old loans on the secondary market after the new loan terms were issued And which by default we accepted by buying into loans. We weren’t told that a few of these loans which were resold on a P2P loan platform were in fact non P2P loans under different terms to normal defined P2P lending as defined, set up and overseen by the FCA.
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dermot
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Post by dermot on Jun 4, 2019 22:30:35 GMT
What about people in my situation who bought these old loans on the secondary market after the new loan terms were issued And which by default we accepted by buying into loans. We weren’t told that a few of these loans which were resold on a P2P loan platform were in fact non P2P loans under different terms to normal defined P2P lending as defined, set up and overseen by the FCA. Oh, now that's a whole new layer of complexity for the lawyers to chew over.
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zlb
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Post by zlb on Jun 5, 2019 9:57:50 GMT
What about people in my situation who bought these old loans on the secondary market after the new loan terms were issued And which by default we accepted by buying into loans. We weren’t told that a few of these loans which were resold on a P2P loan platform were in fact non P2P loans under different terms to normal defined P2P lending as defined, set up and overseen by the FCA. Good point, if it's a scenario where it's better that one is an investor than a creditor. I've seen comment on fb group where someone (who I presume is only a new loan term 'investor) seems to think that it's a good idea to distance themselves from those who are in old loan terms 'creditors'. Someone replied and corrected them on the complexity of this.
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Garage246
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Post by Garage246 on Jun 5, 2019 19:48:50 GMT
What about people in my situation who bought these old loans on the secondary market after the new loan terms were issued And which by default we accepted by buying into loans. We weren’t told that a few of these loans which were resold on a P2P loan platform were in fact non P2P loans under different terms to normal defined P2P lending as defined, set up and overseen by the FCA. When did you buy on the secondary market? Lendy admitted to some lenders that after a certain date, loan parts in DFL001 and DFL002 were mis-sold. Same as PBL155. Those lenders were offered repayments including interest and an ex-gratia payment. I suspect FCA were prodding them to do this. This was of course good news to those that were offered the repayment - however accepting it and actually getting the money creditted proved to be two different matters. That's where the debt collection agencies came in useful....
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ptr120
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Post by ptr120 on Jun 5, 2019 20:33:04 GMT
What about people in my situation who bought these old loans on the secondary market after the new loan terms were issued And which by default we accepted by buying into loans. We weren’t told that a few of these loans which were resold on a P2P loan platform were in fact non P2P loans under different terms to normal defined P2P lending as defined, set up and overseen by the FCA. When did you buy on the secondary market? Lendy admitted to some lenders that after a certain date, loan parts in DFL001 and DFL002 were mis-sold. Same as PBL155. Those lenders were offered repayments including interest and an ex-gratia payment. I suspect FCA were prodding them to do this. This was of course good news to those that were offered the repayment - however accepting it and actually getting the money creditted proved to be two different matters. That's where the debt collection agencies came in useful.... That is an interesting nugget of information. Do you know what the cut-off date was?
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Garage246
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Post by Garage246 on Jun 5, 2019 21:30:35 GMT
No they wouldn't confirm the cut off dates, but it was obviously prior to the first SM transaction we did. I will check what that was.
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Post by masquedefer on Jun 5, 2019 22:16:23 GMT
What about people in my situation who bought these old loans on the secondary market after the new loan terms were issued And which by default we accepted by buying into loans. We weren’t told that a few of these loans which were resold on a P2P loan platform were in fact non P2P loans under different terms to normal defined P2P lending as defined, set up and overseen by the FCA. When did you buy on the secondary market? Lendy admitted to some lenders that after a certain date, loan parts in DFL001 and DFL002 were mis-sold. Same as PBL155. Those lenders were offered repayments including interest and an ex-gratia payment. I suspect FCA were prodding them to do this. This was of course good news to those that were offered the repayment - however accepting it and actually getting the money creditted proved to be two different matters. That's where the debt collection agencies came in useful.... I was never offered anything from Lendy. I think I bought from March 2016 onwards.
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