foxy
Quick learner?
Posts: 18 
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Post by foxy on Jun 7, 2019 9:57:44 GMT
Having just about got over the London loan saga, now I am faced with the whole administration thing! So I had sort of written off the cash invested in the London loan believing it a bit of a success that at least 'she' wouldnt be coming after me for everything I have.
I had also realised a while ago that Lendy wasnt really for me as it needs to be watched and actively managed. So I had sold off investments and drawn down all the cash I could. I was left with a bundle of defaulted loans that I had parked assuming that at some stage Lendy would be successfull in realising at least a portion of the various investments and I would be left maybe only with a couple of 'never to be returned' investments
Well so what happens now? If the administartors are able to realise some of the outstanding investments and build up a cash pot I assume investors will all get a share. But how will they approach default loans. Will they actively persue these. Will the 'slush fund' safety net that was in place be shared out. Just trying to understand at this early stage whether to stay involved and see if I can minimise my losses or throw in the towel and delete everything 'Lendy' from my pc!!!
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iRobot
Member of DD Central
Posts: 1,680
Likes: 2,477
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Post by iRobot on Jun 7, 2019 10:14:40 GMT
Having just about got over the London loan saga, now I am faced with the whole administration thing! So I had sort of written off the cash invested in the London loan believing it a bit of a success that at least 'she' wouldnt be coming after me for everything I have.
I had also realised a while ago that Lendy wasnt really for me as it needs to be watched and actively managed. So I had sold off investments and drawn down all the cash I could. I was left with a bundle of defaulted loans that I had parked assuming that at some stage Lendy would be successfull in realising at least a portion of the various investments and I would be left maybe only with a couple of 'never to be returned' investments
Well so what happens now? If the administartors are able to realise some of the outstanding investments and build up a cash pot I assume investors will all get a share. But how will they approach default loans. Will they actively persue these. Will the 'slush fund' safety net that was in place be shared out. Just trying to understand at this early stage whether to stay involved and see if I can minimise my losses or throw in the towel and delete everything 'Lendy' from my pc!!!
This is still very much at the 'early stage'. The Admins proposal is due mid July, so for now, wait for that and see how it goes. In the background, the Lendy Action Group are data gathering, etc but AIUI, that's with a view to pursuing 'other avenues' which broadly speaking (from a timeline perspective) will at best run in parallel to Admin activities and will likely need to wait until the completion (or near completion) of that process before anything tangible can be derived. Certainly worthwhile keeping an eye on, IMO. Also, IMO, both will take a long time to play out. Think quarters and years rather than weeks and months.
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Post by GSV3MIaC on Jun 7, 2019 11:53:51 GMT
Don't delete anything, just park it in archive, get on with your life, and be prepared to receive some fractional windfall, maybe, at some distant date . I am still getting guff about ZDP trusts, and Equitable Life pension investments more than a decade after I shelved them all.
It's only money .. fussing about it can be life threatening. Anyone reading the forum should not have invested life changing sums in any one company, or even in p2p total.
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Post by rooster on Jun 7, 2019 20:09:54 GMT
Having just about got over the London loan saga, now I am faced with the whole administration thing! So I had sort of written off the cash invested in the London loan believing it a bit of a success that at least 'she' wouldnt be coming after me for everything I have.
I had also realised a while ago that Lendy wasnt really for me as it needs to be watched and actively managed. So I had sold off investments and drawn down all the cash I could. I was left with a bundle of defaulted loans that I had parked assuming that at some stage Lendy would be successfull in realising at least a portion of the various investments and I would be left maybe only with a couple of 'never to be returned' investments
Well so what happens now? If the administartors are able to realise some of the outstanding investments and build up a cash pot I assume investors will all get a share. But how will they approach default loans. Will they actively persue these. Will the 'slush fund' safety net that was in place be shared out. Just trying to understand at this early stage whether to stay involved and see if I can minimise my losses or throw in the towel and delete everything 'Lendy' from my pc!!!
You've got nothing to worry about. According to your contractual terms and conditions with Lendy (www.lendy.co.uk/managing-risk/lendy) : "Lendy has appointed a global business process outsourcing company that has stepped in to run the business as if they were fully operating, due to them becoming insolvent. This is designed to minimise any potential disruption to you and give you confidence in your investment"So you should barely notice any difference as a result of their administration 
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