|
|
Post by rhea117 on Dec 3, 2019 16:45:07 GMT
At 0845 this morning on BBC breakfast news - Lendy was mentioned. It was stated: creditors will get paid first and investors will get less than expected. Are you sure, I just had a look on i-Player? Did you get the time right? Thanks Very sure, but maybe +-5 mins? It was the Business Day section. The two presenters were talking to someone, I cannot remember who. I just heard Lendy and then listened. It was no more than 90 seconds
|
|
sam i am
Member of DD Central
Posts: 697 
Likes: 555
|
Post by sam i am on Dec 3, 2019 16:57:50 GMT
I may be wrong..but I believe we are now called creditors
I believe that for Model 2 loans we are investors but are also potential creditors. In the latest update the administrators wrote:
To the extent that any investor suffers a shortfall following the Distribution Waterfall, those investors will be at liberty to file a proof of debt against Lendy, fully setting out their claim for the Administrators' consideration. The investor's rights will not be affected by filing a proof of debt.
In my opinion this says that Model 2 lenders are investors but can also make a claim as a creditor. Whether or not these claims would be accepted is an entirely different matter.
|
|
quidco
Member of DD Central
Posts: 295
Likes: 361
|
Post by quidco on Dec 3, 2019 17:44:53 GMT
I may be wrong..but I believe we are now called creditors
I believe that for Model 2 loans we are investors but are also potential creditors. In the latest update the administrators wrote:
To the extent that any investor suffers a shortfall following the Distribution Waterfall, those investors will be at liberty to file a proof of debt against Lendy, fully setting out their claim for the Administrators' consideration. The investor's rights will not be affected by filing a proof of debt.
In my opinion this says that Model 2 lenders are investors but can also make a claim as a creditor. Whether or not these claims would be accepted is an entirely different matter.
Debt to include all the accrued interest, interest that is still accruing every day
|
|
garfield
Member of DD Central
Posts: 490 
Likes: 268
|
Post by garfield on Dec 3, 2019 20:38:41 GMT
Are you sure, I just had a look on i-Player? Did you get the time right? Thanks Very sure, but maybe +-5 mins? It was the Business Day section. The two presenters were talking to someone, I cannot remember who. I just heard Lendy and then listened. It was no more than 90 seconds I watched from about 08.35 (+155 mins on iPlayer). They spent the whole of the rest of the programme on Eniskillen (election related). I may look earlier...
|
|
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
|
Post by ilmoro on Dec 3, 2019 21:13:43 GMT
Recovery £1,500000 Lendy 3% £45,000 (not £30,000 which is only 2%)!!!
Why not £30,000?
it's 3% annual, so if in the illustrative example, the fee was accrued for 8 months, it would be 2% wouldn't it?
There are so many gross misreadings of it that I can see (including this one), that I'm neither fully convinced I'd misread it, nor fully convinced others have misread it in various other critical areas, and I don't really have time to study it in detail.
The CC, CLB, conflict administrator, etc. need to make sure they DO understand the various propositions with absolute clarity, so that any relevant parts can be challenged.
True, it could be. On reflection, all the figures are just plucked out of thin air and dont relate to each other or reality. We'd get an extra £12k, otherwise the argument is sound. The waterfall is based on the distribution contained in the security docs in the event of a default (eg clause 15 for DFL012)
We await news of the first CLB meeting.
|
|
|
|
Post by valueinvestor123 on Dec 4, 2019 0:44:56 GMT
I am not quite sure why Lendy would still be getting anything at all; isn’t there something in the T&Cs that says that if they over-inflate assets (to write extra large loans), they should be last in queue?
The incentives have always been wrong: they had the incentive to write loans quickly and aggressively, over valuing assets, getting maximum commission and later, when everything comes crumbling down and when they know they were in the verge of getting shut down, they protect themselves by changing their t&cs to get paid first. This can’t be right. There should be some sort of ‘market standard’ (upheld by FCA). None of us are lawyers (most of us aren’t anyway) and best we can do is go by the figures, given to us by Lendy (in good faith).
So when they say (consistently), that most of the loans have way over inflated assets, that’s one thing, but then to also jump the payment ranking queue....? That strikes me as fraudulent... and very unBritish..
|
|
|
|
Post by rhea117 on Dec 4, 2019 8:44:29 GMT
Very sure, but maybe +-5 mins? It was the Business Day section. The two presenters were talking to someone, I cannot remember who. I just heard Lendy and then listened. It was no more than 90 seconds I watched from about 08.35 (+155 mins on iPlayer). They spent the whole of the rest of the programme on Eniskillen (election related). I may look earlier... That is weird. Maybe iPlayer has a different version. Or at 0830 that version has the local news and not the main business news. I am watching it now, the 24 hour news channel has business news and bbc1 has other stuff! That is the problem! So apologies, yesterday I thought I was watching bbc1 but I must have been on the 24 hour version. I think bbc1 and the 24 hour version share the same transmission from 0600 to 0830. I doubt iPlayer has the 24 hour news version. channel 200 on Freesat and 80 on freeview
|
|
mikeh
Member of DD Central
Posts: 499
Likes: 370
|
Post by mikeh on Dec 4, 2019 13:09:49 GMT
I watched from about 08.35 (+155 mins on iPlayer). They spent the whole of the rest of the programme on Eniskillen (election related). I may look earlier... That is weird. Maybe iPlayer has a different version. Or at 0830 that version has the local news and not the main business news. I am watching it now, the 24 hour news channel has business news and bbc1 has other stuff! That is the problem! So apologies, yesterday I thought I was watching bbc1 but I must have been on the 24 hour version. I think bbc1 and the 24 hour version share the same transmission from 0600 to 0830. I doubt iPlayer has the 24 hour news version. channel 200 on Freesat and 80 on freeview I've just found the program on YouView (which means it is on i-player). It's called WorkLife and the Lendy bit runs from 15:36 to 16:20 mins in. Not very exciting though.
|
|
quidco
Member of DD Central
Posts: 295
Likes: 361
|
Post by quidco on Dec 9, 2019 16:06:57 GMT
Well either way, it’s probably just repeating the Times article from the same day, talking about how investors are shocked that the “ring-fenced” or “client money” principal has been ignored by lendy admin in favour of themselves with the blessing of the FCA. So our secured loans upon repayment to Lendy Admin can be used by them to, for example, pay off a creditor of Lendy who facilitated a day's paintballing for Lendy staff on a jolly. That's the reality of it. Costs totally unrelated to the management or recovery of the loan can be deducted from the loan.
|
|
sam i am
Member of DD Central
Posts: 697
Likes: 555
|
Post by sam i am on Dec 9, 2019 18:00:19 GMT
Well either way, it’s probably just repeating the Times article from the same day, talking about how investors are shocked that the “ring-fenced” or “client money” principal has been ignored by lendy admin in favour of themselves with the blessing of the FCA. So our secured loans upon repayment to Lendy Admin can be used by them to, for example, pay off a creditor of Lendy who facilitated a day's paintballing for Lendy staff on a jolly. That's the reality of it. Costs totally unrelated to the management or recovery of the loan can be deducted from the loan.
I understand what you are saying here but to be pedantic Lendy is trying to use the security to pay their fees (which may then go towards repaying creditors). It's not going directly to creditors.
And it's not a reality. Not yet. RSM are seeking legal opinion before paying this element to either Lendy or lenders. They are reviewing contract enforceabilty and have stated that further payments may be made to lenders.
I have made the point to RSM that I do not believe the contract with Lendy can be enforced in this way as in my opinion it clearly breaches legislation regarding unfair contract terms.
The more people that can also push this point, maybe the better chance we have of stopping it becoming a reality.
|
|
|
|
Post by Deleted on Dec 9, 2019 19:42:57 GMT
A nasty little snippet from the RateSetter wind-down plans...
It is possible that the administrator appointed may not be subject to the same
regulatory regime and requirements as RateSetter. As a result, there is a
possibility that any regulatory protections may be reduced or are no longer
available.
I wonder if observation of the FS/Lendy/Col fiascos has prompted this little disclaimer...
|
|
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
|
Post by ilmoro on Dec 9, 2019 20:18:57 GMT
A nasty little snippet from the RateSetter wind-down plans... It is possible that the administrator appointed may not be subject to the same
regulatory regime and requirements as RateSetter. As a result, there is a
possibility that any regulatory protections may be reduced or are no longer
available.I wonder if observation of the FS/Lendy/Col fiascos has prompted this little disclaimer... Also in AC winddown plan
|
|
|
|
Post by Deleted on Dec 9, 2019 20:47:16 GMT
So maybe an FCA mandated, not-so-subtle 'you're on your own' then 
|
|
tombraider
Member of DD Central
Posts: 117
Likes: 103
|
Post by tombraider on Dec 13, 2019 17:48:41 GMT
Sadly looks like we’ve been well and truly shafted here.
|
|
|
|
Post by supernumerary on Dec 16, 2019 12:57:27 GMT
LAST update for the ALL loans, was on the 29th October 2019...  With it coming up to the end of the year, I wonder whether any further updates will happen in 2019?  |
|
