quidco
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Post by quidco on Sept 21, 2019 8:45:15 GMT
Last update I had from RSM said: "The Experian electronic checks are now taking place, following the completion of these checks by 20 September 2019, those who initially pass, will receive a confirmation email from the Lendy Team"
Has anyone actually had such a confirmation email yet?
Not only have I not had an email, to the best of my knowledge a search has not been undertaken on my info either. For the record, I have a paid subscription and all searches are notified to me, regardless of reason. There are times when I receive a notification a few days after the search, and if this is the case, I will post here stating that a search has been undertaken. Yes I used to have that service, unfotunately I stopped it a month or so ago.
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sl75
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Post by sl75 on Oct 1, 2019 13:22:47 GMT
... Update: 30.9.2019 at 17.11, still no AML checks against my file. Will RSM be billing for AML checks to 20+K accounts when not all accounts are checked? If some accounts are deemed not to be worthy of checking and already AML compliant, could these accounts not have their funds returned sooner? In the meantime when I chased Lendy (in administration) about their failure to meet their 20 September deadline, they seemed to be blaming Experian for the delay ("We are awaiting the final data from Experian ...").
Considering that Experian's entire business is built on providing similar data on demand on a timely basis, I'd be at least a little surprised if the delay was really on their side; it seems more likely to me that the lack of data from Experian is due to not having submitted a complete and/or properly formed set of requests to Experian...
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sydb
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Post by sydb on Oct 3, 2019 9:46:39 GMT
Another question is to ask why RSM would need AML procedures to be satisfied for all lenders before any lender is repaid the funds they are owed. How many lenders have to satisfy RSM's AML procedures before anyone can get a payment?
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Mucho P2P
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Post by Mucho P2P on Oct 3, 2019 10:12:39 GMT
Another question is to ask why RSM would need AML procedures to be satisfied for all lenders before any lender is repaid the funds they are owed. How many lenders have to satisfy RSM's AML procedures before anyone can get a payment?Good query above sydbThe way RSM are operating, I would not be surprised if they insist for 100% of AML checks to be completed before any funds are released, under the guise that it will facilitate the process for them and be cheaper for us!!
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Post by empyrean on Oct 4, 2019 9:30:56 GMT
All the while there’s a big lump of cash sitting on account, which is presumably earning a few beans of interest. Is there any indication of what’s happening to that? Would it be treated as operating profit of Lendy?
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quidco
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Post by quidco on Oct 4, 2019 10:35:26 GMT
All the while there’s a big lump of cash sitting on account, which is presumably earning a few beans of interest. Is there any indication of what’s happening to that? Would it be treated as operating profit of Lendy? I assume RSM would hoover it up anyway in their costs.
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quidco
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Post by quidco on Oct 4, 2019 10:37:06 GMT
You would think that the recovered lending could at least be credited to our individual accounts even if withdrawals are blocked, I assume they now plan to do this all in some kind of big bang at some unspecified point when the fake AML concerns run out of steam.
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travolta
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Post by travolta on Oct 4, 2019 11:16:36 GMT
I doubt it is earning any interest ,unless they have it in P2P ....
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Monetus
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Post by Monetus on Oct 4, 2019 12:17:32 GMT
I am told an update on the AML process and some other matters will be going out later today.
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voss
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Post by voss on Oct 4, 2019 15:51:41 GMT
Just got the update. We should get some £ within 21 days AND be able to withdraw it. A forecast of each investor's likely recovery will be sent out within four weeks (from now).
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TitoPuente
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Post by TitoPuente on Oct 4, 2019 16:56:51 GMT
[..] A forecast of each investor's likely recovery will be sent out within four weeks (from now). Only for Lendy Wealth.
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agent69
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Post by agent69 on Oct 4, 2019 16:59:20 GMT
Just got the update. We should get some £ within 21 days AND be able to withdraw it. A forecast of each investor's likely recovery will be sent out within four weeks (from now). Loved the bit that said "investors should withdraw funds promptly".
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rocky1
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Post by rocky1 on Oct 4, 2019 17:16:12 GMT
what a disaster for the people caught up in LW.alot of us saw it coming like it was in slow motion but there was nothing we could do to avoid the hit.it was to late and we were all trapped.LW [investors] must not have realised the only place their money was going was into the bad loan book.i still think LB/LENDY knew that everything had gone pear shaped and this black box product was a last smash and grab to get the most out of it as possible before throwing in the towel.LW lenders will soon see exactly which loans their money went in to and how much or how little to expect to get back.LIAM,TIM and afew others should be investigated fully by the FCA. the way a lot of these deals were done with borrowers and where funds were being diverted all over the place,not being used on projects.i still think there was a lot of fraudulent dealings going on behind closed doors and i hope it comes to light eventually.special friendships and relationships between platform and borrowers well it seems everything will end up good for them both.
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Post by billy169 on Oct 4, 2019 17:35:18 GMT
I strongly suspect lendy and borrowers worked together on this.. especially in thier last 18months.
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Post by picanto on Oct 4, 2019 17:47:57 GMT
Just got the update. We should get some £ within 21 days AND be able to withdraw it. A forecast of each investor's likely recovery will be sent out within four weeks (from now). I'll believe it when I see it. Remember we were meant to receive a partial capital return for DFL012 back in May....
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