quidco
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Post by quidco on Oct 18, 2019 14:09:45 GMT
For us, extra time and effort is bad.
For them, extra time and effort is good, because the creditors' committee agreed to pay them by the hour rather than by results. (It may well still be the case that the results-based charge would have been even higher though, making the time-based charge better choice of two bad options...)
I can see where you are coming from but I think it is unfair for people to always automatically assume that anyone who is paid by the hour will try and drag things out with unnecessary work. A lot of people do have some integrity (not to mention professional standards and regulations to upheld) and from what I can see these guys are highly regarded with a good reputation. In fact I was listening to the MoneyWeek podcast and they talked about Lendy and suggested that the amount of money administrators recover is usually equal to the amount of money they pay themselves and I though they were being overly cynical but when this AML scam was announced I remembered what they said. Although I think in the case of a money lending business it will be hard for them to invoice for as much money as they get back from the loans. In reality as has has been pointed out many of the loans were already in default and administration so there wasn't much for them to do really other than oversee the recoveries and disburse the proceeeds.
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quidco
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Post by quidco on Oct 18, 2019 14:12:47 GMT
I can see where you are coming from but I think it is unfair for people to always automatically assume that anyone who is paid by the hour will try and drag things out with unnecessary work. A lot of people do have some integrity (not to mention professional standards and regulations to upheld) and from what I can see these guys are highly regarded with a good reputation. The more nuanced version of the point is that, in cases where it's not clear whether some additional work is necessary or not, there's an inherent bias towards judging that the extra work is required if you're not the one paying for it.
I hope that when it's all done and dusted, and current confidential investigations are sufficiently concluded to be able to report further publicly, that there will turn out to have been a damn good secondary reason for making everyone do this, rather than just the stated reason of box-ticking for AML regulations.
I don't think this is the case at all, they stated that they found the onboarding was lacking and so decided to redo it, it's nothing to do with investigations.
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sirius
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Post by sirius on Oct 18, 2019 15:03:31 GMT
For us, extra time and effort is bad.
For them, extra time and effort is good, because the creditors' committee agreed to pay them by the hour rather than by results. (It may well still be the case that the results-based charge would have been even higher though, making the time-based charge better choice of two bad options...)
I can see where you are coming from but I think it is unfair for people to always automatically assume that anyone who is paid by the hour will try and drag things out with unnecessary work. A lot of people do have some integrity (not to mention professional standards and regulations to upheld) and from what I can see these guys are highly regarded with a good reputation. Hi bg Where can I find the 'thumbs down' button?
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bg
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Post by bg on Oct 18, 2019 15:13:36 GMT
I can see where you are coming from but I think it is unfair for people to always automatically assume that anyone who is paid by the hour will try and drag things out with unnecessary work. A lot of people do have some integrity (not to mention professional standards and regulations to upheld) and from what I can see these guys are highly regarded with a good reputation. Hi bg Where can I find the 'thumbs down' button? My mistake. Anyone who charges by the hour or has an hourly charge out rate is clearly a crook. Apologies for suggesting otherwise!
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ilmoro
Member of DD Central
'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 Oct 18, 2019 15:29:14 GMT
I can see where you are coming from but I think it is unfair for people to always automatically assume that anyone who is paid by the hour will try and drag things out with unnecessary work. A lot of people do have some integrity (not to mention professional standards and regulations to upheld) and from what I can see these guys are highly regarded with a good reputation. In fact I was listening to the MoneyWeek podcast and they talked about Lendy and suggested that the amount of money administrators recover is usually equal to the amount of money they pay themselves and I though they were being overly cynical but when this AML scam was announced I remembered what they said. Although I think in the case of a money lending business it will be hard for them to invoice for as much money as they get back from the loans. In reality as has has been pointed out many of the loans were already in default and administration so there wasn't much for them to do really other than oversee the recoveries and disburse the proceeeds.
Don't invest through anyone who uses an ewallet provider eg fruitpay. Their interpretation of new AML regulations is that you need to pass it to withdraw 1p
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iRobot
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Post by iRobot on Oct 18, 2019 15:32:16 GMT
Has anyone else not received any email relating to the aml checks yet? Me: two accounts, 1 business, 1 personal, neither showing any 'Funds Available'.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Oct 18, 2019 15:52:14 GMT
Recently I was looking back at some of the old Lendy threads and I noticed someone was complaining about having to do an AML check to withdraw funds from Lendy, when they had previously been able to deposit and (I think) withdraw so it seems even Lendy were finding some problems. I was looking for something else at the time, and didn't note where I saw the post.
Edit: It was actually a whole thread July - Aug 2017 'Can't withdraw funds (id check)'
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Post by brightspark on Oct 18, 2019 17:26:58 GMT
Has anyone else not received any email relating to the aml checks yet? Me: two accounts, 1 business, 1 personal, neither showing any 'Funds Available'. I have not heard anything. Single simple bank account so probably nowt to worry about.
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MarkT
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Post by MarkT on Oct 18, 2019 17:44:38 GMT
Me: two accounts, 1 business, 1 personal, neither showing any 'Funds Available'. I have not heard anything. Single simple bank account so probably nowt to worry about.
I wouldn't be so sure.
Mine is a simple single bank account but they want the works. I'm not hurrying to comply.
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shimself
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Post by shimself on Oct 18, 2019 17:50:49 GMT
And it costs a fortune in PR to get that good reputation, so they have to charge proportionately
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quidco
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Post by quidco on Oct 21, 2019 8:58:31 GMT
Hi bg Where can I find the 'thumbs down' button? My mistake. Anyone who charges by the hour or has an hourly charge out rate is clearly a crook. Apologies for suggesting otherwise! Anyone who charges by the hour and gets to define their own work package is subject to great temptation.
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quidco
Member of DD Central
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Post by quidco on Oct 21, 2019 9:00:20 GMT
In fact I was listening to the MoneyWeek podcast and they talked about Lendy and suggested that the amount of money administrators recover is usually equal to the amount of money they pay themselves and I though they were being overly cynical but when this AML scam was announced I remembered what they said. Although I think in the case of a money lending business it will be hard for them to invoice for as much money as they get back from the loans. In reality as has has been pointed out many of the loans were already in default and administration so there wasn't much for them to do really other than oversee the recoveries and disburse the proceeeds.
Don't invest through anyone who uses an ewallet provider eg fruitpay. Their interpretation of new AML regulations is that you need to pass it to withdraw 1p I have no idea who "fruitpay" are, I do hope you haven't given them your life's savings...
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shimself
Member of DD Central
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Post by shimself on Oct 22, 2019 13:07:50 GMT
Don't invest through anyone who uses an ewallet provider eg fruitpay. Their interpretation of new AML regulations is that you need to pass it to withdraw 1p I have no idea who "fruitpay" are, I do hope you haven't given them your life's savings... Assuming this stands for Mango then they seem to do card banking for lots of platforms (so I'm hoping that between them someone's done decent DD)
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Post by vfr800 on Oct 24, 2019 8:24:22 GMT
So what will be left for us if this anything to go by.
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dirker
New Member
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Post by dirker on Oct 24, 2019 9:37:16 GMT
just wondering why this thread has gone very quiet over the last few days, has everbody else received the outcome of their check becasuse i haven't had mine?
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