travolta
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Post by travolta on Oct 4, 2019 19:13:12 GMT
so...champagne for lunch again, or is it Tesco's prosecco?
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agent69
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Post by agent69 on Oct 5, 2019 7:56:46 GMT
so...champagne for lunch again, or is it Tesco's prosecco? More likely a pint of lager with a cheese and onion roll.
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bulletbill
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Post by bulletbill on Oct 5, 2019 12:50:34 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. What LB did with LW makes me feel physically sick. Apparently it was all legal and fully endorsed by the FCA. At least the great train robbers were good old fashioned villains and wouldn’t have robbed ordinary people, in most cases, of their savings. No wonder no one robs trains any more, there’s plenty of perfectly legal ways to rob people, buy a beautiful house in the country and walk away with no consequences whatsoever.
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Post by gaspilot on Oct 5, 2019 16:20:23 GMT
Approximately 23% of investors failed the initial AML checks which I thought this was quite a high percentage.
I invest through my company and my wife invests as an individual.
Does anyone have an idea as to what might cause the initial failings? My first guess was it was perhaps something along the lines of a company's correspondence address not matching the address held at companies house (which may just be the address of the accountant for example.)
They do use the phrase 'modest discrepancies'.
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Mucho P2P
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Post by Mucho P2P on Oct 5, 2019 18:34:55 GMT
Approximately 23% of investors failed the initial AML checks which I thought this was quite a high percentage. I invest through my company and my wife invests as an individual. Does anyone have an idea as to what might cause the initial failings? My first guess was it was perhaps something along the lines of a company's correspondence address not matching the address held at companies house (which may just be the address of the accountant for example.) They do use the phrase 'modest discrepancies'. That amount is very high in my experience, and it might be that they are being overly pedantic on the exact match of names and addresses, or they are examining the originating source of client funds if from abroad, or it might just be that they wish to drag out the process longer. Whist R** are on a fixed fee for the first year, the longer they drag out the process, then year 2, 3, etc also are prolonged, which will end up in a cumulative time extension of many months, if not an entire year longer for the final winding down process, and thereby a year extra of fees. I live in hope this is not the real reason! As of today, there still has been no check on my credit file by R** or any company working on their behalf. <- This leaves me wondering, why not?
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rrrupert
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Post by rrrupert on Oct 5, 2019 19:09:26 GMT
From my past experience with systems using Experian for electronic aml checks I found any discrepancy between my name and address details as held by Experian and those held by the Financial institution doing the electronic AML check would be a problem.
I fixed the issue by getting one of those £2 statutory credit reports from them to find out exactly what format they held my details and then made sure when applying for financial products I used those exact details.
For instance, omitting a middle name, an address reading 99A rather than Flat A, 99 etc...a house name written slightly differently, hyphenated names written inconsistently..etc etc.
It seems to use pretty much an exact electronic match with no room for discretion.
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Post by df on Oct 5, 2019 19:44:35 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". That was very sweet, equivalent to "Heart&Safety" warning for something that is very obvious. So far handling Ly feels far more efficient than the other one. I appreciate that Col scenario was different from the outset, but can't help not to compare 
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sydb
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Post by sydb on Oct 5, 2019 22:40:46 GMT
As of today, there still has been no check on my credit file by R** or any company working on their behalf. <- This leaves me wondering, why not? Mucho, not sure if this is the reason but you may just be signed up to be notified of a 'credit check'. I expect R** would, instead, be doing an ID check: experian.co.uk/business/identity-fraud/anti-money-laundering/
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Mucho P2P
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Post by Mucho P2P on Oct 6, 2019 6:57:40 GMT
As of today, there still has been no check on my credit file by R** or any company working on their behalf. <- This leaves me wondering, why not? Mucho, not sure if this is the reason but you may just be signed up to be notified of a 'credit check'. I expect R** would, instead, be doing an ID check: experian.co.uk/business/identity-fraud/anti-money-laundering/ , I am signed up for all checks, even ID checks, which have been performed on me in the past. Annoyingly enough, I even get notified when a check of any type is erased from my profile after a year. I am waiting to see how this pans out in the coming weeks, then will contact R** for an explanation as something just does not add up here at the moment. I am left considering the possibility that R** are not verifying all client records with Experian, just records with which they have suspicions with, or records that do not tally up with addresses/bank accounts and so forth. Time will tell......
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mikeh
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Post by mikeh on Oct 6, 2019 9:41:27 GMT
I have just found this search on my experian credit report:
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Mucho P2P
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Post by Mucho P2P on Oct 6, 2019 10:10:48 GMT
I have just found this search on my experian credit report: Really appreciate that mikeh, leaves the question, why is not everyone being checked? Just checked my record yet again, and only 2 changes since Sept 1 this year, and nothing to do with Lendy. It appears not all records are being checked, or there are records still to be checked. Time will reveal more as always.
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Greenwood2
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Post by Greenwood2 on Oct 6, 2019 10:47:04 GMT
I have just found this search on my experian credit report: Really appreciate that mikeh , leaves the question, why is not everyone being checked? Just checked my record yet again, and only 2 changes since Sept 1 this year, and nothing to do with Lendy. It appears not all records are being checked, or there are records still to be checked. Time will reveal more as always. Maybe some of the existing AML checks are solid and some are not, and/or the process Lendy used may have changed with time, for the better or the worse!
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mikeh
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Post by mikeh on Oct 6, 2019 11:01:30 GMT
The only reason I can think of for being singled out, is that I used 3 different current accounts on Lendy. Just being lazy really. Most other platforms don't allow this.
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gwenynwyr
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Post by gwenynwyr on Oct 6, 2019 14:36:50 GMT
Experian search by Lendy Ltd dated 01/10/19:
Identification: Generic Check
Presumably A OK?
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sl75
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Post by sl75 on Oct 7, 2019 9:02:12 GMT
Experian search by Lendy Ltd dated 01/10/19:
Identification: Generic Check
Presumably A OK?
It means that they've actually managed to provide data to Experian in the right format and in a manner that properly matches the existing records for you...
Whether the result they got back was something that will satisfy them is something only they can answer.
Previous month's communication said "following the completion of these checks [...], those who initially pass, will receive a confirmation email from the Lendy Team"
Have Lendy/RSM actually sent such emails out to those who've detected a search, or are they still waiting for something else before they do that?
i.e. can I take their continued silence as an indication I'm in the 23% (which to be honest, seems likely, given it's such a high ratio, and there are "additional complications" with mine), or have they not emailed anyone yet?
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