ahowlin
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Post by ahowlin on Oct 10, 2019 8:29:44 GMT
I noticed this morning that funds I had instructed to be withdrawn following Lendy's fall into administration have re-appeared as available funds on my account at Lendy. It's still not possible to withdraw the funds however despite RSM's urging to redraw funds from Lendy ASAP  . Hopefully that step will be available soon. |
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garfield
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Post by garfield on Oct 10, 2019 8:39:31 GMT
I noticed this morning that funds I had instructed to be withdrawn following Lendy's fall into administration have re-appeared as available funds on my account at Lendy. It's still not possible to withdraw the funds however despite RSM's urging to redraw funds from Lendy ASAP . Hopefully that step will be available soon. Did you get last week's update from the administrators? If not, see the pinned thread right at the top.
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ahowlin
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Post by ahowlin on Oct 10, 2019 8:47:44 GMT
Thanks Garfield, so we may need to wait 21 days before withdrawing funds ASAP; I misunderstood their intentions.
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zlb
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Post by zlb on Oct 10, 2019 8:52:55 GMT
I didn't previously have any funds waiting there - I am awaiting pay back from HQ for example, which had not been paid out to investors at the time of admin. This implies that they haven't alloted post-admin funds to accounts, and are maybe just testing out previous values which had been sitting there at the time of admin.
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Post by flobberchops on Oct 10, 2019 9:10:04 GMT
Am I right in thinking the withdrawable money will be just uninvested cash, or have the loans been repaid?
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Post by mrclondon on Oct 10, 2019 9:17:23 GMT
Am I right in thinking the withdrawable money will be just uninvested cash, or have the loans been repaid? A few of the loans have repaid in part or full, and the funds will be added to our accounts over the next couple of weeks.
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nick
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Post by nick on Oct 10, 2019 9:32:24 GMT
Last night I received email confirmation from the administrators that one of my accounts had successfully passed the verification process. I have yet to receive any correspondence regarding the other 2 accounts I control which were opened a lot earlier. Has anyone yet received correspondence regarding verification failure/further procedures etc?
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star dust
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Post by star dust on Oct 10, 2019 9:41:00 GMT
Last night I received email confirmation from the administrators that one of my accounts had successfully passed the verification process. I have yet to receive any correspondence regarding the other 2 accounts I control which were opened a lot earlier. Has anyone yet received correspondence regarding verification failure/further procedures etc? It's in the RSM update of the 4 th October - p2pindependentforum.com/post/349740/thread “In respect of the parties whose checks have not been completed members of the Lendy team will be contacting you over the next 14 days to request the additional information to complete the checks.” So up until the 19th October to hear further, before it might be an idea to contact them.
As this thread is about withdrawals it might also be worth noting this bit
"On the basis that the client money checks have been completed we will shortly be removing any restrictions on the client accounts and thereby will be allowing withdrawals of available funds. It is anticipated this process of updating the system will be completed within the next 21 days and we will notify investors when the system goes live."
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Post by tomder on Oct 17, 2019 20:44:43 GMT
Am I right in thinking the withdrawable money will be just uninvested cash, or have the loans been repaid? A few of the loans have repaid in part or full, and the funds will be added to our accounts over the next couple of weeks. How do we know which loans have been repaid?
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Post by mrclondon on Oct 17, 2019 20:48:14 GMT
A few of the loans have repaid in part or full, and the funds will be added to our accounts over the next couple of weeks. How do we know which loans have been repaid? By reading the monthly updates on the Lendy website for the loanbook for each month since the administration and the interuption of normal service (noting that HQ and a partial redemption in Cornwall happened just before the administration but weren't credited to us at the time)
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Post by tomder on Oct 17, 2019 21:09:49 GMT
The updates are not very detailed. PBL103 is reading as being repaid. How do we know what percentage of our capital will be repaid and will any interest accrued be also paid. All seems very cryptic.
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Post by mrclondon on Oct 17, 2019 23:28:36 GMT
The updates are not very detailed. PBL103 is reading as being repaid. How do we know what percentage of our capital will be repaid and will any interest accrued be also paid. All seems very cryptic. We dont, only that across the whole loanbook recoveries are expected to range from 7% to 100% of capital averaging mid 50's (before costs are deducted). It should be intuitive to expect that the 100% recoveries will generally only be those loans that were in good standing at the time of the administration of Lendy.
The rough recovery percentage can be guessed at for some loans by studying the administrators / receivers filings at company house (e.g. for HQ ; and there should be some clues for the Rotherham loan in the next few days). The PBL103 sale is too recent for any clues to be in the public domain, so you'll have to wait to see what happens to your account balance.
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sl75
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Post by sl75 on Oct 18, 2019 9:57:49 GMT
A few of the loans have repaid in part or full, and the funds will be added to our accounts over the next couple of weeks. How do we know which loans have been repaid? If we actually believe RSM won't find yet another reason to delay crediting our accounts, by waiting a "couple of weeks" for funds to be credited to our accounts, at which point just use the normal Lendy website to find out.
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daveb
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Post by daveb on Oct 21, 2019 20:56:14 GMT
I have a tiny amount of money showing as available, but on the transaction list it is called "withdrawal reversal" ie it's the same as the last withdrawal I made before they shut up shop. I have no idea why that amount has been credited. They are not accepting a withdrawal request in any case.
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garfield
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Post by garfield on Oct 21, 2019 21:18:49 GMT
I have a tiny amount of money showing as available, but on the transaction list it is called "withdrawal reversal" ie it's the same as the last withdrawal I made before they shut up shop. I have no idea why that amount has been credited. They are not accepting a withdrawal request in any case. They are reversing any outstanding withdrawal requests from before the administration. Did you get your money out?
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