shimself
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Post by shimself on Nov 26, 2019 15:28:00 GMT
I think it was the votes weighted by the voter's holding wasn't it?
In that case I must have missed one of RSM's emails, can you give the date and time of the email which advised of that please shimself or post it here?
In Edit: Or anyone who has a copy of this please, as I'm trying to keep a complete record of RSM communiques to all Lendy investors in the Significant Information thread - p2pindependentforum.com/post/329351/threadOn the voting form I was asked to indicate my holding
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toffeeboy
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Post by toffeeboy on Nov 26, 2019 15:34:40 GMT
In that case I must have missed one of RSM's emails, can you give the date and time of the email which advised of that please shimself or post it here?
In Edit: Or anyone who has a copy of this please, as I'm trying to keep a complete record of RSM communiques to all Lendy investors in the Significant Information thread - p2pindependentforum.com/post/329351/threadOn the voting form I was asked to indicate my holding I think the question most of us are asking is what voting form? I never received one, the only email I received asked for volunteers to form the CLB and the biggest 5 investors that volunteered would be selected. Nothing mentioning a vote at all.
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shimself
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Post by shimself on Nov 26, 2019 16:30:51 GMT
On the voting form I was asked to indicate my holding I think the question most of us are asking is what voting form? I never received one, the only email I received asked for volunteers to form the CLB and the biggest 5 investors that volunteered would be selected. Nothing mentioning a vote at all. It was on the LAG facebook
Now I know you could argue that it's an LAG conspiracy. I prefer to see it as an example of the utter hopelessness of the administrator. The only hope is that they are not bad at getting money in. My personal view is that from what I have seen they should probably be sacked
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dovap
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Post by dovap on Nov 26, 2019 17:12:23 GMT
what a shambles.
Self-serving facebook clique and incompetent admins
astonishing
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sb
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Post by sb on Nov 27, 2019 8:54:59 GMT
Could someone from LAG answer the questions below? 1) When are the Administrators going to provide a detailed breakdown what happened with recovered money? 2) What is LAG going to do about the unfair waterfall rules? The administrators are due to issue their six monthly report very soon, maybe even this week. It’s expected that they will provide further details about exactly how it’s all being calculated. Let’s see what they say. Is this a guess or comes from a reliable source? What about the second question 2) What is LAG going to do about the unfair waterfall rules?
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toffeeboy
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Post by toffeeboy on Nov 27, 2019 11:45:39 GMT
I think the question most of us are asking is what voting form? I never received one, the only email I received asked for volunteers to form the CLB and the biggest 5 investors that volunteered would be selected. Nothing mentioning a vote at all. It was on the LAG facebook
Now I know you could argue that it's an LAG conspiracy. I prefer to see it as an example of the utter hopelessness of the administrator. The only hope is that they are not bad at getting money in. My personal view is that from what I have seen they should probably be sacked
So it was given to people that have chosen to follow LAG on facebook and no one else, what a complete joke. The original proposal was sent to everyone via email so why not any amendment, there is no argument about it being a conspiracy if the only people that knew there was a vote were LAG members.
The CLB is now just an extension of the CC and utterly pointless except for being another excuse for RSM to charge more time.
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sb
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Post by sb on Nov 27, 2019 11:49:07 GMT
Is this a guess or comes from a reliable source? What about the second question 2) What is LAG going to do about the unfair waterfall rules? Well it’s about six months isn’t it? And RSM said they would here: p2pindependentforum.com/post/356526/threadAs for your second question, I can’t answer that yet, they haven’t said. I’d imagine LAG would want to challenge anything unfair that would impact lenders getting their money back. What we all really need to know first is how these interim returns are being calculated. I know the administrators promised a breakdown on 15/11 but they didn't specify when exactly this will happen, just used vague "shortly". I think we (non-LAG investors) need to organise ourselves and get a legal advice regarding fairness of T&Cs (waterfall rules). What LAG intentions are is not clear at the moment. Even if they are good for us LAG is very bad at communicating them with the rest of the investors.
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locutus
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Post by locutus on Nov 27, 2019 12:19:42 GMT
Well it’s about six months isn’t it? And RSM said they would here: p2pindependentforum.com/post/356526/threadAs for your second question, I can’t answer that yet, they haven’t said. I’d imagine LAG would want to challenge anything unfair that would impact lenders getting their money back. What we all really need to know first is how these interim returns are being calculated. I know the administrators promised a breakdown on 15/11 but they didn't specify when exactly this will happen, just used vague "shortly". I think we (non-LAG investors) need to organise ourselves and get a legal advice regarding fairness of T&Cs (waterfall rules). What LAG intentions are is not clear at the moment. Even if they are good for us LAG is very bad at communicating them with the rest of the investors.
It is completely unacceptable to keep lenders in the dark and not provide a breakdown of the distribution. How can it be challenged unless they reveal the deductions they have made. The more complaints submitted, the more likely they are to sit up and actually do something.
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star dust
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Post by star dust on Nov 27, 2019 13:14:46 GMT
I know the administrators promised a breakdown on 15/11 but they didn't specify when exactly this will happen, just used vague "shortly". I think we (non-LAG investors) need to organise ourselves and get a legal advice regarding fairness of T&Cs (waterfall rules). What LAG intentions are is not clear at the moment. Even if they are good for us LAG is very bad at communicating them with the rest of the investors.
It is completely unacceptable to keep lenders in the dark and not provide a breakdown of the distribution. How can it be challenged unless they reveal the deductions they have made. The more complaints submitted, the more likely they are to sit up and actually do something.
From your link "You are encouraged to try to resolve the complaint with the insolvency practitioner before approaching the Complaints Gateway.
A large proportion of insolvency complaints arise due to a breakdown in communication that has arisen between the insolvency practitioner and the interested party. In most cases, the insolvency practitioner or his/her firm will have an internal complaints procedure and you should try to resolve your dispute directly with the insolvency practitioner before contacting the Complaints Gateway. In most cases this will be a quicker method of resolving your complaint."
Without having yet asked RSM directly for their complaints process, it seems to consist of contacting David Punt in the Farringdon Office
"Complaints: Complaints can be made by contacting David Punt at 25 Farringdon Street, London EC4A 4AB. In the event of your not being satisfied by our response to a complaint in relation to a formal insolvency appointment under English or Scottish insolvency law, you may bring the matter to the attention of the Insolvency Complaints Gateway at The Insolvency Service, IP Complaints, 3rd Floor, 1 City Walk, Leeds LS11 9DA (0300 678 0015 orip.complaints@insolvency.gsi.gov.uk).
Details of any other dispute resolution procedure applicable to an engagement will be contained in the relevant letter of engagement."
Assuming you complained to RSM first, did you get any further information on RSM's complaints process for this particular administration? How long did it take to go through the RSM complaints stage?
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Post by vfr800 on Nov 27, 2019 14:33:39 GMT
That's half the problem they do not communicate, I have lost track of the emails I have sent about my account with no reply.
Mr Punts email address can be found on the FCA website if anyone else wishes to complain!
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sb
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Post by sb on Nov 27, 2019 18:22:09 GMT
I know the administrators promised a breakdown on 15/11 but they didn't specify when exactly this will happen, just used vague "shortly". I think we (non-LAG investors) need to organise ourselves and get a legal advice regarding fairness of T&Cs (waterfall rules). What LAG intentions are is not clear at the moment. Even if they are good for us LAG is very bad at communicating them with the rest of the investors.
It is completely unacceptable to keep lenders in the dark and not provide a breakdown of the distribution. How can it be challenged unless they reveal the deductions they have made. The more complaints submitted, the more likely they are to sit up and actually do something.
Thanks for the info. To be fair they've promised to provide a breakdown. I will give them a few weeks. As for a potential legal advice I meant an advise that will tell us what our chances are to challenge Lendy unfair T&Cs, which allow the administrators to charge their costs and fees without a limit before recovered money are distributed to investors.
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jane
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Post by jane on Nov 27, 2019 18:25:01 GMT
It is completely unacceptable to keep lenders in the dark and not provide a breakdown of the distribution. How can it be challenged unless they reveal the deductions they have made. The more complaints submitted, the more likely they are to sit up and actually do something.
From your link "You are encouraged to try to resolve the complaint with the insolvency practitioner before approaching the Complaints Gateway.
You left out the next paragraph that states "That said there may be instances where it is not appropriate to contact the insolvency practitioner, for instance when you are making an allegation of fraud, so please consider the nature of your allegation before contacting the insolvency practitioner."
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shimself
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Post by shimself on Nov 28, 2019 8:30:53 GMT
Even if they are good for us LAG is very bad at communicating them with the rest of the investors. And how would you propose they do that? If you don't join their facebook or their forum on proboards websiten then they don't know who you are?
(I'm in no way defending RSM here, who are utterly beyond the pail)
(Sorry I keep muddling up FSAG and LAG)
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shimself
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Post by shimself on Nov 28, 2019 8:36:23 GMT
2) What is LAG going to do about the unfair waterfall rules? I think the answer is take legal advice and argue the case, what else?
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sb
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Post by sb on Nov 28, 2019 9:00:14 GMT
2) What is LAG going to do about the unfair waterfall rules? I think the answer is take legal advice and argue the case, what else? I don't know what LAG plans are. That is why I asked my question. LAG doesn't communicate with the rest of the investors. There is no signs that it has taken, is taking or will be taking any action with regards to unfair Lendy T&Cs.
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