mikeh
Member of DD Central
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Post by mikeh on Feb 11, 2020 19:06:32 GMT
Mighty generous of you, Mike. LOL Not by me. In total!
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Post by loftankerman on Feb 12, 2020 12:37:52 GMT
I really don't have a lot in this but put in about £6 per thousand owing to me. I was thinking that if it was getting close to target towards the end of the period I'd put in a bit more. Now it occurs to me that if many are thinking along the same lines, then there could be a shortfall that would make me think it wasn't worth bothering. So pension day is approaching and I'll bump things up to £15+ per thousand. As things stand, given interest already earned and the fact that I sold 90% of my loans after reading Lendy's T&C, there'll be irritation but no pain if I get nothing back.
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Post by mrclondon on Feb 12, 2020 14:53:17 GMT
I contributed slightly more than the suggested £1 / £1000, on the day the fund raise opened.
The fundraising portal being used is almost certainly the most appropriate for the task in hand, but the format of the site feels to me to be part of the problem in getting people to commit more. The legal firm which will benefit from the funds being raised is named, but there is no profile of them, the legal staff who will work this case, what relevant experience they have etc. It would be good to read a statement from them - I know the detail will have to be confidential, but a reiteration of the outline objectives that Lisa has set out would give some comfort that they are aligned with the aims.
I'm open to the possibility of contributing more, but I need convincing by the legal bods who will spend the money.
I have avoided posting these thoughts thus far as I felt they might be construed as being unhelpful by some, but with the apparent slow down in funds being committed, it is perhaps time to think about issuing a more formal prospectus for the fund raise.
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Balder
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Post by Balder on Feb 12, 2020 15:14:27 GMT
I contributed slightly more than the suggested £1 / £1000, on the day the fund raise opened.
The fundraising portal being used is almost certainly the most appropriate for the task in hand, but the format of the site feels to me to be part of the problem in getting people to commit more. The legal firm which will benefit from the funds being raised is named, but there is no profile of them, the legal staff who will work this case, what relevant experience they have etc. It would be good to read a statement from them - I know the detail will have to be confidential, but a reiteration of the outline objectives that Lisa has set out would give some comfort that they are aligned with the aims.
I'm open to the possibility of contributing more, but I need convincing by the legal bods who will spend the money.
I have avoided posting these thoughts thus far as I felt they might be construed as being unhelpful by some, but with the apparent slow down in funds being committed, it is perhaps time to think about issuing a more formal prospectus for the fund raise.
My SIPP provider has spoken with the Solicitor:- The Solicitor has explained that they have not yet fully set out the extent of their argument. The main argument currently being explored is that any loans redeemed from Model 2 should be paid to investors directly as opposed to via Lendy to be onwardly distributed. The implication of redemptions being due to investors directly would be that any loan redemptions from Model 2 would not form part of the administration pot and would not be subject to the distribution waterfall.
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quidco
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Post by quidco on Feb 12, 2020 15:23:38 GMT
I contributed slightly more than the suggested £1 / £1000, on the day the fund raise opened.
The fundraising portal being used is almost certainly the most appropriate for the task in hand, but the format of the site feels to me to be part of the problem in getting people to commit more. The legal firm which will benefit from the funds being raised is named, but there is no profile of them, the legal staff who will work this case, what relevant experience they have etc. It would be good to read a statement from them - I know the detail will have to be confidential, but a reiteration of the outline objectives that Lisa has set out would give some comfort that they are aligned with the aims.
I'm open to the possibility of contributing more, but I need convincing by the legal bods who will spend the money.
I have avoided posting these thoughts thus far as I felt they might be construed as being unhelpful by some, but with the apparent slow down in funds being committed, it is perhaps time to think about issuing a more formal prospectus for the fund raise.
My SIPP provider has spoken with the Solicitor:- The Solicitor has explained that they have not yet fully set out the extent of their argument. The main argument currently being explored is that any loans redeemed from Model 2 should be paid to investors directly as opposed to via Lendy to be onwardly distributed. The implication of redemptions being due to investors directly would be that any loan redemptions from Model 2 would not form part of the administration pot and would not be subject to the distribution waterfall. My analogy would be you drive your car to the car wash to be washed and halfway through the car wash goes into administration. The administrators then claim your car, sell it and give the proceeds to the creditors of the car wash.
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wuzimu
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Post by wuzimu on Feb 12, 2020 18:17:01 GMT
W/ref fund raise for LAG legal ...
As co-founder of LAG I can state that the lawyer who has been engaged , is doing work directly in support of the aims of LAG which are clearly produced on the LAG website and FB page. In brief the aims are to maximize the returns to lenders from the administration in the most equitable way without being clobbered by inefficient admin costs or unfair charges that Lendy would have tried to impose.
Please don't try and make contact with the lawyer for updates! They can't tell you anyway, but may charge LAG for the time in telling you they can't!
The immediate situation is that RSM are going to the Court for directions as to the legality of the 'waterfall' - a raft of undisclosed fees and default interest on overdue loans which Lendy awarded themselves without telling lenders. RSM are taking the view that they will claim the waterfall payments from recoveries before lenders, because that is what the documents in Lendy files say can be taken. So that is the argument they will be making to the Court.
The English legal system requires 2 sides to present argument to the Court, so LAG legal will present the opposing case that the waterfall is unlawful and unenforceable. If LAG didn't, the waterfall would likely be rubber stamped through.
It doesn't have to be a drawn out contentious affair, I hope it is fairly obvious that the waterfall is unlawful, BUT the Court needs to hear that case and RSM aren't going to make it for lenders.
If LAG did not do this and the waterfall was rubber stamped through then the average M2 lender would see his recovery fall by 30 or 40% - look at the DFL012 HQ for example.
So it is very important that the fund raise is enough to see us through.
And if you haven't contributed yet .... please do - it is important we suceed. The main beneficiary otherwise may be Lendy Director - LB.
Updates will be provided once LAG is able no doubt. If lenders have a pressing question they can email help@lendyactiongroup.co.uk
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Post by supernumerary on Feb 12, 2020 19:00:36 GMT
Just after 7pm on Wednesday.
16 days to go, £59,337 pledged of the £75,000 stretched target, from 1,146 pledges.
Now at 79.12% of the way, to the TARGET.
A further £15,663 needed to reach the GOAL.
This equates to requiring approximately, an average donation rate of £978.94 per day, over the next 16 days, to get to the £75,000 OBJECTIVE.
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Post by bracknellboy on Feb 12, 2020 19:15:15 GMT
A further contribution has now taken mine to 2% of my lendy loans, so x20 the ask. My position with Lendy is small, and so absolute contribution is likewise. Shame that more people are not ponying up: the raise at 0.1% ought to be very very doable.
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travolta
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Post by travolta on Feb 12, 2020 21:05:08 GMT
Just trebled ,but it hurts.
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jhamster
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Post by jhamster on Feb 12, 2020 23:23:47 GMT
Someone called Paul at Chesworth Capital donated £1500 to the fund. Does anyone know the relationship of them to Lendy investors?
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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 Feb 13, 2020 0:28:21 GMT
Someone called Paul at Chesworth Capital donated £1500 to the fund. Does anyone know the relationship of them to Lendy investors? Presumably an investor through a company, so in the same boat as the rest of us, just a substantially bigger investment.
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travolta
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Post by travolta on Feb 13, 2020 10:23:38 GMT
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travolta
Member of DD Central
Posts: 1,506
Likes: 1,214
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Post by travolta on Feb 13, 2020 10:29:07 GMT
Actually ..........wouldnt it be swell if some of the big hitters like Ratesetter /Asscap etc made a high profile donation just to show solidarity with their customers and virtue signal their own credentials?
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one21
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Post by one21 on Feb 13, 2020 13:09:15 GMT
Doubled up original pledge, consider more if required. Wish there was a way of spreading the word to remaining lenders who may not have heard about the fund raise! Brilliant suggestion Travolta btw.
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mikeh
Member of DD Central
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Post by mikeh on Feb 13, 2020 13:14:49 GMT
£13k to go. We may need a round 3 but I think we will get there.
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