sl75
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Post by sl75 on Jan 30, 2020 20:01:33 GMT
I'll happily pledge (say) 1% of the additional amount recovered as a direct result of such a legal intervention (and might even be persuaded to a higher percentage on that basis), but somewhat reluctant to send "good money after bad", especially when that's handing over control to other parties whose interests I merely hope are aligned with mine.
It strikes me that there may be others with a similar opinion.
Perhaps there is someone who has sufficient oversight and control of the case and who has sufficient confidence in it that they'd be prepared to put whatever "good money" is required on the basis of such pledges of "bad money" that should be recovered as a result of the case. (e.g. for each £10 of "bad money" that's expected to be recovered they might put in £x of "good money" into the legal fund, hoping to profit from the difference)
The trouble is the money is needed upfront to pay lawyers. I'm sure everyone would prefer to put up actual funds only after a recovery (with no risk), but then the recovery likely wouldn't happen. For £1 per thousand invested it is hardly a big extra potential loss. Trouble is, that if all money is paid "up front", there's less incentive for the lawyers to push for a good outcome, and more incentive for them to find "further problems" that require people to donate further funds for the subsequent rounds of action.
0.1% now could soon become a further request for 0.1% when the case turns out to be a bit more complicated, then another 0.2% when more lawyers get involved, then another 0.5%, etc. so that at each stage you lose the money you put in already unless you follow up with even more...
Perhaps there's some agreement already for a cap on how much the lawyers will charge in total to resolve the case - if so, I'd want those details in writing before committing the FIRST tranche of funds to the lawyers... the current page is VERY thin on details, and has almost no conditions I can see on what Lisa can do with the money!
Also, how do the logistics work of refunding hundreds or thousands of individual donors if the case is won and costs are awarded?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 30, 2020 20:22:31 GMT
Rev it up fellas (& gals), rev it up, this whole P2P merde storm has GOT to hit the mainstream media with a blitzkrieg.
A Blitzkrieg that annhiliates appropriate Platforms/Platform Directors, Borrowers, "Professional" Valuers, RICS, and our old friends the FCA.
They have aided and abetted, are 100% culpable, and MUST be exposed.
There NEEDS to be Prosecutions and jailings.
IMHO.
PS / EDIT: Weinstein got brought down, and so too can the crooks, fraudsters and "Pillars of Society" organisations who are supposed to be protecting our Consumer interests, but are ineffective & useless, too busy protecting their own interests.
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Post by Ace on Jan 30, 2020 20:25:19 GMT
The trouble is the money is needed upfront to pay lawyers. I'm sure everyone would prefer to put up actual funds only after a recovery (with no risk), but then the recovery likely wouldn't happen. For £1 per thousand invested it is hardly a big extra potential loss. Trouble is, that if all money is paid "up front", there's less incentive for the lawyers to push for a good outcome, and more incentive for them to find "further problems" that require people to donate further funds for the subsequent rounds of action.
0.1% now could soon become a further request for 0.1% when the case turns out to be a bit more complicated, then another 0.2% when more lawyers get involved, then another 0.5%, etc. so that at each stage you lose the money you put in already unless you follow up with even more...
Perhaps there's some agreement already for a cap on how much the lawyers will charge in total to resolve the case - if so, I'd want those details in writing before committing the FIRST tranche of funds to the lawyers... the current page is VERY thin on details, and has almost no conditions I can see on what Lisa can do with the money!
Also, how do the logistics work of refunding hundreds or thousands of individual donors if the case is won and costs are awarded?
Easy for me to say as I only have a very small sum invested in Lendy, but I've happily donated 10% in the hope it will, at the very least, give LB a few sleepless nights. That would be a sweeter reward than actually receiving my cash back. I do realise that those with significant sums invested have more practical concerns. Good luck Lisa and all.
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Post by supernumerary on Jan 30, 2020 21:24:32 GMT
CURRENTLY £18,651 pledged of £25,000 target from 344 pledges.
IF ALL at LAG (currently 1,199 members) pledge, that will be in the region of £60,000...
BUT LAG are ONLY approximately 5% of the 22,000 approx. Lendy Investers.
IF ALL pledge, then 20 X £60,000 is equal to £1.2 million...
THAT is the POTENTIAL, so somehow, ALL Lendy investors NEED to be told about this fund raiser...
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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
Posts: 11,330
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Post by ilmoro on Jan 30, 2020 21:41:55 GMT
CURRENTLY £18,651 pledged of £25,000 target from 344 pledges. IF ALL at LAG (currently 1,199 members) pledge, that will be in the region of £60,000... BUT LAG are ONLY approximately 5% of the 22,000 approx. Lendy Investers. IF ALL pledge, then 20 X £60,000 is equal to £1.2 million... THAT is the POTENTIAL, so somehow, ALL Lendy investors NEED to be told about this fund raiser...AIUI There are 9000 investors, the remainder are merely registered on the site but have no money invested. LAG represents about 15% I would guess (across FB & www) but cant calculate how much that would represent in invested terms
Perhaps more pertinent is that currently £140m is outstanding which makes £140,000 on the £1 per £1000 pledge ratio (just dont tell the lawyers)
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IFISAcava
Member of DD Central
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Post by IFISAcava on Jan 30, 2020 22:15:43 GMT
CURRENTLY £18,651 pledged of £25,000 target from 344 pledges. IF ALL at LAG (currently 1,199 members) pledge, that will be in the region of £60,000... BUT LAG are ONLY approximately 5% of the 22,000 approx. Lendy Investers. IF ALL pledge, then 20 X £60,000 is equal to £1.2 million... THAT is the POTENTIAL, so somehow, ALL Lendy investors NEED to be told about this fund raiser...AIUI There are 9000 investors, the remainder are merely registered on the site but have no money invested. LAG represents about 15% I would guess (across FB & www) but cant calculate how much that would represent in invested terms
Perhaps more pertinent is that currently £140m is outstanding which makes £1.4m on the £1 per £1000 pledge ratio (just dont tell the lawyers)
And definitely don't tell the mathematicians.
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Jan 30, 2020 22:40:00 GMT
AIUI There are 9000 investors, the remainder are merely registered on the site but have no money invested. LAG represents about 15% I would guess (across FB & www) but cant calculate how much that would represent in invested terms
Perhaps more pertinent is that currently £140m is outstanding which makes £1.4m on the £1 per £1000 pledge ratio (just dont tell the lawyers)
And definitely don't tell the mathematicians. Oops, bit optimistic there.
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Post by spareapennyor2 on Jan 31, 2020 8:00:51 GMT
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Jan 31, 2020 8:39:11 GMT
Trouble is, that if all money is paid "up front", there's less incentive for the lawyers to push for a good outcome, and more incentive for them to find "further problems" that require people to donate further funds for the subsequent rounds of action.
0.1% now could soon become a further request for 0.1% when the case turns out to be a bit more complicated, then another 0.2% when more lawyers get involved, then another 0.5%, etc. so that at each stage you lose the money you put in already unless you follow up with even more...
Perhaps there's some agreement already for a cap on how much the lawyers will charge in total to resolve the case - if so, I'd want those details in writing before committing the FIRST tranche of funds to the lawyers... the current page is VERY thin on details, and has almost no conditions I can see on what Lisa can do with the money!
Also, how do the logistics work of refunding hundreds or thousands of individual donors if the case is won and costs are awarded?
(My bold) for the first part, examining the terms and conditions of the web site says that the money raised can only go direct to the lawyers that are already connected to this particular fund raise. The cash cannot go anywhere else. I’d imagine the same lawyer will be obliged to act for the benefit of those that are paying their bill which is us! For the second part, it seems like the only way to contribute to the fund is via a credit or debit card. The money is not actually taken at the pledge stage. My £50 is showing in my credit card app as "£0". I guess the £50 will actually be taken at the end of the fund raise. EDIT: if we are awarded costs, and what an amazing thing that would be 😄, I guess our contributions would be returned to the same payment card like they are when you get a refund from a shop.Or we could organise a huge party.  
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rocky1
Member of DD Central
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Post by rocky1 on Jan 31, 2020 9:00:51 GMT
wont any costs/fees for the other side be coming out of our own money anyway.cant see LB/administrators paying sod all. will we be paying LYs/LBs costs for the london loan when that comes through as LBs charge will ensure he doesent lose anything.
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Post by supernumerary on Jan 31, 2020 10:14:41 GMT
CURRENTLY £18,651 pledged of £25,000 target from 344 pledges. IF ALL at LAG (currently 1,199 members) pledge, that will be in the region of £60,000... BUT LAG are ONLY approximately 5% of the 22,000 approx. Lendy Investers. IF ALL pledge, then 20 X £60,000 is equal to £1.2 million... THAT is the POTENTIAL, so somehow, ALL Lendy investors NEED to be told about this fund raiser...AIUI There are 9000 investors, the remainder are merely registered on the site but have no money invested. LAG represents about 15% I would guess (across FB & www) but cant calculate how much that would represent in invested terms
Perhaps more pertinent is that currently £140m is outstanding which makes £1.4m on the £1 per £1000 pledge ratio (just dont tell the lawyers)
I think your VERY POSITIVE £1.4m calculation, reads and sounds better, than my under estimated £1.2m calculation.  £1.4 MILLION is the POTENTIAL, so somehow, ALL Lendy investors NEED to be told about this fund raiser...
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Kyrios
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Post by Kyrios on Jan 31, 2020 10:23:49 GMT
I was not a member of LAG up to now (I am still not, as my application is pending), but I sent a pledge a bit beyond the required %.
I must say I had mentally written off my investment in Lendy, so I did not bother. But the actions of LB and his friends cannot be left unpunished.
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joe91
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Post by joe91 on Jan 31, 2020 10:45:25 GMT
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agent69
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Post by agent69 on Jan 31, 2020 10:46:31 GMT
for the first part, examining the terms and conditions of the web site says that the money raised can only go direct to the lawyers that are already connected to this particular fund raise. The cash cannot go anywhere else. I’d imagine the same lawyer will be obliged to act for the benefit of those that are paying their bill which is us! For the second part, it seems like the only way to contribute to the fund is via a credit or debit card. The money is not actually taken at the pledge stage. My £50 is showing in my credit card app as "£0". I guess the £50 will actually be taken at the end of the fund raise. EDIT: if we are awarded costs, and what an amazing thing that would be 😄, I guess our contributions would be returned to the same payment card like they are when you get a refund from a shop. But what happens if the other side are awarded costs. Where will the money come from?
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quidco
Member of DD Central
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Post by quidco on Jan 31, 2020 11:59:23 GMT
for the first part, examining the terms and conditions of the web site says that the money raised can only go direct to the lawyers that are already connected to this particular fund raise. The cash cannot go anywhere else. I’d imagine the same lawyer will be obliged to act for the benefit of those that are paying their bill which is us! For the second part, it seems like the only way to contribute to the fund is via a credit or debit card. The money is not actually taken at the pledge stage. My £50 is showing in my credit card app as "£0". I guess the £50 will actually be taken at the end of the fund raise. EDIT: if we are awarded costs, and what an amazing thing that would be 😄, I guess our contributions would be returned to the same payment card like they are when you get a refund from a shop. But what happens if the other side are awarded costs. Where will the money come from? Given that they will fight it using investor's money we'll already have paid their side anyway.
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