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Post by bpp on May 22, 2020 8:46:30 GMT
Hi Lendy Group, i hope everyone is keeping well during lockdown!
I have about 9 open loans, of which most are in default etc...nothing new here
The fee's the appointed lawyers are looking to charge me are higher than my inverstments. Can anyone recommend any other third party lawyer who can represent our account? Or will Lendy administrators automatically refund any proceeds leftover after all cases are closed (ie nothing!!)?
Just want to understand what everyone else is doing in terms of trying to recover what little might be left...
thanks
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ilmoro
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'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 May 22, 2020 9:13:48 GMT
Hi Lendy Group, i hope everyone is keeping well during lockdown! I have about 9 open loans, of which most are in default etc...nothing new here The fee's the appointed lawyers are looking to charge me are higher than my inverstments. Can anyone recommend any other third party lawyer who can represent our account? Or will Lendy administrators automatically refund any proceeds leftover after all cases are closed (ie nothing!!)? Just want to understand what everyone else is doing in terms of trying to recover what little might be left... thanks Sorry, what fee? What appointed lawyers? Are you talking about the loans where the borrower went to court?
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Post by bpp on May 22, 2020 9:56:32 GMT
hi, yes i am talking about the recovery process/administrators. Lendy administrators (HCRLAW) is charging a huge fee to represent the individual creditors. i was wondering if other investors are representing themselves in arbitration or using other lawyers?
il be honest, without a strong lawyer behind the process, zero will eventually be recovered and distributed back to the investors. but it has to make financial sense....
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ilmoro
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'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 May 22, 2020 10:48:42 GMT
hi, yes i am talking about the recovery process/administrators. Lendy administrators (H**) is charging a huge fee to represent the individual creditors. i was wondering if other investors are representing themselves in arbitration or using other lawyers? il be honest, without a strong lawyer behind the process, zero will eventually be recovered and distributed back to the investors. but it has to make financial sense.... I think two things are being mixed up here. The recovery of the loan is in the hands of receivers but that is different from what I think you are talking about which is the lawyers (H**) who are looking to recover the costs incurred by some investors in relation to the potential legal action by the borrower. The lawyers are not employed by the receivers or Lendy administrators (though Lendy did pay for an initial engagement to review the case so they could represent investors who wished to engage them on a personal basis) The majority of investors in the loans did not engage lawyers AIUI as they were not party to the case and never became one. The case never reached the point where individual investors became a party. I assume you are referring to fees incurred to recover the costs those investors who engaged (H**) incurred. AIUI the investors costs have been awarded against the borrower, and a new attempt to block this rejected last month.
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Post by Badly Drawn Stickman on May 22, 2020 10:52:55 GMT
HCRLAW are not the administrators for lendy. I thought they were only appointed by some lenders to defend themselves against a case brought against lenders by a particularly irksome borrower. Doesn’t sound quite right. Also sounds like you have some reading up to do. Perhaps search for HCR in this thread p2pindependentforum.com/thread/13512/london-loanWere they not the firm that Lendy (whilst still active) gave all our details to so they could offer us advice? I seem to recall they were very, whats the word... lets go with eager to get people to put them on a retainer to fight our corner if needed. I may be wrong, I seem to spend half my life reading various administration reports. Edit, or what ilmoro has just said far more accurately.
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Post by tinkerbell59 on Jul 2, 2020 9:45:51 GMT
hi, yes i am talking about the recovery process/administrators. Lendy administrators (HCRLAW) is charging a huge fee to represent the individual creditors. i was wondering if other investors are representing themselves in arbitration or using other lawyers? il be honest, without a strong lawyer behind the process, zero will eventually be recovered and distributed back to the investors. but it has to make financial sense....
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neeps
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Post by neeps on Jul 2, 2020 11:37:04 GMT
hi, yes i am talking about the recovery process/administrators. Lendy administrators (HCRLAW) is charging a huge fee to represent the individual creditors. i was wondering if other investors are representing themselves in arbitration or using other lawyers? il be honest, without a strong lawyer behind the process, zero will eventually be recovered and distributed back to the investors. but it has to make financial sense.... hi there is a group of us looking at separate representation and will be speaking to a lawyer who has all paperwork within days so if interested please let me know I take it that you've been convinced by some 'ambulance chasing' lawyer that they'll have more success in returning your money than the actions being taken by the likes of the LAG?!?
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micky
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Post by micky on Jul 2, 2020 11:41:04 GMT
This sounds a bit harsh. Everyone has the right to their own representation, you never know it could just bear fruit for the rest of us.
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neeps
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Post by neeps on Jul 2, 2020 12:58:36 GMT
This sounds a bit harsh. Everyone has the right to their own representation, you never know it could just bear fruit for the rest of us. I'll be the first to apologise if I'm proved wrong. However, I feel that a concerted professional action by LAG represents us all, rather than individual actions by splinter groups that will just find more of our recovered money being used to question RSM's administration. After all, we have seen strong action from RSM to freeze the assets of LB & TG which I think shows that they are more on the lender's side than some might think. All IMHO of course.
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iRobot
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Post by iRobot on Jul 2, 2020 13:07:52 GMT
I'm still uncertain as to whether everyone's on the same page here.
Does the OP relate to 'the London Loans' - a pair of loans to an individual borrower that is going through legal proceedings? (In which HCR are representing some lenders)
-or-
Does the OP relate to Lendy in administration and their wholly unacceptable waterfall structure? (Which LAG are railing against.)
Are subsequent posts split across both possibilities?
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ilmoro
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'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 Jul 2, 2020 16:00:55 GMT
I'm still uncertain as to whether everyone's on the same page here. Does the OP relate to 'the London Loans' - a pair of loans to an individual borrower that is going through legal proceedings? (In which HCR are representing some lenders) -or- Does the OP relate to Lendy in administration and their wholly unacceptable waterfall structure? (Which LAG are railing against.) Are subsequent posts split across both possibilities? Just to confuse matters even more HCR now also work for the administrators
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ilmoro
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'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 Jul 2, 2020 16:24:39 GMT
This sounds a bit harsh. Everyone has the right to their own representation, you never know it could just bear fruit for the rest of us. I'll be the first to apologise if I'm proved wrong. However, I feel that a concerted professional action by LAG represents us all, rather than individual actions by splinter groups that will just find more of our recovered money being used to question RSM's administration. After all, we have seen strong action from RSM to freeze the assets of LB & TG which I think shows that they are more on the lender's side than some might think. All IMHO of course. The actions by RSM in this matter have nothing to do with lenders, they are solely for the benefit of creditors, which lenders are currently not. The alleged alienation of funds was from company assets, not lender assets. It has little relevance to the recovery of lenders money, other than establishing, if proven, the nature of the directors character/willingness to engage in suspect practices, which will be of use in any future action against Lendy.
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neeps
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Post by neeps on Jul 2, 2020 16:40:59 GMT
I'll be the first to apologise if I'm proved wrong. However, I feel that a concerted professional action by LAG represents us all, rather than individual actions by splinter groups that will just find more of our recovered money being used to question RSM's administration. After all, we have seen strong action from RSM to freeze the assets of LB & TG which I think shows that they are more on the lender's side than some might think. All IMHO of course. The actions by RSM in this matter have nothing to do with lenders, they are solely for the benefit of creditors, which lenders are currently not. The alleged alienation of funds was from company assets, not lender assets. It has little relevance to the recovery of lenders money, other than establishing, if proven, the nature of the directors character/willingness to engage in suspect practices, which will be of use in any future action against Lendy. Thanks for your views. I bow to your superior knowledge. It would be nice, however, to think that someone (FCA, RSM) has the return of funds to us ordinary hardworking people as some sort of priority.
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TitoPuente
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Post by TitoPuente on Jul 2, 2020 19:33:55 GMT
The actions by RSM in this matter have nothing to do with lenders, they are solely for the benefit of creditors, which lenders are currently not. The alleged alienation of funds was from company assets, not lender assets. It has little relevance to the recovery of lenders money, other than establishing, if proven, the nature of the directors character/willingness to engage in suspect practices, which will be of use in any future action against Lendy. Thanks for your views. I bow to your superior knowledge. It would be nice, however, to think that someone (FCA, RSM) has the return of funds to us ordinary hardworking people as some sort of priority. Sadly "us ordinary hardworking people" P2P lenders are falling through the cracks of the obsolete and corrupted UK insolvency law.
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jonno
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Post by jonno on Jul 3, 2020 8:32:08 GMT
I'll be the first to apologise if I'm proved wrong. However, I feel that a concerted professional action by LAG represents us all, rather than individual actions by splinter groups that will just find more of our recovered money being used to question RSM's administration. After all, we have seen strong action from RSM to freeze the assets of LB & TG which I think shows that they are more on the lender's side than some might think. All IMHO of course. The actions by RSM in this matter have nothing to do with lenders, they are solely for the benefit of creditors, which lenders are currently not. The alleged alienation of funds was from company assets, not lender assets. It has little relevance to the recovery of lenders money, other than establishing, if proven, the nature of the directors character/willingness to engage in suspect practices, which will be of use in any future action against Lendy. Ahem.........................I think Model 1 lenders may take a slightly different view.
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