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Post by picanto on Jul 9, 2020 16:10:27 GMT
Many of the loans which have had the property security sold haven't had any further recovery and no news (to my knowledge) of any updates on any further recovery. They just seem to be dragging on for months turning into years. Will we be informed when there is no further avenues for any recovery on a loan by loan basis or will we just be told once the administration process is over for the whole loanbook and that will be the official end of this disaster that is Lendy once and for all? As upset I will be to know that my loans have no chance of any further capital payments, at least I can put it to bed rather than just hoping for receiving money back that will never actually happen...
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quidco
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Post by quidco on Jul 9, 2020 17:14:54 GMT
From my experience of Funding Circle there is a point where they decalre no further money can be recovered. But obvs Lendy may well not behave in a similar manner.
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sam i am
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Post by sam i am on Jul 9, 2020 19:31:58 GMT
With many of the loans the administrators will be waiting for the outcome of the LAG court case. This will challenge the priority of payments through the waterfall distribution. In cases where there is any doubt the administrators say they are holding the disputed amount and will not distribute it (either to lenders or creditors) until there is clarity from the court. When this has been resolved we should be a lot closer to understanding how much lenders may receive.
There may well be other court action that is ongoing regarding personal guarantees and professional negligence.
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sl75
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Post by sl75 on Jul 29, 2020 14:04:45 GMT
My own experience of loan recoveries on other platforms (albeit where the platform has remained a going concern) has been that the remnant of what had been a reasonably well-diversified portfolio continues to generate recovery payments for many years after the underlying loans have defaulted.
Debt collectors rarely need to be in a blazing hurry (although they can't afford to ignore their role entirely either) - the debt remains legally enforceable up to 6 years after the debtor last "acknowledged" it, as long as there is still remains valid person against whom to enforce it.
No prospect of any further recovery is a very different scenario to "not possible to recover anything else this year".
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blender
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Post by blender on Jul 29, 2020 14:49:24 GMT
Yes, on 2 July I received a recovery payment from FC loan 5702, which was defaulted in November 2014.
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