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 Oct 12, 2021 8:00:44 GMT
Was there ever any doubt that DFL001 and 002 were and always had been "old terms", model 1 loans? Yes, outside of some on this forum, most people assumed they were on the terms in force at the time, the new terms because there was no reason to think otherwise. RSM thought DFL002 was on new terms originally, then changed their mind. So certainly doubt, considerably more now than there was before ... after all RSM had no doubt the waterfall was correct & Lendy was entitled to millions from recoveries.
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adrianc
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Post by adrianc on Oct 12, 2021 8:02:34 GMT
Was there ever any doubt that DFL001 and 002 were and always had been "old terms", model 1 loans? Yes, outside of some on this forum, most people assumed they were on the terms in force at the time, the new terms because there was no reason to think otherwise. They were on the terms in force at the time they were taken out. They were never changed to the more recent terms...
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Post by blencathra on Oct 12, 2021 16:50:15 GMT
DFL001 was issued with Model 1 T&C
DFL002 was issued with Model 2 T&C ONLY. There was only M2 T&C on the site at that time. RSM now accept that M2 T&C were on the site when the 2016 loan was issued, that is not in dispute.
This was in March 2016 after SS issued an email to ALL lenders stating that all new loans from 21st September 2015 would be issued as Model 2 type loans.
Hence DFL002 in March 2016 at the point of issue, was categorically NOT on "old terms".
Hope this clarifies this point and that it is clear that the terms in force at the time DFL002 was issued were ONLY M2 terms.
Note that it is "terms and conditions" being discussed here, not "loan contract" which is something completely different.
The 2016 Loan contract was incorrectly issued as a M1 Loan contract (as SS advised all new loans post 21st Sept 2015 would be M2, and this was 2016) and was replaced in 2017 by a standard M2 Loan contract.
Hope this also clarifies the situation.
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Post by blencathra on Oct 14, 2021 10:10:12 GMT
Further REMINDER - DFL002 lenders (there are 2866 accounts in this loan)
Do you want some recovery or are you happy to give your recovery money away?
The administrators are assigning DFL002 "akin" to a M1 loan and keeping your recovery money for the Lendy estate and to
use it to pay the costs of the Administration including their own bills.
This means no recovery for lenders. However, we believe this loan is M2 which would mean substantial recovery for lenders
of around £2,200,000 less any further unknown costs.
If you want a chance of recovery (instead of probably zero), you need to act.
If you are a DFL002 lender, please PM WUZIMU who created this thread.
Thanks.
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