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Post by rinnekin on Sept 4, 2022 14:46:54 GMT
Hello everyone, I spent some time reviewing the administration progress reports and compared them to the payouts I received - I am a bit lost as the recoveries per reports don't tally with the payouts I received. I already contacted RSM, without response so far. I would be grateful if someone could let me know if they received a payout for any of these loans and/or if there is any treasure trove here in the forum where I can find further information. Is it possible that I can't even see that potential payouts may be there because of lapsed AML/KYC documentation? Thank you very much for any information you can share! Loans: - DFL005: "Loan realised in previous report period. Partial recovery from third party claim against agent (combined with DFL019 and PBL167). No further recovery expected" - there appears to have been a recovery of GBP 564,500 but I cannot see any corresponding payout to my account.
- DFL006: "Further recovery made following closing of the Administration. Bulk repayment received in previous report period totalling £1,234,509.82 (Gross realisation £1,860,000.00, Cost deducted at source £625,490.18) - I did not receive a payout for this recovery.
- DFL024: "Gross recovery 1,594,000.00 less £392,243 of third party costs deducted at source £392,243, further funds anticipated (following the sale of freehold)" - I did not receive a payout for this recovery.
- PBL156: "Gross recovery of £1,750,000, less cost deducted at source of £203,768, further funds anticipated (following the closing of the Administration). No further recovery anticipated from PI or PG claim" - I did not receive a payout for this recovery
- PBL157: "Gross recovery of £1,917,000, less costs deducted at source of £127,251" - I did not receive a payout for this recovery.
- PBL167: "Partial recovery from third party claim against agent (combined with DFL019 and DFL005)" - I did not receive any payout from the recovery for this loan. The recovery for DFL019 was a pitiful 4.5% so I hope claims from this loan (PBL167) were not rolled into the payment related to DFL019.
- PBL199: "Funds received in previous reporting period, GBP 3.3m" - I did not receive a payout for this recovery.
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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 Sept 4, 2022 15:02:50 GMT
Hello everyone, I spent some time reviewing the administration progress reports and compared them to the payouts I received - I am a bit lost as the recoveries per reports don't tally with the payouts I received. I already contacted RSM, without response so far. I would be grateful if someone could let me know if they received a payout for any of these loans and/or if there is any treasure trove here in the forum where I can find further information. Is it possible that I can't even see that potential payouts may be there because of lapsed AML/KYC documentation? Thank you very much for any information you can share! Loans: - DFL005: "Loan realised in previous report period. Partial recovery from third party claim against agent (combined with DFL019 and PBL167). No further recovery expected" - there appears to have been a recovery of GBP 564,500 but I cannot see any corresponding payout to my account.
- DFL006: "Further recovery made following closing of the Administration. Bulk repayment received in previous report period totalling £1,234,509.82 (Gross realisation £1,860,000.00, Cost deducted at source £625,490.18) - I did not receive a payout for this recovery.
- DFL024: "Gross recovery 1,594,000.00 less £392,243 of third party costs deducted at source £392,243, further funds anticipated (following the sale of freehold)" - I did not receive a payout for this recovery.
- PBL156: "Gross recovery of £1,750,000, less cost deducted at source of £203,768, further funds anticipated (following the closing of the Administration). No further recovery anticipated from PI or PG claim" - I did not receive a payout for this recovery
- PBL157: "Gross recovery of £1,917,000, less costs deducted at source of £127,251" - I did not receive a payout for this recovery.
- PBL167: "Partial recovery from third party claim against agent (combined with DFL019 and DFL005)" - I did not receive any payout from the recovery for this loan. The recovery for DFL019 was a pitiful 4.5% so I hope claims from this loan (PBL167) were not rolled into the payment related to DFL019.
- PBL199: "Funds received in previous reporting period, GBP 3.3m" - I did not receive a payout for this recovery.
As per RSM update 9/8/21 & admin reports. All payouts are suspended pending the resolution of the fees issue ie how Lendy/RSM will be paid for their work on M2 recoveries. Discussions between RSM & Lisa Taylor & legal team (lender representative) are ongoing but protracted. All of the sums you reference are held in client account. I would suggest joining the Lendy action group on FB as that is the main information source for lenders outside of limited RSM updates. PS the combined recovery on Pbl167/DFL005/019 is subject to further issue relating who benefits from third party claim so that will likely be further delayed.
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Post by HMS Ardent on Sept 5, 2022 7:27:24 GMT
Hello everyone, I spent some time reviewing the administration progress reports and compared them to the payouts I received - I am a bit lost as the recoveries per reports don't tally with the payouts I received. I already contacted RSM, without response so far. I would be grateful if someone could let me know if they received a payout for any of these loans and/or if there is any treasure trove here in the forum where I can find further information. Is it possible that I can't even see that potential payouts may be there because of lapsed AML/KYC documentation? Thank you very much for any information you can share! Loans: - DFL005: "Loan realised in previous report period. Partial recovery from third party claim against agent (combined with DFL019 and PBL167). No further recovery expected" - there appears to have been a recovery of GBP 564,500 but I cannot see any corresponding payout to my account.
- DFL006: "Further recovery made following closing of the Administration. Bulk repayment received in previous report period totalling £1,234,509.82 (Gross realisation £1,860,000.00, Cost deducted at source £625,490.18) - I did not receive a payout for this recovery.
- DFL024: "Gross recovery 1,594,000.00 less £392,243 of third party costs deducted at source £392,243, further funds anticipated (following the sale of freehold)" - I did not receive a payout for this recovery.
- PBL156: "Gross recovery of £1,750,000, less cost deducted at source of £203,768, further funds anticipated (following the closing of the Administration). No further recovery anticipated from PI or PG claim" - I did not receive a payout for this recovery
- PBL157: "Gross recovery of £1,917,000, less costs deducted at source of £127,251" - I did not receive a payout for this recovery.
- PBL167: "Partial recovery from third party claim against agent (combined with DFL019 and DFL005)" - I did not receive any payout from the recovery for this loan. The recovery for DFL019 was a pitiful 4.5% so I hope claims from this loan (PBL167) were not rolled into the payment related to DFL019.
- PBL199: "Funds received in previous reporting period, GBP 3.3m" - I did not receive a payout for this recovery.
Join the Lendy Action Group on Facebook, it'll tell you all you need to know. Joining the action group will help you and the 500+ in the group to possibly get a larger recovery at the end. There are several template letters you can use to send to the FCA, MP's etc. The more in our group the better.
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dirker
New Member
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Likes: 1
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Post by dirker on Nov 21, 2022 9:31:44 GMT
Hello everyone, I spent some time reviewing the administration progress reports and compared them to the payouts I received - I am a bit lost as the recoveries per reports don't tally with the payouts I received. I already contacted RSM, without response so far. I would be grateful if someone could let me know if they received a payout for any of these loans and/or if there is any treasure trove here in the forum where I can find further information. Is it possible that I can't even see that potential payouts may be there because of lapsed AML/KYC documentation? Thank you very much for any information you can share! Loans: - DFL005: "Loan realised in previous report period. Partial recovery from third party claim against agent (combined with DFL019 and PBL167). No further recovery expected" - there appears to have been a recovery of GBP 564,500 but I cannot see any corresponding payout to my account.
- DFL006: "Further recovery made following closing of the Administration. Bulk repayment received in previous report period totalling £1,234,509.82 (Gross realisation £1,860,000.00, Cost deducted at source £625,490.18) - I did not receive a payout for this recovery.
- DFL024: "Gross recovery 1,594,000.00 less £392,243 of third party costs deducted at source £392,243, further funds anticipated (following the sale of freehold)" - I did not receive a payout for this recovery.
- PBL156: "Gross recovery of £1,750,000, less cost deducted at source of £203,768, further funds anticipated (following the closing of the Administration). No further recovery anticipated from PI or PG claim" - I did not receive a payout for this recovery
- PBL157: "Gross recovery of £1,917,000, less costs deducted at source of £127,251" - I did not receive a payout for this recovery.
- PBL167: "Partial recovery from third party claim against agent (combined with DFL019 and DFL005)" - I did not receive any payout from the recovery for this loan. The recovery for DFL019 was a pitiful 4.5% so I hope claims from this loan (PBL167) were not rolled into the payment related to DFL019.
- PBL199: "Funds received in previous reporting period, GBP 3.3m" - I did not receive a payout for this recovery.
------- Are we ever going to get some of our money back ? i've lost track of how many tears it's been now!
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taffy
Posts: 148
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Post by taffy on Nov 21, 2022 12:28:36 GMT
Can`t help with the recoveries, but Lendy went into administration on the 24 May 2019. So, it has been 3 years 5 months and 28 days, or 3.49 tears  |
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quidco
Member of DD Central
Posts: 295
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Post by quidco on Nov 21, 2022 12:57:02 GMT
Can`t help with the recoveries, but Lendy went into administration on the 24 May 2019. So, it has been 3 years 5 months and 28 days, or 3.49 tears A lot of the loans were already delinquent as well before the administration, I've got ones that are nearly 2,000 days over their agreed loan period.
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Post by df on Nov 21, 2022 19:27:36 GMT
Can`t help with the recoveries, but Lendy went into administration on the 24 May 2019. So, it has been 3 years 5 months and 28 days, or 3.49 tears Collateral is approaching 5th anniversary of administration. Not a single distribution yet. At least Lendy's administration have returned some capital to investors.
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sl75
Posts: 2,092
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Post by sl75 on Nov 24, 2022 22:23:32 GMT
As per RSM update 9/8/21 & admin reports. All payouts are suspended pending the resolution of the fees issue ie how Lendy/RSM will be paid for their work on M2 recoveries. Discussions between RSM & Lisa Taylor & legal team (lender representative) are ongoing but protracted. All of the sums you reference are held in client account. I would suggest joining the Lendy action group on FB as that is the main information source for lenders outside of limited RSM updates. PS the combined recovery on Pbl167/DFL005/019 is subject to further issue relating who benefits from third party claim so that will likely be further delayed. Protracted they may be, but are RSM seriously claiming that the amount they are owed for their services is the entire remaining balance of the client account?
If not what is preventing them from releasing the undisputed amount whilst negotiations over the disputed amount are ongoing? With interest rates now increasing, I suppose we should at least take some comfort in the expectation that the client account should be gaining some interest now (although perhaps we should be demanding RSM pay statutory interest on the amount they're refusing to pay, which I understand to be in direct contravention of a court order...)
On the other side with Lisa Taylor etc., the "Case page" at www.crowdjustice.com/case/lendy-action-group-legal-fund/ and the associated email updates had a flurry of activity while they were still raising funds, and as I recall they got over 3 times the amount originally requested, but since went completely silent rather than providing the promised updates... (at least as far as those of us who don't use Facebook are concerned it's been over 2.5 years without a single update!).
By the time the various parties involved get their act together, and inflation has had its effect, will the amount finally distributed even be enough to buy myself a pint in celebration I wonder?
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Post by davefoz on Nov 26, 2022 11:34:30 GMT
Is there any benefit reporting rsm to the ombudsman?
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jo
Member of DD Central
dead
Posts: 741
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Post by jo on Nov 26, 2022 13:46:08 GMT
Is there any benefit reporting rsm to the ombudsman? I'm almost certain that @rsmuk, on Twitter would love to hear from a bunch of peed-off P2P forumites all day, every day on their fluffy puff-piece threads. 
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sydb
Member of DD Central
Posts: 345
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Post by sydb on Nov 28, 2022 22:59:12 GMT
With interest rates now increasing, I suppose we should at least take some comfort in the expectation that the client account should be gaining some interest now I have absolutely no expectation of any interest. What makes you think there will be any?
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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 Nov 29, 2022 0:03:13 GMT
With interest rates now increasing, I suppose we should at least take some comfort in the expectation that the client account should be gaining some interest now I have absolutely no expectation of any interest. What makes you think there will be any? There is interest, its quantified in the admin accounts , but your expectation is correct as it likely goes to Lendy in line with the t&cs
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quidco
Member of DD Central
Posts: 295
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Post by quidco on Nov 29, 2022 10:46:04 GMT
If not what is preventing them from releasing the undisputed amount whilst negotiations over the disputed amount are ongoing?
I believe there is no undisputed amount as LAG is challenging Lendy over how much it should receive from recoveries for all loans.
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Post by davefoz on Nov 30, 2022 7:27:05 GMT
Is there any benefit reporting rsm to the ombudsman? I'm almost certain that @rsmuk, on Twitter would love to hear from a bunch of peed-off P2P forumites all day, every day on their fluffy puff-piece threads. Can we organise ?.
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k6
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Post by k6 on Nov 30, 2022 12:15:30 GMT
I'm all IN , although it would be easy for him to just block the uninvited / unwelcoming account
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