sj
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Post by sj on Aug 20, 2018 15:19:37 GMT
I wonder if this is related to Lendy removing claims that no investor has ever lost a penny...
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toffeeboy
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Post by toffeeboy on Aug 22, 2018 14:10:02 GMT
I wonder if this is related to Lendy removing claims that no investor has ever lost a penny... No one will lose money on this loan as the loan is actually to Lendy not the final borrower, as mentioned before this is on the old style agreement where we leant money to Lendy and they leant said money to the borrower. The only way we don't get all our money back is if Lendy goes out of business and then the claim is null and void anyway.
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MarkT
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Post by MarkT on Aug 22, 2018 14:31:32 GMT
I wonder if this is related to Lendy removing claims that no investor has ever lost a penny... No one will lose money on this loan as the loan is actually to Lendy not the final borrower, as mentioned before this is on the old style agreement where we leant money to Lendy and they leant said money to the borrower. The only way we don't get all our money back is if Lendy goes out of business and then the claim is null and void anyway.
Indeed, but there is nothing to say when we may get repaid.
It could easily be this year, next year sometime never as my father used to say.
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sj
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Post by sj on Aug 22, 2018 19:32:19 GMT
I wonder if this is related to Lendy removing claims that no investor has ever lost a penny... No one will lose money on this loan as the loan is actually to Lendy not the final borrower, as mentioned before this is on the old style agreement where we leant money to Lendy and they leant said money to the borrower. The only way we don't get all our money back is if Lendy goes out of business and then the claim is null and void anyway. Do Lendy give any kind of timeframe for repayment to you? What is to stop them from never paying it back at all and just keep saying that they are chasing the borrower for the amount due? This could go on for an infinite amount of time. Do any of you lenders in this loan plan to start legal proceedings to expedite the repayments? I'm not in this loan, but from what I can see Lendy owe you all money and have done so for quite a long time. Why have you not got any money back from them yet?
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brianlom1
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He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Aug 22, 2018 21:45:05 GMT
All in good time. I've got a lot in both DFL1+2. Will be concluded very soon. Let's just say the English legal system doesn't tolerate Lendy's BS. Please tell us more ...
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Monetus
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Post by Monetus on Aug 23, 2018 8:29:35 GMT
All in good time. I've got a lot in both DFL1+2. Will be concluded very soon. Let's just say the English legal system doesn't tolerate Lendy's BS. Now I'm intrigued... 
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Post by gaspilot on Aug 23, 2018 15:21:36 GMT
All in good time. I've got a lot in both DFL1+2. Will be concluded very soon. Let's just say the English legal system doesn't tolerate Lendy's BS. Will this be concluded satisfactorily? I too have a lot in these.
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Post by charliebrown on Aug 26, 2018 9:01:13 GMT
I wonder if this is related to Lendy removing claims that no investor has ever lost a penny... No one will lose money on this loan as the loan is actually to Lendy not the final borrower, as mentioned before this is on the old style agreement where we leant money to Lendy and they leant said money to the borrower. The only way we don't get all our money back is if Lendy goes out of business and then the claim is null and void anyway. I doubt it is that simple. Lendy are a law unto themselves, I really can’t see them shouldering big loses just because we reminded them this is an old T&Cs loan. In typical LY style they’ll be happy to collect their fees and commission and then push all the losses downstream. What’s to stop them doing that? Unless an investor with enough time and money believes the T&Cs have enough legal relevance to fight LY in the courts. Hope I am wrong though as I’ve got quite a lot stuck in these loans.
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littleoldlady
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Post by littleoldlady on Aug 26, 2018 10:09:28 GMT
No one will lose money on this loan as the loan is actually to Lendy not the final borrower, as mentioned before this is on the old style agreement where we leant money to Lendy and they leant said money to the borrower. The only way we don't get all our money back is if Lendy goes out of business and then the claim is null and void anyway. I doubt it is that simple. Lendy are a law unto themselves, I really can’t see them shouldering big loses just because we reminded them this is an old T&Cs loan. In typical LY style they’ll be happy to collect their fees and commission and then push all the losses downstream. What’s to stop them doing that? Unless an investor with enough time and money believes the T&Cs have enough legal relevance to fight LY in the courts. Hope I am wrong though as I’ve got quite a lot stuck in these loans. I agree. A class action might be the only hope. Perhaps the first step is for a big investor to invest even more in legal action to obtain the list of lenders, who could then be invited to join a class action. I doubt there would be enough readers of this forum prepared to join. I suppose there is a remote chance of a lawyer prepared to do it on a "No win no fee"" basis. A very real problem will be showing exactly what the T&C were, and they are probably different for different lenders depending on when they bought the loan parts. I heard that on another loan Lendy did bail out some lenders who bought on the SM in a particular time frame, but I don't know if this was prompted by legal action or their own in house compliance.
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wuzimu
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Post by wuzimu on Aug 26, 2018 14:15:42 GMT
There were guys taking stuff and putting into white vans at the site on Old R**n L**e Friday,
no signage on the vans but they did lock up after themselves.
Actually people have been coming and going all summer at the site, building materials taken away, council notices removed about unpaid CIL / cease work orders etc.
Make of that what you will
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mj
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Post by mj on Aug 26, 2018 14:51:32 GMT
There were guys taking stuff and putting into white vans at the site on Old R**n L**e Friday,
no signage on the vans but they did lock up after themselves.
Actually people have been coming and going all summer at the site, building materials taken away, council notices removed about unpaid CIL / cease work orders etc.
Make of that what you will I take that to mean that the site is going to be put up for sale soon.
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micky
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Post by micky on Aug 26, 2018 14:59:56 GMT
Or could it be that the previous construction company is moving out to be replaced by a new one?
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Post by loftankerman on Aug 26, 2018 15:40:10 GMT
Or that former unpaid employees are mitigating their losses. Just saying, been there seen that!
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michaelc
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Say No To T.D.S.
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Post by michaelc on Aug 26, 2018 16:12:34 GMT
I might be on very shaky ground asking this (hence why it is a question and not a suggestion) because I don't know the L agreement that intimately nor do I know as much about this loan as some but is there anything to prevent a small investor going via the small claims track and obtaining a ccj against L followed by payment or a larger investor going the regular county court route with solicitor?
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littleoldlady
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Post by littleoldlady on Aug 26, 2018 16:30:46 GMT
I might be on very shaky ground asking this (hence why it is a question and not a suggestion) because I don't know the L agreement that intimately nor do I know as much about this loan as some but is there anything to prevent a small investor going via the small claims track and obtaining a ccj against L followed by payment or a larger investor going the regular county court route with solicitor? It is nearly always possible in almost any situation to go to Court. Using Moneyclaim (the on-line version of the Small Claims Court) may not be a bad idea as the Court Fee is quite low (depends on the amount of the claim) and if the defendant does not file a defence in 15 days you get automatic judgement without ever needing to attend court. I have found that large organisations often are incapable of responding in that time frame and then find it easier to settle rather than fight the judgement. However, if L were to file a defence in time I would rate your chances of success as rather poor because of the difficulty over the T&Cs and several other matters. The Court can award their costs if it finds in their favour. Also, only the first person to try this is likely to succeed (because they don't know what to do with the Court papers and miss the deadline) and it is possible that someone has already done it and they are now prepared.
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