mikes1531
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Post by mikes1531 on May 30, 2016 19:39:45 GMT
And even apart from the accounting you are again thinking like dualinvestor that lenders are not on the hook for any loss on default under the old T&Cs. I accept that SS investors are on the hook for potential losses, even on Old loans. However, if SS investors in those loans actually have lent their money to Lendy, then if they do not receive all of their principal and accrued interest, it will be Lendy that have defaulted on their obligation to pay. IMHO, if SS/Lendy allowed that to happen, it would not be pretty, and it probably would lead to the demise of the platform. And I expect they know that. The bottom line is that we really are speculating as to what might happen. If SS don't supply any clarity then all we can do is watch, and wait, and see how things progress.
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ben
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Post by ben on May 30, 2016 19:39:53 GMT
Lendy is liable for every penny of this loan (capital and interest) If it isn't paid tomorrow in line with original T & C's then they'll be hearing from my lawyer Get it Lendy? MAKE SURE WE ALL GET OUR INTEREST TOMORROW WE KNOW YOU HAVE IT good luck on that one
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Liz
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Post by Liz on May 30, 2016 19:43:07 GMT
Lendy is liable for every penny of this loan (capital and interest) If it isn't paid tomorrow in line with original T & C's then they'll be hearing from my lawyer Get it Lendy? MAKE SURE WE ALL GET OUR INTEREST TOMORROW WE KNOW YOU HAVE IT good luck on that one The exact words I was thinking.
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mikes1531
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Post by mikes1531 on May 30, 2016 19:43:35 GMT
I'm going to cease commenting on the subject of the default (until there are any actual developments occur) because I feel the subject is just going around in circles on this thread and the PBL20 thread. What a brilliant idea!
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Post by earthbound on May 30, 2016 19:45:36 GMT
I'm going to cease commenting on the subject of the default (until there are any actual developments occur) because I feel the subject is just going around in circles on this thread and the PBL20 thread. What a brilliant idea! come on mikes1531  you know you cant resist.. 
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Post by meledor on May 30, 2016 19:46:25 GMT
Unfortunately your comment consists of saying you don't know and others can't possibly know and therefore that entitles you to make wild claims (insolvency etc).
The provision fund does not form part of Lendy Ltd's assets.
If you think I am wrong about the old T&Cs you might want to explain why.
And you know this how? I didn't say you were wrong about the old T&Cs, I said you appear to be the only person of that opinion.
But if you are going to make comments about Lendy's possible insolvency then wouldn't it make sense to actually read the T&C's first?
The provision fund is held in a separate company; that's how provision funds work. When you say that no one knows if that is the case do you have evidence to suggest the provision fund has not been set up properly or are you just engaging in mischievous speculation?
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Liz
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Post by Liz on May 30, 2016 19:47:16 GMT
You post too much earthbound
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Post by earthbound on May 30, 2016 19:47:45 GMT
mikes1531 its quite obvious this asset will sell for c£3m and the remaining funds will be shared out amongst everyone that has contributed to this discussion.
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Post by lb on May 30, 2016 19:47:55 GMT
Lendy is liable for every penny of this loan (capital and interest) If it isn't paid tomorrow in line with original T & C's then they'll be hearing from my lawyer Get it Lendy? MAKE SURE WE ALL GET OUR INTEREST TOMORROW WE KNOW YOU HAVE IT in theory you are quite correct, but unfortunately SS have made a few subtle changes , just prior to this default, to the T&Cs and as for the interest, they don't have it, and i doubt they will when this comes to a conclusion. Well as for the first part they cant change terms without other party acceptance - and silence can never amount to acceptance As for the second part I thought the PF was £2m+ ... discretionary perhaps, but if they don't use it (or other funds they may have) then Lendy remain in default I'm sure its all a storm in a teacup and a misunderstanding blah blah blah and that SS will release all interest TOMORROW
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Post by earthbound on May 30, 2016 19:49:01 GMT
You post too much earthbound (im just like money) no such word as too much..
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Post by meledor on May 30, 2016 19:59:23 GMT
And even apart from the accounting you are again thinking like dualinvestor that lenders are not on the hook for any loss on default under the old T&Cs. I accept that SS investors are on the hook for potential losses, even on Old loans. However, if SS investors in those loans actually have lent their money to Lendy, then if they do not receive all of their principal and accrued interest, it will be Lendy that have defaulted on their obligation to pay. IMHO, if SS/Lendy allowed that to happen, it would not be pretty, and it probably would lead to the demise of the platform. And I expect they know that. The bottom line is that we really are speculating as to what might happen. If SS don't supply any clarity then all we can do is watch, and wait, and see how things progress. "Lendy that have defaulted on their obligation to pay." Where is that obligation in the T&Cs which in fact suggest the opposite?
If there was not a risk of capital loss (i.e. Lendy Ltd not being able to pay up) why was a provision fund set up? It does not make sense.
So I'm surprised you think it would lead to the demise of the platform anymore than a default for Assetz or Thin Cats would lead to a demise of the platform (or indeed a default under the current T&Cs). But I guess it is academic if your view is correct and there is no risk for lenders for by definition there is greater risk of insolvency for Lendy which leads to the same demise of the platform.
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Post by meledor on May 30, 2016 20:11:37 GMT
Well as for the first part they cant change terms without other party acceptance - and silence can never amount to acceptance
By using the platform you have agreed to the T&Cs. And as the T&Cs contain a clause that SS can vary the terms therefore you have agreed to the changes as well.
This is very common - banks and phone companies do it all the time.
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ben
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Post by ben on May 30, 2016 20:23:20 GMT
not done that but on another site accidentaly brought the wrong loan
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mikes1531
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Post by mikes1531 on May 30, 2016 20:23:43 GMT
"Lendy that have defaulted on their obligation to pay." Where is that obligation in the T&Cs which in fact suggest the opposite? It's not in the Old Ts&Cs. It's in SS's description of the differences between the Old and New... If there was not a risk of capital loss (i.e. Lendy Ltd not being able to pay up) why was a provision fund set up? It does not make sense. It was set up to reassure investors. From a marketing point of view, it doesn't matter if the PF actually will be effective. What matters is that investors think it will be effective! As long as the PF is separate from other SS/Lendy assets, it should be a help to investors even if there were to be a platform collapse.
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Jeepers
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Post by Jeepers on May 30, 2016 20:29:21 GMT
Come on savingstream this is really getting out of hand now with people threatening legal action etc. All we need is a quick comment to reassure investors, by keeping silent more speculation fuels more panic. Remember, it's our money you're dealing with so out of courtesy it would be nice to keep us in the picture! |
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you know you cant resist.. 
