rocky1
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Post by rocky1 on Nov 3, 2019 14:21:37 GMT
would the LAG be able to challenge RSM and FCA to clear up this situation.the T@Cs should not be implemented and the tap on this waterfall of our money must be turned off until these unfair conditions are ruled null and void.
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ilmoro
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'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 Nov 3, 2019 16:00:33 GMT
Yes, I suspect the issue with this, and many other very late loans is that the last LY T&cs, which they tried to thrust upon us, say Ly get all their money before lenders get any. I doubt the administrators want to do that before they check as to who is in the right.. Paying it out may be much easier than clawing it back. No, I didn't accept those T&cs either.. did you?  , surely any Lendy Ts&Cs became null & void the moment the administrators took over. Lendy/LB should have no claim on any of the returned money & it should be paid back immediately to all of us that lent in good faith. No, legal contracts don't fall on administration. It is RSM role to act in the interests of creditors to maximum returns & in this case that mean ensuring all sums due to Lendy are collected in full. I await to see what the returns are to investors on this loan but if Lendy loan agreements reflect those on another loan then if the return is more than £0 RSM have already moved the goalposts in investors favour.
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neeps
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Post by neeps on Nov 3, 2019 16:10:56 GMT
, surely any Lendy Ts&Cs became null & void the moment the administrators took over. Lendy/LB should have no claim on any of the returned money & it should be paid back immediately to all of us that lent in good faith. No, legal contracts don't fall on administration. It is RSM role to act in the interests of creditors to maximum returns & in this case that mean ensuring all sums due to Lendy are collected in full. I await to see what the returns are to investors on this loan but if Lendy loan agreements reflect those on another loan then if the return is more than £0 RSM have already moved the goalposts in investors favour. So what you are saying is that LB is still stealing my money?!? It's time that stopped....
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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
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Post by ilmoro on Nov 3, 2019 16:26:34 GMT
No, legal contracts don't fall on administration. It is RSM role to act in the interests of creditors to maximum returns & in this case that mean ensuring all sums due to Lendy are collected in full. I await to see what the returns are to investors on this loan but if Lendy loan agreements reflect those on another loan then if the return is more than £0 RSM have already moved the goalposts in investors favour. So what you are saying is that LB is still stealing my money?!? It's time that stopped.... No, LB isn't stealing anything. Fees go to Lendy for the benefit of Lendy creditors, after admin fees, which includes model 1 loan lenders amongst others, and potentially model 2 investors if LAG arguments hold away. LB may have a claim for £800k through the holding co.
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bulletbill
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Post by bulletbill on Nov 3, 2019 18:40:55 GMT
Yes, I suspect the issue with this, and many other very late loans is that the last LY T&cs, which they tried to thrust upon us, say Ly get all their money before lenders get any. I doubt the administrators want to do that before they check as to who is in the right.. Paying it out may be much easier than clawing it back. No, I didn't accept those T&cs either.. did you? We declined those T&Cs as well. TBH the way they were rolled out clearly breaches FCA guidance - see www.fca.org.uk/publication/finalised-guidance/fg18-07.pdfQuote "Where a term fails the fairness test under the Consumer Rights Act, it will not be binding on a consumer. Consumers may rely on the fairness test under the CRA when taking action in the courts, making complaints to firms and referring them to the Financial Ombudsman Scheme" It would also appear that not only does FCA have jurisdiction over this area in financial services, but also the Competition and Markets Authority. Now where did the FCA go in all this.... Nothing LY and LB ever did was fair. The FCA didn’t care or turned a blind eye, was LB paying them off with brown envelopes.
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bulletbill
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Post by bulletbill on Nov 3, 2019 18:46:12 GMT
Yes, I suspect the issue with this, and many other very late loans is that the last LY T&cs, which they tried to thrust upon us, say Ly get all their money before lenders get any. I doubt the administrators want to do that before they check as to who is in the right.. Paying it out may be much easier than clawing it back. No, I didn't accept those T&cs either.. did you? , surely any Lendy Ts&Cs became null & void the moment the administrators took over. Lendy/LB should have no claim on any of the returned money & it should be paid back immediately to all of us that lent in good faith. You’d hope so but has anything in p2p ever gone lenders’ way. Do we ever expect not to get shafted.
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neeps
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Post by neeps on Nov 3, 2019 20:21:33 GMT
So what you are saying is that LB is still stealing my money?!? It's time that stopped.... No, LB isn't stealing anything. Fees go to Lendy for the benefit of Lendy creditors, after admin fees, which includes model 1 loan lenders amongst others, and potentially model 2 investors if LAG arguments hold away. LB may have a claim for £80k through the holding co. Many thanks for your comments and explanations. I apologise for my tone but me and the missus have £90k in this mess so any money going anywhere other than the obvious admin costs sticks in my gullet.....
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Post by mrclondon on Nov 4, 2019 0:47:42 GMT
So what you are saying is that LB is still stealing my money?!? It's time that stopped.... No, LB isn't stealing anything. Fees go to Lendy for the benefit of Lendy creditors, after admin fees, which includes model 1 loan lenders amongst others, and potentially model 2 investors if LAG arguments hold away. LB may have a claim for £80k through the holding co. Have you got a zero missing ? ... I thought the Lendy Group Ltd claim was £800k , plus £50k from Bran***** Ltd and then not forgetting the £6m claim from ex employee KO and unknown amount from ex employee PC.
Unsecured creditors total £9.4m (as per admin proposal doc para 6.1.3) but that should be reduced by any recoveries from the model 1 loans. The company employee creditors are a further £6m+. If the Lendy T&C waterfall is applied on an ongoing basis then many more millions of our money will be extracted before there is a surplus that can be fed back to us. I live in hope that common sense will prevail, as this is going to cause a media storm if unsecured creditors / employee creditors are paid in preference to those invested in secured loans.
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Monetus
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Post by Monetus on Nov 4, 2019 2:55:15 GMT
Yes I believe the claim from Lendy Group Ltd is for 800k. I am not convinced that the two employee claims will amount to anything but who knows.
The overall upshot of this is that Lendy Ltd would be awash with a sizeable pot of money so any drawings taken by administrators and other professionals would need to be very closely monitored.
As noted any shortfall in Model 1 loans (as is likely) would be a claim from this pot along with various other claimants from Model 2 loans who may have suffered a financial loss due to negligence or breach of trust/agency on behalf of Lendy Ltd on their individual loans (which may be a sizeable queue) so this wouldn’t necessarily be limited to claimaints affected by the waterfall. It would also include those due remediation payments from Lendy's part-finished mis-selling remediation exercise for example.
The other issue of course is that even if there are funds left over to be distributed to creditors it may be several years before the loan book is wound down sufficiently enough to be able to do so meaning there could be a very long wait to receive any further payments.
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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
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Post by ilmoro on Nov 4, 2019 10:15:35 GMT
Yep, £800k, lost a zero in my brain. LB not a beneficiary of other £50k directly, only conjungally now  |
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bulletbill
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Post by bulletbill on Nov 4, 2019 12:45:55 GMT
I don’t understand how a regulated company (or any company for that matter) can make up rules willy nilly that introduces a clear conflict of interest. The longer the loans stay in default the more lenders lose and the more the platform gains. What type of company would do that? And what type of regulator would say sure that’s fine nothing to see here. We must fight this, thanks so much to the CC member who are not taking this laying down.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Nov 9, 2019 9:14:55 GMT
RSM have been withholding the repayment of the refinance cash since 05.09.19 i.e. in excess of 2 months - depriving all investors of their money.
No doubt the interest on the amount recovered will not be added to investors repayments - so where will the accumulating daily interest on £1m+ be going, some might ask?
They have not even had the curtesy to inform investors of the amount that has been recovered or the what % we can expect to receive. The out of date "update" hints at further recovery within 48 months but no details provided.
How long does it take for addiotnal "legal advice" to be secured before this shambles of an Administration pays us something.
Most lawyers that I use return advice within 48 hours so they can get paid. What lazy lot have RSM employed on our behalf to "advise" on this massive defaulted 888 day Hastings con loan?
Could be Sue, Grabbit & Runne perhaps or Time I.S. Money & Co?
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Post by mrclondon on Nov 15, 2019 15:23:28 GMT
Partial repayment (R1) now credited to our accounts, but just 55.2% of capital vs 100% reduction in security cover.
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Post by polonius on Nov 15, 2019 15:56:32 GMT
25 September update adds "A further deferred recovery is anticipated within 48 months."
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adrianc
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Post by adrianc on Nov 15, 2019 17:09:38 GMT
Partial repayment (R1) now credited to our accounts, but just 55.2% of capital vs 100% reduction in security cover.
I'm frankly astonished it's that much, given all the doom'n'gloom surrounding the security.
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, surely any Lendy Ts&Cs became null & void the moment the administrators took over. Lendy/LB should have no claim on any of the returned money & it should be paid back immediately to all of us that lent in good faith. 
