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Post by skint4achange on Mar 24, 2018 16:59:36 GMT
To me it’s nothing short of embezzlement of my money. Lendy claimed as recently as 16th February that they would receive enough funds to repay the loan in which I invested. But instead and without my consent it would appear that they have chosen to withhold 80 per cent of MY money and lend it out again. Perhaps it’s legal, but it’s sharp practice and makes me more convinced than ever that this company is not fit to handle another penny of mine. I totally agree. I do wonder what might happening the borrower did not eventually repay the loan and everything went pear-shaped. I think it would drive lenders to litigate against Lendy. Lendy terms and conditions would come under close scrutiny and I suspect the conclusion would be that they amounted to unfair trading. I am not sure that litigation would be successful:
9.6.Notwithstanding any other clause in these Terms you agree that, in certain circumstances, for example a change in the borrower’s circumstances, and in its absolute discretion, Lendy (acting as agent on your behalf) may agree with the borrower to restructure the loan and amend the Loan Contract (including, for the avoidance of doubt, to agree to extend the term of any loan) and you will be bound by these amendments.
9.8. You agree that Lendy will be acting as your agent on your behalf in:
9.8.1.negotiating and agreeing amendments to the Loan Contract in accordance with clause 9.6 above; and
9.8.2.negotiating and settling any dispute relating to the Loan Contract.
9.9.You hereby appoint Lendy (for the duration of your membership of the Lendy Platform) as your agent on your behalf with full power to carry out those amendments referred to in Clause 9.8 without your specific agreement. You will then be bound by those amendments. You agree and acknowledge that Lendy shall take on no liabilities, obligations or rights under the Loan Contract as a result of such agency, and you agree that you will continue to be solely liable and responsible for the rights and obligations under the Loan Contract (as amended) and Lendy and/or Saving Stream Security Holding will not be liable for any amendments to the Loan Contract.
The above clauses pretty much cover Lendy for what they have done. Any litigation would be drawn out and expensive (See the section I have underlined above in 9.9).
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Post by skint4achange on Mar 24, 2018 17:03:45 GMT
To me it’s nothing short of embezzlement of my money. Lendy claimed as recently as 16th February that they would receive enough funds to repay the loan in which I invested. But instead and without my consent it would appear that they have chosen to withhold 80 per cent of MY money and lend it out again. Perhaps it’s legal, but it’s sharp practice and makes me more convinced than ever that this company is not fit to handle another penny of mine. I am not sure how they have chosen to withhold 80% of your money and lend it out again? The repayment amount was only £2m, not a full repayment.
The money received by Lendy was repaid to you. The borrower utilised some of the funds to support another project. This was perfectly legal as the borrower enhanced the security while reducing LTV.
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johnfleet
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Post by johnfleet on Mar 24, 2018 19:04:28 GMT
pardon? - we lent Lendy money for a specific project to be repaid on a specific date. As late as February of this year, Lendy claimed that we'd be repaid in full - albeit long after the promised date. That didn't happen. Talk about enhancing security is neither here not there. Like many others, I've had my fill with Lendy and want out. I never gave them licence to lend my money time and time again to whomsoever they chose.
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Jeepers
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Post by Jeepers on Mar 24, 2018 22:55:26 GMT
If I buy a house with a mortgage, can I just sell the garage without permission from the lender? No!
The problem isn't the loan, it's the way it's been handled by Lendy with no consultation (as per) and just roll existing lenders in whether or not they like it.
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Post by charliebrown on Mar 25, 2018 1:44:16 GMT
It reduces the debt and additionally, the 1st charge over the freehold of a substantial asset has been substituted in. (Although we haven't seen a recent VR for the mansion which is something I've queried with Lendy.) No, your comments are totally wrong. The debt has been reduced but only at a rate of 50% of what was gained by the sale of the asset. The asset is my security and is a major part of the contract I signed when lending. In no way Lendy is authorised to change that security in a lending contract without first defaulting the loan!!!! Anything else which has been thrown away in the middle to confuse people, like the mansion, is definitely either not easily sellable or of a value hugely lower than the asset that was sold (otherwise the borrower would not have created all the chaos and would have sold it!!!). Also having a complete new build with its freehold was a much much much easier sell than without. So, in case things do not go well with the original sale of the complete build, we might have further trouble in the future as a direct result of this unacceptable action of force by Lendy. Don't forget that some people put in money in this loan in the last 6 months on the promise that the build was about to be finished and sold and should have repayed shortly. Putting them at risk with an involvement in a different build is totally crazy. Really, this should be reported to the FCA. Lendy would deserve to be placed in administration much more than Collateral was. I think at this point we are all painfully aware that LY has nothing but contempt for us lenders, but let’s not wish for or assist their collapse until those who want their money out have got as much of their money out as possible (I fear we’re not getting all of it out no matter what happens).
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Post by skint4achange on Mar 25, 2018 10:15:24 GMT
If I buy a house with a mortgage, can I just sell the garage without permission from the lender? No! The problem isn't the loan, it's the way it's been handled by Lendy with no consultation (as per) and just roll existing lenders in whether or not they like it. When are you going to actually understand that YOU are not considered the LENDER? YOU handed over all rights to have YOUR feeling considered when you agreed to the T&C's of lending THROUGH Lendy.
However, please feel free to go and join up with the other moaners and try to sue Lendy for carrying out the instructions that YOU declared that you had read and understood (I am assuming you did rather than just look at the 12% return promised?)
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bugs4me
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Post by bugs4me on Mar 25, 2018 10:29:07 GMT
I think some folks round here need to chill it.
Remember we're all in P2P to maximise our returns so squabbles, insults, etc are not constructive.
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Post by charliebrown on Mar 25, 2018 11:00:00 GMT
I think it is right and correct to question LY’s behaviour. They can’t just write T&Cs that say you have no rights whatsoever, please sign here. I seem to remember a case where someone slipped on a wet floor in a fast food joint and injured themselves and despite a notice that said if you slip and hurt yourself that’s your problem not ours that person still sued and won. A silly example, but you get my point. I’m actually heavily in both these loans so in my case if they did shift some money between these loans to keep them both afloat then that’s in my best interests, so I personally have no complaints.
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Post by skint4achange on Mar 25, 2018 13:31:30 GMT
I think it is right and correct to question LY’s behaviour. They can’t just write T&Cs that say you have no rights whatsoever, please sign here. I seem to remember a case where someone slipped on a wet floor in a fast food joint and injured themselves and despite a notice that said if you slip and hurt yourself that’s your problem not ours that person still sued and won. A silly example, but you get my point. I’m actually heavily in both these loans so in my case if they did shift some money between these loans to keep them both afloat then that’s in my best interests, so I personally have no complaints. The problem with a sign saying something like that is that it is not enforceable in law. I.e. I can say anything I like on a sign and post it, but that doesn't mean it absolves me from the law of the land.
Lendy making a contract that on the face of it appears to contain nothing illegal or non-enforceable in law is a totally different matter. If the Lendy contract stated that if the loan was restructured they would have the right to come to your house and shoot your wife, it would not be considered to be a legal contract as it in itself is an illegal activity. A bit extreme in the way I have phrased it but you see what I am getting at too.
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Jeepers
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Post by Jeepers on Mar 25, 2018 15:50:04 GMT
If I buy a house with a mortgage, can I just sell the garage without permission from the lender? No! The problem isn't the loan, it's the way it's been handled by Lendy with no consultation (as per) and just roll existing lenders in whether or not they like it. When are you going to actually understand that YOU are not considered the LENDER? YOU handed over all rights to have YOUR feeling considered when you agreed to the T&C's of lending THROUGH Lendy.
However, please feel free to go and join up with the other moaners and try to sue Lendy for carrying out the instructions that YOU declared that you had read and understood (I am assuming you did rather than just look at the 12% return promised?)
I'm not sure who you think you are going around laying the law down. As a lender in this loan, I'm entitled to my opinion. If I just sign up to Lendy for them so take bits out of the security and add others in, why do any DD? I don't invest in a Lendy bond for them to do as they wish, I invest in the security presented to me so yes it's totally unacceptable to sell it off without any consultation after I've agreed to Lend on said security! skint4achange if you haven't got anything constructive to add instead of insults, don't bother. And just to put you straight, I AM THE LENDER, Lendy is my agent!
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Post by skint4achange on Mar 25, 2018 15:52:33 GMT
Tell me where I have insulted you? I don't think that using CAPITAL letters is classed as INSULTING??
My opinion is my opinion and if I wish to have one then I may. Just because you don't like it, still doesn't mean I can't have one.
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Jeepers
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Post by Jeepers on Mar 25, 2018 15:54:40 GMT
Tell me where I have insulted you? I don't think that using CAPITAL letters is classed as INSULTING??
My opinion is my opinion and if I wish to have one then I may. Just because you don't like it, still doesn't mean I can't have one. OK, perhaps patronising tone would better describe it!
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Post by skint4achange on Mar 25, 2018 15:57:20 GMT
Not patronising, just highlighting the bits that need to be highlighted.
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Post by brightspark on Mar 25, 2018 19:44:14 GMT
I totally agree. I do wonder what might happening the borrower did not eventually repay the loan and everything went pear-shaped. I think it would drive lenders to litigate against Lendy. Lendy terms and conditions would come under close scrutiny and I suspect the conclusion would be that they amounted to unfair trading. I am not sure that litigation would be successful:
9.6.Notwithstanding any other clause in these Terms you agree that, in certain circumstances, for example a change in the borrower’s circumstances, and in its absolute discretion, Lendy (acting as agent on your behalf) may agree with the borrower to restructure the loan and amend the Loan Contract (including, for the avoidance of doubt, to agree to extend the term of any loan) and you will be bound by these amendments.
9.8. You agree that Lendy will be acting as your agent on your behalf in:
9.8.1.negotiating and agreeing amendments to the Loan Contract in accordance with clause 9.6 above; and
9.8.2.negotiating and settling any dispute relating to the Loan Contract.
9.9.You hereby appoint Lendy (for the duration of your membership of the Lendy Platform) as your agent on your behalf with full power to carry out those amendments referred to in Clause 9.8 without your specific agreement. You will then be bound by those amendments. You agree and acknowledge that Lendy shall take on no liabilities, obligations or rights under the Loan Contract as a result of such agency, and you agree that you will continue to be solely liable and responsible for the rights and obligations under the Loan Contract (as amended) and Lendy and/or Saving Stream Security Holding will not be liable for any amendments to the Loan Contract.
The above clauses pretty much cover Lendy for what they have done. Any litigation would be drawn out and expensive (See the section I have underlined above in 9.9).
Lendy have as you say just about covered everything. That is my point. The terms are so all excluding as not to constitute an agreement. I am by no means a Contracts lawyer. I suspect that the Unfair Contract Terms Act 1977 is the relevant piece of legislation and if push came to shove that is the arena in which one would look for legal opinion.
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rocky1
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Post by rocky1 on Mar 26, 2018 7:01:27 GMT
as you say LENDY have well covered their ar*es with every get out out clause in the book we might as well just give them a big wad of cash and let them get on with using our funds as and when it suits them a lot of these DFLs are in one way or another linked to just a few borrowers and our funds will be just rolled over and renewed for as long as it suits no matter what is said on here LENDY know they have us on the hook hence i feel the reason for their arrogance and dont give a damm attitude.as they say if you dont like it sell your loan parts and get out .if i knew how you could do that i would be gone like a shot
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