|
|
Post by charliebrown on Feb 19, 2019 12:16:21 GMT
Well, Feb is more than half gone and we are still waiting for "As a result, we expect to be able to issue an ad hoc update week commencing 4 February. ".
You can add "PBL084 - Scottish estate with multiple letting properties
We are awaiting an update on this loan from our external legal and recoveries partners. We hope to release this update during the early part of this month. "
Basically same-old same-old .. in fact, as far as I can tell, nothing has been said since start of Feb, despite many loans having promised %something% 'real soon now'. Or am I being unfair??
You’re not being unfair, you’re stating a fact. I wonder whether LY get some form of pleasure from promising things they don’t deliver (aka lying to us). These are not the usual lies though, these are enhanced lies.
|
|
jcb208
Member of DD Central
Posts: 838 
Likes: 638
|
Post by jcb208 on Feb 22, 2019 10:15:02 GMT
Sent request for an update on this loan and might as well not bothered as I got the usual drivel "You can be assured that we will be providing fall updates across the loan book including DFL005 where further disclosable information is reported by our external legal and recoveries teams by the end of next week"
|
|
|
|
Post by picanto on Feb 22, 2019 10:55:34 GMT
Sent request for an update on this loan and might as well not bothered as I got the usual drivel "You can be assured that we will be providing fall updates across the loan book including DFL005 where further disclosable information is reported by our external legal and recoveries teams by the end of next week" So the updates are going to be done by the end of next week now? So just the normal monthly updates then. I'm guessing that means these very important promised updates on the loan recoveries that were meant to be published in the early part of February aren't going to happen? Surely Lendy could have put this on their website informing investors that the updates had been delayed but will be published at the end of the month, rather than investors having to contact Lendy directly via E-Mail. I might as well not bother logging in to Lendy until the beginning of March then...
|
|
|
|
Post by loftankerman on Feb 22, 2019 13:56:45 GMT
Sent request for an update on this loan and might as well not bothered as I got the usual drivel "You can be assured that we will be providing fall updates across the loan book including DFL005 where further disclosable information is reported by our external legal and recoveries teams by the end of next week" So the updates are going to be done by the end of next week now? So just the normal monthly updates then. I'm guessing that means these very important promised updates on the loan recoveries that were meant to be published in the early part of February aren't going to happen? Surely Lendy could have put this on their website informing investors that the updates had been delayed but will be published at the end of the month, rather than investors having to contact Lendy directly via E-Mail. I might as well not bother logging in to Lendy until the beginning of March then... I have a few K in this but I never log in to Lendy. I figure if there is anything going on worth hearing I'll see it on here without any of the faffing around logging in with user names and passwords. Apart from new tranches of old loans they don't communicate with me but have been assuring me that there is no reason why I should not be getting their emails for the past several years.
|
|
|
|
Post by scerbera on Mar 1, 2019 13:50:13 GMT
Anybody got any idea what is going to happen here. I've only just bothered to read the feb update, alternative exit options, what are they banging on about, how about just paying back the bloody loan.
|
|
|
|
Post by princekie on Mar 3, 2019 15:55:42 GMT
Anybody got any idea what is going to happen here. I've only just bothered to read the feb update, alternative exit options, what are they banging on about, how about just paying back the bloody loan. The "alternative exit options" are most likely referring to which junction the billionaire boys club (aka Lendy) will be taking on their way to buy their new fleet of Rangeys...
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Apr 2, 2019 16:24:41 GMT
Latest update:
"There was a meeting towards the end of March 2019 with the Borrower, third-party advisors and Lendy to try to agree on a way forward. There are a number of potential options which are currently being considered and a decision of the way forward should be decided shortly."
|
|
|
|
Post by loftankerman on Apr 3, 2019 23:13:45 GMT
Latest update: "There was a meeting towards the end of March 2019 with the Borrower, third-party advisors and Lendy to try to agree on a way forward. There are a number of potential options which are currently being considered and a decision of the way forward should be decided shortly."This was doing so well when it turned into a partial repayment and an extension, before being suspended. The alleged imminent full repayment disappeared. I had to wonder at the time if my money had gone into an ill thought out lifeline to the same borrower's absurd field of sheds instead. Now this and the sheds are getting cloned updates. I suppose having just one can to kick down the road provides economy of effort and cost. I never really know what platforms are getting up to, but much as they'd like to tell me, they can't or they'd get turned into pumpkins or something.
|
|
|
|
Post by brightspark on Apr 4, 2019 11:34:07 GMT
I still wonder if Lendy acted within their rights to play now you see it now you don't with this loan. If I was a big hitter I would be in close talks with my legal advisor.
|
|
|
|
Post by charliebrown on Apr 4, 2019 11:55:07 GMT
I still wonder if Lendy acted within their rights to play now you see it now you don't with this loan. If I was a big hitter I would be in close talks with my legal advisor. Also, LY changing T&C half way through a loan term and saying if you remain in the loan then you’re deemed to have accepted. They did that at a time when it was nigh on impossible to get out of any loans. I’m not a legal expert but a lot of LY behaviour feels like it’s gone beyond unethical . At the very least, it should be a breach of FCA regulations. Has the FCA ever fined any p2p platform? I’ve never known any business s*it on their customers the way LY does.
|
|
delboy
Member of DD Central
Posts: 79
Likes: 49
|
Post by delboy on Apr 4, 2019 17:51:39 GMT
I still wonder if Lendy acted within their rights to play now you see it now you don't with this loan. If I was a big hitter I would be in close talks with my legal advisor. Also, LY changing T&C half way through a loan term and saying if you remain in the loan then you’re deemed to have accepted. They did that at a time when it was nigh on impossible to get out of any loans. I’m not a legal expert but a lot of LY behaviour feels like it’s gone beyond unethical . At the very least, it should be a breach of FCA regulations. Has the FCA ever fined any p2p platform? I’ve never known any business s*it on their customers the way LY does. Is this true? They gave investors a get-out option that they were not actually free to act upon? This couldn’t possibly stand up in law and should be included in any letters to the FCA.
|
|
jcb208
Member of DD Central
Posts: 838
Likes: 638
|
Post by jcb208 on Apr 4, 2019 18:07:22 GMT
This is where I came unstuck was reading this B/S from Lendy and stupidly invested a lot more money in it as 1% cashback was on offer.Oh well I have learnt
Dear xxxx,
Signed Heads of Terms have now been seen by Lendy, which confirm the proposed equity investment from the same investor that previously funded the £3m refinance of the Mansion House (PBL058 - Resi/land with planning, Torquay).
Based on the figures provided this investment, together with the proposed sale of freehold title, will generate sufficient funds to repay the loan balance. All matters are in the hands of the Borrower's solicitors, who have confirmed that they are instructed in this respect. Full repayment of the loan is expected prior to the expiry date of 6th January 2018.
Funding of the remaining tranches is key to enabling the practical completion of the site within the proposed timeline, which in turn is critical to assist with the proposed exit route (sale of the site), which has been agreed within the Heads of Terms to be at practical completion of the site. Significant progress has been made on the site, which is evidenced by the up to date photos.
As the Borrower expects practical completion within months we appreciate that there will only be one or two more monthly interest payments. As a result of this, we are offering cash back on this tranche as an incentive to provide the funds required to the Borrower to assist with achieving practical completion and in turn the successful repayment of the existing loan.
|
|
|
|
Post by loftankerman on Apr 5, 2019 8:50:10 GMT
I still wonder if Lendy acted within their rights to play now you see it now you don't with this loan. If I was a big hitter I would be in close talks with my legal advisor. Also, LY changing T&C half way through a loan term and saying if you remain in the loan then you’re deemed to have accepted. They did that at a time when it was nigh on impossible to get out of any loans. I’m not a legal expert but a lot of LY behaviour feels like it’s gone beyond unethical . At the very least, it should be a breach of FCA regulations. Has the FCA ever fined any p2p platform? I’ve never known any business s*it on their customers the way LY does. If rejecting the new T&C you were required to close your account and stop using their web site immediately as I recall. I imagine there's a copy of that somewhere. I'll use my highly sophisticated, erratic random search algorithm to try and find it, if I can remember.
|
|
Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
|
Post by Mucho P2P on Apr 5, 2019 10:35:32 GMT
I still wonder if Lendy acted within their rights to play now you see it now you don't with this loan. If I was a big hitter I would be in close talks with my legal advisor. Also, LY changing T&C half way through a loan term and saying if you remain in the loan then you’re deemed to have accepted. They did that at a time when it was nigh on impossible to get out of any loans. I’m not a legal expert but a lot of LY behaviour feels like it’s gone beyond unethical . At the very least, it should be a breach of FCA regulations. Has the FCA ever fined any p2p platform? I’ve never known any business s*it on their customers the way LY does. " if you remain in the loan then you’re deemed to have accepted " <- It is a fully unfair contractual term as the lender has no option, other than to remain in the loan. You may wish to consider suing lendy to buy back the amount of the loan you wish to exit so that they can honour their new contract. There is not even a secondary market which allows the lender to shift the loan (at a discount) onto a corporate lender who is licenced to accept such defaulted securities. Hence a fully unfair contractual term. I have no knowledge of the FCA fining P2P companies, only imposing restrctions on them.
|
|
adrianc
Member of DD Central
Posts: 10,025
Likes: 5,152
Member is Online
|
Post by adrianc on Apr 5, 2019 11:01:26 GMT
AIUI, the last relatively major update was March 2018
lendy.co.uk/termsThere's not much on archive.org - the only non-current version is July 2017 web.archive.org/web/20170701000000*/https://lendy.co.uk/termsQuickly comparing the two, the only non-trivial changes I can see are... 1.2 2017 - Lendy will act as agent on behalf of the lenders in relation to the Loan Contract 2018 - Lendy is authorised by the lenders to enter into the Loan Contract as agent for the lenders. Lendy will act as agent on behalf of the lenders in relation to the Loan Contract. Lendy’s role on behalf of the lenders is limited solely to administrative functions, it does not perform any investment management activities on behalf of the lenders. 2.3 2017 - Lendy's principal role is to perform introductory functions on behalf of borrowers and lenders in order to bring together prospective borrowers and lenders, to provide a stream-lined process for entering into loans and to facilitate the payment and collection of sums due under or in connection with those loans (together with Lendy Security Holding) and to enter into Loan Contracts on behalf of lenders (including Lendy Security Holding taking certain actions on behalf of lenders upon a borrower's default or if the borrower becomes, or is likely to become, insolvent as set out in these terms and conditions). 2018 - Lendy operates an electronic platform in relation to lending in order to bring together prospective borrowers and lenders, to provide a streamlined process for entering into loans, to facilitate the payment and collection of sums due under or in connection with those loans (together with Saving Stream Security Holding), and to enter into Loan Contracts on behalf of lenders (including Saving Stream Security Holding taking certain actions on behalf of lenders upon a borrower's default or if the borrower becomes, or is likely to become, insolvent as set out in these Terms). 6.2 Addition in 2018 - Loans will be allocated by the Lendy Platform on a first come, first served basis, with priority given to Lenders with sufficient funds on their Lendy lender account at the point at which the Lender makes a bid to advance the relevant Loan. 7.4 Addition in 2018 - The Loan Contract will detail the legal terms of the loan made directly by you as lender to a Borrower and the Loan Amount shall be detailed in your Lender account on the Platform. 8.1.4 Addition in 2018 - irrevocably and unconditionally, appoint Lendy to act as attorney on your behalf for all matters in connection with any novation and/or any Finance Documents. 9.2 2017 - Borrowers are liable to repay the loans to lenders and pay any interest on such loans and Lendy and/or Lendy Security Holding has no liability in respect of the repayment of loans and payment of any interest. 2018 - Borrowers are liable to repay the loans to lenders and pay any interest on such loans to you and Lendy. You agree that Lendy and/or Saving Stream Security Holding has no liability in respect of the repayment of loans and payment of any interest, except for the performance of the administrative functions as agent for each lender, as described in the Loan Contract and/or the Finance Documents. 9.8 New in 2018 - You agree that Lendy may charge the borrower a fee for arranging any amendments to the loan in accordance with clause 9.6 above. 9.9 New in 2018 - Details of the fees which Lendy charges borrowers are set out in the relevant Loan Contract, and these are, typically, an arrangement fee, an exit fee, and a loan monitoring fee.
10.6
New in 2018 - The legal terms governing the transfer of your loan are set out in Clause 13 (Changes to the Parties) of the Loan Agreement. By placing electronic instructions to transfer your Loan on the Lendy Platform you irrevocably and unconditionally appoint Lendy as agent on your behalf to agree and/or enter into the transfer on the terms and conditions of the Loan Agreement.
10.7 New in 2018 - Requests for copies of Loan transfer agreements are subject to an administration fee of £100.00 to cover Lendy’s administration costs.
12.10 New in 2018 - The borrower is required to provide insurance for the Property as a condition to drawing a loan. As a Lender, you will benefit from the insurance on enforcement of the security for the Loan. Each Lender agrees to comply with all reasonable requests from Lendy or the insurers in connection with the insurance and will ensure nothing is done or omitted which may invalidate the insurance.
13.2 New in 2018 - Under the terms of the security documents, the lenders shall have no rights to enforce the security directly, except via Lendy and/or Saving Stream Security Holding.
13.3 New in 2018 - In the event of a shortfall in the amounts available for repayment of the Loan, the available proceeds will be paid in the order set out in the Loan Agreement, as follows: first, payment of any unpaid fees, costs and expenses of the Agent under the Finance Documents; second, payment of any accrued interest, fee or commission due but unpaid under the Loan Agreement; third, payment of any principal due but unpaid under the Loan Agreement; and fourth, payment of any other sum due but unpaid under the Finance Documents. However, Lendy may, and Saving Stream Security Holding may, vary this order in their discretion.
13.4 New in 2018 - The borrower will pay default fees to Lendy (for its own account) on any overdue amounts under the Loan, as described in the Loan Agreement.
16
New in 2018 in entirety (Section headed "Opinion of Lenders" - I won't quote it all here)
17 2017 - If our platform were to fail or we and/or Lendy Security Holding become insolvent we would transfer our obligations under the Terms and the Loan Contract to a third party back up servicer, with whom we have entered into a back up servicing arrangement. 2018 - If the Lendy platform were to fail or Lendy and/or Saving Stream Security Holding become insolvent we would transfer our obligations under the Terms and the Loan Contract and the Finance Documents to Baker Tilly Creditor Services LLP a third party back up servicer, with whom we have entered into a back up servicing arrangement with a term which renews automatically each year.
(I may have missed some minor wording changes. Numbering relates to the 2018/current terms.)
Frankly, I'm not seeing anything terribly contentious in there. Apart from the two changes (13.3 and 16) described in the blog piece, it's mostly fairly obviously related to either regulation or clarification of the agency role in the face of the London litigation.
|
|
