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Post by charliebrown on Apr 5, 2019 11:24:51 GMT
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. Don’t take those words literally but it was something along those lines as we did have a discussion running on the forums about it. It also might not have been stated contractually. I can’t really remember. LY simply threw out updated T&C and more or less said we’ve changed some stuff to make our position better and your position worse, deal with it. We were debating how contractual T&C can be changed mid term (answer, because LY do whatever they want) and what we could do about it (answer, nothing as we are trapped in loans that cannot be sold). As usual, I haven’t come armed with facts so will need Adrian etc to bring facts to the table.
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adrianc
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Post by adrianc on Apr 5, 2019 12:16:26 GMT
We were debating how contractual T&C can be changed mid term (answer, because LY do whatever they want) 2017 version... (And, yes, there's bonus muppetry points to Ly for not changing the reference to "Clause 23" to "Clause 24" when the introduction of 16 renumbered subsequent sections...)
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Mucho P2P
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Post by Mucho P2P on Apr 5, 2019 12:31:55 GMT
We were debating how contractual T&C can be changed mid term (answer, because LY do whatever they want) 2017 version... (And, yes, there's bonus muppetry points to Ly for not changing the reference to "Clause 23" to "Clause 24" when the introduction of 16 renumbered subsequent sections...)" By continuing to use the platform, or our services in allocating funds you have deposited "<-- this appears to be the crucial part for lenders. You are not bound by the new T&C unless you move funds from your account at Lendy to lend out to a project. So old loans are made under the old contractual terms until they are sold/repaid. Thx adrianc for locating the contract, as mine is now filed away! with London Loan info.
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adrianc
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Post by adrianc on Apr 5, 2019 13:52:28 GMT
" By continuing to use the platform, or our services in allocating funds you have deposited "<-- this appears to be the crucial part for lenders. You are not bound by the new T&C unless you move funds from your account at Lendy to lend out to a project. So old loans are made under the old contractual terms until they are sold/repaid. That would be a very wishful interpretation of the "or". Good luck with it. So which of the new/changed terms do you object to so dramatically?
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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 May 17, 2019 8:22:49 GMT
Administrators appointed, unclear whether by Lendy or other charge holder but given IP probably Lendy. Awaiting CH notification.
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Post by brightspark on Sept 25, 2019 19:23:11 GMT
Anyone able to shed a glimmer of light on what is happening on this one? Cancel that - just found the update.
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Post by walter on Jan 24, 2020 15:58:49 GMT
Looks like this has been sold...not sure where to find the price....<link removed by mod as identifies asset>
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Post by mrclondon on Jan 24, 2020 16:08:47 GMT
Looks like this has been sold...not sure where to find the price....<link removed by mod as identifies asset> Will probably be disclosed in the Administrators progress report that is due to be filed at CH in June 2020, alternatively once the sale has completed and the title document updated at the Land Registry, pay the £3 for a copy of the title document which should disclose the amount in Section B.
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Post by mrclondon on Jan 25, 2020 2:10:54 GMT
It seems from CH records that the purchaser is a company 50% owned by the borrower, and 50% by the company that held charges on the site alongside L/SS (Details on DDC for those with access)
The timing of said records (late Dec) is a bit odd, given the lack of any ££ finding their way to us as yet.
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Post by gramsky on Jan 27, 2020 9:42:34 GMT
Looks like this has been sold...not sure where to find the price....<link removed by mod as identifies asset> Received a reply email this morning from the sales agent stating they are not allowed to disclose the sold price.
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Post by brightspark on Jan 27, 2020 10:17:26 GMT
The sold price has no relationship to what investors will receive. A few crumbs off rich mens' tables is all we can expect. I have a small investment in this loan and have not a clue of the various financial sleights of hand that have been perpetrated on me and others to divest us of our loaned money. Suffice to say I do not have a kind word to say of Lendy nor of the borrowers who have not honoured their debts.
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Post by gramsky on Jan 27, 2020 10:52:09 GMT
The sold price has no relationship to what investors will receive. A few crumbs off rich mens' tables is all we can expect. I have a small investment in this loan and have not a clue of the various financial sleights of hand that have been perpetrated on me and others to divest us of our loaned money. Suffice to say I do not have a kind word to say of Lendy nor of the borrowers who have not honoured their debts. Of coarse the sold price has a relationship to what we will receive. We all by now realise that any distribution to lenders will be reduced by the exorbitant Administrator's fees etc, we do not need to be reminded in every post that appears on this forum by continued negatively harping on about it, we should be past that stage by now, it doesn't get us anywhere and we need to take a more positive attitude and do what we can about it, recover what we can, and then move on. I took the positive initiative over the weekend to contact the agents in an attempt to find out what the property was sold for, I didn't expect an answer other than the one I have received, but I will again take some positive initiative and get back to them, explain our situation and to try to get some idea of at least a ball park figure. I am not expecting success, but at least I am trying. We know the Administrator's and Lendy are going to take a big cut, but the fact remains that the more the property was sold for the more lenders will have a chance of receiving back.
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Post by walter on Jan 27, 2020 11:06:07 GMT
The other issue is where is the money? No doubt sat in someone's account generating interest for someone else.
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Post by gramsky on Jan 27, 2020 11:13:28 GMT
The other issue is where is the money? No doubt sat in someone's account generating interest for someone else. The buyer probably hasn't even paid yet, but it is in somebody's account and earning interest. That is business, every one wants to earn interest on their money. Your motive for P2Plending was to earn interest, maybe you should have put yours under your mattress.
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Post by walter on Jan 27, 2020 11:42:45 GMT
Excellent point Gramsky yes I did want to earn interest however I thought I was following a transparent ethical process...not being ripped off time and time again...borrowers, platform, FCA...would gladly repay the interest earnt to get the capital back and buy a bigger mattress.
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