jomantha
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Post by jomantha on May 24, 2019 13:56:27 GMT
I'm invested in this and I've not had an email could you pm me if.
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Post by picanto on May 24, 2019 13:59:30 GMT
I'm invested in this and I've not had an email could you pm me if. The same information that was in the E-mail can be found in the private portal.
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Garage246
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Post by Garage246 on May 24, 2019 19:16:04 GMT
I would hope that as the deal has been done and fund should be on their way in, the administrators will have very little to do on this one and we ought to get a better pay out than if Lendy had been allowed to subtract their exorbitant cost levels. Maybe, at least for this loan, administration at this point will be OK. However, I guess the administrators will not be pursuing long winded claims against valuers and guarantors and will want to close the book on this one. It would also be good to confirm that loans will be dealt with on a case by case basis and settled with lenders within each loan, rather than any amalgamation of all loans and all lenders.
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zccax77
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Post by zccax77 on May 24, 2019 19:25:14 GMT
What makes you think Lendy would have chased these crooks to the end of the earth for our money? Lendy were so skint they had to mortgage the provision fund to survive, no way could they have pursued the defaulted borrowers.
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Garage246
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Post by Garage246 on May 24, 2019 19:46:56 GMT
What makes you think Lendy would have chased these crooks to the end of the earth for our money? Lendy were so skint they had to mortgage the provision fund to survive, no way could they have pursued the defaulted borrowers. I'm the eternal optimist.... You are of course probably right!
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jomantha
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Post by jomantha on May 25, 2019 8:17:18 GMT
Can I safely assume the money they got in for this has now disappeared into a pot and we are unlikely to see it again.
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mary
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Post by mary on May 25, 2019 8:35:34 GMT
Can I safely assume the money they got in for this has now disappeared into a pot and we are unlikely to see it again. Not really. The FCA restrictions Lendy were operating under should have protected it. But initially it will fund the costs of administration, so we won’t see anything any time soon.
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rocky1
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Post by rocky1 on May 25, 2019 8:43:18 GMT
well shouldent we be told what the sale amount was and any further actions that they will be taking for further recovery of our money.lets try and get off to a good start with open and honest comms.
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zccax77
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Post by zccax77 on May 25, 2019 8:55:19 GMT
I think the FCA were patiently waiting for this large sum of money to materialise, before pouncing on the administration. They will use this money as initial working capital for the administration until more money materialises from other liquidations. I am slightly glad that more experienced people will now effect the wind-down of this mess, albeit at some expense. Far better than the <redacted> running the wind-down. The FCA must of got fed up with LB BS.
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jomantha
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Post by jomantha on May 25, 2019 9:07:15 GMT
Can I safely assume the money they got in for this has now disappeared into a pot and we are unlikely to see it again. Not really. The FCA restrictions Lendy were operating under should have protected it. But initially it will fund the costs of administration, so we won’t see anything any time soon. I am totally not understanding - we were secured creditors and these proceeds were for this particular loan. Did that stop when the money hit Lendys bank account. How can the FCA use it for anything other than to repay those creditors?
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jomantha
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Post by jomantha on May 25, 2019 9:07:37 GMT
Those creditors being the people invested in this particular loan. I know that is probably me being dim.
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Post by brightspark on May 25, 2019 10:01:26 GMT
I think the FCA were patiently waiting for this large sum of money to materialise, before pouncing on the administration. They will use this money as initial working capital for the administration until more money materialises from other liquidations. I am slightly glad that more experienced people will now effect the wind-down of this mess, albeit at some expense. Far better than the winging it boys running the wind-down. The FCA must of got fed up with LB BS. I am not sure this is correct. The Lendy help centre contained advice to the effect that the proceeds from sales should be held in a segregated client account at Barclays Bank. Amounts due from sales proceeds are held there in trust and with insolvency, the insolvency practitioner should distribute the funds back to lenders. In particular lenders money in the segregated client account would not be distributed to other creditors.
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Garage246
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Post by Garage246 on May 25, 2019 10:25:20 GMT
I think the FCA were patiently waiting for this large sum of money to materialise, before pouncing on the administration. They will use this money as initial working capital for the administration until more money materialises from other liquidations. I am slightly glad that more experienced people will now effect the wind-down of this mess, albeit at some expense. Far better than the winging it boys running the wind-down. The FCA must of got fed up with LB BS. I am not sure this is correct. The Lendy help centre contained advice to the effect that the proceeds from sales should be held in a segregated client account at Barclays Bank. Amounts due from sales proceeds are held there in trust and with insolvency, the insolvency practitioner should distribute the funds back to lenders. In particular lenders money in the segregated client account would not be distributed to other creditors. I wrote to the administrators this morning regarding DFL012 to make this point that these should be ring-fenced funds. Might be helpful if others who are equally concerned do the same. The problem will be if the funds hit Lendy's normal business account rather than a segregated client account. That shouldn't have happened, but could have.
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jomantha
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Post by jomantha on May 25, 2019 10:40:37 GMT
I am not sure this is correct. The Lendy help centre contained advice to the effect that the proceeds from sales should be held in a segregated client account at Barclays Bank. Amounts due from sales proceeds are held there in trust and with insolvency, the insolvency practitioner should distribute the funds back to lenders. In particular lenders money in the segregated client account would not be distributed to other creditors. I wrote to the administrators this morning regarding DFL012 to make this point that these should be ring-fenced funds. Might be helpful if others who are equally concerned do the same. The problem will be if the funds hit Lendy's normal business account rather than a segregated client account. That shouldn't have happened, but could have. Would you be able to pm me what you wrote and the email address so I can send something in on holiday and could knock it together quickly
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Post by brightspark on May 25, 2019 10:53:20 GMT
I have followed your suggestion and done the same not only for this loan but also loan PBL178 where money from an auctioned property had been promised but still has not been released. I expect the Administrators will initially be overwhelmed by the bombardment of e-mails they will receive but as soon as a pattern emerges they will have stock replies to provide.
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