averageguy
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Post by averageguy on Jun 7, 2019 22:05:49 GMT
I don't know. But there must be a reason they are keeping the cash. And no one is working for free as well. They have to be paid somehow When you say they....do you mean the Administrators? It’s been clear that in the week after funds from the sale being received that the account was being monitored ..they’ve stated nothing is being paid out until they’ve finished their reconciliation work....I don’t think anyone is saying they are working for nothing but at this stage we don’t know what cash balances there are. to date I think the Admins have been good with comms (as far as it goes)...as an ’investor’ in HQ I’m quite keen to know when I might get paid some dosh...but speculation isn’t going to help that...perhaps the updates due next week will help.
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cwah
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Post by cwah on Jun 8, 2019 0:24:13 GMT
I don't know. But there must be a reason they are keeping the cash. And no one is working for free as well. They have to be paid somehow When you say they....do you mean the Administrators? It’s been clear that in the week after funds from the sale being received that the account was being monitored ..they’ve stated nothing is being paid out until they’ve finished their reconciliation work....I don’t think anyone is saying they are working for nothing but at this stage we don’t know what cash balances there are. to date I think the Admins have been good with comms (as far as it goes)...as an ’investor’ in HQ I’m quite keen to know when I might get paid some dosh...but speculation isn’t going to help that...perhaps the updates due next week will help. I'm just saying that people need to be paid. The admin, the staff, the creditors, etc. etc. There is no way they'll pay back all investors full amount of the loans without taking their cut. If they release the funds for this loan, then it means they'll have to take out more from the other loans funds. Creditors wouldn't want to see this big pot of cash disappearing when they are owed so much money for example. They'll have to make a decision on how "best" to pay back the owed money, how much of this goes to investors vs all the other parties.
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rocky1
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Post by rocky1 on Jun 8, 2019 7:17:35 GMT
So really when it all comes down to it lending on less than 70%LTVs with first charges on assets with debentures and PGs from wealthy borrowers means sod all.P2P what a bad deal for all the people without who these platforms would not even exist.
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Garage246
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Post by Garage246 on Jun 8, 2019 7:30:30 GMT
As said previously, do check out the other thread. Personally I would write to RSM to question the payout. I and several others have and I have had an acknowledgement that they are looking at it. I think there are two issues. 1. Where is the money - is it in a ring fenced client account or did it go into a Lendy business account first so Liam could roll his sleeves up and dip in. That might make a difference to the accessibility of the money for paying the administrators. Then secondly there is the point made previously that unsecured creditors (the apartment deposit holders) have reportedly received back in effect 92p in the pound, whilst secured creditors are 70p in the pound. That shouldn't happen.
Lendy buying the freehold muddies the water and potentially gives them a conflict of interest.
Do write to RSM - the more that do the better.
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Post by brightspark on Jun 8, 2019 8:49:19 GMT
I e-mailed them early on concerning repayment of money. I received fairly quickly a standard reply which did not answer the question. I emailed them again thanking them for their reply and confirming to them my view that my query was not answered and my fears concerning my repayment were not allayed. No surprise there. That money belongs to lenders of the loan.
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averageguy
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Post by averageguy on Jun 8, 2019 8:56:30 GMT
I e-mailed them early on concerning repayment of money. I received fairly quickly a standard reply which did not answer the question. I emailed them again thanking them for their reply and confirming to them my view that my query was not answered and my fears concerning my repayment were not allayed. No surprise there. That money belongs to lenders of the loan. Likewise
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Post by mot on Jun 8, 2019 9:22:49 GMT
Let’s not forget that for some time prior to the sale of HT the FCA were closely monitoring any financial transactions in LY that were over £5k.
i am factually aware that the sale was conducted by solicitors (obviously) that had to follow “FCA guidelines”. Therefore, I have some level of optimism that the cash IS where it should be. i.e. Unable to have been “dipped into” by person / persons. The million dollar question is how much we’ll get back.
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Post by billy169 on Jun 8, 2019 9:42:33 GMT
Unless it sold for under 5k.. jesus.imagine that !!... ignore me.. I'm just going slowly insane.
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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 Jun 10, 2019 18:39:31 GMT
There is a post elsewhere from a poster who doesn't seem to be able register here for some reason, repeated on LAG FB, that RSM have said the money received from DFL012 is held in the client account & an interim payment minus expenses will be made once the account reconciliation is complete. Estimated timescale 2 weeks.
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Post by GSV3MIaC on Jun 10, 2019 19:40:00 GMT
I wonder if they will 'show their working' as LY spectacularly failed to do on some recent repayments...
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Garage246
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Post by Garage246 on Jun 10, 2019 19:59:53 GMT
There is a post elsewhere from a poster who doesn't seem to be able register here for some reason, repeated on LAG FB, that RSM have said the money received from DFL012 is held in the client account & an interim payment minus expenses will be made once the account reconciliation is complete. Estimated timescale 2 weeks. I've had the same email from RSM in response to an enquiry on DFL012 I made. So the good news is that it is in the client account not the main business account. Whether that will make any difference in the end we will see, but RSM seem to be acknowledging that it is ring-fenced funds which should be going back to investors in DFL012. I hope that the proposed fees to be taken by Lendy will not now materialise in quite the quantum that a number of people had heard. Again we will see.
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joe91
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Post by joe91 on Jun 10, 2019 21:33:39 GMT
..... Do write to RSM - the more that do the better. Sorry Garage, not having a go, but what's the benefit? I, and other posters I've read think that the more of RSM's time we take up all asking the same questions, the more it's going to cost us all in fees.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jun 10, 2019 23:25:33 GMT
Unless it sold for under 5k.. jesus.imagine that !!... ignore me.. I'm just going slowly insane. Not so slowly. 
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Post by patright on Jun 11, 2019 5:59:10 GMT
Lendy mentioned that HQ sale was completed if I am not mistaken May 21
Ok let's say you can't withdraw until reconciliation..but why is the money not posted on people's balance ?
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sl75
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Post by sl75 on Jun 11, 2019 7:30:05 GMT
Lendy mentioned that HQ sale was completed if I am not mistaken May 21 Ok let's say you can't withdraw until reconciliation..but why is the money not posted on people's balance ? Creating more transactions in the middle of a reconciliation, which then themselves need to be reconciled, hardly seems the smartest move.
What benefit does it give anyone? As far as I can see, if you can't withdraw it, and can't re-invest it in other loans, the only difference is a slightly different set of numbers on the screen... and depending on what the reconciliation process determines needs to be "corrected", the numbers might then need to change again before withdrawals can be processed.
As I see it, that provides unnecessary complications to the reconciliation process but provides no benefit to anyone.
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