Garage246
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Post by Garage246 on Jun 11, 2019 7:34:31 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. The point is it is about putting concerted and coordinated pressure to achieve the right and fair outcome for investors. We have been sha*ted once by Lendy with the HQ sale deal returning unsecured creditors 92p in the pound. We won't get anything like that. Furthermore RSM have asked investors to contact them with anything they know. On the basis of that with over £30k stuck in this loan, I think sitting back, saying nothing and hoping for the best doesn't cut it. RSM want to hear the views of creditors/investors as they have choices to make but have to also look after our interests. My email to them was taken seriously and passed to one of the lead partners. But just like FCA they need to see what the weight of opinion is.
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zlb
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Post by zlb on Jun 11, 2019 8:13:55 GMT
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. The point is it is about putting concerted and coordinated pressure to achieve the right and fair outcome for investors. We have been sha*ted once by Lendy with the HQ sale deal returning unsecured creditors 92p in the pound. We won't get anything like that. Furthermore RSM have asked investors to contact them with anything they know. On the basis of that with over £30k stuck in this loan, I think sitting back, saying nothing and hoping for the best doesn't cut it. RSM want to hear the views of creditors/investors as they have choices to make but have to also look after our interests. My email to them was taken seriously and passed to one of the lead partners. But just like FCA they need to see what the weight of opinion is. I'm not really directing this at you personally, as lots of people are saying this. However, I believe RSM have approached the LAG for comment and insight. It might help some to know what RSM's "choices to make" are. It's reminding me of going through restructuring at work and being told that we are allowed to write a response but a) no knows what anyone else is writing, apart from the Union within themselves; b) you don't know whether you'll say something which influences management in the direction you didn't want. e.g. mention a statistic of (being restructured) service use could have many outcomes / or usually in that context it's 'heads you lose, tails you lose' - i.e. those in control don't listen to anyone, which I don't intend as an analogy here. There's already comment on fb that 'investors' want to be counted ahead of 'creditors', so what's "right and fair" for some might not be for others, although LAG and others are correcting 'misunderstandings'.
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rocky1
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Post by rocky1 on Jun 11, 2019 9:02:41 GMT
its a bit like the old lendy voting system.vote for what you like coz we are not going to take any notice anyway.
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sydb
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Post by sydb on Jun 11, 2019 10:44:48 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 ? You also assume that all Lendy's software systems are functioning fully and being managed by those experienced with it. I would not at all be surprised if they were a complete mess and anybody who really knew how to work stuff has gone. I hope it is not like this but it would not surprise me.
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averageguy
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Post by averageguy on Jun 11, 2019 12:15:15 GMT
Well bit disappointed that nothing further has been gleaned by that update ...suggests something new on the portal but their isn’t ..the wait goes on
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Post by mot on Jun 11, 2019 15:44:22 GMT
Well bit disappointed that nothing further has been gleaned by that update ...suggests something new on the portal but their isn’t ..the wait goes on Hopefully soon to follow / technical prob etc 🤞
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Post by brightspark on Jun 11, 2019 17:28:35 GMT
If they do not have returned to them money due from HQ because of some legal technical mumbo-jumbo now you see it now you don't, I can see investors going to law over the matter because the amounts will be large. It is one thing for borrowers to fail to come up with the goods but quite another for anyone else to ex-appropriate what legally belongs to the investors and which they have been told they can expect to have distributed to them. Same applies to PBL178 reimbursement of money from the auction of the property where a similar situation has arisen though the sum involved is relatively small - it would keep me in comfort in my retirement though.
All makes me very angry and also relieved that Lendy weasel words did not, unlike for some poor souls, cause me, to leave invested with them, a significant sum.
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sydb
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Post by sydb on Jun 11, 2019 22:54:22 GMT
I thought we already had a DFL012 thread. Has it gone out of fashion?
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averageguy
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Post by averageguy on Jun 12, 2019 9:18:38 GMT
I thought we already had a DFL012 thread. Has it gone out of fashion? If you posted on it maybe it would come back into fashion
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69m
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Post by 69m on Jun 12, 2019 10:21:03 GMT
I thought we already had a DFL012 thread. Has it gone out of fashion? If you posted on it maybe it would come back into fashion Perhaps a moderator should merge this thread into the original DFL012 / DFL036 thread? Otherwise the exact same subject is being discussed in two places. No need to make life with Lendy any more complicated than it already is!
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star dust
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Post by star dust on Jun 12, 2019 10:36:11 GMT
Mod Hat On/ Was considering doing this a few days ago, but as you've given us a nudge. Threads merged 
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Post by rooster on Jun 12, 2019 21:13:57 GMT
If they do not have returned to them money due from HQ because of some legal technical mumbo-jumbo now you see it now you don't, I can see investors going to law over the matter because the amounts will be large. It is one thing for borrowers to fail to come up with the goods but quite another for anyone else to ex-appropriate what legally belongs to the investors and which they have been told they can expect to have distributed to them. Same applies to PBL178 reimbursement of money from the auction of the property where a similar situation has arisen though the sum involved is relatively small - it would keep me in comfort in my retirement though. All makes me very angry and also relieved that Lendy weasel words did not, unlike for some poor souls, cause me, to leave invested with them, a significant sum. Agreed, in fact I don't even want a f***ing update, private or not. I just want MY cut of the non-manipulated money to be visible in my Lendy account, it's well overdue.
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sl75
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Post by sl75 on Jun 13, 2019 8:36:05 GMT
Agreed, in fact I don't even want a f***ing update, private or not. I just want MY cut of the non-manipulated money to be visible in my Lendy account, it's well overdue. Just to give you a more realistic idea of timescales, from the FAQ linked from the front page of the Lendy website (my bold):
"Within 8 weeks of appointment, the Administrators will be contacting creditors with details of the Administrators’ Proposals" "It is too early for the Administrators to say how much money they will be able to return to the creditors and to the investors, and when any payments will be made to them."
Subsequently, it has been confirmed that initial indications suggest the £10M+ of money that should be there is there, but I'm sure they'll need to complete their initial investigation before starting to distribute any of it. In particular they may need to define the exact split between "Wealth" and "normal" investors, perhaps taking into account how past distributions may have occurred with an "incorrect" split that needs to be rectified [it was mentioned on another thread that Wealth investors had been receiving monthly distributions of interest - were those all fully funded from the interest received on the underlying loans?]
Undoubtedly they'll be working to significantly beat the 8 week deadline by as much as reasonably possible, and to perform an initial distribution of funds as soon as possible after that, I'm sure they'll then provide further indications of the timescales to expect for the rest of the wind-down operation; I wouldn't be surprised if they follow the common practice of doing only quarterly distributions of funds, in order to keep the administration costs down.
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Post by rooster on Jun 13, 2019 21:34:38 GMT
I don't disagree with anything you've said. Please all just remember.....
HQ was all paid up weeks ago (as far as I know)
There is little consideration to be done. The lendy system will record our loan amounts and interest rates.
Lendy's costs of servicing the loan will have been paid up front by the borrower so not much to work out there.
We are not members of a peer2platform(2peer) mechanism, we are members of peer2peer. The platform/Lendy's involvement should be practically nil, pre or post going bust. As far as I'm concerned, Lendy are simply paper-pushers to service my collection/payments from the borrower.
Unlike other loans which I appreciate are still in recovery phases, our patience for HQ payments must not be generous. From the administrators, we should soon be in possession of either our capital or a letter confirming its theft, along with associated crime number.
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sydb
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Post by sydb on Jun 13, 2019 23:35:47 GMT
I don't disagree with anything you've said. Please all just remember..... HQ was all paid up weeks ago (as far as I know) There is little consideration to be done. The lendy system will record our loan amounts and interest rates. Lendy's costs of servicing the loan will have been paid up front by the borrower so not much to work out there. We are not members of a peer2platform(2peer) mechanism, we are members of peer2peer. The platform/Lendy's involvement should be practically nil, pre or post going bust. As far as I'm concerned, Lendy are simply paper-pushers to service my collection/payments from the borrower. Unlike other loans which I appreciate are still in recovery phases, our patience for HQ payments must not be generous. From the administrators, we should soon be in possession of either our capital or a letter confirming its theft, along with associated crime number. Not sure you've been following all the updates. It was not 'all' paid back. The loan 'went wrong', went 'real messy' in fact, the kind of messy caused by tripping over the dog while carrying a plate of beans on toast, having the dog then eat some of it, and after picking it up then slipping on a present the cat left. Extra fees will no doubt be claimed for cleaning that up and picking up the pieces. I doubt you are willing or able to get a court case won in a small number of weeks, so we may as well give RSM a chance to get things sorted. Other than that, I agree with your sentiments. What I find concerning is that we have not even been told the sale price as I can't see what damage that would do at this stage, unless it is feared to stimulate legal proceedings against those involved, and excuses legal defenses are still being prepared.
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