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Post by brightspark on Jun 14, 2019 8:44:27 GMT
I am no lawyer. There is likely some truth in what you say. In particular the details of the sale of the asset are still unrevealed to lenders. Nevertheless in the last Lendy update it was intimated that lenders were about to receive a presumably large payment on account. It is just too much of a coincidence that Administration occurred at this time with all details of the transaction disappearing into a black hole. Perhaps what is needed is a Court Order to hold the money somewhere safe until its ownership can be adjudged?
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Post by Deleted on Jun 14, 2019 15:08:08 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. There is currently an FCA restriction in place which prevents any money leaving the business, the fact that administrators have been appointed does not remove that restriction. They are first tasked with a full reconciliation of the accounts, down to the penny, which is being done precisely to determine exactly where money has come from, and who it should be dispersed to, from the day the company began to the day it went into administration. Lendy may have left it in an abysmal mess. The administrators have a legal duty to perform under the insolvency act, and it won't go any quicker by wishing it so. Once the accounts have been reconciled, and any legal ambiguity dealt with, they will present it to the FCA who will then approve it and some of us will start to see the availability to withdraw any funds available to us, and in due course we'll get the full report by the middle of July at the latest which will give us unprecedented access to the inner workings of the way business has been conducted. The administrators are on our side, and if there has been misappropriation of funds it will be made known to use in due course. They do have the power to claw back funds, even in off-shore accounts, so in any case we are better off with the administrators than with LY who ran it into the ground. Even if the admins take a few million quid in fees, that's "only" one or two percent of the loanbook. Some will take longer to recover, others like HQ should be one of the least problematic and quickest to see some disbursement of funds. We already know that some compromise has been made, so HQ is likely to still be in some form of recovery until full capital and interest is repaid or written off as unrecoverable losses. It could be that LY have secured some of the flats with the intention of selling them at completion to the benefit of lenders, or it may be that whatever they have recovered is already the maximum we can expect. We'll find out soon enough, the administrators have said that HQ investors will have some figures by approx the end of next week, if not in today's weekly email, which is more than the other 95% of the loanbook are expecting in the short term. Once again this is a legal and regulatory requirement, they can't just start dispersing out millions of pounds midway through a reconciliation no matter how obvious or obscured the source and beneficiaries are.
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ilmoro
Member of DD Central
'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 14, 2019 15:38:04 GMT
'unprecedented access to the inner workings of way business has been conducted' - hardly you'll get a short paragraph same as every other admin report. The good stuff will be in the confidential report to the Insolvency Service.
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averageguy
Member of DD Central
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Post by averageguy on Jun 14, 2019 15:48:57 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. There is currently an FCA restriction in place which prevents any money leaving the business, the fact that administrators have been appointed does not remove that restriction. They are first tasked with a full reconciliation of the accounts, down to the penny, which is being done precisely to determine exactly where money has come from, and who it should be dispersed to, from the day the company began to the day it went into administration. Lendy may have left it in an abysmal mess. The administrators have a legal duty to perform under the insolvency act, and it won't go any quicker by wishing it so. Once the accounts have been reconciled, and any legal ambiguity dealt with, they will present it to the FCA who will then approve it and some of us will start to see the availability to withdraw any funds available to us, and in due course we'll get the full report by the middle of July at the latest which will give us unprecedented access to the inner workings of the way business has been conducted. The administrators are on our side, and if there has been misappropriation of funds it will be made known to use in due course. They do have the power to claw back funds, even in off-shore accounts, so in any case we are better off with the administrators than with LY who ran it into the ground. Even if the admins take a few million quid in fees, that's "only" one or two percent of the loanbook. Some will take longer to recover, others like HQ should be one of the least problematic and quickest to see some disbursement of funds. We already know that some compromise has been made, so HQ is likely to still be in some form of recovery until full capital and interest is repaid or written off as unrecoverable losses. It could be that LY have secured some of the flats with the intention of selling them at completion to the benefit of lenders, or it may be that whatever they have recovered is already the maximum we can expect. We'll find out soon enough, the administrators have said that HQ investors will have some figures by approx the end of next week, if not in today's weekly email, which is more than the other 95% of the loanbook are expecting in the short term. Once again this is a legal and regulatory requirement, they can't just start dispersing out millions of pounds midway through a reconciliation no matter how obvious or obscured the source and beneficiaries are. [ br] RE HQ ...when did the Admins say that? I seem to have missed this nugget of info
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Post by brightspark on Jun 14, 2019 16:49:12 GMT
In the update which landed in my inbox today the Administrators have been kind enough to acknowledge that recent loan repayments received prior to the appointment of Administrators are held in the client account.. They are being reviewed and the analysis will be shared with investors in the forthcoming report to creditors due within 8 weeks of Administration.
Talk about getting blood out of a stone. Still no confirmation that this money actually less deductions belongs to investors and when it will actually be repaid remains one of life's little mysteries. They really do know how to wind one up!
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rocky1
Member of DD Central
Posts: 1,139
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Post by rocky1 on Jun 14, 2019 17:00:58 GMT
who else could lay claim to any repayment.i thought the contracts are between lenders and borrowers and the borrowers have paid us the lenders some of it back.what %age we will have to wait and see.we havent been told yet what it was sold for or if any further recovery plans.
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Post by Deleted on Jun 14, 2019 17:20:52 GMT
There is currently an FCA restriction in place which prevents any money leaving the business, the fact that administrators have been appointed does not remove that restriction. They are first tasked with a full reconciliation of the accounts, down to the penny, which is being done precisely to determine exactly where money has come from, and who it should be dispersed to, from the day the company began to the day it went into administration. Lendy may have left it in an abysmal mess. The administrators have a legal duty to perform under the insolvency act, and it won't go any quicker by wishing it so. Once the accounts have been reconciled, and any legal ambiguity dealt with, they will present it to the FCA who will then approve it and some of us will start to see the availability to withdraw any funds available to us, and in due course we'll get the full report by the middle of July at the latest which will give us unprecedented access to the inner workings of the way business has been conducted. The administrators are on our side, and if there has been misappropriation of funds it will be made known to use in due course. They do have the power to claw back funds, even in off-shore accounts, so in any case we are better off with the administrators than with LY who ran it into the ground. Even if the admins take a few million quid in fees, that's "only" one or two percent of the loanbook. Some will take longer to recover, others like HQ should be one of the least problematic and quickest to see some disbursement of funds. We already know that some compromise has been made, so HQ is likely to still be in some form of recovery until full capital and interest is repaid or written off as unrecoverable losses. It could be that LY have secured some of the flats with the intention of selling them at completion to the benefit of lenders, or it may be that whatever they have recovered is already the maximum we can expect. We'll find out soon enough, the administrators have said that HQ investors will have some figures by approx the end of next week, if not in today's weekly email, which is more than the other 95% of the loanbook are expecting in the short term. Once again this is a legal and regulatory requirement, they can't just start dispersing out millions of pounds midway through a reconciliation no matter how obvious or obscured the source and beneficiaries are. [ br] RE HQ ...when did the Admins say that? I seem to have missed this nugget of info In the email sent to me in response to specific questions I asked.
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Post by Deleted on Jun 14, 2019 17:22:41 GMT
In the update which landed in my inbox today the Administrators have been kind enough to acknowledge that recent loan repayments received prior to the appointment of Administrators are held in the client account.. They are being reviewed and the analysis will be shared with investors in the forthcoming report to creditors due within 8 weeks of Administration. Talk about getting blood out of a stone. Still no confirmation that this money actually less deductions belongs to investors and when it will actually be repaid remains one of life's little mysteries. They really do know how to wind one up! Administrators have a legal duty to perform under strict conditions and allowed 8 weeks in law to do so. They have barely had 3 so far.
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Post by Deleted on Jun 14, 2019 17:24:09 GMT
who else could lay claim to any repayment.i thought the contracts are between lenders and borrowers and the borrowers have paid us the lenders some of it back.what %age we will have to wait and see.we havent been told yet what it was sold for or if any further recovery plans. The administrators can take their fees, Lendy can take their fees, secured creditors can claim, and those who were on Lendy's old non-P2P terms may well also be in front of unsecured investors. In fact, it may transpire in due course that many of the updates Lendy made to their terms are considered unfair and unenforceable, which would put virtually all investors behind secured creditors, behind administrator fees, and behind lendy fees.
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travolta
Member of DD Central
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Post by travolta on Jun 14, 2019 17:24:24 GMT
Yes-s, but they charge far, far too much to do this nitpicking. Nice work if you can get it.
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Post by Deleted on Jun 14, 2019 17:28:47 GMT
Yes-s, but they charge far, far too much to do this nitpicking. Nice work if you can get it. They are highly qualified legal professionals with an understanding of law far beyond many lawyers. 9 out of 10 who study at great expense and apply to be insolvency practitioners fail to achieve the required standard. It's no use howling at the moon when the people who are charged with rectifying the mistakes of lendy are doing so with a fine tooth comb.
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travolta
Member of DD Central
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Post by travolta on Jun 14, 2019 17:39:21 GMT
Yes-s, but they charge far, far too much to do this nitpicking. Nice work if you can get it. They are highly qualified legal professionals with an understanding of law far beyond many lawyers. 9 out of 10 who study at great expense and apply to be insolvency practitioners fail to achieve the required standard. It's no use howling at the moon when the people who are charged with rectifying the mistakes of lendy are doing so with a fine tooth comb. We must beg to differ in our opinion of this.
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Post by Deleted on Jun 14, 2019 17:44:40 GMT
They are highly qualified legal professionals with an understanding of law far beyond many lawyers. 9 out of 10 who study at great expense and apply to be insolvency practitioners fail to achieve the required standard. It's no use howling at the moon when the people who are charged with rectifying the mistakes of lendy are doing so with a fine tooth comb. We must beg to differ in our opinion of this. Perhaps you should research JIEB exams and give us a shout when you plan to enrol! The exams alone cost a grand, to say nothing for years of tuition.
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averageguy
Member of DD Central
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Post by averageguy on Jun 14, 2019 17:48:48 GMT
RE HQ ...when did the Admins say that? I seem to have missed this nugget of info In the email sent to me in response to specific questions I asked. Ta for reply ...I emailed them re HQ and about the sale proceeds and got nowhere ..I must be asking the wrong questions:(
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Post by brightspark on Jun 14, 2019 18:28:33 GMT
I asked the same question and got nowhere. Obviously everything must be reconciled before payment but it would be just a tad comforting if we had been told that once there was a reconciliation the expectation was that money from the sale agreement would be disbursed to investors. We are not talking about a mortgage on a semi. This is a serious wad of dosh. These Administrator ladies and gents may be warm-hearted individuals anxious to repay the hard saved funds of long-suffering pensioners but they just don't come across in that way. Can't think why.
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