dawn
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Post by dawn on Jul 16, 2019 15:57:53 GMT
Am I misunderstanding something? This seems to imply that the repayment waterfall goes capital then interest then bonus then Lendy's fees. Elsewhere it says Lendy's fees first. There seems to be a contradiction somewhere (it may be in my understanding)? Can someone clarify in simple terms please (as my head seems to be struggling at the moment).
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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 Jul 16, 2019 16:19:21 GMT
Am I misunderstanding something? This seems to imply that the repayment waterfall goes capital then interest then bonus then Lendy's fees. Elsewhere it says Lendy's fees first. There seems to be a contradiction somewhere (it may be in my understanding)? Can someone clarify in simple terms please (as my head seems to be struggling at the moment). There was indeed a contradiction but in late 2018 that bit of the policy was changed to just say as per t&C's.
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sl75
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Post by sl75 on Jul 16, 2019 19:22:52 GMT
Am I misunderstanding something? This seems to imply that the repayment waterfall goes capital then interest then bonus then Lendy's fees. Elsewhere it says Lendy's fees first. There seems to be a contradiction somewhere (it may be in my understanding)? Can someone clarify in simple terms please (as my head seems to be struggling at the moment). There was indeed a contradiction but in late 2018 that bit of the policy was changed to just say as per t&C's. No. The page linked a few posts ago still includes the policy that lender bonus ranks above lendy's cut, so the contradiction with the official T&C document remains.
In other words lendy.co.uk/bonus-accrual can either be taken as the conditions that will be used when buying (or declining to sell) a loan part with a bonus attached, or represents a clear case of mis-selling (for which I'd expect to claim against Lendy). Either way, it seems to me that any amount that Lendy has taken in preference to lenders who were owed a bonus should form part of our claim against Lendy and against any parties who extracted profits from Lendy.
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dawn
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Post by dawn on Jul 17, 2019 6:44:22 GMT
There was indeed a contradiction but in late 2018 that bit of the policy was changed to just say as per t&C's. No. The page linked a few posts ago still includes the policy that lender bonus ranks above lendy's cut, so the contradiction with the official T&C document remains.
In other words lendy.co.uk/bonus-accrual can either be taken as the conditions that will be used when buying (or declining to sell) a loan part with a bonus attached, or represents a clear case of mis-selling (for which I'd expect to claim against Lendy). Either way, it seems to me that any amount that Lendy has taken in preference to lenders who were owed a bonus should form part of our claim against Lendy and against any parties who extracted profits from Lendy. Thank you both for your replies - not sure whether I should be relieved that I was right to be confused.
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Post by darren1 on Jul 17, 2019 9:13:45 GMT
Does anybody have any ideas when our money will be paid? Would I be correct in assuming around 57% return of capital after fees with zero interest?
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averageguy
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Post by averageguy on Jul 17, 2019 9:35:36 GMT
Does anybody have any ideas when our money will be paid? Would I be correct in assuming around 57% return of capital after fees with zero interest? The report quoted a sum before deductions and said people would be contacted in due course...so I doubt anyone knows
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nsinvestor
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Post by nsinvestor on Jul 17, 2019 9:37:02 GMT
That was an indication of a potential average recovery (before fees). The indicative range was 7%-100% before fees.
What you actually get back will depend very much on which loans you are invested in.
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averageguy
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Post by averageguy on Jul 17, 2019 10:07:47 GMT
Does anybody have any ideas when our money will be paid? Would I be correct in assuming around 57% return of capital after fees with zero interest? From the report The Client balances total of £2.6m includes the sum of the individual Investors' available balance on their accounts (ie unallocated Investor funds) and also sums that have been requested to be withdrawn but have not yet cleared the account. Loan receipts not yet distributed total £7Am. The majority of this sum, £6.8m, relates to the receipt of funds from the sale of H********* Q**y. As noted previously in this report, this sum will be subject to deduction of fees and costs as calculated by the waterfall. The total also includes £230k in respect a partial capital repayment of 17-21 To*** V*****, the entirety of which is to be returned to the relevant Investors. Further detail regarding loan repayments will be communicated to those Investors in due course.
hope this helps
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Post by brightspark on Jul 17, 2019 11:13:29 GMT
I think some of the money in the client account relates to PBL178 the property of which was sold at auction in May 19. As far as I am aware this money also has not yet been repaid to investors unless someone knows different.
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garfield
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Post by garfield on Jul 17, 2019 11:29:38 GMT
I think some of the money in the client account relates to PBL178 the property of which was sold at auction in May 19. As far as I am aware this money also has not yet been repaid to investors unless someone knows different. I also had an e-mail on May 21 regarding PBL056. I believe there's some cash outstanding in the CA on this loan too as I was expecting an imminent payment.
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will
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Post by will on Jul 19, 2019 16:09:16 GMT
Does anybody have any ideas when our money will be paid? Would I be correct in assuming around 57% return of capital after fees with zero interest? They've got £6.8m minus fees to distribute for DFL012, so we're looking at a best case scenario of ~63% return at this point.
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Post by billy169 on Jul 19, 2019 16:23:48 GMT
It's an interim payment.. allegedly.
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boundah
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Post by boundah on Aug 23, 2019 14:43:38 GMT
It's an interim payment.. allegedly. Per yesterday's update all proceeds have now been paid into the client account, with recovery costs yet to be deducted. So, good news... BUT: payments waterfall still being decided by a whole army of advisers/administrators/committees... AML regs check & audit... I'm not holding my breath for the 'anticipated' Oct distribution. And AFAIK we're still none the wiser as to % recovery.
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sl75
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Post by sl75 on Aug 23, 2019 15:27:27 GMT
BUT: payments waterfall still being decided by a whole army of advisers/administrators/committees... It's quite simple - the Bonus Interest ranks ahead of Lendy's fees. Lendy's fees rank ahead of regular interest and capital. Regular interest and capital rank ahead of Bonus interest.
The waterfall just needs to look something like this:
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rocky1
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Post by rocky1 on Aug 23, 2019 15:46:03 GMT
i really dont understand how lendy can receive fees and interest from all of this mess.so where will all this money go and into whose/what account.is liam looking at more big paydays.lendy should receive FA and the monies used for receivers and administration costs returning as much as possible to lenders in all of these loans. liam /lendy caused all this mess and then just shut up shop leaving others to sort out all their sh*t and now they are going to get fees and interest.p2p hey you could not make up it up.
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