sj
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Post by sj on Oct 25, 2019 16:58:50 GMT
From the update, "Please note these are interim distributions and it is anticipated there could be further distributions in respect of
these loans." TRANSLATION - "but there won't be, as we'll be keeping it all for ourselves LOL".
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rocky1
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Post by rocky1 on Oct 25, 2019 17:39:37 GMT
sounds like these interim distributions are going to be for very small amounts.with the rest kept inthe kitty for RSM use as and when.
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quidco
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Post by quidco on Oct 25, 2019 18:38:26 GMT
I must dmit I took that to mean there may be more recovered but I'm happy to be cynical about it.
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Post by brightspark on Oct 25, 2019 19:05:06 GMT
sounds like these interim distributions are going to be for very small amounts.with the rest kept inthe kitty for RSM use as and when. The client account was we were told by Lendy to be ring fenced with the only deductions the Administrators entitled to being the cost of managing the account. The intimation was that such money was separate to that recovered from the rest of the loan book. The creditor committee is principally there to give advice to BDO and to consider how BDO is to be paid from the assets of the insolvent estate. BDO should always take into account the views of the committee (although decisions are ultimately the responsibility of BDO). I think the Creditor Committee should reveal to investors where they stand on this one. There is a very large sum of money involved here so let's have the truth out in the open with no skulduggery or jiggery pokery from vested interests.
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Monetus
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Post by Monetus on Oct 25, 2019 20:39:50 GMT
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garfield
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Post by garfield on Oct 25, 2019 21:21:54 GMT
sounds like these interim distributions are going to be for very small amounts.with the rest kept inthe kitty for RSM use as and when. The client account was we were told by Lendy to be ring fenced with the only deductions the Administrators entitled to being the cost of managing the account. The intimation was that such money was separate to that recovered from the rest of the loan book. The creditor committee is principally there to give advice to BDO and to consider how BDO is to be paid from the assets of the insolvent estate. BDO should always take into account the views of the committee (although decisions are ultimately the responsibility of BDO). I think the Creditor Committee should reveal to investors where they stand on this one. There is a very large sum of money involved here so let's have the truth out in the open with no skulduggery or jiggery pokery from vested interests. BDO? Too many platform failures, too many administrators! I think you mean RSM...
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Post by Badly Drawn Stickman on Oct 25, 2019 22:15:36 GMT
I must dmit I took that to mean there may be more recovered but I'm happy to be cynical about it. Well to badly misquote chairman Mao..... Every great recovery starts with one small payment Getting anything out is a start, so if it is only a portion I will take it (Then I am in a singularly good mood, my football team having just got a record breaking win and the taxman giving me a handsome refund earlier in the day).
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quidco
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Post by quidco on Oct 25, 2019 23:48:20 GMT
I must dmit I took that to mean there may be more recovered but I'm happy to be cynical about it. Well to badly misquote chairman Mao..... Every great recovery starts with one small payment Getting anything out is a start, so if it is only a portion I will take it (Then I am in a singularly good mood, my football team having just got a record breaking win and the taxman giving me a handsome refund earlier in the day). funding circle are still recovering money from loans years after the fact although obvs they're still a going concern
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Post by brightspark on Oct 26, 2019 7:41:27 GMT
The client account was we were told by Lendy to be ring fenced with the only deductions the Administrators entitled to being the cost of managing the account. The intimation was that such money was separate to that recovered from the rest of the loan book. The creditor committee is principally there to give advice to BDO and to consider how BDO is to be paid from the assets of the insolvent estate. BDO should always take into account the views of the committee (although decisions are ultimately the responsibility of BDO). I think the Creditor Committee should reveal to investors where they stand on this one. There is a very large sum of money involved here so let's have the truth out in the open with no skulduggery or jiggery pokery from vested interests. BDO? Too many platform failures, too many administrators! I think you mean RSM...
Thank you. I stand corrected. Always difficult when there is no face to put a name to.
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Post by rhea117 on Oct 26, 2019 13:43:08 GMT
Somewhat lacking details of interest though. I. E. HOW MUCH? I know - what is the big secret!? It is our money! Ever since Lendy sent out the update saying they had sold it, then they went into Admin, 5-6 months of guessing what the interim (and probably the only) payment would be! I hate them all!
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bulletbill
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Post by bulletbill on Oct 28, 2019 7:51:36 GMT
The client account was we were told by Lendy to be ring fenced with the only deductions the Administrators entitled to being the cost of managing the account. The intimation was that such money was separate to that recovered from the rest of the loan book. The creditor committee is principally there to give advice to BDO and to consider how BDO is to be paid from the assets of the insolvent estate. BDO should always take into account the views of the committee (although decisions are ultimately the responsibility of BDO). I think the Creditor Committee should reveal to investors where they stand on this one. There is a very large sum of money involved here so let's have the truth out in the open with no skulduggery or jiggery pokery from vested interests. BDO? Too many platform failures, too many administrators! I think you mean RSM...
Yep, these Administrators are loving the p2p industry. They’ll be raising a glass to p2p this Xmas when their bonuses flood in. Will MoneyThing be next, things look in a right old mess if my loan book is anything to go by. Referring directly to BDO/COL, it’s a complete travesty, they’re eking out their recovery process to Ensure their fees exactly match recoveries. As for the way they handled the missing data it beggars belief. The thing with Administrators seems to be that they get paid no matter what good, bad or indifferent they get paid.
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quidco
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Post by quidco on Oct 28, 2019 9:49:57 GMT
BDO? Too many platform failures, too many administrators! I think you mean RSM...
Yep, these Administrators are loving the p2p industry. They’ll be raising a glass to p2p this Xmas when their bonuses flood in. Will MoneyThing be next, things look in a right old mess if my loan book is anything to go by. Referring directly to BDO/COL, it’s a complete travesty, they’re eking out their recovery process to Ensure their fees exactly match recoveries. As for the way they handled the missing data it beggars belief. The thing with Administrators seems to be that they get paid no matter what good, bad or indifferent they get paid. P2P administration must be quite attractive to them as there is money there from the recoveries to pay themselves with whereas the problem wit a lot of administrations is there is no money in the businesses.
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Post by picanto on Oct 28, 2019 10:18:43 GMT
So, the day has finally arrived when we will receive the promised partial repayment that us investors were meant to receive back in May. Or will there be another delay on receiving this partial repayment on the same day the EU has, rather symbolically, agreed to a further extension from the UK leaving the EU?
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drgonzo
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Post by drgonzo on Oct 28, 2019 18:42:59 GMT
DFL012 initial payment is in... 45.5%
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ptr120
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Post by ptr120 on Oct 28, 2019 18:54:43 GMT
The % return seems worse than most predictions further up this thread. I do hope the administrators will show their working and clarify if we can expect to see anything else?
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