Monetus
Member of DD Central
Posts: 1,179 
Likes: 2,961
|
Post by Monetus on Oct 31, 2019 17:39:25 GMT
LAG/the Committee are currently pushing RSM/Shoosmiths for exactly the same thing and we'll be meeting both at the next Creditors Committee meeting on November 22nd. Not sure how much information I can share but I can assure you that this issue and the payment waterfall as a whole are 100% at the top of our priority list. So there is/might be some reason/law why you can not tell me why I am not being repaid more of my own money even though the money was received and it is going to someone else who shall remain unknown to me. I would love to know what law anyone is going to quote for that one.
If the usual "it might effect future recoveries" is used then it is a joke because we are asking about money already returned.
I assume it will be legal/contractual matters if anything. In my opinion Lendy Ltd c/o RSM should be transparent and provide all investors with a specific breakdown of funds for every single recovery on the platform as they occur (but I am not RSM).
|
|
|
|
Post by bracknellboy on Oct 31, 2019 17:48:31 GMT
LAG/the Committee are currently pushing RSM/Shoosmiths for exactly the same thing and we'll be meeting both at the next Creditors Committee meeting on November 22nd. Not sure how much information I can share but I can assure you that this issue and the payment waterfall as a whole are 100% at the top of our priority list. So there is/might be some reason/law why you can not tell me why I am not being repaid more of my own money even though the money was received and it is going to someone else who shall remain unknown to me. I would love to know what law anyone is going to quote for that one.
If the usual "it might effect future recoveries" is used then it is a joke because we are asking about money already returned.
Its called being under an NDA. Anyone in the position of members of the CC would likely want to get confirmation of what they can / can't relay as there is a good chance in a situation like this it would be pretty all encompassing other than by exception. And the onus should be on the administrators to communicate anyway - so that all lenders end up being informed.
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on Oct 31, 2019 17:58:09 GMT
HQ money was here before administration waiting to be returned to lenders. god help us with all of mr SDs multi million pound loans if millions are going to dissapear with no breakdowns of where every penny has gone. this was one of LYs tactics in the past. no explanations no breakdowns no nothing. interim payments my ar*e.
|
|
|
|
Post by Badly Drawn Stickman on Oct 31, 2019 19:12:49 GMT
HQ money was here before administration waiting to be returned to lenders. god help us with all of mr SDs multi million pound loans if millions are going to dissapear with no breakdowns of where every penny has gone. this was one of LYs tactics in the past. no explanations no breakdowns no nothing. interim payments my ar*e. I totally agree with the sentiment, although arguably we have a good idea where the money is. The trick would seem to be getting it where it should be. On this particular loan though there has to be a wider point as to why such a poor recovery was accepted in the first place. We know where the eventual blame will rest, but there is clearly dubious practice that enabled it to happen. I'm not sure who (if anybody) could act on that.... the FCA possibly.
|
|
|
|
Post by brightspark on Oct 31, 2019 19:22:05 GMT
Well before reaching any firm conclusion I have done the obvious thing and sent an e-mail to the Administrators asking them to detail why my 100% investment has provided a recompense of 45.5%. The non-disclosure agreement prevents creditor committee representatives from divulging any information. My money has been lost and I want to know where it has gone and why. LAG/the Committee are currently pushing RSM/Shoosmiths for exactly the same thing and we'll be meeting both at the next Creditors Committee meeting on November 22nd. Not sure how much information I can share but I can assure you that this issue and the payment waterfall as a whole are 100% at the top of our priority list. i am certain that lenders who are in the frame to lose large sums are already demanding explanations. If fraud and embezzlement have occurred the perpetrators need to get their just desserts. How can a well-funded, properly costed project, of an attractive but fairly standard design of a new waterfront building turn into a black hole absorbing millions of pound of investors money. Losses of 10-15% i could excuse but 55%? There has too been no interest paid on capital and that question is pertinent also as far as earned since original Administration to repayment.
|
|
k6
Posts: 266
Likes: 161
|
Post by k6 on Oct 31, 2019 19:54:00 GMT
So there is/might be some reason/law why you can not tell me why I am not being repaid more of my own money even though the money was received and it is going to someone else who shall remain unknown to me. I would love to know what law anyone is going to quote for that one.
If the usual "it might effect future recoveries" is used then it is a joke because we are asking about money already returned.
"I assume it will be legal/contractual matters if anything. In my opinion Lendy Ltd c/o RSM should be transparent and provide all investors with a specific breakdown of funds for every single recovery on the platform as they occur (but I am not RSM). " They bloody should. For every single penny. This is the way it should be done. With all this regulation/law, which seams its not much in favour to investors. Some sort of shady business behind the curtain happening ( Coll. is best example ). I am hugely/deeply thankful for every work that has been done by others investors to maximise return but what is happening with Coll / Ly and FS its just a pure criminal.
|
|
bulletbill
Member of DD Central
Posts: 90
Likes: 223
|
Post by bulletbill on Nov 1, 2019 13:32:16 GMT
HQ money was here before administration waiting to be returned to lenders. god help us with all of mr SDs multi million pound loans if millions are going to dissapear with no breakdowns of where every penny has gone. this was one of LYs tactics in the past. no explanations no breakdowns no nothing. interim payments my ar*e. I totally agree with the sentiment, although arguably we have a good idea where the money is. The trick would seem to be getting it where it should be. On this particular loan though there has to be a wider point as to why such a poor recovery was accepted in the first place. We know where the eventual blame will rest, but there is clearly dubious practice that enabled it to happen. I'm not sure who (if anybody) could act on that.... the FCA possibly. If the FCA is our only hope, we have no hope.
|
|
Greenwood2
Member of DD Central
Posts: 4,385
Likes: 2,784
|
Post by Greenwood2 on Nov 1, 2019 14:04:27 GMT
HQ money was here before administration waiting to be returned to lenders. god help us with all of mr SDs multi million pound loans if millions are going to dissapear with no breakdowns of where every penny has gone. this was one of LYs tactics in the past. no explanations no breakdowns no nothing. interim payments my ar*e. Not so sure about the 'waiting to be returned to lenders' bit, more likely distributed by Ly under their 'rules' before the administrators got in, which probably means most of it went into Ly's kitty as fees etc.
|
|
|
|
Post by Ace on Nov 1, 2019 14:59:09 GMT
HQ money was here before administration waiting to be returned to lenders. god help us with all of mr SDs multi million pound loans if millions are going to dissapear with no breakdowns of where every penny has gone. this was one of LYs tactics in the past. no explanations no breakdowns no nothing. interim payments my ar*e. Not so sure about the 'waiting to be returned to lenders' bit, more likely distributed by Ly under their 'rules' before the administrators got in, which probably means most of it went into Ly's kitty as fees etc. They must have a very fat cat!
|
|
crazi
Posts: 41
Likes: 62
|
Post by crazi on Nov 4, 2019 15:25:09 GMT
45.5% and no explanation or breakdown. Pretty pathetic return! and very poor information from the administrators.
Is this the original "INTERIM PAYMENT" Lendy advised us off - or is this all of it???
Who do we contact to complain???
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Nov 4, 2019 15:42:21 GMT
45.5% and no explanation or breakdown. Pretty pathetic return! and very poor information from the administrators. Is this the original "INTERIM PAYMENT" Lendy advised us off - or is this all of it??? Who do we contact to complain???
|
|
Greenwood2
Member of DD Central
Posts: 4,385
Likes: 2,784
|
Post by Greenwood2 on Nov 4, 2019 15:46:46 GMT
45.5% and no explanation or breakdown. Pretty pathetic return! and very poor information from the administrators. Is this the original "INTERIM PAYMENT" Lendy advised us off - or is this all of it??? Who do we contact to complain??? It will be interim, but that doesn't necessarily mean there will be any more.
|
|
boundah
Member of DD Central
Posts: 368
Likes: 430
|
Post by boundah on Nov 4, 2019 15:47:16 GMT
45.5% and no explanation or breakdown. Pretty pathetic return! and very poor information from the administrators. Is this the original "INTERIM PAYMENT" Lendy advised us off - or is this all of it??? Who do we contact to complain??? If you trawl through the last 50 pages or so of this thread you'll get some ideas.
|
|
bulletbill
Member of DD Central
Posts: 90
Likes: 223
|
Post by bulletbill on Nov 4, 2019 18:44:42 GMT
45.5% and no explanation or breakdown. Pretty pathetic return! and very poor information from the administrators. Is this the original "INTERIM PAYMENT" Lendy advised us off - or is this all of it??? Who do we contact to complain???
It was noted by someone else that the Administrators are not appointed to work in the interests of us Lenders but rather they work for creditors like LB. Can we Lenders still complain about a party that isn’t working on our behalf. We are not their customer so why would they care about our complaints. My next question is, who IS working on our behalf as I believe I was promised under FCA regulation that in the case of platform failure a robust plan would be in place to ensure Lenders don’t get shafted. I don’t think we have any support at all, we’re 3rd or 4th class citizens and completely unrepresented.
|
|
toffeeboy
Member of DD Central
Posts: 538
Likes: 385
|
Post by toffeeboy on Nov 5, 2019 10:40:04 GMT
It was noted by someone else that the Administrators are not appointed to work in the interests of us Lenders but rather they work for creditors like LB. Can we Lenders still complain about a party that isn’t working on our behalf. We are not their customer so why would they care about our complaints. My next question is, who IS working on our behalf as I believe I was promised under FCA regulation that in the case of platform failure a robust plan would be in place to ensure Lenders don’t get shafted. I don’t think we have any support at all, we’re 3rd or 4th class citizens and completely unrepresented. I disagree, RSM as administrators of Lendy are as you say working for Lendy creditors, but this isn't the administration of Lendy. The administrators of this particular loan were working for US to get OUR money back. Each loan has it's own administrators because each one is individual with different stakeholders which is why you can't just lump all of the money in together. The administrators of each loan are responsible to those who lent the money not the agent that arranged the loan which is the same reason why any NDA is irrelevant as what law can stop anyone from telling you why they aren't paying you all your money back.
Imagine selling your house and then the agent witholding some of the money but refusing to tell you why because it is the same situation. Lendy changed their involvement in loans when they brought the new terms in and now RSM seem to be choosing to ignore them and making themselves the stakeholder instead of the lenders.
|
|
