copacetic
Member of DD Central
Posts: 306 
Likes: 667
|
Post by copacetic on Dec 20, 2019 12:57:48 GMT
Don't forget that it's now in the interests of administrators to have the fee waterfall favouring Lendy. If they have £20m in the unsecured pot to take their fees from they'll certainly drag out and inflate their costs to absorb as much of it as possible. Page 4 of the admin report:
The way this will most likely go will be:- they rack up a few hundred hours at £500 an hour of administrator charges, then they decide in their favour, investors challenge it, it goes to court and then we get another few hundred thousand in legal costs (which the administrators themselves will get a kickback from).
|
|
adrianc
Member of DD Central
Posts: 10,024
Likes: 5,150
|
Post by adrianc on Dec 20, 2019 13:26:37 GMT
What's most interesting is the way the waterfall varies the proportions from loan to loan.
0% of gross realisation going to "Lendy Contractual" for DFL032, 1.1% for DFL037, 1.5% for DFL034, 22% for PBL193, 23% for DFL012, 29% for PBL164, 38% for PBL163 and PBL103, 100% for PBL056.
22.5% overall.
And remember that the money going to Lendy goes into the pool that "Model 1" loans get paid from.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Dec 20, 2019 13:40:04 GMT
And remember that the money going to Lendy goes into the pool that "Model 1" loans get paid from. The very same pool that will also face claims from Lendy Group/Liam Brooke, potential legal claims from former employees, any potential legal claims from borrowers, legal claims from investors for any shortfall suffered following the "Distribution Waterfall" as per section 3.1.3, plus any other claims filed by Model 2 investors for negligence or breach of agency/trust on a loan-by-loan basis or global basis which are accepted by the administrators. Also the same pool that RSMs fees (a projected 2.5m in the first year) will come out of + the additional costs of third-party lawyers, professional advisors and disbursements.
|
|
adrianc
Member of DD Central
Posts: 10,024
Likes: 5,150
|
Post by adrianc on Dec 20, 2019 13:42:04 GMT
And remember that the money going to Lendy goes into the pool that "Model 1" loans get paid from. The very same pool that will also face claims from Lendy Group/Liam Brooke, potential legal claims from former employees, any potential legal claims from borrowers, legal claims from investors for any shortfall suffered following the "Distribution Waterfall" as per section 3.1.3, plus any other claims filed by Model 2 investors for negligence or breach of agency/trust on a loan-by-loan basis or global basis which are accepted by the administrators. Also the same pool that RSMs fees (a projected 2.5m in the first year) will come out of + the costs of third-party lawyers, professional advisors and disbursements. Oh, absolutely - they definitely aren't going to be the only thing to be paid from that pool...
|
|
|
|
Post by investor1925 on Dec 20, 2019 14:13:56 GMT
Definition of scam from the business dictionary is: A fraudulent scheme performed by a dishonest individual, group, or company in an attempt obtain money or something else of value. Scams traditionally resided in confidence tricks, where an individual would misrepresent themselves as someone with skill or authority . My only question is when is LB going to be arrested for scamming us for loadsamoney.  |
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Dec 20, 2019 14:23:30 GMT
What's most interesting is the way the waterfall varies the proportions from loan to loan. 0% of gross realisation going to "Lendy Contractual" for DFL032, 1.1% for DFL037, 1.5% for DFL034, 22% for PBL193, 23% for DFL012, 29% for PBL164, 38% for PBL163 and PBL103, 100% for PBL056. 22.5% overall. And remember that the money going to Lendy goes into the pool that "Model 1" loans get paid from. That's because the default interest is the key component of Lendys share ... the longer a loan has been in default the higher % Lendy takes. Hence the first three loans you list have minimal 'take' as they had minimal default interest.
|
|
huxs
Member of DD Central
Posts: 300 
Likes: 218
|
Post by huxs on Dec 20, 2019 14:32:36 GMT
What's most interesting is the way the waterfall varies the proportions from loan to loan. 0% of gross realisation going to "Lendy Contractual" for DFL032, 1.1% for DFL037, 1.5% for DFL034, 22% for PBL193, 23% for DFL012, 29% for PBL164, 38% for PBL163 and PBL103, 100% for PBL056. 22.5% overall. And remember that the money going to Lendy goes into the pool that "Model 1" loans get paid from. That's because the default interest is the key component of Lendys share ... the longer a loan has been in default the higher % Lendy takes. Hence the first three loans you list have minimal 'take' as they had minimal default interest. Surely default interest should only be included in the waterfall if it is paid by the borrower, otherwise we as lenders are basically paying this from the original loan amount (i.e. we are getting penalised for lending to someone who defaults). This is bonkers !!
|
|
sydb
Member of DD Central
Posts: 345
Likes: 316
|
Post by sydb on Dec 20, 2019 23:14:36 GMT
I call it a con. It's taught me a lesson. I've reduced my P2P investments by 95%. Regulate thyself and I might have another look one day. I now understand the biggest risk of P2P and it wasn't what was written on the tin.
|
|
zlb
Member of DD Central
Posts: 1,422
Likes: 333
|
Post by zlb on Dec 30, 2019 11:03:50 GMT
I call it a con. It's taught me a lesson. I've reduced my P2P investments by 95%. Regulate thyself and I might have another look one day. I now understand the biggest risk of P2P and it wasn't what was written on the tin. agree a con in this instance...Look at all of those loan updates, what was said about how reliable Ly is, on this platform, all said with a conner's smile, not a smile with actual knowledge or confidence in the matter. These guys were like con men, in with con borrowers. Does that mean all platforms are though?
|
|
MarkT
Member of DD Central
Posts: 190
Likes: 159
|
Post by MarkT on Dec 30, 2019 11:42:06 GMT
I call it a con. It's taught me a lesson. I've reduced my P2P investments by 95%. Regulate thyself and I might have another look one day. I now understand the biggest risk of P2P and it wasn't what was written on the tin. agree a con in this instance...Look at all of those loan updates, what was said about how reliable Ly is, on this platform, all said with a conner's smile, not a smile with actual knowledge or confidence in the matter. These guys were like con men, in with con borrowers. Does that mean all platforms are though?
How could we know?
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on Dec 30, 2019 12:12:53 GMT
I think a lot of us knew when LB came up with his lendy wealth scheme that all this was only going one way.a last ditch attempt to pull in a few more million from his toxic loan book to set himself up for a very comfortable life.i still believe that lendy knew at the time of the last change to T@Cs putting themselves to the front of the queue for any future returns of our funds then just shut up shop and sit back and wait for the dust to settle and let the lendy waterfall do what LB intended for it.
|
|
|
|
Post by p2plender on Dec 30, 2019 13:12:05 GMT
White collar crime right there!
Amazing LB has pulled this off. Let's hope karma gets him, might be nicest way for him to go.
|
|
one21
Member of DD Central
Posts: 398
Likes: 265
|
Post by one21 on Dec 30, 2019 19:47:57 GMT
I call it a con. It's taught me a lesson. I've reduced my P2P investments by 95%. Regulate thyself and I might have another look one day. I now understand the biggest risk of P2P and it wasn't what was written on the tin. agree a con in this instance...Look at all of those loan updates, what was said about how reliable Ly is, on this platform, all said with a conner's smile, not a smile with actual knowledge or confidence in the matter. These guys were like con men, in with con borrowers. Does that mean all platforms are though? Could we not take out a group litigation (class action lawsuit) against them and the FCA (if they were aware of it) via the LAG!
|
|
zlb
Member of DD Central
Posts: 1,422
Likes: 333
|
Post by zlb on Dec 30, 2019 20:02:13 GMT
agree a con in this instance...Look at all of those loan updates, what was said about how reliable Ly is, on this platform, all said with a conner's smile, not a smile with actual knowledge or confidence in the matter. These guys were like con men, in with con borrowers. Does that mean all platforms are though?
How could we know?
catch up on bbc iPlayer hustle series and get a feel for it 
|
|
jhamster
Member of DD Central
Posts: 107
Likes: 145
|
Post by jhamster on Jan 13, 2021 23:03:30 GMT
 Pri******’s K***y T******** declared bankrupt 12 Jan 2021, 12:22 Neil Tague Not sure if I can post the full link here, it's on the PLACE NORTH WEST website, currently the bottom story of the page so may well flow over on to the 2 page as new stories are added, or just search the site for this development's name (HQ). Pri******’s K***y T******** declared bankrupt 12 Jan 2021, 12:22 Neil Tague "The developer who fronted troubled Liverpool schemes including H* Qu*y and The R**e has been declared bankrupt in the city’s County Court...." "..The bankruptcy order stated that the case had gone before District Judge Lampkin on the petition of creditor Lendy, which is in administration currently overseen by RSM Restructuring.."
|
|
