|
|
Post by angel19 on Aug 6, 2020 17:18:35 GMT
I am sure all these irritations are annoying to the borrowers. But I am more concerned with the lenders who have handed over more than £1.25 million and received little in return. Obvious questions for example why no interest has been serviced for over two years go unanswered. I’m sorry, but I cannot feel sorry for the borrower while my money is funding their current business with no return or prospect of recovery.
|
|
|
|
Post by mrpc on Aug 6, 2020 17:29:59 GMT
You may wish to clarify that with LY /R*S my default interest is £1,850 per day!
|
|
Mousey
Member of DD Central
Posts: 1,372 
Likes: 5,296
|
Post by Mousey on Aug 6, 2020 17:34:45 GMT
You may wish to clarify that with LY /R*S my default interest is £1,850 per day! Hi mrpc, Welcome to the forum and thank you for your long post explaining your version of the situation.
What might be considered "irritations" by some could be better described as insurmountable by others.
It would appear Lendy benefited from the default interest more so than investors which might explain why things are structured the way they are. It appears Liam Brooke had a plan for the money
|
|
|
|
Post by mrpc on Aug 6, 2020 17:44:48 GMT
Hello Mousey, absolutely that was the case. Lendy originally told me they renaged on the March deal because of FCA intervention.
Andrew Bailey confirmed in a letter that this was not the case as they simply did not have the remit to do so.
I have subsequently discovered the action was on the orders of Brooke.
|
|
adrianc
Member of DD Central
Posts: 7,729
Likes: 4,351
|
Post by adrianc on Aug 6, 2020 18:44:23 GMT
First time poster, my username should provide a clue... Welcome! There won't be a great degree of surprise about that. But, of course, it's the only version we have had! You actually managed to get Bungalow Bill off his backside and to do something? I am IMPRESSED.
|
|
|
|
Post by tinkerbell59 on Aug 7, 2020 12:49:09 GMT
You may wish to clarify that with LY /R*S my default interest is £1,850 per day! Hi mrpc, Welcome to the forum and thank you for your long post explaining your version of the situation.
What might be considered "irritations" by some could be better described as insurmountable by others.
It would appear Lendy benefited from the default interest more so than investors which might explain why things are structured the way they are. It appears Liam Brooke had a plan for the money
|
|
|
|
Post by tinkerbell59 on Aug 7, 2020 12:53:02 GMT
mrpc. how do I contact you?
|
|
|
|
Post by mrpc on Aug 7, 2020 15:20:04 GMT
mrpc. how do I contact you? Contact details are on our P****** Court Facebook page.
|
|
|
|
Post by mrpc on Aug 7, 2020 15:31:12 GMT
mrpc. how do I contact you? Contact details are on our P****** Court Facebook page. Sorry, I should add that the phoneline is open between 9am and 5pm Tuesday to Sunday. As we're currently closed due to covid it transfers to my mobile. Any problems, please email. Thanks
|
|
quidco
Member of DD Central
Posts: 286
Likes: 361
|
Post by quidco on Aug 8, 2020 7:10:50 GMT
You may wish to clarify that with LY /R*S my default interest is £1,850 per day! And are you actually paying this interest?
|
|
|
|
Post by mrpc on Aug 8, 2020 11:30:39 GMT
You may wish to clarify that with LY /R*S my default interest is £1,850 per day! And are you actually paying this interest? Hello quidco. No, as per the contract, the interest is added to the loan. You can imagine the effect this has had on our ability to source funding, in addition to the fact that Lendy simply refused to allow us to repay the debt.
|
|
|
|
Post by queenvictoria on Aug 8, 2020 17:13:43 GMT
And are you actually paying this interest? Hello quidco. No, as per the contract, the interest is added to the loan. You can imagine the effect this has had on our ability to source funding, in addition to the fact that Lendy simply refused to allow us to repay the debt. So you are effectively locked in to a loan which is accruing interest at a rate of £1,850/day (£675k/year)? Are other borrowers in a similar position?
|
|
Mousey
Member of DD Central
Posts: 1,372
Likes: 5,296
|
Post by Mousey on Aug 8, 2020 18:22:38 GMT
Hello quidco. No, as per the contract, the interest is added to the loan. You can imagine the effect this has had on our ability to source funding, in addition to the fact that Lendy simply refused to allow us to repay the debt. So you are effectively locked in to a loan which is accruing interest at a rate of £1,850/day (£675k/year)? Are other borrowers in a similar position? Percentage wise I'd imagine all of them
|
|
iRobot
Member of DD Central
Posts: 1,532
Likes: 2,246
|
Post by iRobot on Aug 8, 2020 18:28:27 GMT
Hello quidco. No, as per the contract, the interest is added to the loan. You can imagine the effect this has had on our ability to source funding, in addition to the fact that Lendy simply refused to allow us to repay the debt. So you are effectively locked in to a loan which is accruing interest at a rate of £1,850/day (£675k/year)? Are other borrowers in a similar position? I think you can bet your bottom dollar they are. The daft thing is that while the contracts / loan terms may be ethically and morally usurious, they may not be legally. I also wouldn't be surprised if the number of claim of Brookes / Lendy thwarting borrowers' efforts to refinance away weren't echo'd elsewhere across the loan book - especially on assets that may actually have some value. Keep those loans under duress long enough that no refinance company would be able to get close to the redemption figure. Bring in the IPs and then mop up. All designed to maximise Lendy profits at the expense of borrowers and lenders alike. Can I bagsy the film rights? Oh wait, it's a story that's been told many times before... (At least in this version, the perps got jail time. What chance history repeating itself?)
|
|
|
|
Post by mrpc on Aug 8, 2020 18:29:46 GMT
Hello quidco. No, as per the contract, the interest is added to the loan. You can imagine the effect this has had on our ability to source funding, in addition to the fact that Lendy simply refused to allow us to repay the debt. So you are effectively locked in to a loan which is accruing interest at a rate of £1,850/day (£675k/year)? Are other borrowers in a similar position? Yes, exactly... Unfortunately I haven't had the opportunity to speak with any other borrower but I have no reason to believe their contracts are any different than mine. That said, Mr Brooke does appear to have been in cahoots with some very suspect borrowers and their contracts may have reflected that relationship.
|
|
