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Post by brightspark on Aug 5, 2018 7:11:00 GMT
The living dead?
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rocky1
Member of DD Central
Posts: 1,139 
Likes: 1,963
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Post by rocky1 on Aug 5, 2018 7:41:27 GMT
last 5 updates say the same thing. come on lendy you have given away 7 millions of our money to a BVI company and you need to let us know what is being done to return our funds as this thing was all over within a few months.LENDY you are answerable for your actions when being entrusted with lenders monies.come clean about all these b*lls ups and try to build your reputation back.a lot of us on here have been with you for a long time. we were/are the foundations that you have built your business on and you are letting them crumble.months and months of the same update just does not seem like progress at all.your quest for P2P supremacy is surely going to back fire on you.
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Post by charliebrown on Aug 5, 2018 10:08:06 GMT
last 5 updates say the same thing. come on lendy you have given away 7 millions of our money to a BVI company and you need to let us know what is being done to return our funds as this thing was all over within a few months.LENDY you are answerable for your actions when being entrusted with lenders monies.come clean about all these b*lls ups and try to build your reputation back.a lot of us on here have been with you for a long time. we were/are the foundations that you have built your business on and you are letting them crumble.months and months of the same update just does not seem like progress at all.your quest for P2P supremacy is surely going to back fire on you. Well said, rocky. If only they’d realise that and a give a damn they’d be a much better company. I think any improvements would start with their attitude.
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Post by banffy on Aug 5, 2018 11:16:54 GMT
Lendy we need some proper answers on what is happening with this loan and what are you doing about it? I have £9K in this loan and cannot understand that within a few weeks this loan defaulted? Why can you not just drip feed the funds to them as work progresses. Surly you are to blame for this or is that in your terms and conditions that you are not to blame for anything that you do. Surly you preach to tell us how safe and what you do to protect your investors well let's get this mess cleared up and get these borrowers held to account and chased up to pay back the money. Until this is sorted I will not be investing on your website and I'm looking at posting a review on TP to show my frustrations on this shambles soon if we do not get any good news from your updates. It can' take this long to know what exactly has happened can it Lendy?
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Post by brightspark on Aug 5, 2018 14:23:10 GMT
You need to submit a formal complaint directly to Lendy.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Aug 5, 2018 17:20:59 GMT
".... I will not be investing on your website and I'm looking at posting a review on TP to show my frustrations on this shambles" Do you really think Lendy gives a singular toss (or even tosses) banffy?!
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Post by p2plender on Aug 5, 2018 23:48:47 GMT
As if!
They've even stopped trying to pull TP posts now. The 50000 grand bond nonsense is a statement that joe public has finished with them.
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rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
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Post by rocky1 on Aug 6, 2018 5:08:32 GMT
not back from cowes party yet.give them a chance to recover every body needs a good blowout now and again.normal pulling down will resume shortly.
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moist
Member of DD Central
Posts: 241
Likes: 251
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Post by moist on Aug 17, 2018 18:48:01 GMT
lendy's downfall?
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Post by Proptechfish on Aug 18, 2018 0:31:58 GMT
I've been scratching me head about this balls up for a while now. LY have a first legal charge over the property, the update on the 25/05/2018 state the property will be listed for sale on the 30/05/2018.
Every update since -
'Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing although we will continue to explore all settlement options with the borrower.'
Why would a proposed sale of an asset suddenly turn to a legal proceeding ? I don't think LY are in possession of an enforceable 1st legal charge over this property at all, given the amount of paper work missing from the original loan agreement, this wouldn't be a surprise to me. So the 'Legal proceedings' i would say is referring to the 2nd legal charge (Debenture, Personal Guarantee).
If the borrower truly has absconded to the BVI with a nice £7.5 million retirement package then investors are relying solely on the kindness of the borrows heart to repay any of the 'stolen capital', which ain't ever going to happen.
I think the only action investors have left is a legal action against LY based on total meltdown of due process on LY's part. Regardless of their T&C's i do believe LY could well be found liable for the entire value of the loan.
Other than that i would rate chances of any recovery on loan between 0-0%
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rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
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Post by rocky1 on Aug 18, 2018 6:03:10 GMT
i hope lendy are using the fees that they took for bringing this scam to us.as far as i am aware lendy also act as agents on our behalf and should be liable for all legal costs.why should they get even more fees when this finally comes out.we get shafted from start to finish on every one of these so called secured loans. well done again lendy 5 stars.
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Post by loftankerman on Aug 18, 2018 7:21:51 GMT
I've been scratching me head about this balls up for a while now. LY have a first legal charge over the property, the update on the 25/05/2018 state the property will be listed for sale on the 30/05/2018. Every update since - 'Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing although we will continue to explore all settlement options with the borrower.' Why would a proposed sale of an asset suddenly turn to a legal proceeding ? I don't think LY are in possession of an enforceable 1st legal charge over this property at all, given the amount of paper work missing from the original loan agreement, this wouldn't be a surprise to me. So the 'Legal proceedings' i would say is referring to the 2nd legal charge (Debenture, Personal Guarantee). If the borrower truly has absconded to the BVI with a nice £7.5 million retirement package then investors are relying solely on the kindness of the borrows heart to repay any of the 'stolen capital', which ain't ever going to happen. I think the only action investors have left is a legal action against LY based on total meltdown of due process on LY's part. Regardless of their T&C's i do believe LY could well be found liable for the entire value of the loan. Other than that i would rate chances of any recovery on loan between 0-0% Better hurry then before the office is empty apart from unpaid minions helping themselves to the IT equipment and others are on slow boats to parts unknown that don't have extradition treaties.
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Post by mrclondon on Aug 18, 2018 9:44:13 GMT
I've been scratching me head about this balls up for a while now. LY have a first legal charge over the property, the update on the 25/05/2018 state the property will be listed for sale on the 30/05/2018. Every update since - 'Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing although we will continue to explore all settlement options with the borrower.' Why would a proposed sale of an asset suddenly turn to a legal proceeding ? I don't think LY are in possession of an enforceable 1st legal charge over this property at all, given the amount of paper work missing from the original loan agreement, this wouldn't be a surprise to me. So the 'Legal proceedings' i would say is referring to the 2nd legal charge (Debenture, Personal Guarantee). [...] Agreed, it now appears the deed of priority regarding the charges (which isn't in the public domain) is of critical importance. Lendy's charge is listed first on the freehold title document, and the charge in favour of a couple of Jersey registered entities second. But in both cases there is a note "The priorities of the charges dated 25 April 2017 referred to above have been altered by a Deed dated 25 April 2017."
This could be taken to imply that Lendy's charge falls behind that of the Jersey entities, but sometimes a deed of priority is simply excluding a small part of the security so is not necessarily a complete reversal of priorities (although that is more applicable to debentures where certain debtors may be excluded). It is just about possible to envisage a situation where the deed stipulates some conditions regarding the sale of the property by the first charge holder to "protect" the second chargeholder.
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elsee
Member of DD Central
Retired:D
Posts: 201 
Likes: 117
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Post by elsee on Aug 18, 2018 10:03:54 GMT
I've been scratching me head about this balls up for a while now. LY have a first legal charge over the property, the update on the 25/05/2018 state the property will be listed for sale on the 30/05/2018. Every update since - 'Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing although we will continue to explore all settlement options with the borrower.' Why would a proposed sale of an asset suddenly turn to a legal proceeding ? I don't think LY are in possession of an enforceable 1st legal charge over this property at all, given the amount of paper work missing from the original loan agreement, this wouldn't be a surprise to me. So the 'Legal proceedings' i would say is referring to the 2nd legal charge (Debenture, Personal Guarantee). [...] Agreed, it now appears the deed of priority regarding the charges (which isn't in the public domain) is of critical importance. Lendy's charge is listed first on the freehold title document, and the charge in favour of a couple of Jersey registered entities second. But in both cases there is a note "The priorities of the charges dated 25 April 2017 referred to above have been altered by a Deed dated 25 April 2017."
This could be taken to imply that Lendy's charge falls behind that of the Jersey entities, but sometimes a deed of priority is simply excluding a small part of the security so is not necessarily a complete reversal of priorities (although that is more applicable to debentures where certain debtors may be excluded). It is just about possible to envisage a situation where the deed stipulates some conditions regarding the sale of the property by the first charge holder to "protect" the second chargeholder.
Weren't there supposed to be tenants? "The property is presently occupied by residential tenants, as a security measure, to prevent squatters taking occupation." Where is the rental income going?
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Post by mrclondon on Aug 18, 2018 10:19:27 GMT
Weren't there supposed to be tenants? "The property is presently occupied by residential tenants, as a security measure, to prevent squatters taking occupation." Where is the rental income going? The LPA receiver gave them notice to quit in Dec 17, with a deadline of 21st Feb, otherwise legal action would be taken against them. In any case the receivers beleive they didn't have a tenancy agreement and weren't paying rent to anyone ... which if they were building "guardians" is only to be expected.
Source: Documents posted on the marketing website earlier this year (in zip file 'Notice served on tenants.zip" ). The marketing website set up by all*** is still live with all the documents (incl LR title documents) available for download. (Link is on DD Central for those with access).
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