11025
Member of DD Central
Posts: 740 
Likes: 862
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Post by 11025 on Feb 28, 2020 17:44:13 GMT
It's because Lendy have been clocking up interest as if the company were still active, so from the recovery amount Lendy have (IMHO illegally) seized £650k thanks to the secretive and deceptive change to the waterfall. Even though the company is in administration it's earning interest from your capital, and then taking that interest out of your capital. Shocking but true. Andrew Bailey has defended the Financial Conduct Authority’s decision to authorise Lendy, the failed peer-to-peer lender, saying that the move reduced the risk of “consumer harm”.   
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crazi
Posts: 41
Likes: 62
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Post by crazi on Feb 28, 2020 17:45:13 GMT
I got 39.2% back... ? |
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jhamster
Member of DD Central
Posts: 107
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Post by jhamster on Feb 28, 2020 17:50:56 GMT
It's because Lendy have been clocking up interest as if the company were still active, so from the recovery amount Lendy have (IMHO illegally) seized £650k thanks to the secretive and deceptive change to the waterfall. Even though the company is in administration it's earning interest from your capital, and then taking that interest out of your capital. Shocking but true. Andrew Bailey has defended the Financial Conduct Authority’s decision to authorise Lendy, the failed peer-to-peer lender, saying that the move reduced the risk of “consumer harm”. Perhaps when he's running the bank of England he will be kind enough to invite us all to attend so that we can fill our bags with freshly minted pound notes his actions caused us to lose.
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Post by df on Feb 28, 2020 18:03:46 GMT
I had £120 in the loan, and got back £78, so that seems to be about 65%? Unless I'm reading it wrong. I've received exactly 39.2% of the capital I had in this loan. I'm sure everyone should receive the same percentage. Don't understand how you were credited 65%.
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rrrupert
Member of DD Central
Posts: 121
Likes: 99
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Post by rrrupert on Feb 28, 2020 18:09:25 GMT
"Please note, this is an interim distribution and it is anticipated that there could be a further distribution in respect
of this loan.
"
so sayeth RSM in the email. so maybe a little more coming.
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crazi
Posts: 41
Likes: 62
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Post by crazi on Feb 28, 2020 18:10:23 GMT
I got 39.2% back... ? Did you expect more?  In situation we're in 40-ish% is not bad, I think. I definitely do expect more. That illegal Waterfall amount £655,830.00 needs returned to Lenders. Lendy should not be profiting from massive losses.
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one21
Member of DD Central
Posts: 398
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Post by one21 on Feb 28, 2020 18:41:53 GMT
"Please note, this is an interim distribution and it is anticipated that there could be a further distribution in respect of this loan. " so sayeth RSM in the email. so maybe a little more coming. I'm not in this but I should hope you're correct. Lendy's default interest is in dispute by the LAG, so RSM should be holding this back.
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Post by picanto on Feb 28, 2020 18:54:55 GMT
"Please note, this is an interim distribution and it is anticipated that there could be a further distribution in respect of this loan. " so sayeth RSM in the email. so maybe a little more coming. I wouldn't really hold much hope on that. That's been said for every loan (as far as I know) that has had a shortfall...
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joe91
Member of DD Central
Posts: 53
Likes: 62
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Post by joe91 on Feb 28, 2020 19:42:54 GMT
39.2% here as well. Disgraceful.
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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
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Post by ilmoro on Feb 28, 2020 19:54:48 GMT
Shocking but true. Andrew Bailey has defended the Financial Conduct Authority’s decision to authorise Lendy, the failed peer-to-peer lender, saying that the move reduced the risk of “consumer harm”. Perhaps when he's running the bank of England he will be kind enough to invite us all to attend so that we can fill our bags with freshly minted pound notes his actions caused us to lose. Doubt he'd have a problem. Youd be entering with nothing and coming out with a lot of paper worth ... nothing  Probably more of value in the dustbins PS Don't forget to apply for access to DD central now you appear to have made the post count
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jhamster
Member of DD Central
Posts: 107
Likes: 145
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Post by jhamster on Feb 29, 2020 0:34:36 GMT
"Please note, this is an interim distribution and it is anticipated that there could be a further distribution in respect of this loan. " so sayeth RSM in the email. so maybe a little more coming. I wouldn't really hold much hope on that. That's been said for every loan (as far as I know) that has had a shortfall... £75k up front in solicitors fees to fight the waterfall should remedy that.
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jhamster
Member of DD Central
Posts: 107
Likes: 145
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Post by jhamster on Feb 29, 2020 0:37:35 GMT
Perhaps when he's running the bank of England he will be kind enough to invite us all to attend so that we can fill our bags with freshly minted pound notes his actions caused us to lose. Doubt he'd have a problem. Youd be entering with nothing and coming out with a lot of paper worth ... nothing Probably more of value in the dustbins PS Don't forget to apply for access to DD central now you appear to have made the post count Better to spread your portfolio across crypto these days. I'll wait for a bit before I apply for DD again, something tells me that coming back 2 days later with sufficient posts after having already been denied at 45 will be taken as spam. I'll give a bit more input to the forum until then.
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joe91
Member of DD Central
Posts: 53
Likes: 62
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Post by joe91 on Feb 29, 2020 10:42:57 GMT
PS Don't forget to apply for access to DD central now you appear to have made the post count Congratulations Jhamster!!!!!!!!!! Hopefully, Lendy will be done & dusted by the time I qualify!! I'm still in another couple of P2P lenders, but winding them down, don't intend coming back, so won't need this forum any more!
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spockie
Member of DD Central
Posts: 299 
Likes: 84
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Post by spockie on Mar 13, 2020 15:25:00 GMT
I had £120 in the loan, and got back £78, so that seems to be about 65%? Unless I'm reading it wrong. I would guess you are in the same situation as me. You NOW have c£120 in the loan, having received your c£78, and that, like me, you used to have £200 in it...
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In situation we're in 40-ish% is not bad, I think.
Probably more of value in the dustbins
