Mousey
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Post by Mousey on Jun 6, 2021 12:46:35 GMT
P2P PAWNBROKER LIMITED doesn't quite have the same ring to it as Funding SECUREFunny that ! That has also been well noted in our dossier. It's notable that Saving Stream was required to change its name at the request of the FCA.
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Mucho P2P
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Post by Mucho P2P on Jun 6, 2021 13:17:13 GMT
That has also been well noted in our dossier. It's notable that Saving Stream was required to change its name at the request of the FCA. That too has been noted in the Dossier. Mention was also made in rebutting the insistence that the FCA have in classifying us as “investors”, by them allowing the name “Lendy” and its connotation to “lending”, against “Investy”! Just about all is covered from names to PRINs to every failing of supervision that was submitted to us from both pre to post authorisation of Lendy and FS.
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Mousey
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Post by Mousey on Jun 6, 2021 13:19:45 GMT
It's notable that Saving Stream was required to change its name at the request of the FCA. That too has been noted in the Dossier. Mention was also made in rebutting the insistence that the FCA have in classifying us as “investors”, by them allowing the name “Lendy” and its connotation to “lending”, against “Investy”! Just about all is covered from names to PRINs to every failing of supervision that was submitted to us from both pre to post authorisation of Lendy and FS. Does anything turn on investor v lender?
I note this statement in Tim Gordon's defence statement: "It is further denied, insofar as it is alleged in paragraph 8, that the Company used the term “investor” to describe those who wished to lend money using the platform provided by the Company. As set out above, such persons were referred to as “lenders”. The averments in this paragraph are repeated in respect of every use of the defined term “Investors” in the Particulars of Claim."
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Mucho P2P
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Post by Mucho P2P on Jun 6, 2021 13:23:45 GMT
That has also been well noted in our dossier. Well, mugs like us would probably have poured more money into this sinkhole if it had been called Grabbit and Runn Dodgy Loans Universal, or somesuch. Precisely! That is the subliminal connotation that the names have on the retail lenders when the companies are called FundingSECURE and LENDY. For the FCA to even imply that the names have no connotations is absurd.
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pfffill
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Post by pfffill on Jun 6, 2021 13:37:00 GMT
Well, mugs like us would probably have poured more money into this sinkhole if it had been called Grabbit and Runn Dodgy Loans Universal, or somesuch. Precisely! That is the subliminal connotation that the names have on the retail lenders when the companies are called FundingSECURE and LENDY. For the FCA to even imply that the names have no connotations is absurd. A good example of the point you make is the 'boiler rooms' in various loosely-regulated countries that announce themselves as things like "Grosvenor Capital" or "Wolseley Investments", to give the impression to their poor sap 'clients' of trustworthiness and rock-solid stability.
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Mucho P2P
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Post by Mucho P2P on Jun 6, 2021 14:46:11 GMT
That too has been noted in the Dossier. Mention was also made in rebutting the insistence that the FCA have in classifying us as “investors”, by them allowing the name “Lendy” and its connotation to “lending”, against “Investy”! Just about all is covered from names to PRINs to every failing of supervision that was submitted to us from both pre to post authorisation of Lendy and FS. Does anything turn on investor v lender?
I note this statement in Tim Gordon's defence statement: "It is further denied, insofar as it is alleged in paragraph 8, that the Company used the term “investor” to describe those who wished to lend money using the platform provided by the Company. As set out above, such persons were referred to as “lenders”. The averments in this paragraph are repeated in respect of every use of the defined term “Investors” in the Particulars of Claim."
The wording will likely have less impact in a Lendy argument for investor v. lender argument, especially considering the Model 1 loans. However, for a FS argument which I stand behind and harp on with the FCA and the administrators, I am a lender as that is how pawnbroking loans are structured. No one “invests” in pawn loans, they are loans by definition.
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ilmoro
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Post by ilmoro on Jun 6, 2021 18:16:16 GMT
The names of companies is subject to legislation with certain sensitive words that might mislead requiring approval by a relevant government body, including the FCA. (The Company, Limited Liability Partnership and Business Names (Sensitive Words and Expressions) Regulations 2014) None of the words used by platforms feature on the list except for Trust.
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11025
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Post by 11025 on Jul 30, 2021 14:59:59 GMT
4945807152 , this is the longest bedtime story ever .... BS , BS , BS and yet more BS An update has just been added to a loan that you have an investment in. UPDATE: The borrower maintains that there are ongoing delays in securing the funds which are due to COVID19 and the continued inability to travel. Three additional extensions have been granted since the previous update in April 2021 and a payment (in addition to the currently agreed settlement) has been made in order to secure these extensions. The exact terms of the settlement agreement remain confidential, but the details will be provided to investors if and when the settlement has completed.
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Post by rebull on Jul 30, 2021 15:52:26 GMT
Details will be provided if and when the settlement completed.Sevaral payments already made so just give us the money and sell the boats for 5% original value. Or this is going to go on forever
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spareapennyor2
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Post by spareapennyor2 on Oct 22, 2021 9:52:57 GMT
just had this
21 Oct 2021 MR04 Satisfaction of charge 126311050001 in full
V***** Rac*** LTD
powerboats doc in 10 days
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Post by jay2 on Oct 22, 2021 11:55:31 GMT
Let's hope Christmas comes early!
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11025
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Post by 11025 on Oct 22, 2021 12:14:35 GMT
More like Lent knowing this whole debacle.
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merlin99
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Post by merlin99 on Oct 22, 2021 17:22:51 GMT
The question remaining is - what is meant by "settled in full"? Is this an amount that the receivers have agreed to settle on or is it the totally monies out standing on these loans to the original lenders? Given that one of the principal's involved in these loans was reputed as saying awhile back that settlement would be in the realm of 10's of £k not 100's of £k we could be looking at pennies in the pound after costs are deducted. So don't get too excited yet!
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adrian77
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Post by adrian77 on Oct 23, 2021 5:34:11 GMT
very helpful point - this is where I was getting confused - I suspect the former !
Granted there may be charges against 2 boats but that does not mean they can be called-in if one is e.g. in Canada - given there are storage charges etc then I guess the administrators have simply ditched these boats which would be entirely reasonable.
in March 2017 Sir Ozboy OBE etc said this one should have been defaulted - so how much money have we lost since then!
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merlin99
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Post by merlin99 on Oct 23, 2021 9:21:32 GMT
very helpful point - this is where I was getting confused - I suspect the former ! Granted there may be charges against 2 boats but that does not mean they can be called-in if one is e.g. in Canada - given there are storage charges etc then I guess the administrators have simply ditched these boats which would be entirely reasonable. in March 2017 Sir Ozboy OBE etc said this one should have been defaulted - so how much money have we lost since then! Problem is these loans have been a whole can of worms almost since the "off". Yes there are bound to be some charges,- repairs, maintenance and storage plus of course insurance. However the real problem is depreciation over the last four years. Plus the fact that the market for these "rich men's playthings" seems to have largely vanished and may take a long while to come back if ever. On top of this there is the Canada issue. My informed guess is that the value of each boat is now probably could be as low as £100k each and that is very dependent on condition. If that is the case and you take into account all the costs above plus selling costs and receivers fees there will not be much left for us. I sincerely hope and almost pray that I will be proved wrong as I believe a couple of investors have been badly stung by these loans but my pragmatic self says not.
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