ian
Posts: 342
Likes: 226
|
Post by ian on Jan 20, 2019 16:20:49 GMT
Whilst no one has lost a fortune on this investment I intend to make a formal complaint and inform the FCA ... this sets an important present where lendy has arbitrarily decided to accept a capital shortfall without consultation with investors.Assuming you meant "precedent", no it doesn't. You appointed Lendy as your agent and expressly authorised them to make decisions on your behalf (go read the T&Cs you agreed to if you dispute this). Therefore your complaint has a snowball's chance in hell of being upheld. Whilst I’m sure your correct re the T&Cs negative publicity re a funding platform approving a capital shortfall days after investment was allowed will force their hand.... in fairness who would invest in such a platform if that is their modus operandi.
|
|
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 Jan 20, 2019 16:54:48 GMT
Assuming you meant "precedent", no it doesn't. You appointed Lendy as your agent and expressly authorised them to make decisions on your behalf (go read the T&Cs you agreed to if you dispute this). Therefore your complaint has a snowball's chance in hell of being upheld. Whilst I’m sure your correct re the T&Cs negative publicity re a funding platform approving a capital shortfall days after investment was allowed will force their hand.... in fairness who would invest in such a platform if that is their modus operandi. Any different to a platform putting a loan into default days after allowing investment which was the potential alternative outcome?
|
|
ian
Posts: 342
Likes: 226
|
Post by ian on Jan 21, 2019 8:43:11 GMT
Whilst I’m sure your correct re the T&Cs negative publicity re a funding platform approving a capital shortfall days after investment was allowed will force their hand.... in fairness who would invest in such a platform if that is their modus operandi. Any different to a platform putting a loan into default days after allowing investment which was the potential alternative outcome? Very different .... one would assume new info has come to light to put the loan into default and critically when a loan is in default the company has always purported to attempt to achieve a return of capital in full
|
|
|
|
Post by p2plender on Jan 21, 2019 9:04:08 GMT
Better look at history of DFL04. Lendy do what they want, would love to be introduced to one of their 'wealth' clients. I'm sure they exist..
|
|
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 Jan 21, 2019 11:18:58 GMT
Any different to a platform putting a loan into default days after allowing investment which was the potential alternative outcome? Very different .... one would assume new info has come to light to put the loan into default and critically when a loan is in default the company has always purported to attempt to achieve a return of capital in full The new information was that the refinance was insufficient to repay all sums owed. (Note the update only says indicative terms have been seen, there is no comment as to whether this would achieve full repayment) This gave Lendy 3 options
1. Formally default the loan as beyond term and appoint receivers 2. Extend the forebearance (possibly raising additional funds to cover interest) in the hope that the loan would be repaid by flat sales but potentially merely adding to the outstanding sums.
3. Accept the shortfall and use the PF to minimise the impact on lenders.
AIUI your compliant is that there is a capital shortfall rather than interest shortfall but that is a result of Lendy t&cs which have been in place for 9 months without anyone seemingly noticing. DFL025 doesnt set the precedent, that was actually PBL189 when interest was paid ahead of capital from the sale proceeds (though recovery ongoing for what its worth), followed by DFL035.
While Lendy has always purported to be seeking to return capital in full, reality has proved to be somewhat different.
|
|
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 Feb 1, 2019 13:08:13 GMT
If you go look at your tax statement today, youre sure of a big surprise Its lovely on your tax statement today as nothing is in disguise For it shows all the loss on this loan that ever there was Because todays the day that Lendy finally declare a tax loss
[Apologies to teddy bears everywhere]
|
|
