Carter
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Post by Carter on May 11, 2019 19:46:17 GMT
wuzimu, out of interest, in the context of no-win-no-fee what constitutes a win for you and have the legal firm clarified their definition of a win?
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Carter
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Post by Carter on May 10, 2019 16:20:01 GMT
Lots of reviews about this firm online for those inclined to consider such a proposal. Although who believes what they read online.
Being of a deeply suspicious nature I have reservations myself. Clearly there are a group of people driving this option who consider this to be their best chance of recovering their funds. How this plays out for the entire lender base is unknown but there must be considerable potential for a negative impact to lenders as a whole.
I presume people who think this is a good option for them have large sums locked in old loans.
Everyone must do what they think is best for themselves of course. But please do think very carefully and preferably logically.
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Carter
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Post by Carter on May 4, 2019 13:03:44 GMT
If by abusing you mean holding the relevant authority accountable for its actions and inadequacies the yep, your spot on. Yes, I do. FCA: "Col, you're being naughty. Close now." Col: "Yeh, no worries. BTW, our mates are doing the administration." FCA: "No, they aren't. BDO are, Court - you tell 'em." Court: "They're right, Col & mates. Hand over everything to BDO asap." BDO: "Umm, thanks, but has anybody seen the loan book?" And somehow the FCA and BDO are the bad guys in this...? You clearly have a full grasp of the situation.
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Carter
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Post by Carter on May 4, 2019 12:48:47 GMT
Meanwhile, over at Collateral, people are abusing the FCA left, right and centre for having the temerity to insist the shutters went up on a firm that didn't meet regulatory requirements and was operating outwith approval... If by abusing you mean holding the relevant authority accountable for its actions and inadequacies then yep, your spot on.
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Carter
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Post by Carter on May 1, 2019 22:41:35 GMT
Blimey, just realised it's now 12 months since we had a sniff of a payment on this one.
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Carter
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Post by Carter on May 1, 2019 9:37:10 GMT
A glimmer of hope perhaps? The website has been refreshed prior to opening of the centre: <link redacted .. look it up with google if you know the company name> About time, hopefully they'll get some fresh content on FB next as well. This is sure to be an overwhelming success and I thoroughly recommend it to its new financiers!
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Carter
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Post by Carter on Apr 25, 2019 8:25:15 GMT
As a follow on to my previous post I have lodged another official complaint wrt this latest disclosure. Right behind you duck. Looking through my statements I had a substantial net increase on Col from the 23/11/2017 to the day it went pop. My initial FCA complaint focused on the issues regarding the register. I have now submitted a further complaint relating to the lack of action to protect consumers at the point they understood Col to be operating with an invalid IP. FCA should have stepped in on day one and frozen Client Money accounts to prevent new money as a minimum. Instead they allowed them to continue trading. The FCA has a responsibility to protect consumers. In this they have been negligent. On another point my request to the FCA has now moved from compensation to lenders for the losses incurred once the process completes to immediate payment from the FCA of all monies invested in the platform by lenders. In my view they should now take on the financial risk of the loan book and the recovery process and allow lenders to get back to their lives that have been impacted by the FCA's incompetence and negligence.
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Carter
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Post by Carter on Apr 8, 2019 16:00:16 GMT
I suggest lenders in this one cast their minds back to pbl120 (same people) and the eventual lender outcome that was delivered in that instance following lender pressure. Anything less here will not be acceptable.
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Carter
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Post by Carter on Mar 25, 2019 10:38:18 GMT
An entirely reasonable step by the SIPP provider. However my observation would be that their ongoing review appears to consist of reading the paper on the train in the morning. I would have expected their analytics to have flagged the status of Lendys loan book some considerable time ago. I'd probably want to ask some questions in that respect.
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Carter
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Post by Carter on Mar 10, 2019 14:36:42 GMT
Out of interest has anyone had a response to a Lendy support ticket/email this week? Mine have gone unanswered so far. I had an immediate response to a follow up email with someone at Lendy this week.
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Carter
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Post by Carter on Mar 9, 2019 9:10:00 GMT
I’ve already made contact with BDO regarding this and will be addressing it in the meeting on Tuesday. On the surface (although not 100%) it appears to only affect investors who held cash balances or loans for sale on the secondary market at the time the platform collapsed. Anyone who was fully invested (nothing for sale and didn’t have a cash balance) is unlikely to be contacted as their investments have likely been reconciled (although if that’s not the case and you were fully invested and did receive a letter then please let me know in this thread). Not consistent in my case. I didn't receive an email but I did have a chunk in cash, around 15% (five figures) of total account. I'm fairly sure I had a small amount in the sale queue but could be misremembering that, it has been a while. I'd like to actually see my breakdown to validate it.
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Carter
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Post by Carter on Mar 6, 2019 18:09:49 GMT
Looking forward to answers to all of the above, but for me the big question is why does such a sucessful firm such as Arm ****** with it's connections to major banks need to borrow from p2p lenders at such high rates? Quite. I'm afraid I lost interest when I read the purpose of the loan. If this loan is more competitive than their banking facility then I'd have to ask why.
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Carter
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Post by Carter on Mar 1, 2019 11:23:25 GMT
sussexlender, as I missed out on the mince pies can we have double or quits on Easter eggs? 🐣🐣🐣
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Carter
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Post by Carter on Feb 20, 2019 14:26:55 GMT
Obviously you have read this thread from the beginning, so will know that some people who may wish to comment on the current position have taken part much earlier. Having a current investment really should not be the only criteria for discussing the merits of different views. The loan affects the platform so is clearly of general interest I would suggest. Might I suggest you actually read what I wrote. I did not suggest Steve's comments were worthless, or because he was not in this loan he had no right to comment. I wrote that because he was not in the loan and had made this position known, he had, in my opinion, no right to be suggesting what others who were ought to do or feel. You're losing the plot! 😂😂😂
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Carter
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Post by Carter on Feb 20, 2019 8:52:09 GMT
I think you need to read that again. MT will consider enforcement, they haven't promised anything. The borrower has stated open by March 7th and therefore MT are quite rightly holding them to that. When they fail to hit the date they'll review again based on progress against all outstanding items. Its in everyone's interests for the build to complete and then refinance. I do hope people don't come on here on the 7th and start demanding this loan be defaulted, that would be rather silly.
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