|
Post by charliebrown on Jan 27, 2019 21:12:23 GMT
I don’t see the funny side here. She’s a very determined and wealthy woman, I’m quite sure no one wants it to be their name that’s pulled out of the hat. Do you feel confident defending your case against a multi millionaire with expensive Lawyers on her side. Anyway, yes, my messages today are a bit much for a public forum, I accept your points made against me. Let’s sit tight and see how this unfolds.
|
|
|
Post by charliebrown on Jan 27, 2019 19:06:10 GMT
It's O/T but the statement of affairs is written by the borrower, we'll find out more in the administrators report due out over the next couple of days. Who know's what Lendy's motivation is?
Incidentally in 2016 + 2017 the sum of £1,000,000 was sent from the Lendy accounts to a "Wealth Protection Remuneration trust" owned by the two directors at the time.
Good info, but no surprise at all. I’m quite sure all monies will have been siphoned off to safety. Liam knows the real extent of this mess and has surely already dug his escape tunnel.
|
|
|
Post by charliebrown on Jan 27, 2019 18:58:12 GMT
No Charlie does make a good point. We're at a stage where a number of loans will realise huge losses with subsequent claims against Lendy. For instance DFL004, a loan of some £8.2 million is only secured against £500,000 of the property according to the Statement of affairs at Companies House.
As discussed in last weeks court case it is likely that Lendy made a number of mistakes, mistakes which will exist across a number of loans. It's difficult to see how this will end without a claim against Lendy.
I'm not expecting this case to be resolved for a long time and I've written off the amount I've got invested in it.
Writing off the invested amount is very different to what Charliebrown is implying, which is that lenders could lose much more than their investment if the borrower comes after the lenders. Yes, you’re right, I was implying that. Meaning that’s my understanding, not that I am an expert. My point was, she’s unlikely to try to sue LY as they’ve got enough muscle to fight back and she’d get nothing from them even if she won. She might just pick any Lender at random knowing we probably can’t spend hundreds of thousands on legal fees and we’d lose, she could then take everything we own. In theory she can simply work her way down the list of Lenders picking us off one by one. I’m not trying to be over dramatic I am just genuinely concerned for myself and my family.
|
|
|
Post by charliebrown on Jan 27, 2019 18:20:30 GMT
Yes Charlie and the world will end with a no deal Brexit as it did with the millennium bug 🐛 . This isn’t America and she hasn’t got a quick settlement based on fear of having to pay more. Relax. You could always argue that if you were liable under a Lendy’s T&Cs that was an unfair contract. No Charlie does make a good point. We're at a stage where a number of loans will realise huge losses with subsequent claims against Lendy. For instance DFL004, a loan of some £8.2 million is only secured against £500,000 of the property according to the Statement of affairs at Companies House.
As discussed in last weeks court case it is likely that Lendy made a number of mistakes, mistakes which will exist across a number of loans. It's difficult to see how this will end without a claim against Lendy.
I'm not expecting this case to be resolved for a long time and I've written off the amount I've got invested in it.
Even where Lendy is clearly liable for negligence, suing them has no merit as they are a limited company and Liam will have everything sewn up like a kipper. Does the DFL4 lack of security explain why LY went against the investors’ vote. This is all becoming very serious, Liam should be appearing on Watchdog very soon, if not Crimewatch. The LY saga is just going from bad to worse.
|
|
|
Post by charliebrown on Jan 27, 2019 15:53:12 GMT
Lendy is a limited company and I’m pretty sure Liam has made sure there’s very little to be extracted from Lendy in terms of a settlement. If she wins she’s going to be coming after us. We have presumably all got houses and some level of net worth that she could strip from us. This is all starting to get very worrying. There’s very little point suing LY and she probably realises that.
|
|
|
Post by charliebrown on Jan 27, 2019 8:05:55 GMT
Why would anyone ever try to rob a bank? All you need to do if you fancy getting rich quick is set up a p2p platform.
|
|
|
Post by charliebrown on Jan 27, 2019 2:01:09 GMT
I have been an IT professional for well over 25 years. I can promise you that in my experience, unless the data is encrypted or corrupted, reconstructing the database and extracting meaningful data such as individual’s transaction history is really not that difficult. It certainly shouldn’t take the best part of a full year and it certainly shouldn’t cost the ridiculous fees BDO are charging. It’s really quite pathetic that we are this far down the track and they’re still talking about their amazing efforts to recover the data. A decent DBA and Data Architect would be able to reverse engineer a database, that I suspect is comparatively small and simple, in just a few weeks. Yes but what can you expect when you give that kind of job to people who have no IT background ? Don’t you think it’s ironic. We spent all the money figuring out how much you are owed so now there’s no money left to pay you what you’re owed. BDO are a joke. Hopeless parasites. If they didn’t know how to reconstruct the database they should have sought external help or why not ask on this forum. I’d have done it for free, under NDA of course. I genuinely mean that, I’ve had to restore data from backups many times in my career, it’s not really difficult for what I’m sure would be a simple database schema and small amount of data.
|
|
|
Post by charliebrown on Jan 27, 2019 1:15:35 GMT
Liam is clearly living a champagne lifestyle at our expense. He should never be allowed to run another financial services company again. Some people here are so tolerant of being badly treated, saying it’s a new recoveries team let’s give them a chance. Some loans are almost 900 days in default and the “enhanced” recoveries team send out an update saying we’re pressing the reset button and we will relook at all these disasters. Does that buy them another 900 days. I believe the FCA should set a time limit on recoveries. A maximum 365 days to resolve defaults, every day it’s not resolved after that the platform should be fined. Why is Liam allowed to live like a movie star whilst his Lenders are all being financially hung out to dry. Of course the usual reply is we told you your capital is at risk so what’s the problem.
|
|
|
Post by charliebrown on Jan 26, 2019 15:07:26 GMT
Not looking good this one, and MT are doing a Lendy by leading us on a merry dance with nondescript updates followed by long periods of silence.
|
|
|
Post by charliebrown on Jan 26, 2019 1:21:46 GMT
Wealth could be lending money to deals which are not shown to self select I guess. Its possible, but given google/bing searches of companies house for "Saving Stream Security Holding Limited" doesn't reveal any charges against borrowers that we are not already aware of, they would have to be using a new security holding entity. So feels unlikely IMO. Can I ask a serious question Mr. C. How do you think Lendy are still operating? It seems to me they must be spending far more money keeping the lights on than they are receiving in fees. Are they using reserves from when the going was good? Liam doesn’t seem like someone who will watch his war chest evaporate this way. Could they sell Lendy as an entity? It seems unlikely given the size of the mess. Their brand has been totally destroyed so there’s no equity in the brand. I don’t think Cowes would even want them as a sponsor anymore as it will tarnish the event. How are they defying gravity? Serious question.
|
|
|
Post by charliebrown on Jan 26, 2019 1:03:06 GMT
Lendy are sat on a mountain of defaults that are not going to end well for Lenders. Lendy knows this better than anyone but has so far refused to take the bull by the horns. There’s only one way to deal with trouble and that’s head on. We’d have a lot more respect for them if they at least tried to get us some of our money back. 10% return is better than nothing. In the case of this particular loan there’s no way the borrower is ever going to repay capital plus interest on this. I suspect there’s some major issue with the security but it isn’t going to go away so let’s just get on and deal with it. Lendy, enough is enough, default this loan and sell this piece of wasteland for whatever you can get for it.
|
|
|
Post by charliebrown on Jan 25, 2019 9:47:50 GMT
Anyone carrying out even the most basic due diligence would see there's a whole range of problems with Lendy so who's funding Wealth?! You’re right Mousey, no amount of Lendy spin and BS can hide the fact that they are one of the worst performing p2p platforms in the history of the universe. Even though they insist on hiding SUSPENDED loans, the DEFAULTS and CLAIMS are there for all to see and it’s a proper house of horrors. That’s before taking a look at TrustPilot and seeing that not only do LY have abysmal performance they also have a terrible contentemp for their investors. Who in their right mind would invest 10k in this shower at this stage in the game.
|
|
|
Post by charliebrown on Jan 25, 2019 6:23:03 GMT
A borrower this used to ducking and diving, the PG will be worthless. Debenture would seem worthless too as these companies have no assets apart from the loan security. The borrower has borrowed money to develop these plots and, apart from Huddersfield, has made no attempt to do so. Lendy should have been all over this borrower for not starting the developments but they didn’t care. I can’t see anything but a long drawn out nightmare and a big capital loss on these. LY strikes again! Great work Lendy.
|
|
|
Post by charliebrown on Jan 25, 2019 0:06:40 GMT
Hyperthetically, if our borrower decides that LY has more muscle than the average Joe, and based on the assertion that all Lenders are jointly liable, decides to select a weaker target, perhaps someone who invested 10 quid and probably isn’t very sophisticated and doesn’t have the courage or the resources to fight a multi-millionaire in the courts. If our borrower was able to intimidate and use money and good Lawyers to beat that individual in the courts, would that mean that defeat would literally apply to all of us? So we’d all loose together, including LY. It wouldn’t seem difficult for a rich person with good Lawyers to beat a poor person with no resource, that’s why prisons are full of poor people not rich people. Thoughts? In which case we must stick together here and stand as one.
|
|
|
Post by charliebrown on Jan 24, 2019 23:42:45 GMT
![:o](//storage.proboards.com/forum/images/smiley/shocked.png) Everything going pear-shaped. Anything in administration is never good. Err it was pretty obvious the company was going into administration. Yep. Typical LY MO, suspend the loans and put up a wall of silence. We investors are accustomed to the way LY treats us. Basically when LY say nothing’s it’s bad news - and they haven’t had anything to say in a very long time.
|
|