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Post by loftankerman on Nov 21, 2018 13:30:05 GMT
I imagine that the borrower's legal eagles have some minion constantly monitoring this thread on the possibility that the 24/7 postings will throw up even more considerations and avenues of interest that might be to their advantage.
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Post by loftankerman on Nov 19, 2018 8:29:59 GMT
Hmmmm! Kinda sounds like the 'F' word to me.
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Post by loftankerman on Nov 18, 2018 14:16:51 GMT
The directors of Lendy have an ongoing obligation to work for the success of the company regardless of its past. They appear to me to be attempting to discharge this responsibility by, on the one hand making some attempt to address the issues of the past and avoiding future similar new business. On the other hand they appear to be attempting to create a new business model with more moderate and realistic expectations for lenders. Success and profitability in that area might help meet their obligations in the former. Lendy simply giving up on survival and just going down hoping to get something back from borrowers serves no one any good, even if it makes indignant lenders who’ve over invested feel they’re working in their best interests.
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Post by loftankerman on Nov 17, 2018 16:34:10 GMT
I agree, just allow the barrack room lawyers to continue with their dribble Agree with what exactly?
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Post by loftankerman on Nov 17, 2018 11:20:12 GMT
Thanks for your reply and your helpful suggestions. Yes I am in the loan enough to be interested in the outcome. I'll trawl through the Lendy account and see what I can find, their help is not as good as the other sites I use. Having made my post I had a couple of further thoughts. Given the complexity of this loan is there any merit in having two streams (are these threads?) of comment on this. With one just being a commentary on the process to help us less informed investors understand what is going on. Those with the knowledge to go further and possibly indulge in a little speculation could continue as at present, I enjoy the read even if I'm a little baffled. Ideally Lendy should be doing this but I can think of at least three reasons why they won't be as effective. 1. Do they have the resources. 2. They are bound to be very cautious about any public statement 3. The Forum community probably has at least as much collective brain power as their solicitors, even if they don't have all the information. On the last point I'm sure the best sites do trawl the forums to get feedback and ideas, if they don't then they are missing out on a free (often) informed resource.
That was not the suggestion I made. You will need to contact Lendy specifically about the loan and ask where you can find the information. The information is confidential and will not be available publicly. Furthermore, last I looked, it is not linked to the loan details, even if you are in the loan. Re your suggestions, have a read of this thread through from the beginning. According to an FT article, the borrower accused Lendy of unfairly giving notice on its loans and for not arranging for further financing in line with contracts. To the best of my information, no legal claim has yet been made, not even to Lendy.
I think I have identified my main concern here now. The borrower is well aware of all communications from Lendy to them regarding this loan and, obviously, all communications from them to Lendy. Lendy is well aware of all communications sent to the borrower on our behalf, as our agent, as well as all those communications received back from the borrower. Lendy clearly would be unwise to share their defense plan with the lenders as the information would likely get back to the borrower.
However, what I cannot see justification for is withholding from the lenders a timeline of historic events in the loan, and all communications from Lendy to the borrower (on behalf of the lenders), including those pertaining to all contracts, written and verbal (including the contracts themselves), those pertaining to the transfer of the loan, those pertaining to late payments, attempts at negotiation, warning of default, notification of default, and those pertaining to recovery attempts so far. Basically, anything that might shed light on what the borrower's accusation might be based on or whether it is just bluster to avoid repayment. All these communications from Lendy will have been carried out on the lenders' behalf as agent and I cannot see how Lendy will lose tactical advantage to the borrower by giving the lenders information already known to the borrower. Furthermore, if Lendy are preparing for court, they should have already compiled this information. The only party that do not have this information are the lenders. Given that Lendy have indicated that lenders will have claims served on them, would it be reasonable for Lendy to supply this information to a lender who requests it?
The points you make regarding your concern seem quite valid to me, leaving me to wonder if a reason they might have for taking their position is that they would prefer that lenders did not have it spelt out for them the extent to which they had been dropped in it by their agent.
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Post by loftankerman on Nov 16, 2018 16:49:17 GMT
They've got an IT department and new products available, what else should they do, other than get their heads down and work through it ? Service existing lenders, rather than attempting to attract more for different offerings. The role of an IT department is to understand, service and develop the functions of the business. They have to meet the corporate requirements handed down to them. That's what they exist for. It is a technical role and probably not one that has attracted people who would be comfortable oiling up to irritated customers or being immersed in the pursuit of more business or errant borrowers. So expecting them to be doing something other than their chosen area of interest and expertise would probably be self defeating on many levels. What next, are we going to imply criticism of Lendy's use of their janitorial staff?
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Post by loftankerman on Nov 16, 2018 11:55:12 GMT
They've got an IT department and new products available, what else should they do, other than get their heads down and work through it ?
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Post by loftankerman on Nov 14, 2018 14:55:37 GMT
That's all we need, Panorama sticking there nose in - that'll cuase problems not just for Lendy but all P2P and ultimatly make our position worse IMHO Panorama did a programme entitled "Exposed: Northern Dreams, Failed Schemes", which resonated quite well with me as both a, now minor investor in Lendy and resident of the North West. It is still available on i-Player. I don't know that it has turned anything on its head though. It's worth watching.
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Post by loftankerman on Nov 13, 2018 10:40:34 GMT
An update has been posted on the Lendy web site and it probably exceeds the expectations noted above.
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Post by loftankerman on Nov 9, 2018 23:31:52 GMT
Woman-left-paralysed-after being catapulted-from bed-during sex-LOSES-High-Court-case bid for £1 million damages.... Something from her bucket list I suppose....
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Post by loftankerman on Nov 9, 2018 18:45:06 GMT
I checked back through my LY account and I used to have a few hundred in this loan - Bought on 9/3/17; Listed for sale on 14/9/17; Sold out on 5/10/17. Well perhaps the borrower needs to clarify exactly which date the alleged offence was committed - if it was while you were holding the loan part, don't think you can get off the hook that easily!
What you are suggesting raises a complexity on the part of the borrower when deciding from whom they should be seeking redress. If they focus on solely the current holders of loan parts then their claim is relatively clear cut and proof will exist as to the identities of those holders. However if it was thought that ownership of loan parts at some precise but indeterminate time when the alleged offence was supposed to have taken place made a former holder liable, then unravelling things could get very complicated and presumably more costly for the borrower. I suspect that unless the borrower thought they could get two bites at the cherry the last thing they would want on the hook is a horde of phantom owners from the past muddying the waters where present owners are swimming.
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Post by loftankerman on Nov 9, 2018 16:03:53 GMT
Surely this claim could be extended to anyone who had ever been invested in Lendy but had not even been tempted by this loan. Their lack of interest was potentially instrumental in causing the borrower's problems. Come to think of it, everyone who'd avoided Lendy like the plague could also be at fault. Maybe the sum claimed divided by the entire world population wouldn't be too big a hit.
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Post by loftankerman on Nov 9, 2018 15:06:01 GMT
Got an email from Lendy this morning addressing me personally by name, telling me of an update to the details of the loan and giving me a link to it. My initial horror diminished when I was refused access to the link's target. It had looked like they thought I was in the loan. It turned out that they just can't be bothered filtering who they send stuff to and rely on other mechanisms. Pretty much tells you everything you need to know about their rigorous processes. Same here. Maybe they intended to send the email to current lenders only but included also former lenders?
Gulp!!!
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Post by loftankerman on Nov 9, 2018 13:04:16 GMT
Got an email from Lendy this morning addressing me personally by name, telling me of an update to the details of the loan and giving me a link to it. My initial horror diminished when I was refused access to the link's target. It had looked like they thought I was in the loan. It turned out that they just can't be bothered filtering who they send stuff to and rely on other mechanisms. Pretty much tells you everything you need to know about their rigorous processes.
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Post by loftankerman on Nov 5, 2018 10:32:25 GMT
Why do I feel that we investors are fighting with one hand tied behind our back.? I stopped investing and started pulling out when I decided that the new T&C not only tied both my hands behind my back but blindfolded me as well. Unfortunately the blindfold stopped me seeing through the wonderfully positive reporting of DFL004 and 005 until it was too late.
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