TitoPuente
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Post by TitoPuente on Oct 24, 2019 13:59:31 GMT
Got response from ASA. They won’t be investigating further as this matter is at “statutory level”.
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TitoPuente
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Post by TitoPuente on Oct 23, 2019 19:18:01 GMT
I'm not and never been in FS. Was this expected/imminent like with Lendy or a shocking surprise like with Collateral?
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TitoPuente
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Post by TitoPuente on Oct 23, 2019 7:01:55 GMT
OK, further letter sent regarding both Coll and Lendy and the FCA failings using www.writetothem.com . Fingers crossed.
Wow, just received a reply from my MP's Case Worker. In summary: They confirm negligent behaviour (of FCA), Treasury is yet to respond to letters, they will chase up and forward me any response as soon as it arrives. Fingers still crossed! Would you mind providing more detail on the sentence "They confirm negligent behaviour (of FCA)". I doubt an MP can "confirm" negligence. This is the judiciary's job. Is there a full sentence that you could transcribe? Thanks.
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TitoPuente
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Post by TitoPuente on Oct 16, 2019 7:19:28 GMT
I am not aware of any rule or regulation that sets out how to allocate the costs of administration in these cases. One can argue that if an asset is sold early on, it should not be burdened with future costs, e.g. if asset A took 10 hours of administration to realise, and asset B took 1000 hours of administration to sell, why would asset A be burdened with part of the costs to realise asset B? This is even more clear cut when assets A and B belong to two different loans.
I assume that not having to follow regulations, the administrators will exploit this to the maximum for their own benefit.
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TitoPuente
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Post by TitoPuente on Oct 10, 2019 17:32:06 GMT
They copied and pasted the non-exhaustive list of professionals from a random source based on some old Victorian era respectable professions. Google shows a rather broader list of professionals that can certify a true copy:
• Accountant • Manager/personnel officer (of a limited company)
• Airline Pilot • Member, associate or fellow of a professional body
• Articled clerk of a limited company • Member of parliament
• Assurance agent of a recognised company • Merchant Navy Officer
• Bank/building society official • Minister of recognised religion
• Barrister • Nurse (RGN and RMN)
• Chairman/Director of a limited company • Officer armed forces (serving or retired)
• Chiropodist • Optician
• Commissioner of oaths • Paralegal (certified paralegal, qualified paralegal or associate member of Institute of Paralegals)
• Councillor (local or county) • Person with honours (OBE or MBE etc)
• Civil Servant • Pharmacist
• Dentist • Photographer (professional)
• Director/manager of a VAT registered charity • Police Officer
• Director/manager/personnel officer of a VAT registered company • Post office official
• Engineer (with professional qualifications) • President/secretary of a recognised organisation
• Financial services intermediary (stockbroker/insurance broker) • Salvation army officer
• Fire service official • Social worker
• Funeral director • Solicitor
• Insurance agent of a recognised company • Surveyor
• Journalist • Teacher, lecturer
• Justice of the peace • Trade union officer
• Legal secretary (fellow or associate member of the Institute of Legal Secretaries and PAs) • Travel agent (qualified)
• Licensee of public house • Valuer or auctioneer (fellows and associate members of the incorporated society)
• Local government officer (including register office staff) • Warrant Officers and Chief Petty Officers
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Oct 4, 2019 16:56:51 GMT
[..] A forecast of each investor's likely recovery will be sent out within four weeks (from now). Only for Lendy Wealth.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Oct 4, 2019 13:35:52 GMT
Well done Ablrate.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Oct 3, 2019 15:34:10 GMT
Got the same email.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Sept 28, 2019 9:27:34 GMT
Submitted.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Sept 20, 2019 12:53:46 GMT
Got a positive response from my MP. My letter was forwarded to AB @ FCA with a cover note from my MP supporting my case. Hopefully it adds to the pressure.
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TitoPuente
Member of DD Central
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Post by TitoPuente on Sept 16, 2019 7:20:37 GMT
The question the FCA could be asking themselves is if spitting out the odd £17m (minus recoveries) and moving on may be better than continuing to be bombarded with negative press.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Aug 17, 2019 8:28:58 GMT
This is going to be fun... i need to change mine and my wifes e-mail address's as our previous supplier has cut our access to emails because i apparently had the audacity to not accept their price increase, cancel forthwith, and move on. src="//storage.proboards.com/forum/images/smiley/superangry.png"> [Off-topic] It is highly advisable NOT to use your current ISP's email service because of the reasons you just outlined. The best approach is to use one of the free mainstream services such as Gmail.com or Outlook.com. These services have been around for decades and have proven to be resilient. It is unlikely that they will be ever charged a fee. I have an active free Hotmail account since December 1996.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Jun 14, 2019 7:29:12 GMT
Sadly yes. Lendy is in administration and there is no sign of any type of living will process being executed. The exact reasons for this have not been stated. Speculative analysis indicate that the living will needed to be funded with a ring fenced budget to cover its costs. This may not have happened and that's why Lendy went directly into administration. There are plenty of signs of a "living will process being executed". Not least that the Lendy website itself is still running and letting you log in, and that the transition was so smooth that it could initially have gone completely unnoticed to anyone who logs in via a bookmark rather than navigating to the front page first. Indeed, the fact that updates have been posted to various loans is also an extremely good sign of the wind-down arrangements being in place and operating already.
(In a wider context, I've previously seen a company's ENTIRE WEBSITE initially replaced with the notice of administration/liquidation/etc., with customer logins and similar functionality completely disabled until the administrators have completed their initial investigations, only brought back in any form if that proves the most efficient way to handle the ongoing administration/liquidation/etc.)
I understand from other comments on this forum that the back-up service provider and the administrator are part of the same group, so would assume they're working closely together during this initial investigation, and once they've completed the initial administrative tasks of verifying exactly what money is held where, and who owes what to whom, the wind-down operation of the loan book can, as planned, be operated separately from the administration of Lendy itself. I'm sure they won't rule out the possibility of other better plans emerging in the meantime.
I truly wish you are right! However, your list of "signs" are speculation. If the companies had actually triggered their living will or any other pre-arranged wind-down process, I struggle to understand why this was not clearly announced in the website notice and all other communications to date. Unfortunately, all what we know officially is that the group of companies are in Administration for insolvency following Companies Act and Insolvency Act guidelines.
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TitoPuente
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Post by TitoPuente on Jun 13, 2019 7:36:05 GMT
Sorry you're talking rubbish. The loan is already in the hands of receivers. The reason the offer has been accepted is in the update ie its the only offer, therefore the IP, who is required to seek market price, has fulfilled their obligations. There may well be a claim raised against the valuers. Lendy is in administration so t&C's & the insolvency strategy are moot points, the Lendy IP strategy is to secure the best outcome for creditors & unfortunately this is it So you're saying that Lendy's terms of business and strategy for the unfortunate event of them becoming insolvent became redundant/moot at the event Lendy became insolvent? Sadly yes. Lendy is in administration and there is no sign of any type of living will process being executed. The exact reasons for this have not been stated. Speculative analysis indicate that the living will needed to be funded with a ring fenced budget to cover its costs. This may not have happened and that's why Lendy went directly into administration.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Jun 11, 2019 7:12:32 GMT
Hmm, 'capitalizing interest' eh ? Well, that's creative book-keeping for you.
I'm sure its all legal! Yes, it is legal. It is something normal in Project Finance when financing a large greenfield infrastructure project (airport, power plant) that has a construction period of several years and then an operating period of several decades. The loan is structured in a way that it allows for a grace period during construction in which interests are capitalised i.e. the loan principal grows with disbursements and capitalised interests. Taxes apply according to jurisdiction and overall framework. Normally these projects are concessions under IFRIC 12.
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