LENDY ACTION GROUP LEGAL FUND

by Lisa Taylor

LENDY ACTION GROUP LEGAL FUND

by Lisa Taylor
Lisa Taylor
Case Owner
I am an admin for LAG FB page, have actively worked to research Lendy Historical misstatements. I have personally invested £150k+ and represent friends and family investments in excess of £500k.
Funded
on 31st January 2020
£75,455
pledged of £75,000 stretch target from 1,529 pledges
Lisa Taylor
Case Owner
I am an admin for LAG FB page, have actively worked to research Lendy Historical misstatements. I have personally invested £150k+ and represent friends and family investments in excess of £500k.

Latest: Feb. 10, 2020

How are we using the funds

Many have asked what we are doing with the funds we raised. Whilst I cant give out too much detail, I can tell you we have provided counsel with thousands of pages containing amongst other things, mi…

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As an Investor, you are aware that Lendy Ltd (lendy.co.uk) went into administration. 

It has recently come to light that RSM ("The Administrator") intends to apply a recovery waterfall that substantially disadvantages you in favor of general creditors including shareholders of Lendy Ltd. 

Lendy Action Group (LAG) has now determined that it is all M2 Investors best interest to take legal action to challenge the application of this unjust waterfall in the courts. 

To do this we must raise funds to hire specialist support by engaging a qualified solicitor.      

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Update 3

Lisa Taylor

Feb. 10, 2020

How are we using the funds

Many have asked what we are doing with the funds we raised. Whilst I cant give out too much detail, I can tell you we have provided counsel with thousands of pages containing amongst other things, mis selling and mis leading materials, structure of notes, terms and conditions since Lendy's inception and all the data we accumulated since administration commenced.

The solicitors and a small group of M2 Investors are working to finalise what our exact strategy is and to put RSM on notice of our grievances. 

That'll get the ball rolling but how far it goes is up to us. We must have the resources to stand and fight. 

Please contribute!

Update 2

Lisa Taylor

Feb. 5, 2020

Lendy could be taking £30,000,000 or more of your money!

Our most recent estimates project the waterfall will strip away more than 1/2 of all M2 investor money if allowed as is. Liam could even come out of the administration with a huge pot of our money to take home!


No, I'm not kidding and yes, it's that serious. Please contribute your fair share to help LAG stop this from happening.

Update 1

Lisa Taylor

Feb. 3, 2020

This is why!

I've been asked to explain again why we are raising money to fight the waterfall. Here's the simple explanation:   


Lendy originally promised to only deduct charges for administering the default loan then pay back investors. (that's not what was in the notes we were never allowed to see) Then after the portfolio started defaulting en mass and we were stuck, Lendy sent an email, retrospectively changing this. 


The issue is what is defined as a "fee" which Lendy defined in a way that paid penalty interest and many other items to themselves first. This is a hole LAG is focused on plugging. 


You should know, RSM did not include these deductions when estimating investor recovery. We think these illegal deductions could reduce our recovery by £20m - that's 25% of the total recovery forecasted and that money could go to Liam. 😤


Are you ready to fight now? 


https://www.crowdjustice.com/case/lendy-action-group-legal-fund

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