Damian Webb, Phillip Sykes and Mark Wilson, all of RSM UK Restructuring Advisory LLP were appointed Joint Administrators of:
on 24 May 2019, by order of the Court following an application by the Director. The Joint Administrators are working closely with the Financial Conduct Authority, who consented to their appointment over the Companies.
Reserve moved from Administration to Creditors’ Voluntary Liquidation on 7 May 2020 and the Liquidation closed on 20 December 2022.
Chris Laverty, Trevor O’Sullivan and Helen Dale of Grant Thornton UK LLP have been appointed as Conflict Administrators in relation to Saving Stream on 26 July 2019.
As a result of Trevor O’Sullivan leaving Grant Thornton UK LLP, by Court Order dated 27 June 2022 he was removed as Joint Conflict Administrator. A Notice to this effect was advertised in the London Gazette, and in accordance with the terms of the Order, he was released from office with effect from the date of the order.
This website is being used to provide investors and creditors with information and is being updated when information becomes available on the Administrations of Lendy and Saving Stream.
The Joint Administrators have a dedicated email address ([email protected]) for investors and creditors to contact the Administration team.
However, the Joint Administrators’ six monthly progress reports provide more detail regarding the Administration and are available to download on this website.
The Lendy Customer Support Team
Please note, the [email protected] email address should be used for Know Your Customer / Anti-Money Laundering-related queries only. For all other queries please contact the team at [email protected].
Money Laundering Checks
The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.
Regrettably, these final checks are a manual exercise, hence it will take some time to complete these processes.
To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is [email protected].
Change in bank account details
If your bank account details have changed from the ones registered on your Lendy account, please inform us using the [email protected] email address.
Please ensure you provide evidence (such as a copy of a recent bank statement) to allow us to update your account details accordingly.
The withdrawal facility is available to investors who have cleared the anti-money laundering checks.
The remaining team consists of skeleton staff and therefore investors should expect an extended lead time for withdrawal requests to be processed and payments made.
The affairs, business and assets of the Lendy and Saving Stream are being managed by the Joint Administrators Damian Webb, Phillip Sykes and Mark Wilson who act as agents and without personal liability.
Damian Webb, Phillip Sykes and Mark Wilson are licensed as Insolvency Practitioners in the United Kingdom by the Institute of Chartered Accountants in England and Wales
Chris Laverty and Helen Dale are licensed as Insolvency Practitioners in the United Kingdom by the Institute of Chartered Accountants in England and Wales
At Lendy we have a reputation for having one of the most experienced and specialist credit assessment teams in the industry, who ensure each investment loan has met our rigorous and robust lending criteria. We only offer investors loans to invest in that have been through our rigorous and streamlined due diligence, credit and legal checking.
It's a fast and easy signup process. You can fund your account immediately and start earning on your funds within minutes of your first click.
By monitoring the loans and updating the portfolio we take all the hard work out of your investment. All you have to do is choose your investment, fund your account and begin earning a good return.
With peer-to-peer loans you are supporting the release of funds for projects that benefit the UK economy
We do not have a maximum amount you can credit to your account. The maximum amount of investment you could make to a project is 100% of the required loan, however it is unlikely you would achieve this owing to the current demand for our projects. There is no minimum investment amount. Funds that you credit to your account but are not committed to a project can be withdrawn at any time.
There may be times and situations when you need others to access your Lendy lender account. You are able to give someone you trust the authority to manage your Lendy account and handle your day-to-day investment activity on the Lendy platform. You can cancel the agreement at any time.
Lendy account holders are able to authorise another person (the “Nominee”) to operate their Lendy lender account on their behalf in two ways. This can be done either with (1) a Third Party Mandate; or (2) under a Power of Attorney. The appropriate route is to be determined by Lendy in light of the circumstances of each particular case.
In each case Lendy will need to be provided with:
(1) a paper (original) certified copy of the Lendy account holder’s ID; and
(2) a paper (original) certified copy of the Nominee’s ID.
Account holders who wish to enable a Nominee to operate an account on their behalf using a Third Party Mandate should fill out the Third Party Mandate Form and send this to the Lendy support team. Identity checks will be carried out on your Nominee for regulatory purposes.
Please note that in the event of Lendy becoming aware that an account is being operated by a Nominee who has not yet been authorised, Lendy will inform the account holder and the nominee of the steps required to be taken to authorise the operation of the account by the nominee. If the nominee is not authorised within ten working days of this notice, the account will be frozen pending completion of the authorisation process.
You should talk to your Nominee, so they understand exactly what you would like them to do on your behalf. Make sure they read the FAQs and the platform terms and conditions for the account they will have access to carefully. Ask if they have any questions so you are both clear on what you would like them to do, and what you would like them to refrain from.
Please remember that you are responsible for all information and activity on the platform by your Nominee. If you authorise any person to use your Lendy lender account other than yourself, you will be responsible and liable for their activity on the platform within your Lendy lender account.
Once you have invested in a project and the borrower begins servicing interest (typically once funds are drawn down) you will begin earning up to 12% annual interest on your capital immediately depending on the project that you have invested in. You will begin to earn interest when the loan is marked as “live’ and is shown under the Live Loans page here.
Interest is credited to your account in arrears on the first working day of each month.
Your initial investment and any outstanding interest are credited to your account in the event that the loan is fully repaid. The typical agreed loan term is 6 months, however borrowers can repay the loan before the agreed end date. Once the loan is repaid in full we ensure your funds are returned immediately, allowing you to withdraw the balance or commit to new loans.
Please note that delays in loan repayments are a routine part of the process, and can often mean nothing at all as regards the final repayment of the loan. Delays can be caused by slow completion of a property sale, a refinance with a bank, by complications with planning permission, or by any number of other minor issues. Both borrowers and lenders in the market understand that delays happen regularly, and price that in accordingly.
To allow for this, Lendy allows 180-days before classifying a loan as non-performing. This is to allow borrowers time to deal with these unavoidable delays and make repayments. Please see here for more information when Lendy deems a loan to be non-performing. Please do also refer to our Collections and Recovery Policy here.
When you open an account with Lendy you can choose to invest in any loans, subject to availability. On making an investment you are expected to arrange for Lendy to receive cleared funds within 2 working days, after which Lendy has discretion to cancel the loanpart allocated to you should it so wish. Funds not invested in a loan will be held in the Lendy Client Bank Account with Barclays Bank PLC. Interest is not paid on any such balances. When the loan is drawn down, all relevant funds are then transferred out of the Lendy Client Bank Account and passed to the Borrower or their solicitors.