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  • Peer to Peer Lending

    Suing starts in P2P lending over defaults



    Lendy is taking action against valuers and solicitors in a bid to reclaim capital paid out on some of its overdue loans.

    The peer-to-peer lender’s CEO Liam Brooke announced the move in an update which also revealed it expects defaults to worsen over the coming months.

    In the email to investors, Brooke detailed how recoveries were progressing after the lender apologised in December and admitted that some loans would not be repaid in full.

    Lendy has been under the spotlight since October after it was revealed 68% of loans on its book had gone passed their due date.

    Full/source story

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