£1.2m sitting in unclaimed funds for Lendy investors
Lendy’s administrator has urged investors to check their accounts with the collapsed peer-to-peer lending platform, as more than £1.2m is still available in unclaimed funds.
RSM’s latest update showed that 5,085 investors have available funds in their platform account, totalling £1,213,375.
This is down from almost £2.5m in unclaimed funds in April this year, according to a previous update.
£498,651 of the £1,213,375 is owed to 3,137 investors that have passed the money laundering checks and have the withdrawal function enabled.
£161,738 is unclaimed by 626 investors that are have passed the money laundering checks but are unable to withdraw funds, for example if there is no bank account linked to the Lendy account.
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And £552,987 of the total amount is owed to 1,322 investors who have failed the verification process and are unable to withdraw funds.
“Investors are encouraged to check their Lendy platform accounts and, if available, process a withdrawal request for the entire balance shown as your ‘available balance’,” said RSM.
The administrator said that it will continue liaising with individuals who currently have not fulfilled the money laundering checks.
It asked those investors to assist the team to accelerate the process.
“These final checks are a manual exercise, hence it will take some time to complete these processes,” RSM said.
Investors that have changed their bank account details from the one registered on their Lendy account have been asked to inform RSM and provide evidence, such as a copy of a recent bank statement, to allow the team to update their account details.
Lendy fell into administration in 2019 with more than £160m outstanding in its development finance and bridging loan book. At least £90m of those funds were in default at the time of its collapse.
Legal battles, alleged director fraud and Lendy’s complex business model have dragged out the administration process.
Earlier this year, it emerged that RSM had successfully applied to extend the administration process until 23 May 2025.