Lendy administrators warn of extended lead times for withdrawals

Lendy’s administrators have warned of extended lead times for processing withdrawal requests, as they continue to return money to investors more than four years after the platform’s collapse.

RSM said it is receiving a “considerable number of withdrawal requests” and the current processing time is approximately two to three weeks. This is due to the fact that a skeleton staff have to work through each request manually.

They noted that investors will be contacted directly if there are any issues and told them to wait for three weeks before contacting the team about payment status.

The administrators said some investors are making multiple withdrawal requests and encouraged them to make only one request to speed up the process.

Lendy went into administration in May 2019 following legal disputes and rising defaults. The administration process has been extended until 23 May 2025, with allegations of director fraud and numerous court cases slowing down the process.

According to the latest six-month update, administrators are still pursuing almost £60m worth of loans where they expect recoveries.