Lloyds Action Now - are they genuine?

jh2009

knollcottage wrote: »

Read about who made you lose money, how and why https://lloydsactionnow.com/newsletters/updated%20introduction%20april.pdf

And http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8494224/Lloyds-Banking-Group-posts-3.47bn-loss-after-provisions-for-PPI-mis-selling-claims-and-bad-loans-in-Ireland.html

Perhaps you would like to also read the other articles written by James Quinn of the Telegraph - the author of the adverse article that some are so keen to rake over time and time again - READ:-
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8392879/Cable-urged-to-reveal-secret-HBOS-dossier.html
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8408476/Lloyds-writ-draws-Bank-of-England-into-HBOS-dispute.html

Well.............. regardless of your opinion of the contents of these articles, none of these give any solid reason why anyone should pay £300+ to Lloyds action group.

Didn't you (knoll college) identify yourself earlier in this thread as someone who works or has links to LAN?



also interested as lost significant monies when brown & blanks/daniels etc made the HBOS deal .
surely if " lloyds action now " act & win , it will establish a precedent for all shareholders to follow suit & claim compensation ? i cannot see how this could be disallowed if one action wins .

Yes - my view is that if a judgement was won by LAN, that the judge would apply it to ALL shareholders.

Of course theres a slim chance Lloyds could settle out of court with LAN, but again thats unlikely as it would set its own precedent for other shareholders who would all want the same deal. If it was that easy in any case i'd have expected the city (unit trust, pension managers) to have already done this if possible.

In reality i think that any money paid will just go on expenses of lawyers/associated firms, with additional "fund raising" letters sent to shareholders to raise more funds, probably until the pot of money there to pay fees has gone.

Probably a better strategy would be to buy lloyds shares at their current price of 54p and hold them and watch from afar than joining this group.

Daceback

LAN has now extended the last date for joining group to 31st August 2011. I have, like many others, lost ££££ on the Lloyds/HBOS merger. Although it sounds a good idea to recover some money through a law suit, the worry for me about LAN is the promise that you cannot be liable for any more costs over and above the fee paid to the group. Is this really correct? If I understand the case correctly, recently about 30 or so local residents in my area took a waste disposal company to court over the smell and dust from a nearby land fill site. The judge considered the evidence and found that the defendents had no case to answer and awarded £3m costs against the individuals involved. Bankruptcy? If LAN lost the case they are bringing against the Government/Lloyds directors, could the costs be very large and would LAN members be liable?

Mr_Fin

jh2009 wrote: »

In reality i think that any money paid will just go on expenses of lawyers/associated firms, with additional "fund raising" letters sent to shareholders to raise more funds, probably until the pot of money there to pay fees has gone.

This was my feeling too after I went to a meeting. A meeting organised, it should be said, by the company who made the rather lousy website (IE only? Are you kidding?) at a cost of, wait for it, £100,000!

So no wonder he organised our meeting out of his company's pocket.

With such obvious waste, why should I give money to this group?

mystic_trev

Mr_Fin wrote: »

This was my feeling too after I went to a meeting. A meeting organised, it should be said, by the company who made the rather lousy website (IE only? Are you kidding?) at a cost of, wait for it, £100,000!

So no wonder he organised our meeting out of his company's pocket.

With such obvious waste, why should I give money to this group?

Your joking :eek: Has that been charged by George Berkeley PR The Company ran by the Chairwoman's (Jillie Timmis) little boy, the well known Pasty thrower Adrain Lithgow?

According to LAN's guiding "Rules, Case, Methodology" document, George Berkeley will be paid a total of £50 plus VAT per member in the action group, phased through different stages of the campaign, with the full amount only payable if compensation is won.

Mr Lithgow told last Monday's London meeting that the group needs 25,000 to 30,000 members to fund the necessary litigation, implying a potential £1.5m windfall for George Berkeley, 90pc of the shares of which are controlled by Mr Lithgow and wife, Amanda.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8212427/Scrutiny-for-Lloyds-Action-Nows-1m-fund.html

mystic_trev

LAN has managed to grow member numbers from approximately 4,000 in March to approximately 7,000 now

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8727485/Coalition-refuses-to-open-HBOS-dossier.html

Hardly the 25,000 - 30,000 they needed to persue Litigation. It will be interesting to see how they can continue the case?

Hydro64

I joined Lloyds Action Group about a year ago but decided it was not for me and did not make a payment. On three occasions I have been asked for payment but I ignored emails. Yesterday I received a disturbing email Important Legal Notice which is demands that I either pay my fee by 2nd January 2012 or pay £240 full settlement of capital, interest and costs with 21 days of deemed service and LANA will release me from any further contractual obligations in respect of my Membership because I apparantly did not cancel my Membership with 7 days of joining which I did not know about. Is this legal or will I have to pay up.

petersteve

I have received an email from LAN containing the following threat. Does this have any standing in law or can I safely ignore it?


Dear Sir or Madam

WITHOUT PREJUDICE SAVE AS TO COSTS
AN OFFER UNDER THE PROVISIONS OF PART 36 CIVIL PROCEDURE RULES INTENDED TO HAVE THE CONSEQUENCES THEREUNDER

I write further to your Membership with Lloyds Action Now Association and regret having to address you in these terms.

I have sent you a hardcopy of this letter, which you will receive shortly.

I have taken legal advice and we confirm that you are a Member of LANA, as you agreed irrevocably to be bound by the Rules and Case Methodology – and to pay the Financial Contribution due - and you did not withdraw your Membership within 7 working days.

We have written to you on a number of occasions regarding this and have urged you to pay your Membership Fees and return your documentation. You have either remained silent, or suggested that you have not joined.

LANA has already incurred significant contractual charges and expenses for work done on your behalf.

Your outstanding Membership Fee is confirmed in the letter you will receive, however you may view it under the Payment Summary of your Personal Password Protected Page (by logging into our website using your LAN number and the password sent to you).

Either:-
1. Pay your outstanding Membership Fee by 3rd January 2012 in full in order to remain a Member of LANA and be in a position to receive the benefits of the funding and progress referred to below;

Or

2. Pay £240.00 in full and final settlement of capital, interest and costs within 21 days of deemed service of this letter, and LANA will release you from any further contractual obligations in respect of your Membership.

This offer is open for acceptance for a period of 21 days as provided for in Part 36 CPR. If you do not accept this offer and you are Ordered by a Court to pay £240.00 or more, we shall seek costs against you under Part 36 (10) CPR on an indemnity basis, plus interest at 10 % above base rate.

After the period of 21 days referred to above this offer will only be capable of being accepted with the permission of the Court; this Offer being brought as and when appropriate, to the Court’s attention.

If you do not pay the sum set out in paragraph 1 above or take up the offer in paragraph 2 you will be rejected as a Member of LAN. You will not be entitled to receive compensation, and you will find yourself in a legal limbo where you will still be liable for the debt, but not be eligible for any compensation we may achieve.

If you do not pay what is set out in paragraph 1 or do not accept the Offer set out in paragraph 2 above, we may legally enforce payment of the outstanding Membership Fee in full.

This would be a step we would be very reluctant to take, but we owe it to the paid up Members (6000+) to ensure that all financial obligations are met by those who joined LAN and have not paid up in full.

dew423o01j

My 90 year old father has received the same communication. He can't remember signing up for this (online) although he is certain he didn't send any signed (physical) forms back. Can anyone advise what he should do?

talexuser

Anybody got a copy of the original online sign up page?

If it was not clearly stated in simple language that you are signing up to pay £XXX immediately then it can be thrown out as an unfair contract.

This threatening letter sounds like as big a scam as the original action group.

mystic_trev

dew423o01j wrote: »

My 90 year old father has received the same communication. He can't remember signing up for this (online) although he is certain he didn't send any signed (physical) forms back. Can anyone advise what he should do?

Ask for a copy of what he's supposed to have signed. You could also try contacting the Press. The Telegraph had an article about LAN written by James Quinn and Harry Wilson, last year, they may well be interested!

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8212427/Scrutiny-for-Lloyds-Action-Nows-1m-fund.html