spyrogyra
Member of DD Central
Posts: 386 
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Post by spyrogyra on Jul 20, 2014 19:34:56 GMT
No information on this loan for too long. Since trading loan parts are currently permitted, will FK consider a more detailed update, including 2014 filed accounts and current balance sheet. Is the borrower easy to contact or refusing to provide more information about the last CCJ ?
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Post by martin on Jul 21, 2014 11:04:13 GMT
Hi Spyro
It would be fair to say that we absolutely share your frustrations with this borrower, who sadly over the past few months has proven to be difficult to contact and required constant chasingregarding repayments - as evidenced by the numerous updates since the turn of the year. We have requested updates regarding the CCJ's and also for up-to-date financial information to share with lenders, which has as-yet not been forthcoming (with the borrowers FYE being January - and the business being below audit threshold - we would probably expect the FYE 2014 accounts to be filed September/October). However with the repayments (eventually) arriving each month, we of course wish to make sure lenders continue to receive money back, and whilst it has been somewhat staccato over the past few months, payments have ultimately come back to lenders.
The recent charge taken by an Invoice Finance business may point to some improvement in liquidity in the coming weeks & months - and as a slight aside, the FK team also have significant sumsinvested in this loan - as we do for all of our borrowers. Therefore we absolutely share your financial risk here. We will continue to chase this borrower, and as always provide you with any information we are able to obtain - and it's a real shame that the minority absorb so much time and effort.
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