thebillet
Member of DD Central
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Post by thebillet on Aug 26, 2014 8:29:30 GMT
It looks as though those of us with loans to 1** Cal* C**e will see it refinanced this week there is a new entry on the questions thread titled Refinance. I must say it has been an interesting experience to find out what twists and turns have occurred around the monthly repayment date.
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Post by Deleted on Aug 26, 2014 20:20:51 GMT
DISCLAIMER: this is my personal opinion and while I am offering reasons, I am not offering proof. You're big boys and girls and can make up your own minds.
It's an absolute disgrace. I don't blame REBS: they would have worked under the same illusion as all of us, namely that a company up to their necks in government, "living for others" and offering "support" "services" would be a safe bet.
I rejoined this forum precisely to discuss this case and the wider issue it raises, but expect to leave again just as quickly.
I asked one such company whether they did any business with the private sector. The named contact responded saying all of their business was of course commercial and not 'private', presumably meaning he wasn't trading with his personal bank balance, but rather doing it all 'through work'. His role? BUSINESS CONSULTANT.
With the specific company under discussion here, the contact is a 30-year-old director with two 'dormant' companies under his belt already.
Every single time a payment is due, there's excuses: anyone's fault but their own.
But you know what? It got me to thinking: how would someone with the intelligence of a prokaryote end up thinking "I know: I'll go down the peer-to-peer route - that's the way forward when the banks aren't lending"!
And by the way before I answer that rhetorical question, why is a government outsourcer seeking loans in the first place? But you know what? They're not the only ones. ****** were outsourcers too.
I got called "inappropriate" by other lenders for even DISCUSSING the matter of government coming running to us for investment funds while simultaneously pursuing a 2% price-inflation _TARGET_ and setting interest rates so low that even tax-free ISAs represent guaranteed depreciation.
But I digress: why? Why come to us when you're on the gravy train?
BECAUSE SOMEONE SENT OUT A MEMO.
That's my hunch. I can't prove it and I'm not claiming it's a fact. It's a guess: that someone has issued a 'suggestion' to smaller outsourcers to seek funding from more exotic sources in order to reduce their tenders. Bear in mind if the money's coming from the State and they're taking out a loan with the intention of paying it back, this means there's going to be spare profit for us next year this time. Does that sound like ever-shrinking 'efficiency savings' government contracts to you? They're notoriously unrealistic.
My guess is we are topping up short-term outsourcing contracts and Top-Down Dave is laughing all the way to his monopoly paper money bank.
I reiterate, it's not REBS' fault: in a free market economy peer-to-peer lending to business is a HUGE step forward. The interest rates are predominantly honest, the risk awareness is comprehensive and the contact with companies does indeed add the value of 'personal investment'. All that would be wonderful in a free society but we do not live in a free society. We live in the People's Republic Of Gideon and Vince's Lala-Land so of course many of the SMEs out there will be polluted with government involvement. All I'm saying is beware of them: they may very well have been told to seek our funds while actually remaining utterly clueless about money.
(Edited slightly for politeness!)
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Post by Deleted on Aug 28, 2014 10:25:42 GMT
The sell button has disappeared from one of my loan parts today. (A*** C***** A*****).
I discover a note saying -
"The Micro loans for this loan have been suspended from trading as the Applicant will shortly be listing an application to refinance their existing loan. We anticipate the listing to go live in the next few days. "
What effect will this have on my invesment?
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markr
Member of DD Central
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Post by markr on Aug 28, 2014 10:49:41 GMT
When G** P****t M*******t refinanced, a new loan was listed and a "Transfer" button appeared next to the old loan allowing you to move your holding to the new loan.
Note though that transferred funds weren't eligible for the 0.5% cashback so if you are eligible and have spare funds it would be better to invest in the new loan as "new money", then withdraw your repaid funds from the old loan when the new one draws down.
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markdirac
Member of DD Central
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Post by markdirac on Sept 1, 2014 12:42:57 GMT
I hope you don't leave Mr. twadgerbadger2 - you present a refreshingly different perspective on the issues we discuss here.
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Post by Deleted on Oct 16, 2014 21:55:16 GMT
Thanks for your kind words but I get the feeling many people feel threatened by libertarian perspectives. I'm not back properly, just checking up on the situation with another defaulter.
This one though, Last Chance Saloon or whatever their name is, is cause for serious concern. Anyone in the know know anything that's not being said on the site?
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thebillet
Member of DD Central
Posts: 64
Likes: 21
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Post by thebillet on Nov 1, 2014 9:31:24 GMT
August 26th we were promised that it would be complete that week, well it didn't, it completed last night. The updates throughout the period were very few indeed. I saw the thread "Is rebs different" and thought of putting my two pennies worth there but bit my tongue. A real lesson for me with the way we as lenders had very few responses at all to legitimate queries. Indeed there is another late payment loan and a long plea from a lender for answer, none forthcoming and I fear the plea is in vain. I hope rebs proves me wrong.
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Post by twerling on Nov 4, 2014 0:41:59 GMT
Well good job.
I hope the company concerned goes on to prosper. It's still entirely unclear as to why they decided to refinance with a mainstream lender, or rather why they didn't go there in the first place. (My "someone sent a memo" theory still seems pretty plausible actually.)
Wouldn't it have been so much easier for them to either have
- just repaid in a normal fashion
- just gone to the other lender in the first place
or
- kept up communication
instead of playing endless games, going silent, going on the offensive and so on?
Anyway it's done now. If they're genuinely doing good in the world, great. Mod: removed
It feeds into the perennial issue: legality vs morality.
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Post by rugbylad on Nov 4, 2014 16:33:37 GMT
Not been on here for a while, but as a broker (and investor in some P2P platforms) I am intrigued by your "theory".
Often the fact is that it is as simple as us brokers recommend p2p as an alternative to mainstream banks, sometime for short term finance whilst clients qualify for mainstream lending, sometimes because it is a faster, more cost effective method of borrowing. Sometimes because there are no other options.
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Post by twerling on Nov 5, 2014 17:20:12 GMT
Well the people concerned are far too thick to have stumbled across the idea themselves in my humble opinion, so clearly some sort of advice is involved.
Wherever it's coming from it's distasteful and offensive. The State has no business borrowing to run its day-to-day business simply to lie about public spending levels.
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