jlend
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Post by jlend on Jun 20, 2018 7:07:50 GMT
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sussexlender
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Cheat seeking missile
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Post by sussexlender on Jun 20, 2018 8:11:32 GMT
Thanks for this link. Regards, SXLR
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reinvestor
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Post by reinvestor on Jun 20, 2018 8:29:07 GMT
That £30m will just about cover the losses from Veh**** Cr**** Limited who owe them £35m and whose accounts were due to be filed on 31st December 2017 and still haven't been filed.
Good work Ratesetter
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jlend
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Post by jlend on Jun 20, 2018 16:09:50 GMT
That £30m will just about cover the losses from Veh**** Cr**** Limited who owe them £35m and whose accounts were due to be filed on 31st December 2017 and still haven't been filed.
Good work Ratesetter My understanding is that the 35m you mention is the car loans that ratesetter say are being paid back by borrowers in line with expectations. They also said "These portfolios are expected to generate sufficient interest throughout their lifetime to repay these wholesale loans in full." The loan to the advertising company that RS is covering has been completely written off in the RS accounts. It would be interesting to hear from RS what they will be using the money for. They usually post a blog entry once a funding round has been completed.
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reinvestor
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Post by reinvestor on Jun 20, 2018 16:33:08 GMT
I don’t believe that the car loans are being paid back on time. The business model that VC were copying was that of the Car Finance Company. In car trackers / immobilisers that prevent the vehicle from starting if the client doesn’t make their monthly payment. It hasn’t exactly worked out well for The Car Finance Company thanks to plenty of videos on YouTube of how to deactivate the device. www.thetimes.co.uk/article/uncertainty-over-future-of-car-finance-company-s0gs9t2nt
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reinvestor
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Post by reinvestor on Jun 20, 2018 16:36:06 GMT
Additionally, the accounts being 6 months late is never a good sign.
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jlend
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Post by jlend on Jun 20, 2018 16:49:35 GMT
I don’t believe that the car loans are being paid back on time. The business model that VC were copying was that of the Car Finance Company. In car trackers / immobilisers that prevent the vehicle from starting if the client doesn’t make their monthly payment. It hasn’t exactly worked out well for The Car Finance Company thanks to plenty of videos on YouTube of how to deactivate the device. www.thetimes.co.uk/article/uncertainty-over-future-of-car-finance-company-s0gs9t2ntYep, you may be right, i havent heard either way. At the moment any defaults of the car loans are being covered by the PF we were told and would not be covered by RS. Of course they could change their mind and use this new equity in this way
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jlend
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Post by jlend on Jun 20, 2018 16:56:46 GMT
Additionally, the accounts being 6 months late is never a good sign. Yep never good
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jlend
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Post by jlend on Jun 20, 2018 17:12:11 GMT
I don’t believe that the car loans are being paid back on time. The business model that VC were copying was that of the Car Finance Company. In car trackers / immobilisers that prevent the vehicle from starting if the client doesn’t make their monthly payment. It hasn’t exactly worked out well for The Car Finance Company thanks to plenty of videos on YouTube of how to deactivate the device. www.thetimes.co.uk/article/uncertainty-over-future-of-car-finance-company-s0gs9t2ntI have emailed RS to ask why the accounts are late and if there is a problem with the wholesale loan repaying I will post any response i get back.
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jlend
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Post by jlend on Jun 20, 2018 19:11:22 GMT
Just looking back at their other funding rounds. They raised 13m in their last equity round in May 2017. That took their total to 40m.
So another 30m, if true, is a big jump up to fund something.
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reinvestor
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Post by reinvestor on Jun 20, 2018 20:19:41 GMT
Look at the timing between the last round of funding and the “borrower intervention bombshell” thread and look at the amount raised then in terms of the £12m A*P** loan write off. Now look at the amount they are looking to raise now and the amount owed by VC..... In May last year they said the funding was “preparing them for floating” the same is being said for this round of funding. Last year’s funding: www.google.co.uk/amp/s/amp.ft.com/content/812644cc-4532-11e7-8d27-59b4dd6296b8Woodford used to be so good at what he did. He has lost it now. He might have really messed up with Ratesetter. Edit: that is an FT subscription link. Sorry I can’t find one that isn’t.
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jlend
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Post by jlend on Jun 20, 2018 21:34:03 GMT
Look at the timing between the last round of funding and the “borrower intervention bombshell” thread and look at the amount raised then in terms of the £12m A*P** loan write off. Now look at the amount they are looking to raise now and the amount owed by VC..... In May last year they said the funding was “preparing them for floating” the same is being said for this round of funding. Last year’s funding: www.google.co.uk/amp/s/amp.ft.com/content/812644cc-4532-11e7-8d27-59b4dd6296b8Woodford used to be so good at what he did. He has lost it now. He might have really messed up with Ratesetter. Edit: that is an FT subscription link. Sorry I can’t find one that isn’t. Yep, there is plenty of info on the last equity round including in the RS accounts hence why i thought the skynews story was interesting and worth posting. ...i am sure we will find out soon enough what plans RS have going forward.
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reinvestor
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Post by reinvestor on Jul 16, 2018 7:52:46 GMT
I don’t believe that the car loans are being paid back on time. The business model that VC were copying was that of the Car Finance Company. In car trackers / immobilisers that prevent the vehicle from starting if the client doesn’t make their monthly payment. It hasn’t exactly worked out well for The Car Finance Company thanks to plenty of videos on YouTube of how to deactivate the device. www.thetimes.co.uk/article/uncertainty-over-future-of-car-finance-company-s0gs9t2ntI have emailed RS to ask why the accounts are late and if there is a problem with the wholesale loan repaying I will post any response i get back. jlend,
Did you get a response from RS about this?
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jlend
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Post by jlend on Jul 16, 2018 8:41:31 GMT
I have emailed RS to ask why the accounts are late and if there is a problem with the wholesale loan repaying I will post any response i get back. jlend,
Did you get a response from RS about this?
No response. The original reply with the standard massage said there would be a reply in 5 days or sooner. I have re prompted them. I see the accounts have still not been posted at companies house.
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reinvestor
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Post by reinvestor on Jul 16, 2018 9:44:38 GMT
Thanks.
I'm not sure at what stage they start the striking off procedure but it can't be long from now. Accounts were due 31st December!!
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