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Post by nooneere on Oct 11, 2019 19:40:44 GMT
But he only needs to find 3K ? Doesn't sound like a lot for someone in his position. The orders for costs of £42,500 and £4,000 will still stand after the £3,000 payment presumably dependant on the pending sale of the land in Wales.
If a subsequent order was made requiring him to pay the debt off and that order was breeched then that would have serious consequences. One might consider that if the claims fail then the prospects for full recovery of capital and interest to be quite high.
From the lenders' standpoint full recovery of capital should not be in doubt, win or lose in court, because these are UB 'Provision Trust' loans. Assuming, obviously, the PT is sufficient - but as UB previously considered reimbursing the lenders I would imagine this to be the case. If the claims fail then an auction sale of the assets is surely the likely outcome, as the borrower seems unable to easily raise only £50K in legal payments. This is all desperate stuff from his evident financial position as the legal costs escalate. But I am going to be restrained in comments now that this is going ahead in court.
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Mousey
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Post by Mousey on Oct 28, 2019 10:51:12 GMT
The defence is now available for purchase but it's a whopping £44. Suitably motivated investors who wish to stump up such an amount can contact me and I'll be happy to provide details of how to access it.
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dermot
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Post by dermot on Oct 29, 2019 13:53:11 GMT
The defence is now available for purchase but it's a whopping £44. Suitably motivated investors who wish to stump up such an amount can contact me and I'll be happy to provide details of how to access it. Thanks, but I'll pass - unless a dozen of us wish to split the cost!
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Mousey
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Post by Mousey on Oct 29, 2019 14:52:15 GMT
The price of the defence has been updated so I've now obtained a copy.
The defence states the amounts outstanding as of 25th October 2019 is £194,936.87
Having reviewed both the Claims and the Defence it would some of the claims are rather ambitious.
For instance:
Paragraph 55 of the POC claims that a loan agreement document was made available to the claimant on 20th Dec 2017 and subsequently signed on 9th January 2018. He alleges that interest was mistakenly charged from the earlier date and he should be entitled to compensation for the same as Open Access have been "unjustly enriched".
Conveniently he fails to mention that the loan agreement actually refers to a loan renewal and so interest would be accruing in any respect.
Open Access do admit to a number of loans where interest was charged no less that 2-days-prior to the sums being advanced. The grand-total of this is £15.70. Not worth going to the High Court over methinks.
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Post by nooneere on Oct 29, 2019 18:22:09 GMT
The price of the defence has been updated so I've now obtained a copy.
The defence states the amounts outstanding as of 25th October 2019 is £194,936.87
Having reviewed both the Claims and the Defence it would some of the claims are rather ambitious.
For instance:
Paragraph 55 of the POC claims that a loan agreement document was made available to the claimant on 20th Dec 2017 and subsequently signed on 9th January 2018. He alleges that interest was mistakenly charged from the earlier date and he should be entitled to compensation for the same as Open Access have been "unjustly enriched".
Conveniently he fails to mention that the loan agreement actually refers to a loan renewal and so interest would be accruing in any respect.
Open Access do admit to a number of loans where interest was charged no less that 2-days-prior to the sums being advanced. The grand-total of this is £15.70. Not worth going to the High Court over methinks. What is he asking for if he wins?
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sd2
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Post by sd2 on Oct 30, 2019 13:06:25 GMT
The price of the defence has been updated so I've now obtained a copy.
The defence states the amounts outstanding as of 25th October 2019 is £194,936.87
Having reviewed both the Claims and the Defence it would some of the claims are rather ambitious.
For instance:
Paragraph 55 of the POC claims that a loan agreement document was made available to the claimant on 20th Dec 2017 and subsequently signed on 9th January 2018. He alleges that interest was mistakenly charged from the earlier date and he should be entitled to compensation for the same as Open Access have been "unjustly enriched".
Conveniently he fails to mention that the loan agreement actually refers to a loan renewal and so interest would be accruing in any respect.
Open Access do admit to a number of loans where interest was charged no less that 2-days-prior to the sums being advanced. The grand-total of this is £15.70. Not worth going to the High Court over methinks. What is he asking for if he wins? £15.70.........plus interest
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Mousey
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Post by Mousey on Oct 30, 2019 13:14:55 GMT
Given the increasing size of the award I googled the defendant's name and bankruptcy. There is at least one result - but it's not clear if it is linked, seems possible given the profession?
He appears to have been declared bankrupt on Jan 15th 2000. I'll post my source in DDC
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Post by nooneere on Oct 30, 2019 18:38:10 GMT
This is SO dangerous in the borrower's position. I note that over on The London Loan thread the borrower had a High Court application refused last week, and for the trouble she has to pay the other parties' costs of £25K. Our man has already had one set of costs awarded against him and now, even though representing himself, he might get more of UB's costs. I think there is more than just his financial state that is awry.
I am sure we're all 100% behind UB but how did they loan someone like this so much money?
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Ukmikk
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Post by Ukmikk on Oct 30, 2019 18:44:15 GMT
I am sure we're all 100% behind UB but how did they loan someone like this so much money? Hopefully lesson learned.
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drgonzo
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Post by drgonzo on Oct 30, 2019 21:59:01 GMT
With at least two previous bankruptcies under his belt, I'm sure a man of his experience knows how to "protect" any assets should his latest ill-conceived legal action not yield the desired outcome... he really should find himself a better solicitor.
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marka
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Post by marka on Oct 31, 2019 7:47:14 GMT
I am sure we're all 100% behind UB but how did they loan someone like this so much money? Because he put up appropriate collateral. If there wasn't something amiss about him or his finances he would have gone to a mainstream lender.
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sd2
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Post by sd2 on Oct 31, 2019 10:56:30 GMT
That's it, I started this thread but I have decided to start reinvesting. Put a £1000 of my easily earned money in. I would appreciate if others didn't follow my lead so I can getting a bigger share of the loans.... please.
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sd2
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Post by sd2 on Oct 31, 2019 11:02:42 GMT
I am sure we're all 100% behind UB but how did they loan someone like this so much money? Because he put up appropriate collateral. If there wasn't something amiss about him or his finances he would have gone to a mainstream lender. That could be said about all of the lenders on unbolted. Judging by the defaults most of them can't go to mainstream lenders? In fact they should be going to p2p like ratesetter borrowing more than they need (to get a lower interest rate) and paying it back early (part at least). Although there is a view that some are asset rich an income poor therefore they may struggle to get a loan.....supposedly.
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picnicman
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Post by picnicman on Oct 31, 2019 11:10:23 GMT
That's it, I started this thread but I have decided to start reinvesting. Put a £1000 of my easily earned money in. I would appreciate if others didn't follow my lead so I can getting a bigger share of the loans.... please. sd2 - in....out........ in - look forward to you shaking it about!! Seriously though, genuinely interested in what is the reason behind your decision - whilst it looks promising, you never know. I never left, but have moved to business loans only as I have control over what I invest in. I know they are not protected, but they are no different to other platform loans and at least UB have the assets secured/with valuations being good/sales avenues being good based on the very small number/value of losses arising from sale on default. Cheers P
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Post by nooneere on Oct 31, 2019 18:12:19 GMT
I never left, but have moved to business loans only as I have control over what I invest in. I know they are not protected, but they are no different to other platform loans and at least UB have the assets secured/with valuations being good/sales avenues being good based on the very small number/value of losses arising from sale on default. Cheers P Exactly the same myself
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