Mousey
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Post by Mousey on Jan 22, 2020 23:04:46 GMT
I took a moment to remind myself of comments made by a Master of the High Court in 2013 regarding our borrower: "He made allegations to advance his case which were at times bereft of substance".
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upland
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Post by upland on Jan 23, 2020 6:59:47 GMT
I just want unbolted to claim all costs and expenses against the borrower I would like Unbolted to go after the borrower for their commercial loss and damage to their business.
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Post by spareapennyor2 on Jan 23, 2020 9:35:30 GMT
has any presentation / judgement been made to the basis of his claims of misleading actions contrary to the
Consumer Protection from Unfair Trading Regulations 2008
if dismissed would that null /void a claim on damages/relief which appears to be his main action?
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sd2
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Post by sd2 on Jan 23, 2020 11:00:09 GMT
I just want unbolted to claim all costs and expenses against the borrower I would like Unbolted to go after the borrower for their commercial loss and damage to their business. I would like them to hire a sniper Joking moderators ?
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michaelc
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Post by michaelc on Jan 23, 2020 16:22:04 GMT
If Unbolted continue as they have been in fighting this borrower and do so until the pips squeak, I would be much more likely to continue and maybe even increase my investments with them.
Platform reputation means everything right now, and Unbolted have the chance to spend a little and increase theirs even further.
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kaya
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Post by kaya on Jan 25, 2020 11:10:16 GMT
Personally I am of the opinion that this matter is wholly between Unbolted and the borrower. Lenders did not/would not invest on such loans if they knew such - so far just threats - things could happen. We invest to make a return, we risk our capital - and that is all. The right thing for Unbolted to do is to take on the debt themselves. Why have they not done this? Because they do not want to risk the loss. They want us to risk the loss. But this has gone way beyond that. I call on Unbolted to return all lender capital - no interest - and transfer our names wholly out of this matter. Would there be any legal reason why they cannot to this?
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Greenwood2
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Post by Greenwood2 on Jan 25, 2020 12:49:49 GMT
Personally I am of the opinion that this matter is wholly between Unbolted and the borrower. Lenders did not/would not invest on such loans if they knew such - so far just threats - things could happen. We invest to make a return, we risk our capital - and that is all. The right thing for Unbolted to do is to take on the debt themselves. Why have they not done this? Because they do not want to risk the loss. They want us to risk the loss. But this has gone way beyond that. I call on Unbolted to return all lender capital - no interest - and transfer our names wholly out of this matter. Would there be any legal reason why they cannot to this? Wasn't there an FCA rule that platforms are not allowed to lend on their own platforms?
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IFISAcava
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Post by IFISAcava on Jan 25, 2020 12:53:51 GMT
Personally I am of the opinion that this matter is wholly between Unbolted and the borrower. Lenders did not/would not invest on such loans if they knew such - so far just threats - things could happen. We invest to make a return, we risk our capital - and that is all. The right thing for Unbolted to do is to take on the debt themselves. Why have they not done this? Because they do not want to risk the loss. They want us to risk the loss. But this has gone way beyond that. I call on Unbolted to return all lender capital - no interest - and transfer our names wholly out of this matter. Would there be any legal reason why they cannot to this? Wasn't there an FCA rule that platforms are not allowed to lend on their own platforms? Yes, and I remember UB saying that they weren't able to take on the debt from lenders. At the end of the day, we have a loan contract and you cant unilaterally change it. EDIT: although you can sell the debt I suppose, so some way of us selling our debt to a third party that isn't UB might work, no?
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alanh
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Post by alanh on Jan 25, 2020 12:57:13 GMT
Lets not forget there is virtually zero chance of anything coming of this. The borrower is just using any stalling tactic possible to avoid having to pay up, as he has done in the past. It appears that the hearing in March is going to be the last time he can try and do this kind of thing. That should then allow the underlying assets to be disposed of and lenders money returned (hopefully with a large amount of interest given the usually conservative valuations used by UB).
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 25, 2020 13:08:36 GMT
Personally I am of the opinion that this matter is wholly between Unbolted and the borrower. Lenders did not/would not invest on such loans if they knew such - so far just threats - things could happen. We invest to make a return, we risk our capital - and that is all. The right thing for Unbolted to do is to take on the debt themselves. Why have they not done this? Because they do not want to risk the loss. They want us to risk the loss. But this has gone way beyond that. I call on Unbolted to return all lender capital - no interest - and transfer our names wholly out of this matter. Would there be any legal reason why they cannot to this? Depends on their regulatory permissions. They may be prohibited from taking such liabilities onto their balance sheet if it could impact on platform financial stability. Might be the option for a group or associated entity to take the liability (not familiar with structure).
Edit. Seem to have crossed with several
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sd2
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Post by sd2 on Jan 25, 2020 15:48:47 GMT
Personally I am of the opinion that this matter is wholly between Unbolted and the borrower. Lenders did not/would not invest on such loans if they knew such - so far just threats - things could happen. We invest to make a return, we risk our capital - and that is all. The right thing for Unbolted to do is to take on the debt themselves. Why have they not done this? Because they do not want to risk the loss. They want us to risk the loss. But this has gone way beyond that. I call on Unbolted to return all lender capital - no interest - and transfer our names wholly out of this matter. Would there be any legal reason why they cannot to this? Wasn't there an FCA rule that platforms are not allowed to lend on their own platforms? Both Ratesetter and growth street took on the bad debt of the large defaulted loans. No reason why unbolted can't If they are claiming they can't, They are tell whoppers.
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archie
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Post by archie on Jan 25, 2020 16:40:23 GMT
Both Ratesetter and growth street took on the bad debt of the large defaulted loans. No reason why unbolted can't If they are claiming they can't, They are tell whoppers. They said there wasn't time before the court case to get their regulatory permissions altered to be able to take on the debt.
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sd2
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Post by sd2 on Jan 25, 2020 17:18:14 GMT
If you think about how long this has been going on? I can't see why they couldn't have applied by now. Just because the court case has started. If it is because the court case has started they need to provide a statement saying they have applied for permission since the court case started. I personally think as many do that he is chancer and bully boy and has little chance of winning..... hopefully we are right!
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sd2
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Post by sd2 on Jan 25, 2020 17:20:16 GMT
Wouldn't it be nice to know exactly what he is claiming is illegal?
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Mousey
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Post by Mousey on Jan 25, 2020 17:21:56 GMT
Wouldn't it be nice to know exactly what he is claiming is illegal? I posted a snippet previously in this thread.
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