kaya
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Post by kaya on Dec 13, 2014 18:13:16 GMT
Anyone else going on a bad trip here? Is this loan safe, is it a rip-off, and is a bit of bog really a worthwhile security?
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Post by dodgeydave on Dec 14, 2014 5:34:08 GMT
My opinion is this is a rip off.
From day one it has been excuse after excuse. Rebuilding Society's lack of interest from the start has made my decision not to invest any more money on there platform. At one stage the introducer ( i wont name, and respect to him ) offered to get involved when RBS were burying there heads.
We will see how good the security of first charge on the house is.
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shimself
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Post by shimself on Dec 15, 2014 8:47:25 GMT
Anyone else going on a bad trip here? Is this loan safe, is it a rip-off, and is a bit of bog really a worthwhile security? What's the name of the Borr***r?
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Post by nickrebuildings on Dec 15, 2014 9:42:59 GMT
Sorry dodgeydave, I don't accept that we buried our heads in the sand. We've been constantly chasing the borrower for payment, as evidenced by the updates posted on the loan's discussion forum. Unfortunately, it hasn't been forthcoming but that is not for want of trying and we have engaged a collections agent too. The broker offered to get involved because he cares about the reputation of his clients on the marketplace and we were grateful for that - it wasn't as a result of us failing to take action. I'm not in a position to say whether the loan is good value or not, but potential Micro Loan buyers should read the discussion forums, the financials and the repayment history to make an informed judgement on the level of risk it presents.
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Post by dodgeydave on Dec 16, 2014 3:03:46 GMT
A member asked on this forum why questions were not being answered.
Also a question was asked on the on the 27th of November at 20.15 the reply was recieved 3rd of December at 10.42.
If i could be bothered i suspect i could find other examples.
Of the four payments recieved not one has been on time. And the current one is 22 days late as i write
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Post by ladywhitenap on Dec 16, 2014 10:55:28 GMT
A member asked on this forum why questions were not being answered. Also a question was asked on the on the 27th of November at 20.15 the reply was recieved 3rd of December at 10.42. If i could be bothered i suspect i could find other examples. Of the four payments recieved not one has been on time. And the current one is 22 days late as i write That other member could well have been me. I find that Nick and his team are reasonably responsive when poked via a "contact us" case raised on the website but replies here and in the individual discussion section for each loan the response is slow at best and often ignored. The borrowers are often equally poor. This forum being public does not allow discussion at a detail level about specific loans - understandably to an extent. Rebs needs a global discussion forum with regular participation from their staff where we can stop pussy-footing around and mention borrowers names. We really need to discuss and tighten up on the repayment methods agreed between Rebs and the borrowers so it it very difficult for them to change/delay/stop repayments. Currently all the power seems to reside with the borrowers who seem free to cancel standing orders at will. It appears from the lenders perspective that there is no effective sanction applied to penalise late payment and so borrowers like Mushrooms R us take the proverbial! LW
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kaya
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Post by kaya on Dec 16, 2014 12:14:40 GMT
Anyone else going on a bad trip here? Is this loan safe, is it a rip-off, and is a bit of bog really a worthwhile security? What's the name of the Borr***r? Not sure if it is allowed, for to name them, though why we shouldn't name and shame I don't know. Anyway, just look for the pic of the mushies on the loan exchange.
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Post by nickrebuildings on Dec 16, 2014 13:03:07 GMT
ladywhitenap and dodgeydave As you can imagine, communicating to the satisfaction of everyone is a battle we're unlikely to ever win! However, this is made harder if we're struggling to get answers (or payment) from the borrower. Ultimately we want them to talk to us, explain the situation and pay us - which isn't always easy to do. To avoid posting 'here's an update to say there's no update', we like to post when we have something to say. We don't ignore questions or topics - sometimes there are duplicates that we miss when replying to others or we will post a statement covering several questions. It just isn't practical for us as a growing company to reply individually to everything all the time, unfortunately. I can only apologise for that. We act straight away when a payment is missed and there are penalties for late payment, which we are starting to enforce. This is an administration cost of ours as we work to recover the payment on your behalf. You're right, a mail to us directly is more likely to get a faster response and that is our preference - we don't have an SLA for the independent forum. I get daily updates on this thread so I or other members of the team will reply where we have an update. In this case, I can only ask for your patience while we recover the payment and seek a proper explanation. We decided to go for the independent forum rather than a hosted one on our platform so it could be public and attract new members. Including another one on our site would mean there are 4 places to field questions about the same thing (loan questions, customer support mail, new forum and independent forum) which would give us even less chance of responding, so that's out for the moment I'm afraid. If either of you are in the Leeds or London areas any time soon I will gladly buy you a coffee to explain how we're trying hard to keep everyone happy, and we're introducing new resource to customer relations in the New Year. Sorry for the lengthy update - we really do value you as lenders - I just want to manage your expectations. Oh, and you can call the office too!
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kaya
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Post by kaya on Dec 16, 2014 13:32:09 GMT
Well, some people go on the magic mushies to get in touch with reality, or something. Right now, I'm getting a vision of 5 years of timely payments up ahead. Am I hallucinating?
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Dec 16, 2014 14:16:39 GMT
Well, some people go on the magic mushies to get in touch with reality, or something. Right now, I'm getting a vision of 5 years of timely payments up ahead. Am I hallucinating? Ah, but it pays to be careful with mushrooms just in case they turn out to be poisonous toadstools. Always do a thorough DD with what you think might be mushrooms, magic or otherwise!
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kaya
Member of DD Central
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Post by kaya on Dec 18, 2014 16:29:13 GMT
Thanks, Rebs, for the on-site update. Having read through the profile again, I find it very surprising, if indeed they are being honest here, that the borrowers are taking this course, and a robust plan of action is the only way. If I was over in Ireland I would pop in and ask them nicely what they were about. Hope no-one loses out. Should have followed my own rule of never lending to anything to do with farming.
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Post by ladywhitenap on Dec 19, 2014 17:29:00 GMT
Well this possible "bad trip" has ended successfully with the payment made by the borrower today.
We are of course less than a week away from the December payment falling due (24th Dec) so it will be interesting to see what happens then.
LW
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ianb
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Post by ianb on Dec 19, 2014 19:12:10 GMT
Well this possible "bad trip" has ended successfully with the payment made by the borrower today. We are of course less than a week away from the December payment falling due (24th Dec) so it will be interesting to see what happens then. LW Bloody hell, i never thought i'd see that payment come in. Only 55 to go !
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Post by ladywhitenap on Dec 21, 2014 9:01:56 GMT
Well this possible "bad trip" has ended successfully with the payment made by the borrower today. We are of course less than a week away from the December payment falling due (24th Dec) so it will be interesting to see what happens then. LW Bloody hell, i never thought i'd see that payment come in. Only 55 to go ! Well it is the season for stars in the east and other related miracles! LW
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Post by dodgeydave on Dec 21, 2014 12:04:10 GMT
Miracles do happen
Now REBS have the attention of the lender. They need to stop pussy footing around and get this sorted out once and for all
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