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Post by luckyescape on Jun 22, 2023 17:40:41 GMT
Just out of interest, did the unsecured VIP loan (approx £50k) get recovered in the end?
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mah
Member of DD Central
Posts: 328
Likes: 365
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Post by mah on Jun 24, 2023 11:38:27 GMT
If u r talking about the Reading House - NO - Total Write Off :-(
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Post by df on Jun 24, 2023 13:10:37 GMT
If u r talking about the Reading House - NO - Total Write Off :-( I think it is about the unsecured loan to high-net-worth individual which was literally unsecured (i.e. no asset, not even a made-up one, no PG - nothing).
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Post by beepbeepimajeep on Jun 24, 2023 13:13:52 GMT
If u r talking about the Reading House - NO - Total Write Off :-( I don't think thats the correct loan OP is talking about. Just out of interest, did the unsecured VIP loan (approx £50k) get recovered in the end? I was in it for two rounds, originally £90k approx and then £50k approx. I left it after that as was lessening my exposure to FS. It was a good loan for those two, I was in. Paid 15% and whoever it was decreased the capital each time clearly trying to do the right thing. I dont know if it ended up defaulting after that.
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Post by df on Jun 24, 2023 21:56:18 GMT
If u r talking about the Reading House - NO - Total Write Off :-( I don't think thats the correct loan OP is talking about. Just out of interest, did the unsecured VIP loan (approx £50k) get recovered in the end? I was in it for two rounds, originally £90k approx and then £50k approx. I left it after that as was lessening my exposure to FS. It was a good loan for those two, I was in. Paid 15% and whoever it was decreased the capital each time clearly trying to do the right thing. I dont know if it ended up defaulting after that. IIRC it was 15%, more than any other FS loan. At the time I invested in every single loan, but didn't go for this one.
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Post by luckyescape on Jun 24, 2023 23:55:16 GMT
It was indeed. Seems like a “mystery” borrower to an unsecured loan was ironically the most transparent and honest listing in FS history!
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Post by luckyescape on Jun 24, 2023 23:55:55 GMT
If u r talking about the Reading House - NO - Total Write Off :-( How on earth was that a write off?!
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r1200gs
Member of DD Central
Posts: 1,336 
Likes: 1,883
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Post by r1200gs on Jun 25, 2023 10:43:08 GMT
If u r talking about the Reading House - NO - Total Write Off :-( How on earth was that a write off?! I could be wrong (so many loans, so many years) but I suspect this was one where they failed to properly secure the security, so they simply let the borrower keep the money and property.
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mah
Member of DD Central
Posts: 328
Likes: 365
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Post by mah on Jun 25, 2023 19:08:27 GMT
Yes, the Documentation wasn't proper or non-existent. In short, they gifted the Money to RL without Registering any Security against the Loan. So, the Admins wrote it off saying 'No Prospect of Recovery'. Hope they report it to the Authorities, as is required under any Administration.
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Post by df on Jun 25, 2023 21:09:22 GMT
It was indeed. Seems like a “mystery” borrower to an unsecured loan was ironically the most transparent and honest listing in FS history! What happened to it, did the mystery borrower repaid?
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