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Post by gramsky on Aug 3, 2023 7:22:58 GMT
According to auctioneer's website the property has been withdrawn from the auction today (3 August). No explanation from LLI.
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Post by Ace on Aug 3, 2023 7:32:15 GMT
According to auctioneer's website the property has been withdrawn from the auction today (3 August). No explanation from LLI. The optimist in me says that that is probably good news.
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Post by overthehill on Aug 3, 2023 12:31:00 GMT
According to auctioneer's website the property has been withdrawn from the auction today (3 August). No explanation from LLI. The optimist in me says that that is probably good news. Partial repayment and overdue interest paid. Have other P2P companies heard of auctions as leverage ?!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,870 
Likes: 11,097
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Post by ilmoro on Aug 3, 2023 13:19:04 GMT
The optimist in me says that that is probably good news. Partial repayment and overdue interest paid. Have other P2P companies heard of auctions as leverage ?! Yes, there is at least one loan on AC currently, & IIRC a couple of success previously, where receivers have been appointed (which is where the actual leverage comes from as they have the power to auction) and are looking to achieve a consensual exit with the borrower. The question is the cost of the leverage ... need to achieve 8-10% over capital to avoid a loss from a 'distressed' sale after fees/costs, more for interest. Its a risk, one that rarely pays off. Relies heavily on the judgement/skill of platform to gauge borrowers attitude/mind, quality of asset.
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Post by filip1 on Aug 3, 2023 19:49:36 GMT
Strategy was rather simple. The borrower was dishonest and when they are, we'll pursue security without any excuses. We do of consider value of the security vs debt or it would be reckless (but then again, you should probably not lend on these cases to begin with or it will complicate matters substantially when you find out that the borrower is not aligned, it has sadly happend to us a few times).
It became clear that the borrower had strong connection/affinity to security, due to various reasons, which they showed by their recent action.
Hopefully, they will now realise that we do not take their obligations, or our responsibilities to the lenders, lightly and find a good exit for all parties.
With that said, there are plenty of dishonest borrowers, with no affinity to the security, which is much more problematic when it comes to enforcement.
And if the management of a platform itself is dishonest, and therefore lack a "dishonesty radar",it is likely that it will not end well.
Filip
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Post by gramsky on Nov 7, 2023 18:59:23 GMT
House was due to go to auction tomorrow, but has been withdrawn yet again.
How long before LLI give us an update?
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Post by filip on Nov 8, 2023 9:36:30 GMT
Thanks gramsky . Repaid in full including all accrued default interest. Filip |
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lofty
Posts: 101
Likes: 104
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Post by lofty on Nov 8, 2023 10:48:45 GMT
A really good outcome.
Why all the faff with in and out with auctions, drips and drab payments I guess we'll never know because of client confidentiality, but a happy ending for investors which should be applauded - especially considering what's happened on a number of other platforms.
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Post by gramsky on Nov 8, 2023 11:33:44 GMT
A really good outcome. Why all the faff with in and out with auctions, drips and drab payments I guess we'll never know because of client confidentiality, but a happy ending for investors which should be applauded - especially considering what's happened on a number of other platforms. I would think "drip and drab payments" were all the borrower could afford to keep the property from being auctioned until they refinanced the loan. I was not worried about getting my money back, but the delay affected the liquidity of my account preventing me reinvesting in new loans. All worked out OK in the end.
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