michaelc
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Post by michaelc on Mar 23, 2024 21:08:30 GMT
Not sure what the point is here. Somo are lending business, they lend money, some of this lending they move on via assignment to lenders via the platform, some is their own book (No regulatory issues as they aren't P2P) Yes, these are related party loans but is there any evidence they aren't on commercial terms ( they are not director loans) if that actually matters. Have these loans been assigned to lenders without full disclosure? I note that some of the lending is by related parties to or through the platform.I note another, fully regulated, platform has also made related party loans (declared in the accounts) so not unique to Somo. One of the many hundreds of loans over several platforms I got involved with was a grand lent on a house in Reading. To be clear it wasn't Somo. But after I'd lent that, it turned out I'd "lent" (actually given) the cash to the wife of the bloke running the p2p business. I did all the checks (due diligence as some call it) on the property but was not told who the borrower was. That's some "transparency" right there. The FCA need to clean up the entire social money lending arena before I risk a penny more. What confidence do we as lenders have that our cash is routed through to where a given platform says it is? Considering the fantastically high level of platform failure/fraud rates in the sector I would say very little.
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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 Mar 24, 2024 1:05:57 GMT
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Post by scotty on Mar 24, 2024 9:51:50 GMT
Erm, all these vague aspersions, has very similar vibes to a previous poster.
A quick review of the style of seisman's posts convinces me that we are dealing with the same person.
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keitha
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Post by keitha on Mar 24, 2024 10:36:56 GMT
and how would SoMo get your email address, it's hidden on these boards, I can PM you or others but can't email people. Had your board name been Augustus.Zaffinton it might be guessable if you use gmail, outlook.com etc but certainly not if you are Aug.Zaff@zaff.com. If you think that SoMo have searched the database of lenders to find you and issue threats that would be a breach of DPA / GDPR as they certainly won't have declared that "we will use customer data to threaten anyone who disses us online"
These and other boards are read by a small number of people, and the sub boards by even less.
£20k for legal action you have to be joking, I spent more than that on a relatively simple case in the lower courts, high court you are looking at £20,000 a day per representative ie lead and junior counsels.
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Greenwood2
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Post by Greenwood2 on Mar 24, 2024 12:39:29 GMT
and how would SoMo get your email address, it's hidden on these boards, I can PM you or others but can't email people. Had your board name been Augustus.Zaffinton it might be guessable if you use gmail, outlook.com etc but certainly not if you are Aug.Zaff@zaff.com. If you think that SoMo have searched the database of lenders to find you and issue threats that would be a breach of DPA / GDPR as they certainly won't have declared that "we will use customer data to threaten anyone who disses us online" These and other boards are read by a small number of people, and the sub boards by even less. £20k for legal action you have to be joking, I spent more than that on a relatively simple case in the lower courts, high court you are looking at £20,000 a day per representative ie lead and junior counsels. We already know eachother with them Keitha. We are in direct contact with them regarding a loan given to someone I know. They are in dispute which I though that it was resolved as they received %56 of the loan and remainig was scheduled to be repaid upon agreed terms. However, the dispute is now going to court, unnecssarily. However, looking at the facts that the way they handle the dispute, I just had doubts about 8 months ago and they are not satissfied. Since, then I read every single post almost on all platforms and delved in to their background and talked to some other borrowers and lenders. Thus, I have some questions besides the answers that I found. But how would they know your user name on here? Your posts could be from any unhappy borrower (and you're not even a borrower), you've been vague enough!
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iRobot
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Post by iRobot on Mar 24, 2024 12:41:00 GMT
and how would SoMo get your email address, it's hidden on these boards, I can PM you or others but can't email people. Had your board name been Augustus.Zaffinton it might be guessable if you use gmail, outlook.com etc but certainly not if you are Aug.Zaff@zaff.com. If you think that SoMo have searched the database of lenders to find you and issue threats that would be a breach of DPA / GDPR as they certainly won't have declared that "we will use customer data to threaten anyone who disses us online" These and other boards are read by a small number of people, and the sub boards by even less. £20k for legal action you have to be joking, I spent more than that on a relatively simple case in the lower courts, high court you are looking at £20,000 a day per representative ie lead and junior counsels. We already know eachother with them Keitha. We are in direct contact with them regarding a loan given to someone I know. They are in dispute which I though that it was resolved as they received %56 of the loan and remainig was scheduled to be repaid upon agreed terms. However, the dispute is now going to court, unnecssarily. However, looking at the facts that the way they handle the dispute, I just had doubts about 8 months ago and they are not satissfied. Since, then I read every single post almost on all platforms and delved in to their background and talked to some other borrowers and lenders. Thus, I have some questions besides the answers that I found.Then please ask direct questions and you may get useful answers. At the moment your questions are equal part suggestive hyperbole and rhetoric rather than a clearly expressed question. It feels like the more I read, the less I understand. One minute Zaff is being threatened with court the next court proceedings are already underway. (Not necessarily the same party, of course. Who knows. Perhaps zaff can clarify?) One last comment / suggestion from me, zaff - have you considered approaching Mousey ? Mousey loves a good P2P court-based drama and his extensive knowledge and insights might prove invaluable if you do actually have a credible path to follow. His reach (via his blog) and ability to sort the wheat from the chaff in this area must be amongst the best available.
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Post by meta53 on Mar 24, 2024 19:48:04 GMT
I agree, I am not sure how the other folks in here follow the Somos' business practice. The investers belame borrowers and that might be true in some cases. What would they think if they knew that there are borrowers agreeing to pay the loan despite the extensive default charges and the rates and requesting a redemption statement which is ignored behind poorly drafted lies in writing. Have they ever truely checked Soomos' company formation and its' ties? I have been searching Somo and their peoples' background inline with their contunious out of order business practice for some time besides, I know that I am not the only one. I actually didn't have time to spend for them but, it's coming to a point that they really, really need! someone to gather all the evidences spread throughout the country in many devestated homes, encourage people to seek for their rightfull losts, arrange the funds (the easiest part) for a proper show. I feel that they are already aware something big is coming on them as long as they insist on moving things in this way. I would love to tell more but I can't now, not yet. Maybe, things will get where they are supposed to within their natural cause. Who knows? Let's break this down... and Do you have any figures? An estimate of how many defaulting Borrowers have ignored when it comes to redemption statements? (You will know this, but others may not, so for context SoMo have some 1,350 closed loans and of the c. 450 live loans, around 150 are out of Term. Therefore, there are potentially 1,500 loans against which a defaulted Borrower may have had a request for a redemption statement ignored.) As for the " despite the extensive default charges and the rates" are those charges and fees not wholly outlined in the Loan Agreement? If so, would you agree that Borrowers are aware of what to expect should they breach the terms outlined in the Loan Agreement? And from the Borrowers' FAQ, SoMo appear to insist on the Borrowers engaging legal representation prior to signing the Loan Agreement. If that is the case, any irregularities with the Loan Agreement would presumably be picked up and highlighted by the Borrowers' solicitors. Or are you suggesting that SoMo unilaterally vary the terms of the Loan Agreement once the Borrower has defaulted? If so, then it should be a (comparatively) simple case for the Borrowers' appointed legal reps to put a stop to such practices. (Regulated loans or not, contract law relating to variations is quite clear when it comes to protecting either party in a contract.) And if that had happened, I would there would be evidence of SoMo being taken to task through the Courts by irate Borrowers who know the law is on their side. Is there any? I've not been able to find anything. Why? What would they find? Where are things " supposed to be"? SoMo have been undertaking bridging loans since 2014, as far as I can see. My opinion would have to be that either: a) they've been 'getting away with it' for 10 years or so, or b) they're not doing anything wrong other than upset the occasional borrower by enforcing the terms as outlined in the Loan Agreement; an agreement signed by the Borrower after consultation with their own legal counsel. Hopefully this thread does serve a purpose, zaff ? If it's to deter Lenders, then I don't think it will work - not unless you have verifiable evidence of platform wrong-doing. (All I've seen so far are very vague insinuations.) If it's to deter Borrowers from entering an agreement without being very careful to fully understanding the implications of breaching the Terms of the Loan Agreement, then I'm all for that. A loan book of defaulted loans put a Platform at risk. A book of loans that conclude at term with no shenanigans on the part of the Borrower make for happy Lenders, Platforms and Borrowers. As a novice investor seeking guidance from online forums, I came across to a discussion thread prompting the following question: could I potentially loose any portion of my earnings from the loan that I invested in due to successful compensation demands, or penalties paid to the borrower in the event of a dispute? Any thoughts?
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Greenwood2
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Post by Greenwood2 on Mar 24, 2024 21:10:04 GMT
But how would they know your user name on here? Your posts could be from any unhappy borrower (and you're not even a borrower), you've been vague enough! Because when first posted in August, due to the details of the complaints I rised they identified my id and I accepted. I've never seen any details of your complaints on this forum, just vague comments that could be from anyone, which is what annoys people we have no idea what you are going on about.
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Greenwood2
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Post by Greenwood2 on Mar 24, 2024 21:19:44 GMT
Let's break this down... and Do you have any figures? An estimate of how many defaulting Borrowers have ignored when it comes to redemption statements? (You will know this, but others may not, so for context SoMo have some 1,350 closed loans and of the c. 450 live loans, around 150 are out of Term. Therefore, there are potentially 1,500 loans against which a defaulted Borrower may have had a request for a redemption statement ignored.) As for the " despite the extensive default charges and the rates" are those charges and fees not wholly outlined in the Loan Agreement? If so, would you agree that Borrowers are aware of what to expect should they breach the terms outlined in the Loan Agreement? And from the Borrowers' FAQ, SoMo appear to insist on the Borrowers engaging legal representation prior to signing the Loan Agreement. If that is the case, any irregularities with the Loan Agreement would presumably be picked up and highlighted by the Borrowers' solicitors. Or are you suggesting that SoMo unilaterally vary the terms of the Loan Agreement once the Borrower has defaulted? If so, then it should be a (comparatively) simple case for the Borrowers' appointed legal reps to put a stop to such practices. (Regulated loans or not, contract law relating to variations is quite clear when it comes to protecting either party in a contract.) And if that had happened, I would there would be evidence of SoMo being taken to task through the Courts by irate Borrowers who know the law is on their side. Is there any? I've not been able to find anything. Why? What would they find? Where are things " supposed to be"? SoMo have been undertaking bridging loans since 2014, as far as I can see. My opinion would have to be that either: a) they've been 'getting away with it' for 10 years or so, or b) they're not doing anything wrong other than upset the occasional borrower by enforcing the terms as outlined in the Loan Agreement; an agreement signed by the Borrower after consultation with their own legal counsel. Hopefully this thread does serve a purpose, zaff ? If it's to deter Lenders, then I don't think it will work - not unless you have verifiable evidence of platform wrong-doing. (All I've seen so far are very vague insinuations.) If it's to deter Borrowers from entering an agreement without being very careful to fully understanding the implications of breaching the Terms of the Loan Agreement, then I'm all for that. A loan book of defaulted loans put a Platform at risk. A book of loans that conclude at term with no shenanigans on the part of the Borrower make for happy Lenders, Platforms and Borrowers. As a novice investor seeking guidance from online forums, I came across to a discussion thread prompting the following question: could I potentially loose any portion of my earnings from the loan that I invested in due to successful compensation demands, or penalties paid to the borrower in the event of a dispute? Any thoughts? The loans are to SOMO.
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michaelc
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Post by michaelc on Mar 25, 2024 13:46:49 GMT
As a novice investor seeking guidance from online forums, I came across to a discussion thread prompting the following question: could I potentially loose any portion of my earnings from the loan that I invested in due to successful compensation demands, or penalties paid to the borrower in the event of a dispute? Any thoughts? Yes. And potentially, more than just your earnings. You could potentially lose your capitol, interest and your home. See this one for example: p2pindependentforum.com/thread/14543/cashing-out-court-case-ub
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Post by scotty on Mar 25, 2024 14:04:52 GMT
There will be a discussion with Somo on Monday, If the dispute is resolved before escalating the matter further without the necessity of a litigation batlle with a compensation claim. I will delete all my posts. I hope you will appreciate the reason. Ok, so all the vague accusations against Somo will be deleted if the dispute is resolved ... all part of the negotiation tactics I guess.
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Post by zaff on Mar 25, 2024 14:37:49 GMT
Not at all Scotty, It is not a tactic. That's not my way. However, I just had a meeting with Somo and we made a gentlemens agreement. I am now deleting my previous posts expecting that by the end of this week, all parties will go on their own way. All the best.
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Greenwood2
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Post by Greenwood2 on Mar 25, 2024 14:51:28 GMT
As a novice investor seeking guidance from online forums, I came across to a discussion thread prompting the following question: could I potentially loose any portion of my earnings from the loan that I invested in due to successful compensation demands, or penalties paid to the borrower in the event of a dispute? Any thoughts? Yes. And potentially, more than just your earnings. You could potentially lose your capitol, interest and your home. See this one for example: p2pindependentforum.com/thread/14543/cashing-out-court-case-ubSomo is in a slightly different position than most P2P platforms because lenders do not lend directly to borrowers, the borrower borrows from SOMO and the lender lends to SOMO. This has it's own potential problems! But I don't see how the borrower could go after the lenders since there is no contract between them. You can obviously lose all your capital and interest in worst case scenario that the borrower doesn't pay back the loan, although SOMO are tenacious in going after the security in that case.
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michaelc
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Post by michaelc on Mar 25, 2024 16:23:10 GMT
Somo is in a slightly different position than most P2P platforms because lenders do not lend directly to borrowers, the borrower borrows from SOMO and the lender lends to SOMO. This has it's own potential problems! But I don't see how the borrower could go after the lenders since there is no contract between them. You can obviously lose all your capital and interest in worst case scenario that the borrower doesn't pay back the loan, although SOMO are tenacious in going after the security in that case. That's a fair point. Applicable to Somo and any others that employ that model which I think among the social lenders is small.
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Post by zaff on Mar 26, 2024 10:37:28 GMT
Dear Greenwood, do you know how i can change the name of this thread?
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