adrianc
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Post by adrianc on Feb 14, 2024 17:31:27 GMT
Only nine years after the last post in this thread... and three years after we all got repaid in full. I wonder how many of the originally-P2P loans are still ongoing? You really are living up to that username. I think you have started on book two of a trilogy, Book 1The third I hope will give it meaning......... Just wait until he finds out about Lendy and Collateral and...
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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 Feb 14, 2024 19:58:07 GMT
Nope, you the lenders DID NOT set the rates. Ratesetter set the rates on a lot of their loans. They were selling loans for as much as 9.5% APR, but no, you, the retail investors did not have access to THOSE loans. Those were managed by a function of the Commercial Credit Department. Did Ratesetter have first or second charge mortgages? They say they did not, if they had first charges mortgages, then that would have been illegal, they were not authorised for mortgage business, which is a specified activity. Therefore, engaging in first charge mortgages would have led to a couple of years in prison.. Yes they did do second charge mortgages, but these, they claim, are also not mortgages, although the contracts described them as "mortgages" - these bizarre "not mortgages" were secured in a lot of cases, via residential property in which the borrower was living. But, they were secured on only HALF of the equity in that property. What checks did they do? Well... yes they did do some credit checks, but to my certain knowledge they were lending happily to people with CCJs on their CRA files, and to people whose credit scores were as low as 500. It's a miracle for lenders that they got away unscathed. The explosion, when it happens will be inside Metrobank now. You understand that not all mortgages secured on residential property are regulated. It is only regulated if it is to an individual or sole trader. A commercial mortgage to a company can be secured on a directors house but is not a regulated mortgage. If there is no other debt then it would be a first charge.
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Greenwood2
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Post by Greenwood2 on Feb 15, 2024 15:13:26 GMT
It's all so long ago it's pretty irrelevant. I know I did very well from lending with Ratesetters and was sorry that they sold out to the bank, digging over the long buried corpse now seems pointless.
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