mikes1531
Member of DD Central
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Post by mikes1531 on Mar 27, 2015 3:46:01 GMT
mikes1531 As you in particular seem so incensed by this have you tried emailing or phoning SS for an explanation? Have you asked them to buy you out of your holdings for this loan and been refused? No and No. I wouldn't do the latter until I had tried the secondary market and couldn't dispose of my units that way. And that doesn't seem to be a problem at the moment -- about a third of the £20k of PBL008 that was for sale a few hours ago has sold already. As for the former, I don't believe that the customer should have to ask what is going on. When a company makes significant changes -- as SS have done with these loans -- I believe they should have the courtesy to tell their customers what they've done and why. The issue causing the upset for me is not so much what they've done but the fact that they don't feel it's appropriate to keep their customers informed.
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bugs4me
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Post by bugs4me on Mar 27, 2015 9:30:29 GMT
mikes1531 As you in particular seem so incensed by this have you tried emailing or phoning SS for an explanation? Have you asked them to buy you out of your holdings for this loan and been refused? As for the former, I don't believe that the customer should have to ask what is going on. When a company makes significant changes -- as SS have done with these loans -- I believe they should have the courtesy to tell their customers what they've done and why. The issue causing the upset for me is not so much what they've done but the fact that they don't feel it's appropriate to keep their customers informed. IMO there are many platforms that as they grow then the need to maintain contact with their client becomes more and more selective to say the least. Again IMO it's not good business practise but unfortunately that's how it seems to go. SS are aware of this forum as they choose to jump in a various times so no doubt it is monitored. The fact is that forum members make up a tiny minority of overall P2P lenders/investors. I have no idea why that is the case as there exists a wealth of knowledge floating around. Maybe they are just 'fazed' by the FCA logo - who knows.
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star dust
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Post by star dust on Mar 27, 2015 10:04:20 GMT
I don't believe that the customer should have to ask what is going on. ......I believe they should have the courtesy to tell their customers what they've done and why. I can't disagree with that, but then we don't live in a perfect world do we?  .
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Post by savingstream on Mar 27, 2015 10:33:38 GMT
For commercial reasons we have chosen to extend the loan term of 4 loans on the platform. The following two loans are the same borrower who is awaiting completion of a separate £8M property sale (confirmed): - 2005 Superyacht 35M - 3 month extension
- PBL006 – 3 month extension
There is delay in refinance of the following two loans (confirmed): - PBL 008 - 2 month extension
- PBL 021 - 1 month extension
Interest will continue to be paid on all these loans as normal on a monthly basis. If investors do not wish to participate in these extensions, they may exit their position using the active secondary market. The only downside to this is that you stop earning interest from the date that you place your loan part up for sale. There has obviously been some negativity over this decision to extend these loans, however the alternative would be to place these loans into default, which we felt was unnecessary given their confirmed exits and would result in a much more inactive secondary market (see PBL007). |
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