Nomad
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Post by Nomad on Sept 25, 2018 16:20:04 GMT
Certainly different and interesting times for Archover after years of no NPL. I am reserving judgement and want to see how these failed loans play out and the impact of the insurance on the S&I loans. The updates from Archover are written in proper English and action taken and communication to date has been professional and impressive. I have stopped investing more but will resume and probably increase if there are positive outcomes. I had an interesting conversation today with an Archover borrower. [not U* ***m finance] This borrower felt that Archover were "incredibly lax" his early dealings with them. Latterly, he feels they have become "very pernickety"....
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elliotn
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Post by elliotn on Sept 26, 2018 12:01:37 GMT
Certainly different and interesting times for Archover after years of no NPL. I am reserving judgement and want to see how these failed loans play out and the impact of the insurance on the S&I loans. The updates from Archover are written in proper English and action taken and communication to date has been professional and impressive. I have stopped investing more but will resume and probably increase if there are positive outcomes. I had an interesting conversation today with an Archover borrower. [not U* ***m finance] This borrower felt that Archover were "incredibly lax" his early dealings with them. Latterly, he feels they have become "very pernickety".... Very interesting. Warning though, often T&C forbid lenders from contacting borrowers.
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m2btj
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Post by m2btj on Sept 26, 2018 14:27:43 GMT
I thought Archover's handling of RS&P Ltd was very creative & creditable....their actions saved investors from a full scale loss.
I can only hope that Archover are giving the same thought processes to the U* ***m mess. I believe AC are also exposed & they generally have good recovery processes.
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mary
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Post by mary on Sept 26, 2018 15:25:14 GMT
I thought Archover's handling of RS&P Ltd was very creative & creditable....their actions saved investors from a full scale loss. I can only hope that Archover are giving the same thought processes to the U* ***m mess. I believe AC are also exposed & they generally have good recovery processes. Agreed. However I think AC are exposed via a related company, and as it may be that funds were inappropriately moved between related companies, it is possible that AC’s interests may not be aligned with ArchOver with respect to who gets whatever funds are left, given that ArchOver have told us that the U* ***m cupboard is bear.
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Steerpike
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Post by Steerpike on Oct 1, 2018 14:01:57 GMT
Certainly different and interesting times for Archover after years of no NPL. I am reserving judgement and want to see how these failed loans play out and the impact of the insurance on the S&I loans. The updates from Archover are written in proper English and action taken and communication to date has been professional and impressive. I have stopped investing more but will resume and probably increase if there are positive outcomes. ... or if there is a generous cash back offer.
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IFISAcava
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Post by IFISAcava on Oct 1, 2018 14:17:35 GMT
Certainly different and interesting times for Archover after years of no NPL. I am reserving judgement and want to see how these failed loans play out and the impact of the insurance on the S&I loans. The updates from Archover are written in proper English and action taken and communication to date has been professional and impressive. I have stopped investing more but will resume and probably increase if there are positive outcomes. ... or if there is a generous cash back offer. aka 6% cashback. Nigh on irresistible.
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mary
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Post by mary on Oct 4, 2018 14:51:58 GMT
A quality (confidential) update from ArchOver today.
Why can’t other platforms communicate as well? Obviously I’ve not seen any of the defaulted money, but at least ArchOver can show that they are following all possible avenues, and its early days yet.
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m2btj
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Post by m2btj on Oct 4, 2018 15:42:17 GMT
A quality (confidential) update from ArchOver today. Why can’t other platforms communicate as well? Obviously I’ve not seen any of the defaulted money, but at least ArchOver can show that they are following all possible avenues, and its early days yet. It would appear that some lenders haven't got the will or inclination to communicate or even pursue defaults. This is going to be an interesting case going forward & I will be watching with increased interest.
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SteveT
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Post by SteveT on Oct 4, 2018 18:51:01 GMT
A quality (confidential) update from ArchOver today. Why can’t other platforms communicate as well? Obviously I’ve not seen any of the defaulted money, but at least ArchOver can show that they are following all possible avenues, and its early days yet. It would appear that some lenders haven't got the will or inclination to communicate or even pursue defaults. This is going to be an interesting case going forward & I will be watching with increased interest. If you’re alluding to Assetz there, you’re mistaken IMO. They’ve proven to be remarkably tenacious (over many years) in recovering lenders’ funds from recalcitrant borrowers.
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m2btj
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Post by m2btj on Oct 5, 2018 10:35:46 GMT
It would appear that some lenders haven't got the will or inclination to communicate or even pursue defaults. This is going to be an interesting case going forward & I will be watching with increased interest. If you’re alluding to Assetz there, you’re mistaken IMO. They’ve proven to be remarkably tenacious (over many years) in recovering lenders’ funds from recalcitrant borrowers. I understand that AC have a good reputation when it comes to chasing down debt. I took the same approach with my own business. Being an investor with both AC & Archover I look forward to seeing their unfolding strategies evolve over the coming months. I know that Archover are already off the blocks & running.
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Post by captainconfident on Nov 19, 2018 12:51:07 GMT
A detailed email from Archover received today. This is clearly a most 'difficult' case requiring investigation and action on several fronts. i am impressed that Archover really seem committed to sorting out this mess and seeking redress for investors and this email clearly lays out the progress made by the several agencies involved.
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liso
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Post by liso on Nov 19, 2018 13:04:37 GMT
Not sure how much of our funds will eventually be recovered but it's encouraging that AO are pursuing it comprehensively and very seriously. Impressive.
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m2btj
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Post by m2btj on Nov 19, 2018 15:55:20 GMT
It looks as if there are a number of prongs to Archovers recovery strategy. It would appear that at least two parties have been negligent & one possibly fraudulent. Archover appear to have all bases covered & I await developments with interest.
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Steerpike
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Post by Steerpike on Dec 17, 2018 16:53:23 GMT
Another very professional update today, it appears that everything that could be done is being done.
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Post by captainconfident on Dec 17, 2018 17:05:32 GMT
Yes, I wish the balance of my exposure to these individuals was here rather than on AC.
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