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Post by Butch Cassidy on Nov 19, 2015 14:05:36 GMT
This will prove an interesting recovery for the ReBS team if the website announcement proves correct "Today, following an email from a broker, we became aware that the website n*******ra.com contained a front page message stating that “due to unforeseen circumstances the business has ceased trading”. We are obviously treating this early development as potentially serious and are exploring every avenue in order to try and ascertain precisely what the cause and extent of this issue is."
Seems a strange time, in the run up to Xmas, to pull the plug on a retail business? Presumably things were worse than revealed in the pitch just last month; I wonder if the £50k has already miraculously disappeared or if Santa Claus will bring investors a gift?
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Nov 19, 2015 14:50:07 GMT
This could prove to be something of a watershed moment for ReBS (certainly for me). They've had a few problem loans recently and I've yet to see any evidence of successful recoveries (to be fair, could be too soon). However for this to go pop before even one repayment has been made would severely shake confidence in the platform and would certainly make a severe dent in my returns. I think I'll be keeping my investment powder dry on ReBS until we see how this one pans out.
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SteveT
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Post by SteveT on Nov 19, 2015 14:59:28 GMT
Happily I was short of free cash when this one was bidding (I'm only reinvesting repayments on ReBS these days) so I don't have too much exposure, but there will still be hell to pay of this one isn't repaid in full.
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oldgrumpy
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Post by oldgrumpy on Nov 19, 2015 15:48:19 GMT
I was looking at prices for a camera recently (March) and one of the best prices offered was from N***etc.com but they didn't qualify for a discount being given by the camera maker. The site had all sorts of quite upmarket stuff, not just cameras and watches. Appeared to be a big company judging from the stock listed. I got the camera from a small high street retailer in Berkshire, £18 cheaper than Amazon.  edit... there's an 80% off closing down sale at the store. Apparently one of the causes was "over-zealous traffic wardens!!! Is there any security on ReBS loans? On-line I see they were already in troublr before the end of October, so ReBS must have been persuaded to give them the cash around then if the first payment hasn't been made. Reminds me of a smalltime booze "importer" on FC who couldn't manage one payment; FC gave everyone their money back. |
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Nov 19, 2015 15:53:59 GMT
D'you know what Grumps, that really is going to give me great consolation if i lose my bleedin' shirt on this one  |
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oldgrumpy
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Post by oldgrumpy on Nov 19, 2015 16:28:41 GMT
jonnoI hope you haven't got too much in it. ... is facing ** ******* related to ****** ******* .....
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grahamg
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Post by grahamg on Nov 19, 2015 17:20:13 GMT
You should always check your pig has wings
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Nov 19, 2015 18:59:21 GMT
This borrower also has 2 loans with FC and one with Ratesetter. As of Oct 14th FC 1 – 12 payments remain, 10.4% (monthly payment £6,935.60) FC 2 – 27 Payments Remain, 10.29% (monthly payment 3,440.42) NSBF – 43 Payments 6% Rate Setter – 44 Payments 7% Don't get toppled twice.  |
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am
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Post by am on Nov 19, 2015 19:19:16 GMT
This borrower also has 2 loans with FC and one with Ratesetter. As of Oct 14th FC 1 – 12 payments remain, 10.4% (monthly payment £6,935.60) FC 2 – 27 Payments Remain, 10.29% (monthly payment 3,440.42) NSBF – 43 Payments 6% Rate Setter – 44 Payments 7% Don't don't toppled twice. Has FC RBR'd it? (Sufficient information was given above to identify the company, but entering the company name into the SM comes up blank.)
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Post by Butch Cassidy on Nov 19, 2015 19:22:50 GMT
Just received 2nd e-mail of the day from Michael Lawther (ReBS Legal and Operations Coordinator) stating communication has been opened with "another P2P Platform" with loan exposure to this business "to work together in the continued investigation into the conduct of ******(the borrower)." I see this swift action as a positive step & really hope that the platform concerned is FC, as over the past 18 months (since they appointed the new guy who's name escapes me!) the debt recovery has been much improved both in terms of action & communication as well as results, which is of course what ultimately matters. I think, however, that this particular loan may prove to be a long, hard road before any money appears but time will tell.
My first impressions are that both ReBS & the introducer were mislead but probably weren't in a position to know the true state of the business, any amount of DD will struggle to unveil the truth if it is well concealed, apportioning blame is always easier in hindsight! The true test will come in the months & possibly years to come & be judged on whether they achieve any meaningful recovery.
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shimself
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Post by shimself on Nov 19, 2015 19:36:06 GMT
Just received 2nd e-mail of the day from Michael Lawther (ReBS Legal and Operations Coordinator) stating communication has been opened with "another P2P Platform" with loan exposure to this business "to work together in the continued investigation into the conduct of ******(the borrower)." I see this swift action as a positive step & really hope that the platform concerned is FC, as over the past 18 months (since they appointed the new guy who's name escapes me!) the debt recovery has been much improved both in terms of action & communication as well as results, which is of course what ultimately matters. I think, however, that this particular loan may prove to be a long, hard road before any money appears but time will tell.
My first impressions are that both ReBS & the introducer were mislead but probably weren't in a position to know the true state of the business, any amount of DD will struggle to unveil the truth if it is well concealed, apportioning blame is always easier in hindsight! The true test will come in the months & possibly years to come & be judged on whether they achieve any meaningful recovery. During the q&a one person noted some of the poor customer feedback mainly about not delivering goods and taking ages to refund. Combine that with other loans left right and centre and I think the site and the intermediary should have had second thoughts.
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pikestaff
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Post by pikestaff on Nov 19, 2015 22:47:16 GMT
This borrower also has 2 loans with FC and one with Ratesetter... How do you know about the loan with Ratesetter? I wasn't aware that we could identify borrowers.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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Post by sqh on Nov 20, 2015 0:20:21 GMT
This borrower also has 2 loans with FC and one with Ratesetter... How do you know about the loan with Ratesetter? I wasn't aware that we could identify borrowers. It is listed on the finance page of the ReBs loan. I haven't seen any other Ratesetter loans listed anywhere else on any platform.
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Post by bonfemme on Nov 20, 2015 8:22:10 GMT
This borrower also has 2 loans with FC and one with Ratesetter. As of Oct 14th FC 1 – 12 payments remain, 10.4% (monthly payment £6,935.60) FC 2 – 27 Payments Remain, 10.29% (monthly payment 3,440.42) NSBF – 43 Payments 6% Rate Setter – 44 Payments 7% Don't don't toppled twice. Do you know the FC loan numbers sqh?
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Post by jackpease on Nov 20, 2015 8:52:51 GMT
It'd be good to have some sort of p2p industry agreement that if a borrower goes pop before the first payment/within a month of loan that the platform covers the losses given the obvious failures in packaging the loan.
I think we learned with the dodgy printer on FK that a platform cannot aggregate the claim for borrowers. Presumably if the platform pays the borrowers back in full for early failures then the platform then could make a credible case against a borrower if there was misrepresentation. Without that aggregation then there is no penalty for borrower misrepresentation because nobody is in a position to take legal action.
Jack P
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