ablender
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Post by ablender on Sept 14, 2016 17:29:27 GMT
lendingcrowdIt has been almost a month (in 2 days) since the last comment on this loan. Where do we stand? Is it time to mark it as defaulted and call on the Asset Security? From what I understand the borrower has promised things that did not materialise.
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Post by lionelrichtea on Sept 14, 2016 18:45:33 GMT
They haven't logged in here since late June, so I'm not sure they care much about us any more.
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ablender
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Post by ablender on Sept 14, 2016 22:05:41 GMT
I am sure that they read these messages. They might not log in with their official log-in but they have their ways of knowing what is happening here.
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r00lish67
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Post by r00lish67 on Sept 16, 2016 12:11:00 GMT
I visited this thread to chase too. Come on, lendingcrowd, surely this must be a defaulted loan if legal proceedings are in progress?
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Post by lionelrichtea on Sept 16, 2016 14:04:29 GMT
They're pretty active on their Twitter account, might be worth pestering them on there: @_lendingcrowd
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ablender
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Post by ablender on Sept 16, 2016 14:49:33 GMT
A very welcomed comment has been added today and emailed :
"As advised previously we handed this case to our legal agents - they have now completed the process of formally calling up the debt. As no proposals have been received in terms of repayment of the outstanding debt they are now going to the next stage in seeking a money judgement order against the borrower. We will advise you of ongoing developments."
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adrianc
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Post by adrianc on Nov 1, 2016 16:51:20 GMT
A very welcomed comment has been added today and emailed : "As advised previously we handed this case to our legal agents - they have now completed the process of formally calling up the debt. As no proposals have been received in terms of repayment of the outstanding debt they are now going to the next stage in seeking a money judgement order against the borrower. We will advise you of ongoing developments." And the next step...
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TheDriver
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Post by TheDriver on Nov 2, 2016 8:47:00 GMT
It will be instructive to see how far this has to go before LC actually declare a loss, despite the acknowledgement of default by applying for a CCJ! Presumably are hoping for a recovery to be received so that figures can be published concurrently to look better on reports - not sure the FCA would be too keen on that policy!
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adrianc
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Post by adrianc on Nov 2, 2016 11:04:54 GMT
It will be instructive to see how far this has to go before LC actually declare a loss, despite the acknowledgement of default by applying for a CCJ! It's entirely possible that the loss of the court case will shock the lender into paying up in short order, in which case the judgement is removed from their history with no lasting stain. If it isn't, then LC can bring in the collections process against the debtor's other assets - apart from those specifically earmarked for this loan - which may well cover the debt. So the issuing of a case doesn't mean it's a default yet - by any means.
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pip
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Post by pip on Nov 2, 2016 19:54:38 GMT
To be honest until the message is 'the money has been repaid' I take little notice of the updates. I have got to the point where I have zero confidence in them recovering anything as they have yet to prove they are capable of it. Whatever excuse the lender has or whatever progress they are with getting their judgement leaves me cold until I see it has some effect.
Good luck to them recovering my money, but when I look at the facts of this case, I just can't see this one being recovered. Too much that smells dodgy clearly went on for them to get this loan, such people rarely repay when they get their cash. Let's see.
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SteveT
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Post by SteveT on Nov 3, 2016 5:41:55 GMT
You smell a rat then?! 😉
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TheDriver
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Post by TheDriver on Nov 3, 2016 8:56:56 GMT
adrianc;
I agree with your rationale except that I can't see why it's NOT a default?
I hope your overall optimism is substantiated, but am expecting the worst given his previous record.
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adrianc
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Post by adrianc on Nov 3, 2016 9:52:30 GMT
I agree with your rationale except that I can't see why it's NOT a default? We don't know what other assets the borrower has. The borrower is given on the platform as being an unnamed sole trader, so the entirety of his personal wealth is up for grabs, right up to the point of bankruptcy. Back in June, there was a suggestion that the sale value of the lease alone would be adequate to fully repay the debt. Possibly the biggest risk is that the borrower will have relatively few assets in the UK and decide to just walk away. Assuming it's the individual who's named as the registrant for the restaurant's domain name, then his home address is a low-value ex-LA flat, and the limited company he names as his employer on LinkedIn was dissolved two months ago by the administrators. A little more googling shows that limited company was the previous operator of the restaurant in question, until administration in early 2015... Looking at TripAdvisor, it appears to be back in operation again, with a different name - not much coming up on a google for that name, but the couple of reviews suggest it's business as usual, gawdhelpthecustomers... So...? <shrug> One for the collection agents to unwind, I think.
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TheDriver
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Post by TheDriver on Nov 6, 2016 17:42:34 GMT
Ah ha; so it's just a difference in the definition of default. I was referring to the simple fact of failing to meet the conditions of the loan - allowing that might not officially be recognised until the 45 day state of "In Arrears" occurred - whilst you seem to mean an irrecoverable loss.
A simple mismatch in terminology
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adrianc
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Post by adrianc on Nov 6, 2016 18:53:02 GMT
Ah ha; so it's just a difference in the definition of default. I was referring to the simple fact of failing to meet the conditions of the loan - allowing that might not officially be recognised until the 45 day state of "In Arrears" occurred - whilst you seem to mean an irrecoverable loss.
A simple mismatch in terminology So the first time a payment's late by a day, it should be defaulted? You're a hard man...
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