|
Post by mrclondon on Oct 13, 2019 18:18:48 GMT
eeyore , yes that is the sad reality of where we find ourselves, trusting no-one and nothing. Whilst pikestaff makes some valid points regarding the Jan 2018 published accounts, I've seen far too many accounts of p2p borrowers that are clearly wrong when compared to the detailed knowledge we have on the state of their debt to have any faith in them.
I think the value of a cash flow statement in this case, whether we chose to believe the detail or not, is its mere existence would presumably contrast sharply with some of the claims made in the info pack pdf.
|
|
boundah
Member of DD Central
Posts: 367
Likes: 430
|
Post by boundah on Oct 14, 2019 14:41:03 GMT
............... MoneyThing , my only suggestion ....... is to persuade the borrower to provide a short cashflow statement since the drawdown of the loan. ............... I agree, but how much would we trust such a borrower-provided statement? For example, how much trust would we have in anything provided by the borrower of the Newcastle-under-Lyme loan? Unless the document has been audited (by someone we can trust), how much reliance can we place on it? Sadly, it all demonstrates the level of regulation in the P2P industry. Wouldn't making a deliberately misleading statement in order to borrow money count as fraud?
|
|
78
Posts: 76
Likes: 83
|
Post by 78 on Oct 14, 2019 15:14:17 GMT
Fraud Act 2006 section 2
2Fraud by false representation
(1)A person is in breach of this section if he—
(a)dishonestly makes a false representation, and
(b)intends, by making the representation—
(i)to make a gain for himself or another, or
(ii)to cause loss to another or to expose another to a risk of loss.
(2)A representation is false if—
(a)it is untrue or misleading, and
(b)the person making it knows that it is, or might be, untrue or misleading.
(3)“Representation” means any representation as to fact or law, including a representation as to the state of mind of—
(a)the person making the representation, or
(b)any other person.
(4)A representation may be express or implied.
(5)For the purposes of this section a representation may be regarded as made if it (or anything implying it) is submitted in any form to any system or device designed to receive, convey or respond to communications (with or without human intervention).
|
|
bulletbill
Member of DD Central
Posts: 90
Likes: 223
|
Post by bulletbill on Oct 14, 2019 15:31:55 GMT
Fraud Act 2006 section 2 2Fraud by false representation (1)A person is in breach of this section if he— (a)dishonestly makes a false representation, and (b)intends, by making the representation— (i)to make a gain for himself or another, or (ii)to cause loss to another or to expose another to a risk of loss. (2)A representation is false if— (a)it is untrue or misleading, and (b)the person making it knows that it is, or might be, untrue or misleading. (3)“Representation” means any representation as to fact or law, including a representation as to the state of mind of— (a)the person making the representation, or (b)any other person. (4)A representation may be express or implied. (5)For the purposes of this section a representation may be regarded as made if it (or anything implying it) is submitted in any form to any system or device designed to receive, convey or respond to communications (with or without human intervention). Which organisation pursues fraud cases? Isn’t it just seen as a white collar crime and no one really cares? There’s plenty of examples of fraud in p2p. Just off the top of my head I’d say Art loans on FS or Whitehaven on FS are blatant fraud cases, there’s plenty more. No action is ever taken it’s all just brushed under the carpet as another misfortunate loss for lenders.
|
|
mikeh
Member of DD Central
Posts: 499
Likes: 370
|
Post by mikeh on Oct 25, 2019 14:30:15 GMT
Update on site
|
|
upperdeane
Member of DD Central
Posts: 493
Likes: 245
|
Post by upperdeane on Oct 26, 2019 9:37:32 GMT
Various sales on secondary market recently at between 80% to 84% for this loan. Looks like some brave individual invested nearly £2k at 80%, possibly to try and flip.
Having spent a chunk time investigating this loan myself following the various recent negative posts, I personally wouldn't invest any money even if it was available at the 75% maximum figure. Hopefully this loan will turn out ok in the end, but has a good level of complexity for the lawyers to somehow try and unravel should the agent actually find a buyer who wishes to proceed.
Good luck to those of you brave enough to commit money on the secondary market to this one.
|
|
upperdeane
Member of DD Central
Posts: 493
Likes: 245
|
Post by upperdeane on Nov 4, 2019 10:00:10 GMT
I see we are now down to 79.5 percent sales offers in secondary market. Maybe not long before the max of 75 percent sale offers show up.
Update: A few sales gone through at 79.5% this-morning, so some people out there seem to think its worth a small punt.
|
|
derbyfella
Member of DD Central
Posts: 70
Likes: 45
|
Post by derbyfella on Nov 30, 2019 11:34:29 GMT
aren't we due an update on this MT? Its been over a month
|
|
djp
Posts: 23
Likes: 12
|
Post by djp on Jan 15, 2020 14:00:18 GMT
aren't we due an update on this MT? Its been over a month Can we please have an update MT?
|
|
corto
Member of DD Central
one-syllabistic
Posts: 850
Likes: 356
|
Post by corto on Feb 26, 2020 14:27:29 GMT
Update on site: Sale fell through; a new offer popped up. Process is in DD.
|
|
|
Post by Badly Drawn Stickman on Jul 7, 2020 10:31:37 GMT
Update of sorts.
The beginning of the end?
|
|
sam i am
Member of DD Central
Posts: 697
Likes: 555
|
Post by sam i am on Jul 22, 2020 13:09:04 GMT
Update on site
|
|
derbyfella
Member of DD Central
Posts: 70
Likes: 45
|
Post by derbyfella on Aug 21, 2020 17:36:21 GMT
Any chance of an update on this one MT please?
|
|
|
Post by funkymonkey on Aug 26, 2020 14:37:22 GMT
Half way through August has been and gone according to my calendar, so hopefully an imminent answer either way.
|
|
hazellend
Member of DD Central
Posts: 2,361
Likes: 2,179
|
Post by hazellend on Aug 26, 2020 16:21:48 GMT
Half way through August has been and gone according to my calendar, so hopefully an imminent answer either way. This will take a long time. There’s only going to be updates when there is something to update. Just write it off in your head and check back in a year or two. These borrowers are very, very slippery characters.
|
|