star dust
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Post by star dust on Jul 21, 2017 10:20:14 GMT
First repayment made And 'Default Loans' tab populated with the other four. Hats off to Collateral - Collateral Rep.
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ding
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Post by ding on Jul 21, 2017 10:20:31 GMT
I've only had 1 loan from this borrower, which I bought 14 days ago - on the hope it would renew (how wrong was I). Survived intact and now have +25p to party with tonight Thanks COLL
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liso
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Post by liso on Jul 21, 2017 10:21:22 GMT
Substantial investment repaid in full, with interest. Well done Collateral, very impressive.
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ablender
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Post by ablender on Jul 21, 2017 10:22:14 GMT
COLBB00375 - Repaid in full (including interest). Well done collateral.
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mason
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Post by mason on Jul 21, 2017 11:09:51 GMT
It's quite possible for defaulted loans to be traded on the secondary market. It happens elsewhere. Provided there is no information asymmetry between investors and non-investors, then informed decisions can be made. I'd be surprised if anyone would want to buy into these loans though, given the short terms and risk of incomplete recovery. FS lock you in 30 days before redemption, abl/hc pause the sm, Ly will be belatedly pausing Defs to be fca compliant - can you think of any others? MT springs to mind with the intra-term warning for Birkenhead (albeit without the subsequent comms that have been provided by Coll). Lendy was the main platform I was thinking of and I hadn't picked up on the fact they were changing that - which suggests, given the very similar way its SM operates, that there would be compliance issues around Col allowing these loans to be traded.
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Post by martin9876 on Jul 21, 2017 11:23:29 GMT
I joined COL back in October last year and slowly added funds. What with the high speed they operate and information given I was more than happy. Since then I have got nearly all monies out of LY. Guess where I have put it. 16 days ago bought myself into the default car group and although not too happy I thought it may sort itself out. BINGO COL pulls it out of the bag. Well done COL. Just wish all platforms are as good.
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Post by df on Jul 21, 2017 19:54:25 GMT
I have to say, this is very impressive how COL has dealt with first default and communication with lenders was great!
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rs
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Post by rs on Jul 23, 2017 16:24:54 GMT
I have to say, this is very impressive how COL has dealt with first default and communication with lenders was great! was definitely impressed how one of the car loans was paid out so quickly. Will definitely invest more with col if they get their ifisa launched.
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Post by pedz14 on Jul 23, 2017 17:16:50 GMT
Have to agree with everyone congratulating Collateral on the swift action they took on getting the first loan repaid.
However, I am a bit disappointed with the current status of the 4 remaining loans. We went from from being invested in secured loans to now having our money sitting in an unsecured loans.
Am I the only one thinking that when it comes time to pay up that the borrower may have suddenly found that they have misplaced all their money. A better outcome would have been if Collateral had followed through initially and got all the money back at once.
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mason
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Post by mason on Jul 23, 2017 20:04:25 GMT
Am I the only one thinking that when it comes time to pay up that the borrower may have suddenly found that they have misplaced all their money. A better outcome would have been if Collateral had followed through initially and got all the money back at once. The directors have made representations that they will honour the loan agreements and repay the loans on time. While it is open to Collateral to follow through with court action and potentially pierce the corporate shield and go after the directors' personal assets, they have an obligation to act reasonably in recovering the debt. It is unlikely that it would be considered 'reasonable' to take such action in light of the borrower's offer. While the situation regarding the loan security is rather disappointing, I have been involved in a number of defaulted loans in which the loan security took months on end to sell and having all of the money repaid before the end of the year would probably be a better outcome than if Collateral was required to sell all of the motors for a sufficient price to cover the debt, and a much better outcome than if they were to sell the collection at a fire sale price to get the money back at once.
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Post by sannytwist on Jul 23, 2017 20:18:41 GMT
I thought col only had their first defaulted loan, didn't know there was another 4 loans that were defaulted.
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zendog
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Post by zendog on Jul 23, 2017 20:25:54 GMT
I thought col only had their first defaulted loan, didn't know there was another 4 loans that were defaulted. The 'defaulter' had 5 loans with Col - 1 has now been repaid in full, the other 4 are due for repayment at intervals over the next few months
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Post by sannytwist on Jul 23, 2017 20:49:22 GMT
Gosh... thats unfortunate. Hope the other loans will get paid.
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Post by elephantrosie on Jul 24, 2017 1:56:03 GMT
i see people are selling their jewellery loans off on col too.
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Post by df on Jul 24, 2017 2:30:13 GMT
Have to agree with everyone congratulating Collateral on the swift action they took on getting the first loan repaid. However, I am a bit disappointed with the current status of the 4 remaining loans. We went from from being invested in secured loans to now having our money sitting in an unsecured loans. Am I the only one thinking that when it comes time to pay up that the borrower may have suddenly found that they have misplaced all their money. A better outcome would have been if Collateral had followed through initially and got all the money back at once. The 4 remaining loans are not overdue yet and I tend to trust that they will be repaid on specified dates. The loans are still secured. I didn't feel like I've made a mistake investing in these loans. There is always a risk when lending to businesses, some do collapse... I still think that group asset loans are on a safer side and would invest in any new ones. I don't think it would be possible to recover all the money at once.
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