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Post by bikeman on Sept 1, 2017 19:00:01 GMT
I haven't received any email from RS and I have no idea what this thread is about. Anybody care to enlighten me as to what this 'bombshell' is? Me neither
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elsee
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Retired:D
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Post by elsee on Sept 2, 2017 15:38:20 GMT
I haven't received any email from RS and I have no idea what this thread is about. Anybody care to enlighten me as to what this 'bombshell' is? Me neither It was way back in July. If you read through this thread you'll get the gist.
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reinvestor
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Post by reinvestor on May 28, 2018 6:44:24 GMT
Accounts for Vehicle C***** Limited were due to be filed on 31st December 2017. Ad P*** , Vehicle St***** Ltd and the company above owe Ratesetter a combined £30 million.
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reinvestor
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Post by reinvestor on Aug 3, 2018 7:38:20 GMT
Accounts for Veh**** Cr**** Ltd now over 7 months late.
I'm sure the fact that Ratesetter lost £23m last year and has net assets of £9m yet Veh**** Cr**** owe them £30m is nothing to worry about.
Nothing to see here. Run along now.
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reinvestor
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Post by reinvestor on Sept 1, 2018 20:10:26 GMT
I know I’m banging a drum solo here but VC accounts are now 8 months late.
Look at the book value of RS and look how much VC and VS owe.
They are both subsidiary loan books and if VC’s was performing then why would the accounts be so late?
Unless RS raise a truck load of cash from somewhere I think this could cause some serious issues. Factor in the AdP@@ money and Lendy look solvent!
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Post by honda2ner on Sept 2, 2018 12:52:43 GMT
I know I’m banging a drum solo here but VC accounts are now 8 months late. Look at the book value of RS and look how much VC and VS owe. They are both subsidiary loan books and if VC’s was performing then why would the accounts be so late? Unless RS raise a truck load of cash from somewhere I think this could cause some serious issues. Factor in the AdP@@ money and Lendy look solvent! You're not the only one not liking how risky RS is looking, I suspect the need to reduce risks (to RS NOT to investors) and increase profits is driving the extremely unfriendly and damaging recent policy changes. Whilst I could set rates and not be tied in for 5 years (when no investors are willing to buy my loans) the fact that RS looked shaky wasn't so bad. Now, I can't see a single positive reason for investing in RS, why take so much risk for pitiful interest? Apparently people can't see the massive non performing loans that dwarf the PF, although RS do go to great lengths to keep it hidden. Oh well, it's their money... Lendy is a good case in point, P2P lending companies can go sour very quickly, usually after trying to make changes to black box auto lending systems that increase their profits. Sound familiar?
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Post by p2pcommentator on Sept 6, 2018 9:22:56 GMT
reinvestor thanks for your comments about the late filings of those companies. I am not quite as familiar with these issues as you. Why is this relevant? Didnt RS acquire these companies or at least their loan portfolios last year? If they have been bought then maybe there is no need for them to report anything? And if their loan portfolios were bought maybe there is nothing left for them to report about? I did see that RS was planning to raise £30m externally which seemed a little strange given the money owed by these subsidiaries.
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reinvestor
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Post by reinvestor on Sept 6, 2018 9:45:16 GMT
reinvestor thanks for your comments about the late filings of those companies. I am not quite as familiar with these issues as you. Why is this relevant? Didnt RS acquire these companies or at least their loan portfolios last year? If they have been bought then maybe there is no need for them to report anything? And if their loan portfolios were bought maybe there is nothing left for them to report about? I did see that RS was planning to raise £30m externally which seemed a little strange given the money owed by these subsidiaries. Funnily enough, Ve***** C******'s accounts are have today been filed.
I suggest that you have a look at them in conjunction with those of Ve***** St*****'s, look at the negative net position of both companies and compare it to the net position of Ratesetter as shown in their accounts.
I thought the position of VC was going to be bad, but not that bad!!!
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Post by p2pcommentator on Sept 6, 2018 10:09:49 GMT
reinvestor yes I see what you mean. These accounts are as per March 17 though so they have had nearly 18 months to deal with these problems. Didnt they raise money at the same time as taking over those subsidiaries? We dont know what the current position is today. Maybe its worse or maybe better. They should probably update...
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