applets
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Post by applets on Jan 15, 2019 21:38:20 GMT
Problems with a popular favourite. No email yet, but see today's update on platform for this and 1000071.
Disappointing it has taken this long for Abl to let lenders know given the winding up petition was presented by the other main lender back in October and notice of the court hearing was published in the Gazette before Christmas (when an update was also made to the company trading report on the platform). A lot of trading in the Abl loans has no doubt taken place in the interim.
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applets
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Post by applets on Jan 8, 2019 7:01:30 GMT
Update on platform - no issues to report
However, update on Companies House - borrower accounts overdue
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applets
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Post by applets on Nov 30, 2018 9:10:41 GMT
This has been set to last into 48 hours because 1 or 2 people requested it. We will see how quick the rest goes at 12 o clock The danger of pandering to the wishes of a handful of lenders. Still, they will presumably be assured of getting the eventual allocation they wanted. A number of lenders did warn that setting small bid limits for multiple bid periods on loans would deter some of the bigger lenders. However, it could equally be that some lenders are put off by the poor financial position of the borrower (the accounts due next month may of course show an improvement) or are already up to their limit with this borrower through previous loans. In any event, it would certainly appear that a significant number of the 5143 registered MT lenders did not lend on this loan.
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applets
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Post by applets on Nov 18, 2018 10:18:21 GMT
Six monthly or sooner if there is something material to report. Monthly reports to confirm there is a "pulse" are pointless.
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applets
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Post by applets on Oct 29, 2018 21:51:39 GMT
BDO were appointed 27/4/18 & AIUI the legal minimum prescribed in law was a progress report every 6 months (whilst this is woefully inadequate a timescale for such a small job, that should have been largely completed within such a generous period) when are they LEGALLY obliged to let lender's know what is happening? I presume they can argue for a short period to prepare the report is reasonable, over & above the 6 month anniversary but it should still be imminent.
BDO's communication in general has been appalling & I'm only slightly reassured that the creditor committee is valiantly trying to oversee this ongoing farce but if they have actually made significant progress in recovery & perhaps are even ready to issue interim repayments to lenders then I will accept my pessimism is misplaced but until that becomes a reality I remain of the opinion that they are simply cynically milking the situation for their own benefit at the cost of lenders & creditors. I believe the report must be within one month of the six month anniversary.
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applets
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Post by applets on Oct 22, 2018 18:23:36 GMT
Apologies in that case - I m no expert and was repeating a little of what was said elsewhere. What have I overlooked?
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applets
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Post by applets on Oct 22, 2018 18:02:00 GMT
Not quite.
I am not an expert, but I believe that if the administration needs to last for more than 12 months, the Court has to agree to each 6 month extension.
The fees are approved on our behalf by the Creditors Committee of course, but there is some scope to challenge the fees in Court if they are felt to be excessive.
Others with greater knowledge of the administration process will no doubt be able to provide chapter and verse.
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applets
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Post by applets on Oct 22, 2018 13:33:46 GMT
What I would like monetus to take to BDO is a request for more regular updates, no info is coming out which is not really acceptable and it cant be that difficult to write up a short update and email it out. Ideally there should be an update on a fixed programme eg monthly last week in the month While I can understand the requests for more frequent updates, others have previously pointed out that the process of administration is set out in the Insolvency Act and Insolvency Rules. These provide for progress reports every six months. There does not appear to be any power for BDO to produce more frequent reports just because creditors/ lenders want them to do so. Unfortunately, it seems to be a case of waiting for the next scheduled report. It is a sad fact of company law that administrations generally take a long while to conclude and can, as a result, rack up significant costs along the way.
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applets
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Post by applets on Oct 18, 2018 8:14:23 GMT
I have tried three times to change my email address. Each time they have confirmed that the change has been made, but still the emails are going to the old address which is about to be switched off.
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applets
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Post by applets on Oct 15, 2018 12:02:34 GMT
Agree the present system works well. However, whenever there is a delay in payment (seemingly more likely at weekends), there is always someone on this forum complaining or speculating that there is a problem with a loan/ borrower. I can therefore understand why ABL may wish to make a change.
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applets
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Post by applets on Oct 10, 2018 18:58:11 GMT
The ability to sell now appears to have been halted by MT.
Sadly, this appears to be another poor show by MT. Given that the notice for compulsory strike off was published on 31 July 2018, one wonders how MT can provide an update on 13 September that informs "This loan is performing and there are no issues to report". If MT were not aware of the strike off until today, this demonstrates a complete lack of monitoring of borrowers. If they knew about the strike off before today then they have deliberately withheld the information from lenders who have been purchasing loan parts up to and including today. The decision of MT to inform only those lenders who happen to be members of this forum and logged in today of the situation and not all lenders via the support page of the website or email, is equally reprehensible. OK but see MT latest update: loan is likely to be repaid but if not "any purchases made today on the secondary market will be honoured" Good news for those that purchased loan parts today, but this does not alter the fact that if MT only became aware of the situation this morning the monitoring of borrowers is poor. Further, it leaves me wondering if MT know what they are doing. The disclosure of sensitive information only on this forum to a subset of lenders cannot be correct and will result in an unnecessary cost for MT if they are unable to recover the loan.
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applets
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Post by applets on Oct 10, 2018 18:36:21 GMT
The ability to sell now appears to have been halted by MT.
Sadly, this appears to be another poor show by MT. Given that the notice for compulsory strike off was published on 31 July 2018, one wonders how MT can provide an update on 13 September that informs "This loan is performing and there are no issues to report". If MT were not aware of the strike off until today, this demonstrates a complete lack of monitoring of borrowers. If they knew about the strike off before today then they have deliberately withheld the information from lenders who have been purchasing loan parts up to and including today. The decision of MT to inform only those lenders who happen to be members of this forum and logged in today of the situation and not all lenders via the support page of the website or email, is equally reprehensible.
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applets
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Post by applets on Oct 9, 2018 7:21:12 GMT
Accounts overdue at Companies House. May be an administrative delay, but one to watch ….
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applets
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Post by applets on Aug 22, 2018 8:40:04 GMT
It is not unreasonable to worry about defaulted loans, particularly if you are fairly new to a platform. I can only speak from experience over the past two years, but Unbolted are one of the better platforms when it comes to defaulting overdue loans and returning your money. Others will no doubt have the exact statistics to hand, but there are very few occasions when the PF has been called upon and personally I have not suffered any losses.
I will defer to the knowledge of others, but I suspect the number of defaults are part and parcel of the pawn business and, given the way Unbolted is run, do not give me any cause for concern.
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applets
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Post by applets on Aug 9, 2018 6:05:18 GMT
Very happy for anyone to disagree with me.
For what it's worth, I don't disagree with any of the views about FS's performance expressed by other lenders based on their experience. Simply I am not convinced that speculating publicly that FS might need to cease trading and/ or the need to undertake class actions or call in the Ombudsman and the FCA are the best way to resolve things.
The FCA certainly don't have a great record elsewhere when it comes to resolving matters to the satisfaction of those who have encountered problems and looking back at the run on Halifax, Northern Rock etc when confidence in those institutions was lost also strikes me as a poor model for resolving the problems at FS.
I am sure the negativity expressed on this Board has had considerable impact on current trading on the primary and secondary markets even if it has not persuaded FS to change their business model. The aim of dissuading others from getting involved with FS may also well be laudable in the eyes of many, but I am not certain it is in the best interest of those complaining they cannot sell their loan parts. Personally, I would prefer to see any complaints that lenders have and calls for action dealt with direct with FS rather than indirectly through a Forum which FS may or may not be reading.
I should add that I do lend through FS and, probably through luck rather than judgement, I have to date not suffered any material losses. However, I accept this may change in the future, particularly if FS grinds to a halt as appears to be happening at present.
I cannot stand two types of people. Those who think they know everything, when they simply have no idea of what they talk about and those who pontificate what to do without EVER trying it. Do you think people like me come to this forum and complain without having first attempted to place a formal complaint trough the FS official channels? I definitely have sent more than 10 official complaints for different loans, most of which have had ZERO answers (some after over 60 days) and will bring this up to the Ombundsman soon. You simple do not understand the type of people behind this company. Unless a great number of people start making a serious dent to its wall of indifference things will NEVER EVER change. Thank you for your rude response.
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