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Post by longjohn on Sept 20, 2017 16:52:55 GMT
2559 Loan comment - We have obtained an "Inhibition" against the guarantor to the value of the total debt. This means that were the guarantor to sell or remortgage any property, they would be prevented from doing so without a discharge from the "Inhibition" from Funding Circle, which we would only provide on repayment of the debt. The inhibition is valid for 5 years, at which point, we will ensure it is renewed. We understand that the guarantor owns a number of properties and as such, we believe this approach is in the best interests of investors, rather than commencing bankruptcy proceedings. We do not envisage providing a further update regarding this guarantor until the guarantor attempts to sell or remortgage a property or the 5 year period ends. WHAT? The guarantor has 'a number' of properties and FC is not going to force a sale or get a repayment plan! And this is supposedly in my interest.  J (ex FC apart from bad debts) |
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kt
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Post by kt on Sept 20, 2017 16:57:58 GMT
What would be the reason for not initiating bankruptcy proceedings? I assume there is some good reason why they should not.
KT
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ptr120
Member of DD Central
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Post by ptr120 on Sept 20, 2017 17:02:25 GMT
2559 Loan comment - We have obtained an "Inhibition" against the guarantor to the value of the total debt. This means that were the guarantor to sell or remortgage any property, they would be prevented from doing so without a discharge from the "Inhibition" from Funding Circle, which we would only provide on repayment of the debt. The inhibition is valid for 5 years, at which point, we will ensure it is renewed. We understand that the guarantor owns a number of properties and as such, we believe this approach is in the best interests of investors, rather than commencing bankruptcy proceedings. We do not envisage providing a further update regarding this guarantor until the guarantor attempts to sell or remortgage a property or the 5 year period ends. WHAT? The guarantor has 'a number' of properties and FC is not going to force a sale or get a repayment plan! And this is supposedly in my interest. J (ex FC apart from bad debts) Is the debt being serviced at all? I don't hold this loan but I hope that you will be using the FC complaints procedure and then taking this one to the ombudsman. Unless FC provide further information it would seem difficult to see how this could be in the interest of lenders!
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Post by longjohn on Sept 20, 2017 17:05:51 GMT
Oh, there have been bankruptcy proceedings. Chased through the English courts and then again through the Scottish courts.
Guess who has the better lawyers!
J
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oldgrumpy
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Post by oldgrumpy on Sept 20, 2017 17:19:13 GMT
Just shows the lengths to which dishonest borrowers will go to avoid repaying their debts. Almost worthy of Uncle Des, this one, apart from the loan amount. Read the full list of updates.
When the guarantor point blank refuses to pay I'm pleased FC are not going to let go. Put the borrower in Ex Crement Street for the next five years +. They are still pursuing "Breath of Foul Air" which was my first default back in 2013.
OG (ex-FC apart from bad debts)
Notable are these words from loan Q&A: 15 May 2013 09:00 - The guarantors do not have an additional income that is not derived from their business but they do have significant equity in property and vehicles. They consequently would be able to honour their guarantee commitments.
... until they decide not to. They should be named and shamed (somewhere) so that future borrowing is unavailable to them.
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Post by captainconfident on Sept 21, 2017 15:00:24 GMT
Ah, Breath of Foul Air. Sometimes I forget how long we have been together, reminded of those halcyon days on the old FCIndependent. We used to ask each other whether P2P would really work in the long run, and Breath of Foul Air and ... what did we call it... Solutions House....seemed like warnings.
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markr
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Post by markr on Sept 21, 2017 17:21:49 GMT
what did we call it... Solutions House....seemed like warnings. Sh*t Hou*e the Next Chapter.
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james21
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Post by james21 on Sept 21, 2017 18:44:05 GMT
quality!
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Post by thunderchild on Sept 21, 2017 18:51:42 GMT
unfortunately while being a limited company has it's genuine benefits for the directors, it can give them means and ways to get out of these sorts of things (not that I'm an expert on that aspect). I don't quite get the bit where a company goes bust and the director starts up the next week under a new name leaving creditors in the lurch. I set up my limited company to protect my personal assets that are nothing to do with my trading and came prior to my trading. Looks like I should take out a big loan with FC and then just go bankrupt.
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adrian77
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Post by adrian77 on Sept 21, 2017 19:00:44 GMT
"We understand" - you what! I thought FC were paid to find such things out.
In my experience these can be set-aside but have no idea if this is the case here
So this lender can't sell his property (maybe) for 5 years- why should he worry as he has got FC's (our!) money. Surely it is only a question of time before somebody launches a class action against these FC experts ! (expert what - don't ask!)
I just wonder how many more such fiascoes are going to crawl out of the woodwork- thank goodness I sold-up when I did....
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