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Post by jakebullet on Mar 28, 2018 12:30:15 GMT
I guess they won't be lending him any more money? It would be nice to think so but if the guy walked in tomorrow with a bag full of Rolexes I think they'd give him our money. From unbolted.com/uk/investing/secured-p2p-lending/"As long as the potential borrower is a UK resident and has an asset that has a resale value, the Unbolted platform is open for them. Their credit rating is irrelevant as we are lending against the asset." The defaulted watch sold for £33K against the £24K lent, so I suppose they're quite happy to carry on as long as they get the valuations right. Not sure if the borrower gets the extra back, or it goes in unbolted's pocket?
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toffeeboy
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Post by toffeeboy on Mar 28, 2018 12:36:03 GMT
It would be nice to think so but if the guy walked in tomorrow with a bag full of Rolexes I think they'd give him our money. From unbolted.com/uk/investing/secured-p2p-lending/"As long as the potential borrower is a UK resident and has an asset that has a resale value, the Unbolted platform is open for them. Their credit rating is irrelevant as we are lending against the asset." The defaulted watch sold for £33K against the £24K lent, so I suppose they're quite happy to carry on as long as they get the valuations right. Not sure if the borrower gets the extra back, or it goes in unbolted's pocket? as you say as long as they keep getting their valuations right then there is no problem at all, unlike other sites where some of the valuations area joke.
Like with any repossessions any extra money, after fees and no doubt a charge by Unbolted for the administration of sending the asset to auction, will be repaid to the borrower although as this borrower has several loans the excess funds might be held on account incase there is a shortfall on one of the other assets. Not sure if they are allowed to do that or not but it would be ideal for investors if they did.
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Post by dan1 on Mar 28, 2018 14:43:47 GMT
The defaulted watch sold for £33K against the £24K lent, so I suppose they're quite happy to carry on as long as they get the valuations right. Not sure if the borrower gets the extra back, or it goes in unbolted's pocket? as you say as long as they keep getting their valuations right then there is no problem at all, unlike other sites where some of the valuations area joke.
Like with any repossessions any extra money, after fees and no doubt a charge by Unbolted for the administration of sending the asset to auction, will be repaid to the borrower although as this borrower has several loans the excess funds might be held on account incase there is a shortfall on one of the other assets. Not sure if they are allowed to do that or not but it would be ideal for investors if they did.
I would have thought not given these are loans secured on specific assets. Surplus funds will be returned to the borrower in line with their agreement, as per the Sample Agreement
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Nomad
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Post by Nomad on Mar 30, 2018 18:46:27 GMT
Only 39 entries on mine... That's 6.74% of total lent... Down to 4.2% today, which is progress...
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Post by dan1 on Apr 16, 2018 14:42:37 GMT
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stokeloans
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Post by stokeloans on Apr 16, 2018 15:21:26 GMT
Surely that means it got no bids so didn't sell,therefore Unbolted still have it ?
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Post by dan1 on Apr 16, 2018 18:33:02 GMT
Surely that means it got no bids so didn't sell,therefore Unbolted still have it ? We don't know but someone could ask on chat and post here. Assuming no reserve then it must sell for a few pennies at least and buyer pays auction fees... Unless it was a fake? I'm keen to see what happens to the piano...
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stokeloans
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Post by stokeloans on Apr 25, 2018 16:01:20 GMT
A number of defaulted items were supposed to be getting sold at Hatton Garden Metals on the 23rd. Does that mean they were sold to Hatton Garden or that Hatton Garden will be putting them up for sale on our behalf ?
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Post by dan1 on Apr 25, 2018 16:36:30 GMT
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stokeloans
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Post by stokeloans on Apr 25, 2018 17:03:35 GMT
Shouldn't they have updated the loan status by now if that were the case ?
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Post by jakebullet on Apr 25, 2018 22:55:56 GMT
I'm also wondering how the Hatton garden ones work.
I spotted loan 2DFDC3C51 has been "Hattoned" twice. Had an email on the 10th: "We will be selling the following asset on 12 Apr 2018 through Hatton Garden Metals to recover our dues on the loan: 28 grams of 9 carat gold" and then it some point after the 12th it got changed to 23rd.
Any ideas? Are they waiting for a favourable price swing in gold? I'm assuming they're selling as scrap rather than the item.
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registerme
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Post by registerme on May 8, 2018 15:32:32 GMT
Anybody else get a large bunch of these come through today?
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archie
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Post by archie on May 8, 2018 15:38:56 GMT
Anybody else get a large bunch of these come through today? 13 Hatton, 2 Gold.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 8, 2018 15:40:10 GMT
Yes, haven't counted but at least 10.
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Post by stevel on May 8, 2018 16:06:38 GMT
I got 15
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