seb8072
Member of DD Central
Posts: 175
Likes: 99
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Post by seb8072 on Nov 20, 2020 12:42:06 GMT
danraj What is happeing with the following defaulted loans. There has been no update for over 17 months. S***** S*** F******* Ltd O****** F****** & L****** Ltd F****** E******** H*** Ltd L******* S***** S***** I******* D***** Ltd
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Post by danraj on Dec 20, 2020 12:32:30 GMT
I'll ask for these to be updated.
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seb8072
Member of DD Central
Posts: 175
Likes: 99
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Post by seb8072 on Dec 27, 2020 10:56:02 GMT
I'll ask for these to be updated. Thank you for that. There are also a large number of other loans which haven't seen updates for 12 months or more. I realise it may be pointless providing updates every few months when the wheels of the legal machine turn at an imperceptible rate but I think an update every 6 - 12 months is not unreasonable. Anything less really does make lenders wonder if the legal machine has broken down altogether!
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Post by captainconfident on Dec 27, 2020 12:08:35 GMT
I'll ask for these to be updated. Always grateful for the continued engagement from REBS staff on this board. Is all I have to say.
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baldpate
Member of DD Central
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Post by baldpate on Feb 5, 2021 21:54:38 GMT
danraj What is happeing with the following defaulted loans. There has been no update for over 17 months. S***** S*** F******* Ltd O****** F****** & L****** Ltd F****** E******** H*** Ltd L******* S***** S***** I******* D***** Ltd
20 Dec 2020 - danraj : "I'll ask for these to be updated." Today: no sign of updates on any these four loans. And thesame goes for many, many other defaulted loans.
I checked just now with Companies House - yes, danraj is still the MD & proprietor of rebuildingsociety.com. He obviously needs to 'ask' a little more fiorcefully.
It is perfectly clear that it is deliberate policy on ReBS part ...
(a) to put no positive effort whatever into recoveries;
(b) to provide updates to lenders as infrequently as they possibly can (and then usually to say either that nothing has changed. or that some legal action has been acheived in a year which most platforms manage to accomplish in a month or two); (c) to delay as long as possibly the writing-off what are clearly basket-case loans (this I can only assume is done in order to 'massage' the loan book so that crystalised losses don't swamp their statistics).
The Covid pandemic is no excuse - the same pattern was quite apparent a year ago.
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Post by danraj on Feb 19, 2021 19:42:00 GMT
Thank you for your posts and apologies for the delay in providing a response.
We can confirm that action to recover debts has continued throughout the Covid crisis but the speed of the process and potential for recoveries has been badly affected. Clearly we have been also been affected and our efforts have been directed towards trying to ensure the best outcomes for Lenders. We accept that our communication needs to improve and resource has now been directed to getting updates out to Lenders for every project as soon as we can.
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