stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442 
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Post by stub8535 on Nov 29, 2017 10:10:32 GMT
Notified that 3 of my gold loans have been put for sale through agents to recover overdues. Lets hope the gold price is well up when settlement takes place.
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ali
Member of DD Central
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Post by ali on Nov 29, 2017 10:15:43 GMT
Notified that 3 of my gold loans have been put for sale through agents to recover overdues. Lets hope the gold price is well up when settlement takes place. Shouldn't make any difference, should it? Any surplus will go to the borrower and any deficit should be covered by the gold trust. At least, that's what I understood.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
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Post by stub8535 on Nov 29, 2017 10:24:52 GMT
Notified that 3 of my gold loans have been put for sale through agents to recover overdues. Lets hope the gold price is well up when settlement takes place. Shouldn't make any difference, should it? Any surplus will go to the borrower and any deficit should be covered by the gold trust. At least, that's what I understood. It shouldn't but with a tin pot dictator reacting to a more sane East Asian leader testing missiles who knows what may happen to gold prices😁
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gurberly
Member of DD Central
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Post by gurberly on Nov 29, 2017 20:47:38 GMT
Notified that 3 of my gold loans have been put for sale through agents to recover overdues. Lets hope the gold price is well up when settlement takes place. Shouldn't make any difference, should it? Any surplus will go to the borrower and any deficit should be covered by the gold trust. At least, that's what I understood. ...and that is how I understood these loans to be, with the provision fund to hedge against drops in metal price between date of draw down date and sale/melting pot?
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Post by dan1 on Nov 29, 2017 21:10:03 GMT
You can calculate a retail price by entering the weight and carat of gold into the website of the agent used to dispose of the gold (I won't name the agent without the permission of Unbolted). e.g. 2DFDC3049 contains 49.42g of 20ct, 8.53g of 21ct and 27.99g of 22ct. The guide price is currently £2,192.18 by bank transfer/cheque/PayPal or £2,411.40 by Argos. It compares well to the total outstanding to lenders of £2,002.65 although a little short of the full amount including Unbolted fees of £2,336.45. I wouldn't of thought that Unbolted get a better price because the volume is, currently, too low but what do I know? Btw stub8535 , I think it's 3 separate grades of gold being sold as part of the same loan (most likely the one above). Edit: of course it compares well only with a high LTV, which is currently showing as 83.61% - I think this includes accrued interest so will be increasing as the days roll on. |
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Post by df on Nov 30, 2017 1:17:26 GMT
Notified that 3 of my gold loans have been put for sale through agents to recover overdues. Lets hope the gold price is well up when settlement takes place. Notification was a surprise, I've never received one before, but the action sounds like a normal routine - the items go to an auction and get sold.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
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Post by stub8535 on Nov 30, 2017 3:54:43 GMT
Notified that 3 of my gold loans have been put for sale through agents to recover overdues. Lets hope the gold price is well up when settlement takes place. Notification was a surprise, I've never received one before, but the action sounds like a normal routine - the items go to an auction and get sold. I can't cross refer the loan numbers as my mobile devices have no click through to the underlying loans. I do wonder if these lots are part of a sha ria compliant facility hence the different notifications. This was what I was driving at in my original post rather than concern about full recovery in general. Thanks for the clarrification given though. I think this will help the many new investors understand how the different loan classes are handled. All my overdues, so far, have repaid in full with surplus, returned to borrower, with a few going to auction and even fewer gold trust loans. I do not think an email went out similar to the 3 referred to in this thread for the other loans.
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