kevinkelly
Member of DD Central
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Post by kevinkelly on Dec 14, 2017 12:33:32 GMT
Can't help feeling, yet again, that swift action may have been beneficial.
As it is the borrower has had 5 months in which to hide his c£480K fixed assets presumably leaving nothing for investors.
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Post by oppsididitagain on Dec 14, 2017 14:43:19 GMT
completely agree, the ReBS team seem to just sit back and hope the original borrower calls up and says he's the money we owe you, rather than pro actively using all possible solutions to recover our funds.
Numerous loans which are behind on payments or in default have been forgotten about and lenders money will be lost.
ReBS you should be ashamed of the way you have failed the lenders with you terrible recovery record
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kaya
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Post by kaya on Dec 14, 2017 16:36:00 GMT
Truth is all they 'saw' was their up-front fees (ditto the introducer) and perhaps all we saw was the 'why we are safe to lend to'. Oh yes, and the magic 20%.
Irresponsible lending for sure, to several dodgy characters and crackpot 'businesses'. The 'recoveries process' (ha ha) has just highlighted these points, and has been completely ineffectual, making FC recoveries (for example) look very successful.
But then, we should have known it was risky. Things seemed to have settled down and improved somewhat. For now.
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kevinkelly
Member of DD Central
Posts: 97
Likes: 37
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Post by kevinkelly on Dec 14, 2017 17:53:49 GMT
I accept that lending to business is risky. I accept that some borrowers are economical with the truth which equates to greater risk.
What I hadn't expected was a sloppy approach from the platform to recovery when things start to turn bad.
I also hadn't expected the platform to largely ignore lenders.
Lesson learnt. I am slowly retreating from ReBS having been an investor for more than 3 years. Even so, I still expect a little effort in the recovery process from the platform.
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kevinkelly
Member of DD Central
Posts: 97
Likes: 37
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Post by kevinkelly on Dec 14, 2017 18:03:08 GMT
Numerous loans which are behind on payments or in default have been forgotten about and lenders money will be lost. I seem to recall they promised weekly updates for all late loans. I guess it became too much when the number of loans in or approaching default grew exponentially.
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Post by Butch Cassidy on Jan 22, 2018 10:53:21 GMT
Can't help feeling, yet again, that swift action may have been beneficial. As it is the borrower has had 5 months in which to hide his c£480K fixed assets presumably leaving nothing for investors. Latest update (10/1/18) details the borrowers serious ill health, which of course is a personal tragedy & he is now living with relatives awaiting a place in a nursing home. Fortunately this series of health setbacks hasn't prevented him from successfully disposing of the £426K of net assets that backed his PG against this £40k loan of which about £30k is still outstanding, which has resulted in him currently have no fixed abode, no assets & wholly reliant on approx. £100/wk state pension, so presumably tax payers can look forward to funding his long term care & lenders can anticipate a return of exactly ZERO on the outstanding liabilities. Not much good news left to come on this one!
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