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Post by pennyrelendex on Jun 11, 2019 9:36:38 GMT
p2psavvy Thank you for bearing with us on this complex case. I can confirm a lender update is due to be issued to all lenders involved in GM soon. In the meantime, our team are happy to discuss what they can in a bit more detail - just drop them an email lender-support@relendex.com or give them a call 0203 962 5810.Thanks, Penny
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Post by p2psavvy on Jun 11, 2019 17:47:13 GMT
Thank you for your response pennyrelendex , I have not not received update emails from Relendex for a couple of years now. Could I ask that you pm me with the update, when published. I always receive your marketing emails, including one today, but never loan updates.
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Post by pennyrelendex on Jun 17, 2019 9:15:01 GMT
p2psavvy Can I ask you to DM your lender email address to me so I can look into this for you. You should always receive Loan updates if you hold a loan part in that loan. Thanks, Penny
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mrsb
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Post by mrsb on Oct 31, 2019 9:24:39 GMT
Where are matters at with this one (I'm not in it)?
Aug 19 stats on the site say £0 crystallised losses.
Paraphrasing my C.E. chemistry .. I appreciate that the seeds of crystallisation are very much in the hands of Relendex, and the decision to drop them into the super-saturated solution will be one they're not eager to take!
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littleoldlady
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Post by littleoldlady on Dec 13, 2019 17:07:37 GMT
Where are matters at with this one (I'm not in it)? Aug 19 stats on the site say £0 crystallised losses. Paraphrasing my C.E. chemistry .. I appreciate that the seeds of crystallisation are very much in the hands of Relendex, and the decision to drop them into the super-saturated solution will be one they're not eager to take! Are you in any R loan? If so they have now made it possible for any lender to see any loan. But beware this one make grim reading.
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mrsb
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Post by mrsb on Dec 13, 2019 18:05:49 GMT
Lady,
Thanks for that. Had spotted the new news thing, and its a great step forward.
Was aware of the saga with GMBL, just curious to know if they were going to crystallise it.
I guess the on-going actions give the means for not having to do so.
Perhaps platforms should have another metric - Loans that are delinquent to the extent that someone(*) other than the borrower will experience a loss.
(*) i.e. a professional involved with the loan, or their PII proviser(s)
Cheers!
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littleoldlady
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Post by littleoldlady on Dec 13, 2019 18:14:11 GMT
If I was in it and I needed a tax loss this year, I would quite confidently take the whole amount (or as much as I needed, if less) as a loss in this year.
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tjtl
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Post by tjtl on Jan 21, 2020 17:03:55 GMT
Fresh update out today- hard to criticise the actions the Relendex team are taking. It looks like this will drag on for a considerable time, but I have revised my expectations and now think there is a realistic chance of (eventually) getting a full recovery. Relendex have upped their game in communicating with lenders- now looking for an update on Evesham.
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littleoldlady
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Post by littleoldlady on Feb 25, 2020 14:19:24 GMT
Only 20% from the sale of the property so the other 80% will have to come from legal action against the professionals (good luck with that) or failing that from their fraud insurance (but I wonder whether that will cover lenders as Relendex themselves will not suffer a loss)
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tjtl
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Post by tjtl on Feb 26, 2020 7:51:33 GMT
I think it has been 30% from property sales- (10% then 20%), but agree the balance has to come from the PI insurers (and it looks like they are sensibly going down the Dispute Resolution process as opposed to 5 years in court). My experience elsewhere on a similar dispute was encouraging- however I agree this could fall either way, time will tell. At least relented are getting on with it at last.
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mrsb
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Post by mrsb on Feb 26, 2020 9:13:55 GMT
Me thinks ...... Dispute resolution process - preceding 5 years in court.
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tjtl
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Post by tjtl on Mar 20, 2020 13:32:18 GMT
In a business continuity update received from the company today the following wording appeared
In the light of the current events, Relendex believes that insurers will be swamped by claims and that it is now improbable that we will successfully recover the lender’s funds defrauded by the alleged collusion between the borrower, his solicitors and the surveyor on the Greater Manchester Loan. As lenders may be able to claim a tax loss, it is now prudent to declare this loan as a loss, notwithstanding the fact that in our last resort our own fraud protection policy should cover the deficit. As we have had an unblemished record, this is a sad milestone but one which pales when contrasted to the general market devastation.
No need for the last sentence- anyway looks to be a total and complete write-off.
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