MONTHLY BS

Following on from both the last monthly update, and the Enhanced Recovery Update sent out before Christmas, the new Recoveries Team have been working hard over the Christmas period to review the current position on all non-performing loans. Whilst the new Recoveries Team are not yet in a position to provide a detailed update/ action plan for this loan, we can confirm that a review of the current position has been undertaken and reports requested from all relevant parties (e.g. our new independent insolvency practitioners, valuers and legal advisers), the majority of which have now been received and are in the process of being reviewed by the Board. We will provide a detailed update as soon as we can and in any event on or before the next monthly update at the end of January 2019.

Looks like this is the response for nearly all loans. Poor show.

So there is a new recoveries team as well as new board members?

Just seems like rubbish to me, no doubt that they will come to the same conclusions and it'll be the same can-kicking stuff. 

It could be that they are trying to consolidate everything into one grand automated illusion that they have an office full of people resolving issues, and firing off a monthly report with identical progress presented under each loan heading. That should give them all six months or more head start before anyone noticed they'd all left the country.

Quite so.


you explain what, when and how a contract may change, so your customers can make an informed decision whether to enter the contract in the first place
you also give reasonable notice and a right to freely cancel, so your customer can go elsewhere if they are unhappy with the change, without being left worse off
Terms that may be unfair include:
Allowing the price of a product or service to be raised without seeking your customer’s agreement before doing so or being unclear as to what increases your customer can expect.
Example: “The price may be adjusted if costs relating to the order increase prior to delivery.“

Allowing the business to arbitrarily change the description or nature of the product from what was previously agreed.
Example: “All materials used may vary in colour and finish.”

Allowing the business to arbitrarily change the details about when/how a service will be delivered.
Example: “The company may make changes to the dates, times and content of its courses without prior warning.”

Allowing the business to change, at its discretion, any of its terms.
Example: “…the company may at any time vary or add to these conditions as it deems necessary.”


This needs pinning up on the wall!

They need a damned good HMRC audit to double check their handy work. 

Does someone actually approve these "updates" it looks like they can't be bothered to even tailor them to the actual loans......millions at stake and they copy and paste month after month. 

"Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing and an update will be provided as and when we are able.
This on loans that are millions short.

Here is an update.......Nothing is "progressing" obviously. The most clueless lazy "business entity" I've ever had the misfortune to be involved in, and I work in the music business, that's saying something.....Calling them a business is stretching it. Beggars belief now.