No reply from legal team

Who is it in default?  The farmer?

They're also FC 874 with was downgraded NRB 15/7 due to CCJ being registered against the company.

gaspilot - can you confirm that I'm reading your post correctly ... that you are being asked to opt in to recovery action on the loan ??   It would be useful if you could keep us updated how this pans out. I know I'm not alone in avoiding ReBS due to concerns over how the platform would handle defaults.

Also FC loan 3110. The timing of the FC downgrade does not reflect well given that the CCJ appeared in mid June 2014. [Edit: in fact, the one I am referring to here was the first of 3 CCJs - 2 in June 2014 , 1 in July 2014] ReBS was, AIUI, aware of the CCJ and I cannot see any evidence of this being noted/communicated to either current lenders of potential purchasers on its secondary market or of any other action being taken (please correct me if I am wrong) which I believe falls short of best practice within the space. 

In another thread the platform representative appears to argue against the downgrading to non-tradable status of loans which have experienced credit events - I wonder how any lender who has recently bought loan parts in this ReBS loan would feel if they knew that the platform had been warned about the CCJ situation?

The one positive is that, as long as the platforms' handling of potential adverse borrower developments remains as it is, it will leave opportunities for the eagle-eyed to bail out.

Here's an excerpt from the email I received:

"As a lender on the loan you have the option to either pursue your debt individually or alternatively you can assign your debt to us to pursue on your behalf. If you do not want to pursue the debt of your own accord, please inform us of this by the 8th August 2014 by emailing legal@rebuildingsociety.com."

So yes, I guess I am being asked to opt in to recovery action on the loan.

Thank you to everyone that has responded to our email, re. The defaulting loan in question. We had delayed sending a response to lenders as we were waiting to receive the majority of responses back before acknowledging your consent to assign the debt.


As you noticed in the email you were asked to confirm whether you wished to assign the debt. As many of you pointed out this is different to the way in which it is done elsewhere, and is in fact inefficient.


In this particular case, we needed to receive your express consent due to a term in our old loan agreements which required lenders to opt-in to collective action. This loan is one of 5 that these old terms applied to. We have since revised the agreements and T&Cs to streamline the process. As such this will not be required in future – sorry for not explaining this clearly in the email.


In regards to the CCJs, we were aware of the CCJs and had made attempts to contact the Director for further information, but received no response. Where in the past we have attempted to understand the situation by speaking to the borrower, we’re now implementing a ‘flagging’ system where in future, credit events like CCJs either trigger an immediate suspension in trading while we ascertain the facts surrounding the event or create a visible warning on the Secondary market listing so as to
make potential buyers aware.



We are expecting to send out an update email tomorrow informing you of our recovery progress so far on the loan. In brief now, on Friday we served the Director with a statutory demand, and believe that we were the first to do so. The director said that he would come back to us Monday or Tuesday with his response. The Creditors meeting will still be held on 6th August, which we will have representation at.