boundah
Member of DD Central
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Post by boundah on Jul 11, 2018 13:27:27 GMT
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hazellend
Member of DD Central
Posts: 2,361
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Post by hazellend on Aug 29, 2018 20:46:28 GMT
One loan filled ages ago on huddle but hasn’t drawn down
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steveb
Member of DD Central
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Post by steveb on Sept 13, 2018 15:20:59 GMT
One loan filled ages ago on huddle but hasn’t drawn down Not very good news from Huddle (email). Huddle have de-listed the loan.
Steve
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Sept 13, 2018 15:31:19 GMT
One loan filled ages ago on huddle but hasn’t drawn down Not very good news from Huddle (email). Huddle have de-listed the loan.
Steve
Doesn't sound good for this one getting refinanced any time soon.
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IFISAcava
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Post by IFISAcava on Sept 13, 2018 18:19:49 GMT
Not very good news from Huddle (email). Huddle have de-listed the loan.
Steve
Doesn't sound good for this one getting refinanced any time soon. Raises concerns as this why this couldn't get refinanced - hopefully not something systemic that might affect other Collateral loans.
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Post by dan1 on Sept 13, 2018 19:22:48 GMT
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Mike
Member of DD Central
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Post by Mike on Sept 14, 2018 9:43:10 GMT
Borrowers can be tricky, and those that are so inclined need no more excuse than the administration of Collateral. I expect some will view this as a potential way to get out of their obligations knowing full well that lenders will be keen to get their money back ASAP and the administrators under the microscope when it comes to costs, and especially pooled recovery costs (if loan book is not satisfactorily recovered, which I think seems likely).
In my 7 years of P2P lending I have encountered so many tricks borrowers try to get out of repaying debt; from claiming forged signatures to challenging, challenging, and re challenging the enforcement of security or the validity of the original loan agreement; until the net return to lenders is closer to 0p in the £ than 100p. Certain borrowers will be asking themselves, will BDO be so aggressive in recovery as platforms that have a reputation and a future? Others may ask if there is in fact a legal way to get out of their debt (and pursue this regardless of the answer) while others might simply be as difficult as they can be (perhaps live in the security - often a good start - and maybe claim its become a residential mortgage?!). Unfortunately I see the problems for Col loans could only just be beginning; this sign of borrowers being uncooperative doesn't bode well as a start.
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11025
Member of DD Central
Posts: 718
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Post by 11025 on Sept 14, 2018 9:49:08 GMT
Borrowers can be tricky, and those that are so inclined need no more excuse than the administration of Collateral. I expect some will view this as a potential way to get out of their obligations knowing full well that lenders will be keen to get their money back ASAP and the administrators under the microscope when it comes to costs, and especially pooled recovery costs (if loan book is not satisfactorily recovered, which I think seems likely). In my 7 years of P2P lending I have encountered so many tricks borrowers try to get out of repaying debt; from claiming forged signatures to challenging, challenging, and re challenging the enforcement of security or the validity of the original loan agreement; until the net return to lenders is closer to 0p in the £ than 100p. Certain borrowers will be asking themselves, will BDO be so aggressive in recovery as platforms that have a reputation and a future? Others may ask if there is in fact a legal way to get out of their debt (and pursue this regardless of the answer) while others might simply be as difficult as they can be (perhaps live in the security - often a good start - and maybe claim its become a residential mortgage?!). Unfortunately I see the problems for Col loans could only just be beginning; this sign of borrowers being uncooperative doesn't bode well as a start. I asked Huddle why the refinance was cancelled and you may well be correct in your assumption of the borrower being uncooperative , but more to the point they stated that the administrators were disorganised and difficult to engage . Not impressed. 
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GeorgeT
Member of DD Central
Posts: 1,321
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Post by GeorgeT on Sept 14, 2018 11:54:50 GMT
Borrowers can be tricky, and those that are so inclined need no more excuse than the administration of Collateral. I expect some will view this as a potential way to get out of their obligations knowing full well that lenders will be keen to get their money back ASAP and the administrators under the microscope when it comes to costs, and especially pooled recovery costs (if loan book is not satisfactorily recovered, which I think seems likely). In my 7 years of P2P lending I have encountered so many tricks borrowers try to get out of repaying debt; from claiming forged signatures to challenging, challenging, and re challenging the enforcement of security or the validity of the original loan agreement; until the net return to lenders is closer to 0p in the £ than 100p. Certain borrowers will be asking themselves, will BDO be so aggressive in recovery as platforms that have a reputation and a future? Others may ask if there is in fact a legal way to get out of their debt (and pursue this regardless of the answer) while others might simply be as difficult as they can be (perhaps live in the security - often a good start - and maybe claim its become a residential mortgage?!). Unfortunately I see the problems for Col loans could only just be beginning; this sign of borrowers being uncooperative doesn't bode well as a start. I asked Huddle why the refinance was cancelled and you may well be correct in your assumption of the borrower being uncooperative , but more to the point they stated that the administrators were disorganised and difficult to engage . Not impressed. Well you can't expect a good service when you are only being charged £500 an hour. I understand they are very good lunch companions though and talk a good game - all on expenses of course.
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IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
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Post by IFISAcava on Sept 14, 2018 13:47:12 GMT
I asked Huddle why the refinance was cancelled and you may well be correct in your assumption of the borrower being uncooperative , but more to the point they stated that the administrators were disorganised and difficult to engage . Not impressed. Well you can't expect a good service when you are only being charged £500 an hour. I understand they are very good lunch companions though and talk a good game - all on expenses of course. Plus VAT
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Post by lionelrichtea on Sept 14, 2018 20:44:44 GMT
Well you can't expect a good service when you are only being charged £500 an hour. I understand they are very good lunch companions though and talk a good game - all on expenses of course. Let's just hope the creditors committee dine at Pizza Express and don't forget their Nectar cards!
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