oldgrumpy
Member of DD Central
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Post by oldgrumpy on Oct 6, 2014 14:16:24 GMT
There's an interesting row going on between a borrower and FC caused (apparently) by FC changing T & C for borrowers then applying the new T & C to an existing loan. FC say the borrower's original T & C which he signed allows FC to change those T & C as and when they choose...... or summat.
See FK auction Q & A for IS** Data*** Ltd t/a C***no (auction ends tomorrow).
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Post by martin on Oct 6, 2014 15:37:09 GMT
Hi Oldgrumpy
Just to nip any potential consternation in the bud - the Q&A thread you're alluding to is actually from the original loan we provided to I*** way back in April 2013 - which was around the time FC changed their T&C's regarding borrowers use of other unsecured debt. This situation was suitably resolved at the time (with FK launching another auction to repay the FC debt). This case informed FK of how borrowers needed to address the FC T&C in question (regardless of whether the FC loan pre-dated the change), which is why you'll see that if FC are in situ, FK either fully repay or make clear the date FC consent was given.
This particular borrower has since repaid notable sums of C&I and this is their 4th loan auction with FK. There have been no questions asked upon the current auction yet, but we show all previous Q&A's so that lenders have appropriate 'flavour' regarding any prior auctions. Maybe this needs to be a little clearer to avoid confusion.
Hope this clarifies MK
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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Post by oldgrumpy on Oct 6, 2014 17:28:33 GMT
Thank you. It didn't occur to me that all the info I read today after logging in from the email would not have been about the current loan proposal. I'll increase my stake! I liked their robust statements in the old Q & A.
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