sd2
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Post by sd2 on Mar 27, 2019 12:24:13 GMT
Maybe I am panicking. But if the person suing unbolted wins? Firstly it would near wipe out all my interest to date also it would open the door for others. It may even allows past defaulters to step in resulting in unbolted going down. What's your thoughts?
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oldtimer
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Post by oldtimer on Mar 27, 2019 12:29:56 GMT
What court case is that?
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benaj
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Post by benaj on Mar 27, 2019 12:33:25 GMT
Judging from my loan book and transaction history, it's not a big concern yet. No capital loss so far. From a diversification perspective, probably not looking good if I have a high number of loans from one borrower and couldn't pay interest on time and repay the loans and drag down the performance on Unbolted. So far I only have 4 7 "active" loans from this borrower are overdue, compared to 25 22 loans overdue in my portfolio. Time will tell. EDIT: overdue figures updated.
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IFISAcava
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Post by IFISAcava on Mar 27, 2019 13:38:27 GMT
it's 10 loans for me, and a bit under half my all time interest. I think I'll hold off topping up the ISA further until outcome known. Am already drawing down all non-ISA investments.
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Post by dan1 on Mar 27, 2019 14:13:42 GMT
I've just posted a link on DD Central but there was a financial markets and securities claim filed against Open Access Finance Ltd t/a Unbolted on 5 March 2019
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Post by df on Mar 27, 2019 14:31:26 GMT
it's 10 loans for me, and a bit under half my all time interest. I think I'll hold off topping up the ISA further until outcome known. Am already drawing down all non-ISA investments. 15 loans for me. Approximately 30% of my all time interest. I think they all are covered by PT, but I'll hold off topping up for now and reduced my maximum for PT loans.
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corto
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one-syllabistic
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Post by corto on Mar 27, 2019 18:03:21 GMT
as p2p front liners I guess we have to live through this
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sd2
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Post by sd2 on Mar 27, 2019 19:07:30 GMT
"The borrower on this loan has started legal proceedings against Unbolted, alleging technical legal breaches about loans arranged for him. We deny those allegations and believe we are fully compliant. In order to save time and cost we have agreed with the borrower that, for now, we will suspend enforcement proceedings against his defaulted loans (interest will continue to run) whilst the matter is resolved with him. Repayment of the loans will be completed on resolution of the dispute. Loan 2DFDC53E2 The latter is one of five loans with the same comment
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Post by banffy on Mar 27, 2019 21:52:42 GMT
We will need to keep an eye on this situation perhaps Unbolted may need to keep us investors in the loop by email as much as possible and get this sorted out before it get's out of hand otherwise people may start to Bolt rapidly with the fear another site getting claims against them.
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Post by investor1925 on Mar 28, 2019 12:01:59 GMT
I wonder what the gripe is, they've repaid at least 24 loans to date
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benaj
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Post by benaj on Mar 28, 2019 12:53:11 GMT
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amwinv
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Post by amwinv on Mar 28, 2019 18:32:55 GMT
I wonder what the gripe is, they've repaid at least 24 loans to date I don't know if I have any of these loans to check... But did they actually repay? Or were they just continually renewed? (Which shows as a repayment on the old loan detail, but effectively starts a new loan number). If UNB suddenly stopped letting them renew and told the borrower to repay or the items go to the auctioneers, I can imagine that being a potential sticking point! Any other wild theories?
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benaj
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Post by benaj on Mar 28, 2019 19:01:30 GMT
I wonder what the gripe is, they've repaid at least 24 loans to date I don't know if I have any of these loans to check... But did they actually repay? Or were they just continually renewed? (Which shows as a repayment on the old loan detail, but effectively starts a new loan number). If UNB suddenly stopped letting them renew and told the borrower to repay or the items go to the auctioneers, I can imagine that being a potential sticking point! Any other wild theories? Out of the 24 loans, 6 actually repaid. 2DFDC36D0, 2DFDC3928, 2DFDC39AB, 2DFDC3CD2, 2DFDC481C, 2DFDC48A8 and 18 renewed in the past = 8 defaults and 10 actives in present
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sd2
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Post by sd2 on Mar 29, 2019 23:46:00 GMT
Pity really as I like unbolted as I consider the loans lower risk than any other platform (ignoring the excessive amount of watches). The main risk to me is platform failure as it's small company. Nice little niche. Good chance (not positive) but may actually be great opportunity in a recession!!
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kaya
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Post by kaya on Mar 30, 2019 10:17:28 GMT
When I see over 25% of my loan value total in default, I see something going wrong with the business strategy of this platform.
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