savernake
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Post by savernake on Mar 24, 2020 13:13:09 GMT
This case has seen so many twists and turns I'm struggling to keep up. There are still so many unanswered questions.
Has the borrower been declared bankrupt? If so, will that mean he can no longer practice as a solicitor, and therefore be unable to represent himself? If he is bankrupt, does that mean he will avoid paying back his debts, or will it mean Unbolted can go ahead and sell his antiques? Will he still have to pay Unbolted's costs, and what about the land in Wales which he was offering as security a few months ago? Why haven't we heard anything from the Lenders representative?
As I say, so many questions, but very few answers coming from Unbolted.
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Post by spareapennyor2 on Mar 24, 2020 13:44:44 GMT
UB email update thanks for the links UB savernake
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corto
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Post by corto on Mar 24, 2020 15:35:03 GMT
In case s/he is listening: Thanks to the lender who represents us!
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sd2
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Post by sd2 on Mar 25, 2020 12:41:09 GMT
Yep it appears he owes more money to unbolted. Only good thing we have so far is we are moving on to the final stage ie he has to prove that unbolted's terms and conditions (contract) were illegal......unless he appeals again. Not sure he can. Also I think even if he wins he still owes unbolted. Possibly a noose to hang over his head. Although preferably
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IFISAcava
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Post by IFISAcava on Mar 25, 2020 12:52:07 GMT
Those companies could be everything from genuine corporate blue chip companies right down to one man bands making tuppence a month. It would certainly make me think more than twice to invest via a company in future. Also, I wonder when he has to pay the 42.5K by and what happens if he doesn't? One of them might be me. I invested some money via my limited company, until UB told me that that they had been advised legally that they couldn't lend from business sources. So I have been in drawdown phase since then and all I have left is three hundred quid in 7 of his defaulted loans. I shall be mightily miffed if I get embroiled in this via my company - legal fees even if shared with 10 others will dwarf anything I earned (£599 including the accrued interest on his loans). On of them IS me. I am looking forward to receiving correspondence from him.
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registerme
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Post by registerme on Mar 25, 2020 13:01:40 GMT
On of them IS me. I am looking forward to receiving correspondence from him. Be sure to play the "I'm a doctor, during a time of national crisis, and a global medical emergency, I really, really didn't need to be distracted by this gentleman" card.
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michaelc
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Post by michaelc on Mar 25, 2020 14:42:11 GMT
One of them might be me. I invested some money via my limited company, until UB told me that that they had been advised legally that they couldn't lend from business sources. So I have been in drawdown phase since then and all I have left is three hundred quid in 7 of his defaulted loans. I shall be mightily miffed if I get embroiled in this via my company - legal fees even if shared with 10 others will dwarf anything I earned (£599 including the accrued interest on his loans). On of them IS me. I am looking forward to receiving correspondence from him. It makes my blood boil. A large company with a legal department can easily deal with this and probably in the end come out better off than they started. A individual even inside a company gets 500 pages of legal through the door with a scary demand figure on it and what do they do? All I can say is I do hope Unbolted will provide as much support as possible. Ideally, the name of someone you can just send all the docs to who will deal with it for you. If it was me I'd be stressed out beyond belief but I'm sure you're made of much stronger stuff than I am!
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p2pete
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Post by p2pete on Mar 26, 2020 5:04:25 GMT
It makes my blood boil. A large company with a legal department can easily deal with this and probably in the end come out better off than they started. A individual even inside a company gets 500 pages of legal through the door with a scary demand figure on it and what do they do? That's exactly his plan though, to worry the lenders. I think Unbolted offered to buy our loan parts and deal with the borrow themselves but the FCA said it's not allowed for the platform to buy loans parts like that. The borrow knows this so is trying it on I reckon.
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Post by spareapennyor2 on Mar 26, 2020 9:38:28 GMT
who would even touch this borrower again? just not worth it / really hope it`s been flagged on credit database's talk about biting the hand that feed`s it
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savernake
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Post by savernake on Mar 26, 2020 12:19:18 GMT
His credit rating must already be awful, why else would he turn to a pawnbroker like Unbolted in the first place? He'd probably already been refused credit by the banks. It looks to me like he is planning to drag this whole affair on for as long as possible, appealing every decision that goes against him, in the hope that eventually he'll come up against a judge who will rule in his favour. Its just a game to him.
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nyneil
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Post by nyneil on Mar 27, 2020 12:26:35 GMT
It makes my blood boil. A large company with a legal department can easily deal with this and probably in the end come out better off than they started. A individual even inside a company gets 500 pages of legal through the door with a scary demand figure on it and what do they do? That's exactly his plan though, to worry the lenders. I think Unbolted offered to buy our loan parts and deal with the borrow themselves but the FCA said it's not allowed for the platform to buy loans parts like that. The borrow knows this so is trying it on I reckon. Ah, the good old FCA; they can always be relied on to help investors
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sd2
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Post by sd2 on Mar 27, 2020 16:09:58 GMT
It makes my blood boil. A large company with a legal department can easily deal with this and probably in the end come out better off than they started. A individual even inside a company gets 500 pages of legal through the door with a scary demand figure on it and what do they do? That's exactly his plan though, to worry the lenders. I think Unbolted offered to buy our loan parts and deal with the borrow themselves but the FCA said it's not allowed for the platform to buy loans parts like that. The borrow knows this so is trying it on I reckon. "FCA said it's not allowed " but that's exactly (near enough) what Ratesetter and growth street did??
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savernake
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Post by savernake on Mar 28, 2020 12:01:04 GMT
That's exactly his plan though, to worry the lenders. I think Unbolted offered to buy our loan parts and deal with the borrow themselves but the FCA said it's not allowed for the platform to buy loans parts like that. The borrow knows this so is trying it on I reckon. "FCA said it's not allowed " but that's exactly (near enough) what Ratesetter and growth street did?? In the case of RS and GS I believe it worked slightly differently. The platforms bought the companies that were in debt, thereby taking on the debt themselves. In Unbolted's case this couldn't happen because the borrower is an individual not a company.
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sd2
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Post by sd2 on Mar 30, 2020 12:11:36 GMT
Another update. We now appear to be moving forward to the court cases where he Sue's unbolted and us. At last. I would have thought he would have to prove he can afford to do so. After paying unbolted its court fees up to now. To take it forward wouldn't he have to prove he could pay unbolted's court fees if he loses?
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Mousey
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Post by Mousey on Mar 30, 2020 13:28:34 GMT
I'm not sure what the update stated but this is my understanding:
The the claimant has 2 months to investigate the 'corporate lenders' and issue an application to amend the particulars of claim.
OAF then have 6 weeks to consider and respond.
The claimant then has 4 weeks to reply to that.
The Master indicated that realistically the CMC would not commence before September.
Prior to the CMC the claimant would need to make two applications: -Application to amend POC -Application for joinder of companies identified
OAF could make an application for security of costs (which is what tanked the London Loan claims) although I understand the court will take into consideration the already deposited chattels within any subsequent calculation.
As for the actual hearing OAF requested a 4-day hearing, the claimant a 10-day-hearing. 10 days being in the words of the Master "grossly disproportionate" to the size of the claim.
Given current events and the number of cogs that will need to turn before a hearing is set I suspect next year.
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