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Post by Deleted on Oct 16, 2014 13:47:14 GMT
Does this mean they're on the verge of being satisfactorily concluded?
Anyone else experiencing the same thing? M****** * *** aren't showing under 'loans' on the dashboard. Wondering if this means they're paying up in full and funds will be released soon. If so, one down one to go and bye bye blackbird!
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Post by Deleted on Oct 18, 2014 16:46:40 GMT
Update: no response from borrower so things are moving ahead reference bankruptcy petitions.
Cui bono?
Dunno about you guys but I'd have taken my principal. Goes to show, you're lending to the platform not the ostensible borrowers. It's not peer to peer, it's peer to middleman to peer.
Once they've recovered their costs they'll no doubt see about sorting us out. That may mean we get paid in full, but if it happens too often?
I can see lenders clamouring for State backing, mandatory set-aside funds and so on....... but what does that mean? Just means people will be less careful.
But what does that mean? Very little because just because you and I boycott a particular loan that doesn't mean we're not exposed to it: we lend to the platform, who then lends to whoever the majority says gets lent to. If you're not part of that majority, that changes nothing, you're still exposed.
Sorry I know it's doom and gloom, but given that most of us are only here because the BoE passed a law, it's relevant. They already have our taxes and our interest payments: now they want our savings.
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blofeld
New Member
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Post by blofeld on Oct 20, 2014 9:34:38 GMT
I have lent money to the M****** * *** loan and would like to know what is actually happening as well. I would have hoped that they would have said something before pulling it from the list as the discussion has gone now from the site for that loan.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Oct 20, 2014 12:21:25 GMT
I would like to see a section on the website dedicated to loans that have failed, with a full explanation of what went wrong and what action was taken to recover losses. Hiding past problems just makes lenders more wary of investing.
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11025
Member of DD Central
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Post by 11025 on Oct 20, 2014 14:33:19 GMT
I would like to see a section on the website dedicated to loans that have failed, with a full explanation of what went wrong and what action was taken to recover losses. Hiding past problems just makes lenders more wary of investing. A very good idea.
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Post by Deleted on Oct 20, 2014 20:05:50 GMT
I would like to see a section on the website dedicated to loans that have failed, with a full explanation of what went wrong and what action was taken to recover losses. Hiding past problems just makes lenders more wary of investing. Excellent idea. Of course it's actually worse than that: it should make lenders more wary of investing but doesn't. What they can't see, they can't fear. The government consultation on P2P/ISAs is quite telling: Peer-to-peer (P2P) lenders act as middlemen by matching people who have some money to invest with people or small businesses who want to borrow it.source: www.rebuildingsociety.com/government-announced-p2p-isa-consultation-3/That's absolutely right: it's not peer to peer, it's you lending to a company who then sometimes gives you some say in who they lend to, but with government and institutional money now pouring into the sector, your vote will soon be crowded out (geddit^^). I wonder also how much of the money being 'invested' has been borrowed. I no longer like it, it's bubbly, it's hocus pocus and it's riddled from top to bottom with government filth.
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Post by danraj on Oct 23, 2014 17:26:14 GMT
I would like to see a section on the website dedicated to loans that have failed, with a full explanation of what went wrong and what action was taken to recover losses. Hiding past problems just makes lenders more wary of investing. Ok, we're still working on the messaging to communicate the enforcement steps being taken. But once this is ready, I'll add a section for Defaulting loans to the main navigation (for lenders logged in), I think its important that new investors understand the implications of a defaulting loan, so thanks for the suggestion. It's now on the roadmap & should be live within 6-8 weeks. The loan in question is now reflected in the defaults on the user dashboards. We've added a display for 'Bad Debt' next to the Defaults so that people are aware the loans in default may still be recovered.
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Post by Deleted on Oct 24, 2014 11:00:44 GMT
They offered to repay the principal and REBS said no.
If the subsequent offer is "bite me", it's on you.
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shimself
Member of DD Central
Posts: 2,561
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Post by shimself on Oct 24, 2014 11:17:46 GMT
I would like to see a section on the website dedicated to loans that have failed, with a full explanation of what went wrong and what action was taken to recover losses. Hiding past problems just makes lenders more wary of investing. Ok, we're still working on the messaging to communicate the enforcement steps being taken. But once this is ready, I'll add a section for Defaulting loans to the main navigation (for lenders logged in), I think its important that new investors understand the implications of a defaulting loan, so thanks for the suggestion. It's now on the roadmap & should be live within 6-8 weeks. The loan in question is now reflected in the defaults on the user dashboards. We've added a display for 'Bad Debt' next to the Defaults so that people are aware the loans in default may still be recovered. Can we be able to see ALL old loans please?
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Post by Deleted on Oct 25, 2014 19:49:01 GMT
Defaults won't be public: they'll be visible to those who have a stake in them.
It may be that there's a legal basis for this decision beyond REBS' control.
Fingers crossed for the end of the month one to succeed. It's this feeling of gambling that turns me off the whole thing, waiting around to see if some third party will leave you as below the threshold for the small claims court, or whether they'll deign to play ball. This one sounds (from official emails) as if it'll go well. If so my heart goes out to this guy who's put 33 years into his business in good faith that working for the State would be somehow for the public good and therefore couldn't go wrong.
Yeah we made the same mistake when we invested in it.
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