keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Jul 5, 2019 8:05:19 GMT
ERm :-
his loan has been downgraded as we have received notice that the borrower has entered into a company voluntary arrangement. We will be contacting the borrower to determine their position and will update you with any further developments.
shouldn't FC as a creditor have been to meeting therefore shouldn't have been a surprise
What's more surely the loan should be defaulted so the exact amount owed could be put in front of the creditors meeting
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mikeb
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Post by mikeb on Jul 7, 2019 19:51:13 GMT
ERm :- his loan has been downgraded as we have received notice that the borrower has entered into a company voluntary arrangement. We will be contacting the borrower to determine their position and will update you with any further developments.
shouldn't FC as a creditor have been to meeting therefore shouldn't have been a surprise What's more surely the loan should be defaulted so the exact amount owed could be put in front of the creditors meeting Yes they should have been at the meeting, but they probably weren't invited by the borrower, and the lightning fast monitoring team at FC are probably discovered the CVA long after they should. I'd like to think that "We will be contacting the borrower to determine their position" is polite speak for "We will be contacting the borrower to ask Whisky Tango Foxtrot they think they are doing cutting us out of that particular loop ..."
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jul 13, 2019 8:52:01 GMT
Im told borrower doesn't do invites the insolvency people do and they invite all creditors, surely forgetting a creditor to who you owe £40K shows a lack of financial acumen etc and also potentially the CVA may just have scrapped through, the £40K of votes could change the result.
Also as I understand it if the CVA says we will pay off 50% of the value of debts over the next 3 years, all creditors are bound by that FC can't try for anything else.
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Post by Deleted on Jul 13, 2019 9:29:19 GMT
Have you asked FC about this?
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keitha
Member of DD Central
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Post by keitha on Jul 15, 2019 13:44:00 GMT
yes cut and paste response that they are very busy dealing with lots of emails will get back to me in due course.
Was thinking and it doesn't take a great deal of work from an IT perspective to do it
Overnight on Sunday managers are sent digest that says
Loan NNNNN Value £££££££ Days Late/Since defaulted DDD Last comment DD/MM/DD Loan Manager XXXXXXXX
they could then speak to staff on Monday and have the late ones updated with a meaningful comment , It would also enable management to see who is bad at updating loans etc.
Mind you perhaps the first run would throw out reams of paper but it could be done and it would keep lenders happier.
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