|
|
8110
Oct 29, 2014 16:27:07 GMT
Post by GSV3MIaC on Oct 29, 2014 16:27:07 GMT
Anyone have any further insight (without disclosing any borrower details) what this 'adverse credit event' might be, arriving as it did before the first payment was even made?
|
|
|
|
8110
Oct 30, 2014 10:53:45 GMT
Post by goldservice on Oct 30, 2014 10:53:45 GMT
I spoke to the Financial Controller at this company (in *unstable, Beds (*orry)) at 10:50 today. He says there is a CCJ, the money in question has been paid, and he understands that the court will issue a certificate of satisfaction. The company is otherwise 'trading normally.' He has kept FC informed and will chase them today to get this info published to lenders.
|
|
|
|
Post by goldservice on Oct 30, 2014 11:24:42 GMT
Just added by FC to the recent loan comments:
"30 Oct 2014 We have contacted the borrower who has confirmed that a large county court judgement has been registered against the business. The borrower has informed us that the judgement has been satisfied, however we will keep the loan downgraded until we have received proof of the satisfaction, or until such a time that we are certain the judgement has been satisfied."
If any one notices the removal of the downgrading, please tell us here as one doesn't otherwise get told.
|
|
|
|
8110
Oct 30, 2014 12:05:17 GMT
Post by davee39 on Oct 30, 2014 12:05:17 GMT
If any one notices the removal of the downgrading, please tell us here as one doesn't otherwise get told. So we can sell ASAP. Re-reading the loan application it seems clear that the company needed the loan cash to continue trading in the short term, I paid little attention since I did not intend to hold it for long. Lesson learned. Now to see if first payment is made.
|
|
|
|
8110
Oct 30, 2014 14:20:59 GMT
Post by GSV3MIaC on Oct 30, 2014 14:20:59 GMT
Moi would like to know aussi, pour favour. 8>.
|
|
|
|
8110
Nov 7, 2014 8:36:25 GMT
Post by goldservice on Nov 7, 2014 8:36:25 GMT
Still RBR but the first payment was made today, in full.
|
|
|
|
8110
Nov 20, 2014 16:09:22 GMT
Post by goldservice on Nov 20, 2014 16:09:22 GMT
RB reinstated. Free Cheers!
|
|
|
|
8110
Nov 20, 2014 17:40:42 GMT
Post by davee39 on Nov 20, 2014 17:40:42 GMT
And my 3 parts have gone to lucky Autobidders.
|
|
|
|
8110
Nov 20, 2014 18:38:27 GMT
Post by GSV3MIaC on Nov 20, 2014 18:38:27 GMT
All unloaded here too.
Probably there was really no cause for concern, but that rate looks a bit' October' now (although rates are headed well back down - not many new auctions, and most of those are tiddlers, or property .. can see why the cashback ended!)
|
|
|
|
8110
Nov 20, 2014 19:54:18 GMT
Post by goldservice on Nov 20, 2014 19:54:18 GMT
This was an early ender on 7 October at 10.8%; accepted 3 days later; RBR on 29 October. So we have a loan of £55k from FC and a ‘large’ debt repaid; the exact order is unknown but one can join the dots ... not what I signed up for when lending to this business so I’ve sold the lot - 25 parts. One may also ask: why didn’t the borrower disclose the CCJ process earlier?
|
|
|
|
8110
Nov 20, 2014 20:31:59 GMT
Post by pepperpot on Nov 20, 2014 20:31:59 GMT
This was an early ender on 7 October at 10.8%; accepted 3 days later; RBR on 29 October. So we have a loan of £55k from FC and a ‘large’ debt repaid; the exact order is unknown but one can join the dots ... not what I signed up for when lending to this business so I’ve sold the lot - 25 parts. One may also ask: why didn’t the borrower disclose the CCJ process earlier? I was hoping after 4907 that FC would have started doing a quick check for any outstanding CCJs, obviously not. Or at least not before handing over our money! Last one was a B this one was an A, next one A+? Might stick with property from now on (no-one mention bubbles please).
|
|
|
|
8110
Nov 22, 2014 11:27:22 GMT
Post by goldservice on Nov 22, 2014 11:27:22 GMT
Ever noticed how no comments are added to Recent Loan Comments for some time, then something triggers comments being added for several loans on one day? This suggests that the RLCs are not updated with any sense of urgency.
Well, on Wednesday morning (19/11), the latest comment was dated 14/11 (not about 8110 but another loan). I decided I had waited long enough on 8110. I sent a polite request to FC to push for resolution: “I am over-exposed to this company but am prevented from selling the overhang. I spoke to R****** the F*****e C********r of this company on 29 October. You have posted no update since 30 October. Can you please chase for a copy of the court's satisfaction certificate or similar that he claims to hold? Can you also post an update on the company's reply to you or on [any] lack of cooperation? Are you pressing the company for a proper response? Thank you”
At 13:30 on Thursday 20/11 I received from FC: “Going forward, please be aware that Funding Circle investors should not contact any borrower businesses directly and all communication must come via Funding Circle only.
Please be assured that the Collections team are active in the pursuit of all outstanding debts and related information on credit events, and will post this for all affected investors to see once this information has been confirmed and verified.
I have spoken with the Collections team who have advised that they are awaiting evidential confirmation from the borrower that the CCJ has been satisfied. When they receive this they will update investors via the comments section.”
10 minutes after that, a comment was added saying that the Risk Band had been reinstated. Coincidence?
In telling me not to contact the borrower direct, FC may be within their T&Cs. But that company had my money … I think that it might actually concentrate a borrower’s mind quite effectively if they knew that a torrent of unhappy lenders might be calling them.
|
|
|
|
8110
Nov 22, 2014 12:21:53 GMT
Post by loanstar on Nov 22, 2014 12:21:53 GMT
I like your approach goldservice. FC can remind me of the T&C as much as they like, but what sanction do they have?
|
|
|
|
8110
Nov 22, 2014 12:46:39 GMT
mikeb likes this
Post by pepperpot on Nov 22, 2014 12:46:39 GMT
Stop you using the FC platform for breach of T&Cs?
Would be a judgement call for FC, as the ensuing media storm with the tag line, "I wanted to know what was happening with my money and FC didn't appear to be doing anything", might not be worth it.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
8110
Nov 22, 2014 13:47:26 GMT
Post by blender on Nov 22, 2014 13:47:26 GMT
"1.2 Funding Circle's principal role is to perform introductory functions on behalf of borrowers and lenders in order to bring together prospective borrowers and lenders" - not too close together, though.
I do not know where in the loan contract the loan principals are forbidden from direct communication. And when it comes to defaults (hopefully not) each lender has the right within the contract to pursue the borrower directly, rather than through FCRL. However, I reckon that if a lender became a problem in this way they might use the general right to terminate the relationship.
It must be very desirable, though, that lenders rely on a single line of communication through FC and refrain from direct contact before default, and after unless they have refused to novate their rights to FCRL. If FC do not appear to be doing their job then I would prefer to try the 'dear FC unless' approach, with a hope of focussing attention and getting results. But respect for you, Goldservice, for doing something about it.
|
|
