one21
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Post by one21 on Oct 26, 2019 16:31:38 GMT
Hi All,
Would anyone know how long it should take to commence legal action against a defaulted borrower of an unsecured loan? I have not received a repayment since November 2017. I have made several requests for an update, but no reply received. Out of frustration I requested the borrower’s details, in order to take to small claims court but this has been declined - as against platform T&Cs. Consequently, I sent a letter of complaint to the FCO several months ago but only an acknowledgment received as yet. I do not intend to invest any more in this platform until I get some kind of satisfactory news of recovery action being taken .
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benaj
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Post by benaj on Oct 26, 2019 16:51:17 GMT
I checked the loanbook on Justus, there are 9 unsecured loans with recovery status. Totalling 49.8k, so far, 11k principal repaid, that's 23%. 23% it's not much to shout about, but it's pretty good on defaulted loans compared to Z defaulted ones.
On the guarantor loan with recovery status, justus recovered 95% capital.
Recovery on unsecured loans not quick process, have you received any recovery payment and double check it on Justus loan book?
For example: 13693, 60 months loan started in 2014, 13 months repayment
according to the note, it was added on august 2019 Legal recovery in process Department:Finance | Type:RecoveryAdded on: 16-08-2019, 12:16:43
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one21
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Post by one21 on Oct 26, 2019 17:33:34 GMT
I checked the loanbook on Justus, there are 9 unsecured loans with recovery status. Totalling 49.8k, so far, 11k principal repaid, that's 23%. 23% it's not much to shout about, but it's pretty good on defaulted loans compared to Z defaulted ones. On the guarantor loan with recovery status, justus recovered 95% capital. Recovery on unsecured loans not quick process, have you received any recovery payment and double check it on Justus loan book? For example: 13693, 60 months loan started in 2014, 13 months repayment according to the note, it was added on august 2019 Legal recovery in process Department:Finance | Type:RecoveryAdded on: 16-08-2019, 12:16:43 Hi benaj thanks for your reply! But how do we know if they are actively taking action, or just waiting passively for repayments - to save expense?
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benaj
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Post by benaj on Oct 26, 2019 21:51:18 GMT
The notes on each loan explain what actions taken in the event of non-payment. Here are a few examples - Judgement received - Judgement awarded - Borrower facing legal recovery - Legal recovery in process Assuming there's no notes on your defaulted loan, it is likely that it is difficult to contact the borrower and no actions recorded in the notes section. Before any legal action, The “Rainy Day Pot” monies pay lenders in the event of non-payment of a Borrower of an unsecured loan in discretion. This covers arrears but not the entire loan amount and no action recorded in the note section during the "rainy day" period. www.justus.co/rainyday/
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one21
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Post by one21 on Oct 26, 2019 22:44:59 GMT
The notes on each loan explain what actions taken in the event of non-payment. Here are a few examples - Judgement received - Judgement awarded - Borrower facing legal recovery - Legal recovery in process Assuming there's no notes on your defaulted loan, it is likely that it is difficult to contact the borrower and no actions recorded in the notes section. Before any legal action, The “Rainy Day Pot” monies pay lenders in the event of non-payment of a Borrower of an unsecured loan in discretion. This covers arrears but not the entire loan amount and no action recorded in the note section during the "rainy day" period. www.justus.co/rainyday/I have not received any interest payment from the 'Rainy Day Pot' - Note their get out clause being: 'When an unsecured borrower is late with a monthly payment, we may step in to make up a borrower's monthly interest payment to a lender. This payment is made at the complete discretion of JustUs and is not guaranteed.' (my bold) Edit: When the loan commenced it was under Emoney Union T&Cs, the Discretionary Fund covered both missed capital and interest repayments. When it became FCA approved the T&Cs changed and the fund only covered missed interest repayments. I have to admit that as there appears to be no historical data to assess whether a proportion of my few repayments were made by the lender or the Fund I should retract my statement. However, it certainly appears to have taken an inordinate amount of time for any recovery action to have been instigated, that’s if the note on the file can be relied upon!
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benaj
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Post by benaj on Oct 26, 2019 22:49:43 GMT
No idea how Rainy Day pot paid out, but there are 7 unsecured loans in the loanbook covered by "Rainy Day Pot", compared to 9 loans in "recovery" / default.
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one21
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Post by one21 on Oct 28, 2019 11:31:17 GMT
With regard to the defaulted loan previously posted. I have had a look at the loan book (which I didn’t know we had access to) and discovered that the repayments I have received as a percentage of my loan part are exactly the same as the total repaid on the loan. Therefore, I am not sure how Lenders of this particular loan have received ‘considerable contributions’ from the Rainy Day Pot - as stated by the J.Us rep.
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