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Post by chris42 on Dec 2, 2019 23:51:11 GMT
I am beginning to wonder if I am not getting updates for some reason.
Last I saw was October - court hearing at end of month, then nothing in November.
Borrower has run rings around BC, perhaps BC lost somehow?
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tomp
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Post by tomp on Dec 3, 2019 7:56:51 GMT
Updates are normally around 8th but it is not a strict rule
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michaelc
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Post by michaelc on Dec 3, 2019 16:37:19 GMT
What is the loan id ?
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iRobot
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Post by iRobot on Dec 3, 2019 17:14:36 GMT
1023
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michaelc
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Post by michaelc on Dec 4, 2019 20:13:16 GMT
I'm not in this one but follows a similar pattern to other long running ones. The odd monthly update has been skipped so presumably they'll be another one in the next few days.
Reading the history, it's a reminder to me why I don't lend on Scottish properties. I wonder if regular residential mortgages are more expensive in Scotland ?
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Post by chris42 on Dec 5, 2019 1:15:50 GMT
After this one Scotland is on my list of reasons not to get involved.
Not sure about Wales and NI, so skip them too.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 5, 2019 10:41:58 GMT
I'm not in this one but follows a similar pattern to other long running ones. The odd monthly update has been skipped so presumably they'll be another one in the next few days. Reading the history, it's a reminder to me why I don't lend on Scottish properties. I wonder if regular residential mortgages are more expensive in Scotland ? I also avoid Northern Ireland.
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Post by chris42 on Dec 12, 2019 21:05:19 GMT
No problem, they tell me they will provide a full update on the 10th.
Ho hum...
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michaelc
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Post by michaelc on Feb 5, 2020 23:40:32 GMT
I'm not in this but following it. Last update was mid December. Will be very interesting to see how this finally plays out.
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Post by chris42 on Nov 11, 2020 20:39:41 GMT
Blimey, they have only gone and got possession.
Took them over 3 years to get there, either BC are naff, or never get involved with loans in Scotland.
Now will we get back our investment, let alone the substantial interest that has rolled up?
At 65% LTV 4 years ago, there is some hope - unless they got valuations from the same clowns Lendy and FundingSecure used.
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iRobot
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Post by iRobot on Nov 11, 2020 22:10:15 GMT
Blimey, they have only gone and got possession. Took them over 3 years to get there, either BC are naff, or never get involved with loans in Scotland.
Now will we get back our investment, let alone the substantial interest that has rolled up? At 65% LTV 4 years ago, there is some hope - unless they got valuations from the same clowns Lendy and FundingSecure used. This: In my experience BC are far from naff. The loan expired late August 2017 and BC had started default / legal proceedings against the Borrower by early October of the same year - that shouldn't really need stating, but by comparison with some other platforms, that is lightening quick! (The Borrower's legal entity being dissolved via compulsory strike-off in June of that year, may have had something to do with it ) After a brief period of the Borrower bargaining with the courts for extra time, BC had the Borrower sequestrated and bankrupted by mid 2018. The legal system / property law is purportedly 'trickier' than in the England / Wales and in circumstances where an elderly relative is in residence, a Lender has to allow a 12 month grace period before repossession proceedings can be effected. Regardless of it being Scotland, any Borrower anywhere can - and will - use the legal system to thwart due process and with the appearance of a "wife" and numerous last minute actions, that would appear to be the case hear. CV19 wouldn't have done anything to oil the gears of Justice either. So... BC naff? Not in my opinion, in fact a damn sight better than most. And " never get involved with loans in Scotland"? Domestic bridging, shouldn't be a problem, but this is P2P and quoted dates should only ever be regarded as 'best endeavours' - there are no guarantees. This: FWIW, a slightly smaller neighbouring property (103 sq.m compared to the security's 120 sq.m) sold for £318k in November of last year. So long as the asset hasn't been wrecked, I'd say there's good probability of getting at least 100% capital and possibly half the default interest, too. Depends on a) condition, b) lockdown / viewings? c) speed of sale and, possibly, d) how much of the legal costs BC are willing to swallow. If things drag on and completion doesn't take place until Mar / Apr 2021, then that's the thick end of £100k in default interest, and I don't see the sale price covering all of that PLUS legal costs, so something would have to give. Would be nice if BC were able to maintain their 100% record, but losses - even if it is 'just' interest rather than capital - are always a matter of "when" rather than "if".
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michaelc
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Post by michaelc on Nov 12, 2020 13:23:06 GMT
Blimey, they have only gone and got possession. Took them over 3 years to get there, either BC are naff, or never get involved with loans in Scotland.
Now will we get back our investment, let alone the substantial interest that has rolled up? At 65% LTV 4 years ago, there is some hope - unless they got valuations from the same clowns Lendy and FundingSecure used. This: In my experience BC are far from naff. The loan expired late August 2017 and BC had started default / legal proceedings against the Borrower by early October of the same year - that shouldn't really need stating, but by comparison with some other platforms, that is lightening quick! (The Borrower's legal entity being dissolved via compulsory strike-off in June of that year, may have had something to do with it ) After a brief period of the Borrower bargaining with the courts for extra time, BC had the Borrower sequestrated and bankrupted by mid 2018. The legal system / property law is purportedly 'trickier' than in the England / Wales and in circumstances where an elderly relative is in residence, a Lender has to allow a 12 month grace period before repossession proceedings can be effected. Regardless of it being Scotland, any Borrower anywhere can - and will - use the legal system to thwart due process and with the appearance of a "wife" and numerous last minute actions, that would appear to be the case hear. CV19 wouldn't have done anything to oil the gears of Justice either. So... BC naff? Not in my opinion, in fact a damn sight better than most. And " never get involved with loans in Scotland"? Domestic bridging, shouldn't be a problem, but this is P2P and quoted dates should only ever be regarded as 'best endeavours' - there are no guarantees. This: FWIW, a slightly smaller neighbouring property (103 sq.m compared to the security's 120 sq.m) sold for £318k in November of last year. So long as the asset hasn't been wrecked, I'd say there's good probability of getting at least 100% capital and possibly half the default interest, too. Depends on a) condition, b) lockdown / viewings? c) speed of sale and, possibly, d) how much of the legal costs BC are willing to swallow. If things drag on and completion doesn't take place until Mar / Apr 2021, then that's the thick end of £100k in default interest, and I don't see the sale price covering all of that PLUS legal costs, so something would have to give. Would be nice if BC were able to maintain their 100% record, but losses - even if it is 'just' interest rather than capital - are always a matter of "when" rather than "if". Do you have proof of any of their activities relating to this loan or are you just going on what BC write themselves in their updates?
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iRobot
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Post by iRobot on Nov 12, 2020 17:53:09 GMT
The borrower's company I monitored for myself (and exited the loan when it notification was made for compulsory strike-off). As for the rest of the activity, I've never felt the need to 'check-up-on' BC but most info is, as a minimum, verifiable after the fact; so why would they try to pull a fast one? ie Scotland's register of insolvencies (https://roi.aib.gov.uk/) has a listing for the borrower and in the info stated, it shows 'Social Money Limited' (aka BC) as the petitioner and the Trustee as being appointed on 03/04/18 which ties in nicely with BC's updates. Other dates offered - first petition date, sequestration date - also tie up. Coincidentally, the Trustee on this one was CG&Co who we know from over on FS. Hopefully the similarities end there...
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phil
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Post by phil on Nov 15, 2020 2:39:52 GMT
This: In my experience BC are far from naff. The loan expired late August 2017 and BC had started default / legal proceedings against the Borrower by early October of the same year - that shouldn't really need stating, but by comparison with some other platforms, that is lightening quick! (The Borrower's legal entity being dissolved via compulsory strike-off in June of that year, may have had something to do with it ) After a brief period of the Borrower bargaining with the courts for extra time, BC had the Borrower sequestrated and bankrupted by mid 2018. The legal system / property law is purportedly 'trickier' than in the England / Wales and in circumstances where an elderly relative is in residence, a Lender has to allow a 12 month grace period before repossession proceedings can be effected. Regardless of it being Scotland, any Borrower anywhere can - and will - use the legal system to thwart due process and with the appearance of a "wife" and numerous last minute actions, that would appear to be the case hear. CV19 wouldn't have done anything to oil the gears of Justice either. So... BC naff? Not in my opinion, in fact a damn sight better than most. And " never get involved with loans in Scotland"? Domestic bridging, shouldn't be a problem, but this is P2P and quoted dates should only ever be regarded as 'best endeavours' - there are no guarantees. This: FWIW, a slightly smaller neighbouring property (103 sq.m compared to the security's 120 sq.m) sold for £318k in November of last year. So long as the asset hasn't been wrecked, I'd say there's good probability of getting at least 100% capital and possibly half the default interest, too. Depends on a) condition, b) lockdown / viewings? c) speed of sale and, possibly, d) how much of the legal costs BC are willing to swallow. If things drag on and completion doesn't take place until Mar / Apr 2021, then that's the thick end of £100k in default interest, and I don't see the sale price covering all of that PLUS legal costs, so something would have to give. Would be nice if BC were able to maintain their 100% record, but losses - even if it is 'just' interest rather than capital - are always a matter of "when" rather than "if". Do you have proof of any of their activities relating to this loan or are you just going on what BC write themselves in their updates? Have you any proof that we can't rely on what BC writes in their updates? If so, please share.
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michaelc
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Post by michaelc on Nov 15, 2020 11:48:46 GMT
Do you have proof of any of their activities relating to this loan or are you just going on what BC write themselves in their updates? Have you any proof that we can't rely on what BC writes in their updates? If so, please share. Of course not. As someone who has lost a fair bit with four p2p companies going to the wall and a fifth on the way I am very wary of taking updates for granted. I certainly wouldn't post information based largely on updates here without verification because it ads credibility to them. At the very least I think we should preface such information with "<p2p company> says ......" That said, I think BC's updates are generally good although I would prefer a monthly update without gaps.
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