jlend
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Post by jlend on Jan 24, 2020 17:38:48 GMT
On a simple level this is a great idea and we have a panel of charities that we support. On the legal and technical side we need to look at it but I would hope its possible. I can see from this thread that those people who have a few loose ends on the platform versus their past holdings where those loose ends are necessarily tied up in loans that are dragging on in recoveries seem to want a 'donate it to someone' option. I suspect the driver is to avoid having to log in/ get emails/ have account risk as described eloquently above etc when its just a small balance. For those with larger balances in loans in active recovery and where we ourselves expect good outcomes yet to be realised but perhaps they are past caring we need to consider what happens if that investor view was too pessimistic and a recovery suddenly gives them a larger than expected recovery and they want to change their minds. Thanks stuartassetzcapitalSounds like a very pragmatic way forward. The charity donation approach is common for shares. I have donated shares to charities in the past. A Google search gives some ideas that may be helpful. A related query is has there been any progress on the trading of suspended/defaulted loans. You have mentioned in previous posts that AC were looking into this. Has there been any developments, particularly with the advent of the new FCA rules, or is this unlikely to happen now?
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zlb
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Post by zlb on Jan 25, 2020 21:38:05 GMT
This means Assetz insist on keeping accounts open even where the investment is so small that their own systems give you no right to see updates on the loans if defaulted. Yes, you will keep your account open, and no, we won’t give you access to the information that would tell you the current position and what we’re doing about it. I don’t think this position can be justified. What are the drawbacks (if any) of leaving the account open but never visiting it gain? if no money is regained, it's a site of identity information which could be hacked and used. Better to close doors behind firmly.
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Post by investor1925 on Feb 1, 2020 14:01:15 GMT
My £29.81 account at FC is now closed as of today
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ashtondav
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Post by ashtondav on Feb 1, 2020 15:49:39 GMT
On a simple level this is a great idea and we have a panel of charities that we support. On the legal and technical side we need to look at it but I would hope its possible. I can see from this thread that those people who have a few loose ends on the platform versus their past holdings where those loose ends are necessarily tied up in loans that are dragging on in recoveries seem to want a 'donate it to someone' option. I suspect the driver is to avoid having to log in/ get emails/ have account risk as described eloquently above etc when its just a small balance. For those with larger balances in loans in active recovery and where we ourselves expect good outcomes yet to be realised but perhaps they are past caring we need to consider what happens if that investor view was too pessimistic and a recovery suddenly gives them a larger than expected recovery and they want to change their minds. Sometimes the death of the lender and clearing up the estate, as well?
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dave2
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Post by dave2 on Feb 1, 2020 17:55:51 GMT
My £29.81 account at FC is now closed as of today Sometimes the death of the lender and clearing up the estate, as well? Must be sad to die when your £29.81 has not yet been repaid.
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ceejay
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Post by ceejay on Feb 2, 2020 9:44:37 GMT
My £29.81 account at FC is now closed as of today Sometimes the death of the lender and clearing up the estate, as well? Must be sad to die when your £29.81 has not yet been repaid. Even sadder if your estate is being administered by a professional charging by the hour, and the account never closes...
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sydb
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Post by sydb on Feb 3, 2020 0:21:53 GMT
This is a bit of an edge case, but consider someone who gifted some of their Lendy "London Loan" to a charity/family member. It's not just the debt but also a potential liability should the borrower decide to go to court, +/- platform incompetence. In that case, lenders details were passed onto a law firm who offered their services to those concerned - and some did them take up and pay for that. Perhaps it was scaremongering that lead to people paying for legal rep. but the possiblity is not zero, however negligible you might perceive it, so I cannot easily see a way to get rid of a loan part without finding someone willing to take it off you, which is back round at allowing trading of heavily discounted (even 100% discount) suspended loan parts... An interesting and even entertaining point, but as you say something of an edge case. AIUI the Lendy situation only arose because of some very iffy terms in the way that loan was set up (and possibly others under their terms at the time). In a more sensibly established framework that really should not be an issue. Or are you claiming that a similar bolthole for borrowers exists in every P2P contract? Now that would be an interesting claim... Re Lendy London Loan, if I remember correctly, part of the borrower's claim was regarding the contracts, part was how Lendy didn't dish out all the supposedly promised cash and part was how Lendy declared default. If lenders could be brought to court for this one (and it didn't quite get that far but was very close), it could happen to any loan on any platform where there is a contract between a lender and borrower (as we are told there usually is with P2P). However, even if a lender had already disposed of their parts to charity, etc, any legal action against a lender would likely be concerned with who was lending at the time the legal claim poked fault (or, possibly, just the original lender if the manner in which responsibility is passed on through a secondary market was successfully challenged). Therefore, a lender no longer owning their platform account could still be dragged back into things. As I see it, there is no immunity or washing of hands until you die while still owning any potential liability. However, rest easy that anyone at anytime can take you to court for whatever they want to claim, and you sleep with that every night of your adult life.
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iren
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Post by iren on Feb 3, 2020 20:13:10 GMT
Must be sad to die when your £29.81 has not yet been repaid. Even sadder if your estate is being administered by a professional charging by the hour, and the account never closes... The impact on the value of the estate could be far, far worse. A professional may have to keep back a multiple of the sum tied up on the platform from being distributed, in order to cover the costs of monitoring the account into closure over the next decade or so.
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Post by bagsy on Jan 18, 2021 18:51:00 GMT
Sorry to resurrect this thread, especially if there is a more recent one that answers my query and i just couldn't find it, but has there been any movement on being to close an account when there are <0.01 balances and/or suspended loans or any way of getting just getting rid of the <0.01 amounts? Thanks
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Jan 18, 2021 19:06:23 GMT
You / we are still a guest at the hotel California.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Jan 18, 2021 19:22:48 GMT
On a simple level this is a great idea and we have a panel of charities that we support. On the legal and technical side we need to look at it but I would hope its possible. I can see from this thread that those people who have a few loose ends on the platform versus their past holdings where those loose ends are necessarily tied up in loans that are dragging on in recoveries seem to want a 'donate it to someone' option. I suspect the driver is to avoid having to log in/ get emails/ have account risk as described eloquently above etc when its just a small balance. For those with larger balances in loans in active recovery and where we ourselves expect good outcomes yet to be realised but perhaps they are past caring we need to consider what happens if that investor view was too pessimistic and a recovery suddenly gives them a larger than expected recovery and they want to change their minds. Thanks stuartassetzcapitalSounds like a very pragmatic way forward. The charity donation approach is common for shares. I have donated shares to charities in the past. A Google search gives some ideas that may be helpful. A related query is has there been any progress on the trading of suspended/defaulted loans. You have mentioned in previous posts that AC were looking into this. Has there been any developments, particularly with the advent of the new FCA rules, or is this unlikely to happen now? HMRC might be doing collection buckets
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Post by bagsy on Jan 19, 2021 11:15:22 GMT
You / we are still a guest at the hotel California. Good analogy 
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SteveT
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Post by SteveT on Jan 19, 2021 13:25:44 GMT
Sorry to resurrect this thread, especially if there is a more recent one that answers my query and i just couldn't find it, but has there been any movement on being to close an account when there are <0.01 balances and/or suspended loans or any way of getting just getting rid of the <0.01 amounts? Thanks We managed to close a couple of AC accounts that my kids held once the "un-withdrawable" cash balances were less than 1p. They'd only gone used the 90DAA so there were no suspended loans.
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mikeb
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Post by mikeb on Jan 24, 2021 16:11:21 GMT
My understanding is that if I were to notify a platform that I’d exercised my option to forgive the debt owed to me, and the platform continued to make representations to the borrower that sums were due from them, the platform would be making fraudulent representations to the borrower. Cor. That sounds naughty. If that ever were to happen, you should totally report that sort of thing to Action Fraud, and then sit back and wait for them to confirm that it is definitely a fraud, so that you can fail to take action on it for as long as they fail to do so. I believe the technique has been used before ...
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jo
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dead
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Post by jo on Jan 24, 2021 17:06:58 GMT
All roads (as they have for years now) lead to a true 'secondary market'. One where unwanted risks can be offloaded to those willing to assume them at a price both sides perceive as being value.
I had some defaulted Bondora Spanish loans (where a not single penny had ever been repaid) which I was delighted to offload at between 10 and 15 pence on the pound and have my account closed completely.
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