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Post by overthehill on Aug 3, 2021 18:28:22 GMT
Are the borrowers the defendants in all these outstanding court cases involving SoMo ? Is it a good time to invest ?
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Greenwood2
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Post by Greenwood2 on Aug 5, 2021 20:08:03 GMT
Are the borrowers the defendants in all these outstanding court cases involving SoMo ? Is it a good time to invest ?
Mainly although there seems to be one litigation between Somo and some sort of lending partner not to do with their P2P business. Still no declared losses, but loans are going like hot cakes recently so not easy to get invested.
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Post by overthehill on Aug 5, 2021 20:25:39 GMT
Are the borrowers the defendants in all these outstanding court cases involving SoMo ? Is it a good time to invest ?
Mainly although there seems to be one litigation between Somo and some sort of lending partner not to do with their P2P business. Still no declared losses, but loans are going like hot cakes recently so not easy to get invested. Seems that way. Finally managed to get a 1st investment today. Thought I was in last week, then I got bumped twice actually !
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michaelc
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Post by michaelc on Aug 6, 2021 18:02:57 GMT
I recommend being very careful when investments are going like hot cakes.
Look at all the boards on this site. So many of them started off with folk enthusiastically getting involved and a few years it ended up in one big expensive mess. It obviously doesn't always end that way but to me going like hot cakes is not the best signal.
I still have one loan left so I certainly don't want anything negative to happen and have no reason to believe it will but there is always a risk and in "p2p" (term used loosely for those keen to remind Somo social lending isn't p2p) it would seem to be quite high.
Another to bare in mind is uk interest rate rises appear to be round the corner....
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Greenwood2
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Post by Greenwood2 on Aug 6, 2021 20:28:07 GMT
I recommend being very careful when investments are going like hot cakes. Look at all the boards on this site. So many of them started off with folk enthusiastically getting involved and a few years it ended up in one big expensive mess. It obviously doesn't always end that way but to me going like hot cakes is not the best signal. I still have one loan left so I certainly don't want anything negative to happen and have no reason to believe it will but there is always a risk and in "p2p" (term used loosely for those keen to remind Somo social lending isn't p2p) it would seem to be quite high. Another to bare in mind is uk interest rate rises appear to be round the corner.... You have said you have one very low LTV loan left on Somo (and you have no losses), fair enough you have decided not to invest any more, the availability goes up and down month on month currently there are fewer loans and they are going really fast. We all know Somo is not strictly P2P, so what. Somo have also been around for quite a few years I've been with them since 2016, they are not exactly a new kid on the block.
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Mousey
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Post by Mousey on Aug 9, 2021 23:54:48 GMT
Edmonton County Court 10/08/2021:
SOCIAL MONEY LTD. T/A THEBIGCROWD(sic) -v- MR. SE*** YIL*** & MRS. HA*** YIL*** - SUBSTANTIVE (M) - 30 MINUTES
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Mousey
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Post by Mousey on Aug 10, 2021 21:06:35 GMT
In Norwich tomorrow: Social Money Limited -vs- Bar***
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Mousey
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Post by Mousey on Aug 13, 2021 19:34:13 GMT
Monday: Willesden - SOCIAL MONEY LTD -v- BRO**
Cambridge - Social Money Ltd -v- Degir***** & Degir***** ON PAPER
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Mousey
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Post by Mousey on Aug 17, 2021 20:48:39 GMT
Tomorrow @ Clerkenwell: **Face to Face Hearing** H0PP3490 Social Money Ltd t/a The Bridgecrowd -v- Rock****** Prop****** Ltd/Soy***** - 15 mins - Possession Hearing
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michaelc
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Post by michaelc on Aug 19, 2021 21:54:23 GMT
Despite your highly sensitive nose for important court hearings I believe you missed this one that they've been trying really hard to list (for 9 months) at Basildon CC? J***son - At the possession hearing in July 2021 possession was ordered by mid-August 2021, together with permission to transfer enforcement to the High Court. We have applied for a High Court Writ and once received, will serve a 14-day eviction notice.Or did it not actually take place? Way back in December 2020 we had this: J***son - Possession proceedings have been issued and awaiting confirmation of review date.
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Greenwood2
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Post by Greenwood2 on Aug 20, 2021 17:13:27 GMT
Despite your highly sensitive nose for important court hearings I believe you missed this one that they've been trying really hard to list (for 9 months) at Basildon CC? J***son - At the possession hearing in July 2021 possession was ordered by mid-August 2021, together with permission to transfer enforcement to the High Court. We have applied for a High Court Writ and once received, will serve a 14-day eviction notice.Or did it not actually take place? Way back in December 2020 we had this: J***son - Possession proceedings have been issued and awaiting confirmation of review date.Other Updates: February 2021 Possession proceedings have been issued and we are awaiting confirmation of a Review Date. There is a significant backlog at Basildon County Court. We have written to the borrower on a without prejudice basis to request an early settlement on the basis of voluntary possession and await a response. April Possession proceedings have been issued and a Review Date has been listed for the end of April 2021. May Unfortunately, the Court lost the hearing bundle which our solicitors filed prior to the Review hearing and therefore our solicitors are chasing for an update regarding when the matter can be relisted for review. July Possession proceedings have been issued and a possession hearing has been listed for late July 2021. August update as above I see nothing untoward, hearing delayed from April to July. In fact rather straightforward compared to some other loans. And it is very low LTV so I expect a full repayment of loan + interest.
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michaelc
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Post by michaelc on Aug 20, 2021 22:08:56 GMT
Despite your highly sensitive nose for important court hearings I believe you missed this one that they've been trying really hard to list (for 9 months) at Basildon CC? J***son - At the possession hearing in July 2021 possession was ordered by mid-August 2021, together with permission to transfer enforcement to the High Court. We have applied for a High Court Writ and once received, will serve a 14-day eviction notice.Or did it not actually take place? Way back in December 2020 we had this: J***son - Possession proceedings have been issued and awaiting confirmation of review date.Other Updates: February 2021 Possession proceedings have been issued and we are awaiting confirmation of a Review Date. There is a significant backlog at Basildon County Court. We have written to the borrower on a without prejudice basis to request an early settlement on the basis of voluntary possession and await a response. April Possession proceedings have been issued and a Review Date has been listed for the end of April 2021. May Unfortunately, the Court lost the hearing bundle which our solicitors filed prior to the Review hearing and therefore our solicitors are chasing for an update regarding when the matter can be relisted for review. July Possession proceedings have been issued and a possession hearing has been listed for late July 2021. August update as above I see nothing untoward, hearing delayed from April to July. In fact rather straightforward compared to some other loans. And it is very low LTV so I expect a full repayment of loan + interest. In the latest update they say there was a possession hearing. Quote "At the possession hearing in July 2021". So they say there was a possession hearing. Was there a possession hearing or was there not ?
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Mousey
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Post by Mousey on Aug 23, 2021 12:29:23 GMT
Despite your highly sensitive nose Eek! You know what a loss of smell could mean...!
Enquiries have been made and it seems the claimant is not SoMo but the joint receivers:
"G2PP6*** RICHARDSON & GEE -v- JA****N"
And yes that's Edward Gee & Daniel Richardson of CG&Co the joint administrators of FundingSecure... small world
I'm told there was an in-person hearing on 09/07/2021 following a review on 09/04/2021.
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Post by overthehill on Aug 23, 2021 14:33:55 GMT
Despite your highly sensitive nose Eek! You know what a loss of smell could mean...!
Enquiries have been made and it seems the claimant is not SoMo but the joint receivers:
"G2PP6*** RICHARDSON & GEE -v- JA****N"
And yes that's Edward Gee & Daniel Richardson of CG&Co the joint administrators of FundingSecure... small world
I'm told there was an in-person hearing on 09/07/2021 following a review on 09/04/2021.
I'm just trying to get a handle on SoMo. They appear to have quite a few outstanding cases as claimant so does that mean they sometimes use receivers but not always or the reverse.
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michaelc
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Post by michaelc on Aug 23, 2021 20:52:59 GMT
Despite your highly sensitive nose Eek! You know what a loss of smell could mean...!
Enquiries have been made and it seems the claimant is not SoMo but the joint receivers:
"G2PP6*** RICHARDSON & GEE -v- JA****N"
And yes that's Edward Gee & Daniel Richardson of CG&Co the joint administrators of FundingSecure... small world
I'm told there was an in-person hearing on 09/07/2021 following a review on 09/04/2021.
That's good news and reassuring. More importantly, great to see there is no danger of you losing your sense of smell !
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