lofty
Posts: 101 
Likes: 104
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Post by lofty on Sept 8, 2016 16:45:56 GMT
OK ... Somebody help me ...I REALLY dont get it...!! As far as I have read, the offer that has been accepted for the flower shop is (I think ....) CLOSE to (my words....) the amount of the loan (....not equal to or more than....). No indication that the PF will be used to cover any interest ....in fact all the opinion on here seems to be that it shouldnt be used in this way .... And yet people are STILL buying it ....more than £7K in the last day WHY ?!?!??!?! What am I missing ?!!?!!?!!!?! I think its more likely that they're missing something! About £7K is my guess 
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Post by Deleted on Sept 8, 2016 16:50:26 GMT
OK ... Somebody help me ...I REALLY dont get it...!! As far as I have read, the offer that has been accepted for the flower shop is (I think ....) CLOSE to (my words....) the amount of the loan (....not equal to or more than....). No indication that the PF will be used to cover any interest ....in fact all the opinion on here seems to be that it shouldnt be used in this way .... And yet people are STILL buying it ....more than £7K in the last day WHY ?!?!??!?! What am I missing ?!!?!!?!!!? > People don't read this forum (and wouldn't know about the 1.5m listing) > The red box is slightly misleading > Cats walking on keyboard > Alcohol You can add ghosts and ghouls to the list of potential causes. But at least on a PC, the red square with the clear writing 'Loan in default' makes me think that what is happening is evident and clear to anyone capable of investing money.
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mikes1531
Member of DD Central
Posts: 6,453
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Post by mikes1531 on Sept 8, 2016 21:15:11 GMT
But at least on a PC, the red square with the clear writing 'Loan in default' makes me think that what is happening is evident and clear to anyone capable of investing money. I don't think it's the least bit clear. The other words in the red box say "Interest will continue to accrue, but will not be credited until sale of security completes." Some people will take that to mean that the accrued interest will be paid when the security is sold. IMHO, critical words are missing at the end of that notice -- "... if the sale proceeds are sufficient or if the PF is used to pay it."
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spyrogyra
Member of DD Central
Posts: 386
Likes: 148
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Post by spyrogyra on Sept 8, 2016 22:51:20 GMT
One can never understand all the reasons or simply the stupidity behind people's decisions. I know it is cynical, but,please, feel lucky such people exist. It's them who may buy some of your unwanted parts in the near future.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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Post by littleoldlady on Sept 9, 2016 7:24:51 GMT
One can never understand all the reasons or simply the stupidity behind people's decisions. I know it is cynical, but,please, feel lucky such people exist. It's them who may buy some of your unwanted parts in the near future. Not necessarily so lucky. Many other platforms block the sale of loans which are in difficulty or even just close to maturing. I presume that this is to protect the platform against a legal claim from a disappointed buyer. IMO SS leave themselves wide open and platform failure would affect all lenders.
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Post by Deleted on Sept 9, 2016 8:17:17 GMT
For any reasoning human a display of Loan in Default, should suffice to understand the loan is in default and be sure SS would have consulted their legals before adopting this box display.
If anyone has better ideas, more creative workart, send it to SS. I m sure they will consider it if it proves to be an improvement.
But stop criticising the warnings, which are ample and evident. If people lives on hopes that everything will always go well, it is their problem. Certainly not the platform problem.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
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Post by littleoldlady on Sept 9, 2016 9:25:57 GMT
Banks have had to pay out millions on PPI insurance which IMO "any reasoning human" should have understood was not suitable for them. In the current climate all financial organisations have to be very careful. MPs have already expressed concern that p2p investors do not appreciate the risks. If there are votes to be had our politicians will be only too eager garner them at the expense of companies - who do not get a vote.
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Post by trilby on Sept 9, 2016 9:29:43 GMT
It would be good if the text of the loan page actually had the word "default" somewhere in it. For all other loans the picture isn't used to convey any useful information so I'm not sure why it's the one and only place that the status of the loan is visible in this case.
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Post by martin44 on Sept 9, 2016 15:42:39 GMT
I am a little bemused by the latest update, or one particular part of it,
"We are not sure of the amount that will be received"
The three weeks earlier update stated.
"Offer received for nearly full amount of outstanding SS loan"
Am i missing something? Help please.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,333
Likes: 11,552
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Post by ilmoro on Sept 9, 2016 15:48:26 GMT
I am a little bemused by the latest update, or one particular part of it, "We are not sure of the amount that will be received" The three weeks earlier update stated. "Offer received for nearly full amount of outstanding SS loan" Am i missing something? Help please. Will depend on the administrators costs which are ongoing. Also secured creditors of the business eg staff wages rank ahead of us I believe so that may reduce the sum. Could also be some negoatiating going on. SS recovery costs.
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star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
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Post by star dust on Sept 9, 2016 15:49:41 GMT
I am a little bemused by the latest update, or one particular part of it, "We are not sure of the amount that will be received" The three weeks earlier update stated. "Offer received for nearly full amount of outstanding SS loan" Am i missing something? Help please. After all the fees are taken into account perhaps; also it is not unknown for something (minor remedial works or some such) to come up during the purchase process which prospective purchasers may try and reduce the price over. In Edit X posted with ilmoro
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Post by martin44 on Sept 9, 2016 15:53:58 GMT
Thanks, those additional points make the update more plausible.
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Post by dualinvestor on Sept 9, 2016 16:47:05 GMT
I am a little bemused by the latest update, or one particular part of it, "We are not sure of the amount that will be received" The three weeks earlier update stated. "Offer received for nearly full amount of outstanding SS loan" Am i missing something? Help please. Will depend on the administrators costs which are ongoing. Also secured creditors of the business eg staff wages rank ahead of us I believe so that may reduce the sum. Could also be some negoatiating going on. SS recovery costs. Lendy Ltd is the only secured creditor, the only items that rank above the fixed charge are costs of realisation. The Administration fees are payable out of assets subject to the floating charge and the preferential creditors are also payable out of the floating charge. As the statement of affairs has very few floating charge assets it is doubtful that there will be anything for Lendy Ltd. Therefore unless they are still negotiating the price it would have been a very simple exercise to determine the amount they will receive as usual the update is just obfuscation.
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Sept 9, 2016 17:19:22 GMT
Will depend on the administrators costs which are ongoing. Lendy Ltd is the only secured creditor, the only items that rank above the fixed charge are costs of realisation. The Administration fees are payable out of assets subject to the floating charge and the preferential creditors are also payable out of the floating charge. As the statement of affairs has very few floating charge assets it is doubtful that there will be anything for Lendy Ltd. Therefore unless they are still negotiating the price it would have been a very simple exercise to determine the amount they will receive as usual the update is just obfuscation. : Are you saying that if the assets subject to the floating charge are insufficient to pay the administration fees, those fees go unpaid unless there's a surplus after the fixed charge is settled in full (including accrued interest)? I thought admin costs always were paid, even before any fixed charge.
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Post by dualinvestor on Sept 9, 2016 17:28:25 GMT
Lendy Ltd is the only secured creditor, the only items that rank above the fixed charge are costs of realisation. The Administration fees are payable out of assets subject to the floating charge and the preferential creditors are also payable out of the floating charge. As the statement of affairs has very few floating charge assets it is doubtful that there will be anything for Lendy Ltd. Therefore unless they are still negotiating the price it would have been a very simple exercise to determine the amount they will receive as usual the update is just obfuscation. : Are you saying that if the assets subject to the floating charge are insufficient to pay the administration fees, those fees go unpaid unless there's a surplus after the fixed charge is settled in full (including accrued interest)? I thought admin costs always were paid, even before any fixed charge. Administration fees and expenses are payable out of assets subject to the floating charge unless the fixed charge holder and the Administrators have agreed otherwise. The costs of realising fixed charge assets are paid first.
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