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Post by martin44 on Oct 6, 2016 12:20:06 GMT
As far as i understand, no interest has been paid since default, but i'm not 100% sure, so stand to be corrected.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Oct 6, 2016 12:21:34 GMT
As far as i understand, no interest has been paid since default, but i'm not 100% sure, so stand to be corrected. You are correct; no interest has been paid out since SS announced the loan had defaulted
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Jeepers
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Post by Jeepers on Oct 6, 2016 12:43:27 GMT
Just a thought...
If the interest on a defaulted loan was only paid paid to the holders (at time of recovery) of the loan part for the entire default period with those who successfully sell in that default period getting no interest it would provide a incentive to invest in a defaulted loan and although the seller would miss out on some interest, they would at least get 100% of their capital.
That way anyone buying into PBL 20 could potentially see a very good return but also risking a substantial loss.
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shimself
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Post by shimself on Oct 6, 2016 13:24:55 GMT
... - PBL020's quoted 70% LTV remains unchallenged, so there is plenty of headroom in the security to allow full repayment of capital and interest.
[/font][/ul][/quote]Disagree, in this thread we are told that the borrower paid less for the site than the valuation, and also evidently nobody is buying the place so the LTV might be way off.
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pom
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Post by pom on Oct 6, 2016 14:58:04 GMT
Disagree, in this thread we are told that the borrower paid less for the site than the valuation, and also evidently nobody is buying the place so the LTV might be way off. Agreed, but my post related to the potential perspective of any non-forum user who might be inspired into continuing to buy into PBL020, not a forum member. The fact the updates on the website seem to indicate that the sale price probably isn't going to cover the loan should be a pretty massive warning bell tho.
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Post by geraldine1210 on Oct 6, 2016 15:14:40 GMT
Some investors still think they are going to be covered for the full amount plus interest up to the date grey are paid
If they get out with no capital loss, but no interest whatsoever, I think grey should be more than happy with that.
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Post by geraldine1210 on Oct 6, 2016 15:16:17 GMT
Agreed, but my post related to the potential perspective of any non-forum user who might be inspired into continuing to buy into PBL020, not a forum member. The fact the updates on the website seem to indicate that the sale price probably isn't going to cover the loan should be a pretty massive warning bell tho. I think the update said the offer was for almost the full amount. Almost? 1K adrift, 10K, 50K?
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shimself
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Post by shimself on Oct 6, 2016 15:31:36 GMT
Disagree, in this thread we are told that the borrower paid less for the site than the valuation, and also evidently nobody is buying the place so the LTV might be way off. Agreed, but my post related to the potential perspective of any non-forum user who might be inspired into continuing to buy into PBL020, not a forum member. Sorry, skip read it and misunderstood your (most excellent) point
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Post by martin44 on Oct 6, 2016 16:05:20 GMT
The fact the updates on the website seem to indicate that the sale price probably isn't going to cover the loan should be a pretty massive warning bell tho. I think the update said the offer was for almost the full amount. Almost? 1K adrift, 10K, 50K? The for sale price on the agents website was for £1.5m, the latest SS update does indeed suggest the sale is progressing through legals, however i'm not sure the agents would agree with that, as the ' sale agreed' marker on their website has disappeared (as per a previous post by cooling_dude ) and still appears to be up for sale.  Just double checked and still appears to be up for sale, no indication of an offer.
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mikes1531
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Post by mikes1531 on Oct 6, 2016 18:09:51 GMT
I think the update said the offer was for almost the full amount. Almost? 1K adrift, 10K, 50K? The for sale price on the agents website was for £1.5m, the latest SS update does indeed suggest the sale is progressing through legals, however i'm not sure the agents would agree with that, as the ' sale agreed' marker on their website has disappeared (as per a previous post by cooling_dude ) and still appears to be up for sale. Just double checked and still appears to be up for sale, no indication of an offer. There's also the question of the value of stock on hand. (IIRC, the asking price was £1.5M plus stock at cost.) Could there be enough stock value to make up for the difference between the £1.5M price and the £1.7M loan (plus accrued interest)? I haven't a clue. And I don't even know if any money paid for stock would go directly to SS investors. SS said they'd have a debenture over the business, but I don't know whether they have any priority or if they would have to share any proceeds from the stock sale with other business creditors.
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Post by martin44 on Oct 6, 2016 18:39:55 GMT
mikes1531 yes i think that's correct, its on the agent website , stock at value, i seem to remember dualinvestor mentioning £250k for the stock.
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Post by geraldine1210 on Oct 6, 2016 22:00:27 GMT
The for sale price on the agents website was for £1.5m, the latest SS update does indeed suggest the sale is progressing through legals, however i'm not sure the agents would agree with that, as the ' sale agreed' marker on their website has disappeared (as per a previous post by cooling_dude ) and still appears to be up for sale. Just double checked and still appears to be up for sale, no indication of an offer. There's also the question of the value of stock on hand. (IIRC, the asking price was £1.5M plus stock at cost.) Could there be enough stock value to make up for the difference between the £1.5M price and the £1.7M loan (plus accrued interest)? I haven't a clue. And I don't even know if any money paid for stock would go directly to SS investors. SS said they'd have a debenture over the business, but I don't know whether they have any priority or if they would have to share any proceeds from the stock sale with other business creditors. I don't think anyone should even think about interest. I can't imagine any circumstances where interest is going to be paid.
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james
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Post by james on Oct 6, 2016 22:23:01 GMT
I don't think anyone should even think about interest. I can't imagine any circumstances where interest is going to be paid. Here's one for you: someone who bought say £50k worth recently makes a complaint and takes Saving Stream / Lendy to the Financial Ombudsman Service for their failure to pay their interest on this loan, which is of the generation that was lent to them, not their borrower. In the event that the FOS decision is not sufficiently positive they then file a money claim against them. For even more added value, remember that Saving Stream / Lendy have 10% ownership of the firm they lent to, taken around the time of loan inception. So they aren't only the borrower from lenders here they are also part of the borrower from themselves. No idea whether someone will take that course but it'll be interesting to see what happens.
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Post by buttchopf23 on Oct 7, 2016 6:19:22 GMT
I don't live in the uk, so I am not familiar with the law and regulations. I live in Switzerland and I can tell you that such a claim wouldn't have the slightest chance of success over here.
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jonah
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Post by jonah on Oct 7, 2016 6:48:14 GMT
Well another sizeable chunk bought overnight. Baffling.
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