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Post by wickedxuk on Oct 7, 2016 16:24:03 GMT
Do you not think SS have added this new tab so they can clean up the live loans page. It could of put a few people of as it was the first thing that they see when they logged in. It is now hidden and i suspect most people unless they have money in a defaulted loan will never look at the new tab. I'm hoping this is an instruction from the FCA and full authorisation is near and hence the ISA will be launched any day  That's would be good Liz! I wonder if we could move our existing investments into the wrapper? Or if it would only be new investments?
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jsmithe
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Post by jsmithe on Oct 8, 2016 0:22:01 GMT
When you try to sell this loan you get this message:-
"You can choose to put all or part of your investment up for sale, which will update the amount available to other investors. Use the slider to select the amount you wish to sell. You will cease to earn interest on the amount you choose to sell at the point you click to confirm. Once the total amount has sold we will credit the balance to your account. Any unpaid interest accrued prior to sale will be credited at the end of the month as usual."
Is it not fair to say that this should be honoured and that when loan part sold interest should be paid at end of month as with any other normal loan?
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elliotn
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Post by elliotn on Oct 8, 2016 3:16:22 GMT
I'm hoping instruction from the FCA and full authorisation is near and hence the ISA will be launched any day That's would be good Liz ! I wonder if we could move our existing investments into the wrapper? Or if it would only be new investments? For all p2p it will only be new investments. There will be extroadinarily rich pickings 2-4am as people pass the parcel to their isa accounts.
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jsmithe
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Post by jsmithe on Oct 8, 2016 11:54:26 GMT
This might sound like an odd question but the final message before sale is very different from the red box (which also implies that interest will be paid on return of investment). Should the sale of loan part screen not include a special red box message rather than the standard "end of month" message? You could point out that they should honour this standard final message as surely it is a new message that overrides past information. This is proving quite entertaining for a 1p investment, the cinema is more expensive, maybe I should buy some popcorn! When you try to sell this loan you get this message:- "You can choose to put all or part of your investment up for sale, which will update the amount available to other investors. Use the slider to select the amount you wish to sell. You will cease to earn interest on the amount you choose to sell at the point you click to confirm. Once the total amount has sold we will credit the balance to your account. Any unpaid interest accrued prior to sale will be credited at the end of the month as usual." Is it not fair to say that this should be honoured and that when loan part sold interest should be paid at end of month as with any other normal loan? |
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moist
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Post by moist on Oct 21, 2016 2:07:40 GMT
now listed for sale again ....price 'seeking offers'
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Post by geraldine1210 on Oct 21, 2016 2:44:16 GMT
now listed for sale again ....price 'seeking offers' So it might not be settled before the administered loan possibly goes the same way.
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Post by dualinvestor on Oct 21, 2016 4:29:38 GMT
now listed for sale again ....price 'seeking offers' So it might not be settled before the administered loan possibly goes the same way. The Administrators have been trading the centre for five months now, it is unlikely that this has been at much of a profit, if any, therefore any goodwill that did attach to the business has reduced or maybe no longer exists. It is a bad sign that they are no longer indicating a price and we are now moving into winter which is usually a bad time to sell anything let alone a spring/summer seasonal business. It would be wise not to expect an early resolution to this situation. As an aside the Administration can only last for 12 months unless extended by the court, compelling reasons for an extention would have to be presented and the prospect of a sale as a going concern if not already achieved by that time are unlikely to sway a judge. I am not sue what you mean by the administered loan because this is the only one in Administration, PBL056 is Receivership a totally different less complex procedure.
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Post by geraldine1210 on Oct 21, 2016 5:58:31 GMT
So it might not be settled before the administered loan possibly goes the same way. The Administrators have been trading the centre for five months now, it is unlikely that this has been at much of a profit, if any, therefore any goodwill that did attach to the business has reduced or maybe no longer exists. It is a bad sign that they are no longer indicating a price and we are now moving into winter which is usually a bad time to sell anything let alone a spring/summer seasonal business. It would be wise not to expect an early resolution to this situation. As an aside the Administration can only last for 12 months unless extended by the court, compelling reasons for an extention would have to be presented and the prospect of a sale as a going concern if not already achieved by that time are unlikely to sway a judge. I am not sue what you mean by the administered loan because this is the only one in Administration, PBL056 is Receivership a totally different less complex procedure. Apologies I don't know what made me say administration, instead of receivership. Thank you for your interesting comments.
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ablender
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Post by ablender on Oct 21, 2016 8:16:15 GMT
So it might not be settled before the administered loan possibly goes the same way. The Administrators have been trading the centre for five months now, it is unlikely that this has been at much of a profit, if any, therefore any goodwill that did attach to the business has reduced or maybe no longer exists. It is a bad sign that they are no longer indicating a price and we are now moving into winter which is usually a bad time to sell anything let alone a spring/summer seasonal business. It would be wise not to expect an early resolution to this situation. As an aside the Administration can only last for 12 months unless extended by the court, compelling reasons for an extention would have to be presented and the prospect of a sale as a going concern if not already achieved by that time are unlikely to sway a judge. I am not sue what you mean by the administered loan because this is the only one in Administration, PBL056 is Receivership a totally different less complex procedure. So, what will happen after 12 months if the administration is not extended?
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Post by dualinvestor on Oct 21, 2016 9:04:18 GMT
The Administrators have been trading the centre for five months now, it is unlikely that this has been at much of a profit, if any, therefore any goodwill that did attach to the business has reduced or maybe no longer exists. It is a bad sign that they are no longer indicating a price and we are now moving into winter which is usually a bad time to sell anything let alone a spring/summer seasonal business. It would be wise not to expect an early resolution to this situation. As an aside the Administration can only last for 12 months unless extended by the court, compelling reasons for an extention would have to be presented and the prospect of a sale as a going concern if not already achieved by that time are unlikely to sway a judge. I am not sue what you mean by the administered loan because this is the only one in Administration, PBL056 is Receivership a totally different less complex procedure. So, what will happen after 12 months if the administration is not extended? Lendy will have to appoint receivers or the debtor will go into liquidation or possibly although unlikely a CVA
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shimself
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Post by shimself on Oct 22, 2016 9:57:32 GMT
So, what will happen after 12 months if the administration is not extended? Lendy will have to appoint receivers or the debtor will go into liquidation or possibly although unlikely a CVA Are they able to appoint receivers against something of which they are part owners?
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Post by dualinvestor on Oct 22, 2016 10:19:13 GMT
Lendy will have to appoint receivers or the debtor will go into liquidation or possibly although unlikely a CVA Are they able to appoint receivers against something of which they are part owners? Not sure what you mean by "part owners" but the holder of a Companies Act charge can appoint receivers at any time, except when a company is in Administration, when a company is petitioning for Administration it must notify a charge holder who can then object to the making of an Order. They can even appoint, and sometimes do, after a company is in Liquidation, a secured creditor (a chargeholder) is not bound by a CVA so if one is proposed, although not likely in PBL020, it is usually wise to seek the agreement of the chargeholder. PS I thinkl by part owners you might mean the 10% Lendy have, if so that is not a bar, in itself, to appointing a Receiver as long as the charge is valid and properly registered.
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shimself
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Post by shimself on Oct 22, 2016 10:42:02 GMT
PS I think by part owners you might mean the 10% Lendy have, if so that is not a bar, in itself, to appointing a Receiver as long as the charge is valid and properly registered. Yes that's what I meant. The conflict of interest is inescapable
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ablender
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Post by ablender on Oct 22, 2016 10:51:27 GMT
PS I think by part owners you might mean the 10% Lendy have, if so that is not a bar, in itself, to appointing a Receiver as long as the charge is valid and properly registered. Yes that's what I meant. The conflict of interest is inescapable I think it depends how they will handle it.
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Post by dualinvestor on Oct 22, 2016 11:02:38 GMT
PS I think by part owners you might mean the 10% Lendy have, if so that is not a bar, in itself, to appointing a Receiver as long as the charge is valid and properly registered. Yes that's what I meant. The conflict of interest is inescapable There might be a conflict of interet morally, but legally not. Any appointed receiver acts, legally, as agent for the company, although in all practical terms they really act for the chargeholder. It is not an uncommon for a shareholder to take a charge in respect of loans made to the company they (part) own. This is a usual occurance in Private Equity deals eg an "investor" such as a finance house will sy they have invested £10 million in XYZ Limited but in reality that is £1million Share Capital (representing x% of the equity) and £9million loan, this is accompanied by a complex agreement so that the Private Equity "partner" gets not only interest on the loan but a share in the success of the company, sort of "skin in the game." If it all goes wrong they rely on the security (charge) they have taken to get as much back of £9 million as possible. Other common instances of this is where a principal shareholder takes a charge in respect of money loaned to his own company. Often unsecured creditors protest about such arrangements but in reality unless there was some irregularity in the loan/charge there is little they can do about it. In both scenarios the Finance House/principal shareholder can appoint a receiver and frequently do.
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