ablender
Member of DD Central
Posts: 2,204 
Likes: 555
|
Post by ablender on Feb 18, 2017 7:57:55 GMT
Although under the old terms, what happens here sets a precedent for future defaults and IMHO determines the future of SS which relies on investor confidence. Is it a 'good' thing that SS has no defaults? Is that not feeding the frenzy that sucks people in thinking this is a safe high interest instant access account? If investor confidence is based on zero defaults then investors are being naive/misled. Surely with so many negative loans coming to a head investors could and should take a modest haircut - SS cannot and should not perpetuate what is ineviitable on any mature platform - defaults! Jack P It is not correct to say that SS has no defaults. They are clear that they had a previous default and the garden centre is the second default. This is independent of outcomes.
|
|
|
|
Post by jackpease on Feb 18, 2017 8:05:31 GMT
Is it a 'good' thing that SS has no defaults? Is that not feeding the frenzy that sucks people in thinking this is a safe high interest instant access account? If investor confidence is based on zero defaults then investors are being naive/misled. Surely with so many negative loans coming to a head investors could and should take a modest haircut - SS cannot and should not perpetuate what is ineviitable on any mature platform - defaults! Jack P It is not correct to say that SS has no defaults. They are clear that they had a previous default and the garden centre is the second default. This is independent of outcomes. sorry loose language - post edited - i mean't 'defaults that have led to investors losing some money' Jack P
|
|
pom
Member of DD Central
Posts: 1,922 
Likes: 1,244
|
Post by pom on Feb 18, 2017 9:27:26 GMT
It's clear that the sale price will be less than the loan amount and they do t want a flurry of questions re a PF payout. Before deciding what the PF will cover (interest?) they will have to check what's on TV and the phase of the moon 😆 Being on the old T&Cs there is the question of whether or not the PF will be used. Remember that when this loan went live, it was not proper P2P as the loan contract was between 'Lendy Ltd' & 'the borrower', and there was no PF or SSSH Ltd. SS could at their discretion return all the capital to investors (maybe with the due interest) using platform profits to cover any shortfall. Alternatively, they could also fall back on the above, take away the costs that Lendy are due and then return whatever remains (I doubt this will happen) If they do utilise the PF, I would like to hear their reasoning.... I'm pretty sure there was a PF, it was just managed very differently
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Feb 20, 2017 4:51:46 GMT
Very glad I don't have any loans I urgently want rid of right now... If £1+M is repaid to investors, and is sitting in their accounts, this might be a good time to be selling! 
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Feb 20, 2017 9:03:56 GMT
The café on site is still open, I think. I'm going in there for a cup of tea this morning and to have a sniff around.
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Feb 20, 2017 9:14:29 GMT
The café on site is still open, I think. I'm going in there for a cup of tea this morning and to have a sniff around. head or tail end? 
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Feb 20, 2017 10:00:18 GMT
Tea? Investors need to wake up and smell the coffee and wait to see if SS default policy passes your smell test.
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on Feb 20, 2017 10:13:27 GMT
Very glad I don't have any loans I urgently want rid of right now... If £1+M is repaid to investors, and is sitting in their accounts, this might be a good time to be selling! True....but the stuff I have I might sell would go in nanoseconds right now anyway, and I haven't decided to fully exit...yet.
|
|
|
|
Post by Deleted on Feb 20, 2017 19:51:22 GMT
The coffee shop and mower shop are both still trading although I understand that both have suffered when the main business was run down and then closed. They, and the garden centre employees, appear to be the victims of get-rich-quick merchants who ruined a perfectly viable going concern.
The new garden centre owners have been working hard all week tidying up the neglected site and want to reopen in April. A search on companies house for A****** shows a new company registered on 17/02/17 and suggests that the garden centre will again be named A******, which is a good start. If you buy an established, profitable, trading business, and want it to continue, changing the name immediately to something which people haven't ever heard of, like M**** R****, is probably a waste of goodwill.
A bit of digging on the companies house site shows that the new owners have a link to a "fancy goods" business, selling craft materials, cards, ribbons, sweets, wedding stationery etc, which could complement the garden centre business. It is good to see the site alive and breathing again, after the M**** R**** fiasco.
Regards, 49.
|
|
lobster
Member of DD Central
Posts: 636
Likes: 467
|
Post by lobster on Feb 20, 2017 20:42:26 GMT
So that just leaves the $64,000,000 question, oh ok then, the £1,700,000 question  ..... how much will investors get ? Or to rephrase it slightly , how much will they lose ? (... and when will SS Towers inform us ?) |
|
jsmithe
Member of DD Central
Posts: 74
Likes: 22
|
Post by jsmithe on Feb 20, 2017 20:53:22 GMT
It depends on how much value they can apply to their reputation, ideally they would take the hit from the PF and profits with a view to maintaining investor conference and future profitability. So that just leaves the $64,000,000  question,  oh ok then,  the  £1,700,000 question  .....  how much will investors get ? Or to rephrase it slightly , how much will they lose ?  (... and when will SS Towers inform us ?) |
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Feb 20, 2017 21:09:10 GMT
So that just leaves the $64,000,000 question, oh ok then, the £1,700,000 question ..... how much will investors get ? Or to rephrase it slightly , how much will they lose ? (... and when will SS Towers inform us ?) The sale was likely about £1.5m, and SS was owed (according to the first admin report) £2.8m, with £1.7m of that being investors capital, and then c£200k interest since that report. The likely reason SS didn't announce anything in their Friday update will be largely due to the above mess, with several golf rounds board meetings required to decide how to divvy up the c£1.5m (possibly less after admin costs). Being on the old T&Cs, the contract was between Lendy & the Borrower; if they took their costs, that would only leave c£1m so only 60% capital returned to borrowers. Or SS simply dips into their own Profits and return 100% capital (I doubt they will go as far as the interest) Then there remains the elephant in the room. Lendy had 10% share in the failed company that borrowers lent to... maybe this will be lingering in the back of Lendy's mind when deciding what to return to investors I look forward to seeing what % of my 1p I get back
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Feb 20, 2017 21:13:25 GMT
I look forward to seeing what % of my 1p I get back A fly on the wall told me that people holding 1p or less are going to be discriminated against and loose all their capital and interest. Sorry!
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Feb 20, 2017 21:47:31 GMT
I look forward to seeing what % of my 1p I get back A fly on the wall told me that people holding 1p or less are going to be discriminated against and loose all their capital and interest. Sorry! Fake news. He hasnt built the wall yet so there cant be a fly on it.
|
|
adrianc
Member of DD Central
Posts: 10,019
Likes: 5,147
Member is Online
|
Post by adrianc on Feb 20, 2017 21:57:02 GMT
A fly on the wall told me that people holding 1p or less are going to be discriminated against and loose all their capital and interest. Sorry! Fake news. He hasnt built the wall yet so there cant be a fly on it. Fake fly.
|
|
..... how much will investors get ?
