Steerpike
Member of DD Central
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Post by Steerpike on Apr 16, 2021 10:30:57 GMT
I have 3 failed loans.
Loan Type Company Failed Recovery
5195 SI U* E*** 06-Sep-18 0.00%
6261 SI Ve********n 30-Jan-18 20.73%
6522 SA Pr*****t 18-Mar-20 2.16%
I had hoped for better recoveries for secured, insured, assured loans.
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,742
Likes: 3,136
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Post by jonno on Apr 16, 2021 10:50:30 GMT
I have 3 failed loans.
Loan Type Company Failed Recovery
5195 SI U* E*** 06-Sep-18 0.00%
6261 SI Ve********n 30-Jan-18 20.73%
6522 SA Pr*****t 18-Mar-20 2.16%
I had hoped for better recoveries for secured, insured, assured loans.
I have to say I lost confidence in this platform around two years ago. I have not invested a penny since and have no further plans to so, certainly until these duff loans have been properly concluded, if at all.
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Post by overthehill on Apr 16, 2021 11:12:24 GMT
Default Date
00006346 I******* S******* Ltd 12/10/2018 5% recovered
00006273 U* E*** F****** Ltd 06/09/2018 0% recovered
Two secured and insured loans , fallacy, 2.5 years later, recovery ongoing, still waiting, impotent legal justice system and/or recovery actions, wound down other investments, won't be back. New loans seemingly continue to be offered and filled although I haven't logged in for some time.
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liso
Member of DD Central
Posts: 389 
Likes: 394
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Post by liso on Apr 16, 2021 13:33:05 GMT
Default Date
00006346 I******* S******* Ltd 12/10/2018 5% recovered
00006273 U* E*** F****** Ltd 06/09/2018 0% recovered
Two secured and insured loans , fallacy, 2.5 years later, recovery ongoing, still waiting, impotent legal justice system and/or recovery actions, wound down other investments, won't be back. New loans seemingly continue to be offered and filled although I haven't logged in for some time.
I have the same two defaulted loans, and am similarly disgruntled. Today's loan offering filled within 20 minutes, despite several online negative reviews re the company's failure to pay their staff, their taxes, and their suppliers. No surprise, I did not invest.
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Post by c64 on Apr 16, 2021 19:04:24 GMT
I actually pledged to today's asbestos loan, as it costs nothing and I wanted more time to figure out why it was so popular. Decision time is five days hence when I decide whether to fund it or not. I like: they are not losing money, amortising loan, construction industry doing OK. I don't like: they need to come to a minor peer to peer lender, and whatever I will find upon investigating reviews and Companies House.
I have had a couple of dozen loans through Archover. Two big losers including one of the above. Those two capital losses wipe out my profit, my only platform to date where that is the case. I am still keeping 1-2 loans ticking over and reinvesting when one completes. The "secured" and "insured" was worthless, as we have discovered. But the Research Development Advance loans seem to have done well, at least the ones I was in: 10% interest reflecting the chance the borrower comes tumbling down, but the actual source of funds is HMG so if they have done their application properly and have the track record of successful claims they are allegedly supposed to have, that "sounds like" an OK plan if they don't fold before getting the cheque. Also, the recent loans I have looked at have been amortising, so at least if they can't keep up with the capital repayments as well as the interest we find out as we go along after some of it is repaid, rather than at the end when they can't refinance and bail on the lot.
Maybe it is just me but it seems like RDAs aside, many of their borrowers have an opaque structure I don't understand, with subsidiaries and parents and prior charges all over the shop. I hate not knowing for sure that liabilities (to me) can't be quietly separated from assets such that, say, the entity that borrowed from me has simply given the money to another entity which is in charge of throwing it into a big hole in the ground while laughing at me. And like you, I am not very impressed with recoveries - trivial updates about correspondence going back and forth in no particular hurry, without substantial result. In the two cases I am following they are so far down the rabbit hole of whose fault it was that they were poorly advised when registering the charge over the non-existent assets of a director who has absconded to Venus etc. that I cannot believe they will ever recover any more than, oh, the exact amount of the professional fees due to parties involved in the recovery.
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Post by c64 on Apr 16, 2021 19:08:46 GMT
P.S. Google fail duh May I have a link or some keywords which will point me towards the asbestos lot's failure to pay tax and suppliers
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liso
Member of DD Central
Posts: 389
Likes: 394
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Post by liso on Apr 17, 2021 8:30:12 GMT
c64The wording of the link identifies the borrowing business so I have PMed it to you.
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Post by captainconfident on Apr 17, 2021 19:09:39 GMT
Regarding U* E***, at least Archover are doggedly pursuing this case, unlike A***tz who baldly stated" Sorry to say, this export finance company used your money to buy a mineral water mine that is worthless, and that is perfectly fine so tough s**t". I didn't realise P******t had run into trouble, because some ... they seemed to return to the trough once too often so I didn't reinvest. But it will be interesting to see if all the first charges and assigned bank account that Archover hold from them comes good. Please keep reporting on that, Steerpike. V*********n, I'm in that too but it's from the very early days of Archover. I think they learned and so haven't had so many bad loans in recent years. Or did they? Of course, if you're not in the loans, you don't know the outcomes. How did it go with U***B******o, the enormous equipment fabricator? I've held at around 25k in Archover these last few years. I've got about 1.8k in default from the above two vs 6.7k in profits from successful investments. |
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