toffeeboy
Member of DD Central
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Post by toffeeboy on Sept 23, 2021 9:12:46 GMT
New update, the borrower has been given further two weeks to look at his options.
Disappointing, I hate these postponements of deadlines. They have had six months to look at options and they decide to do it after the deadline, it is these delays that make me nervous been here before with other P2P sites too many times now.
Could CL not put it up for auction and give the borrower until the auction as a deadline, that way we are not delayed any extra in getting our money back if they can't find other options. The borrower would be liable for the auction fees as part of their default on the loan.
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archie
Posts: 1,838
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Post by archie on Sept 23, 2021 9:40:32 GMT
New update, the borrower has been given further two weeks to look at his options. Disappointing, I hate these postponements of deadlines. They have had six months to look at options and they decide to do it after the deadline, it is these delays that make me nervous been here before with other P2P sites too many times now. Could CL not put it up for auction and give the borrower until the auction as a deadline, that way we are not delayed any extra in getting our money back if they can't find other options. The borrower would be liable for the auction fees as part of their default on the loan. I don't lend on this site so unaware of the details of this loan. It's a legal requirement for pawnbrokers to give 14 days notice at the end of the six months before the item can be sold.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Sept 23, 2021 9:43:07 GMT
Faq most relevant i can find "lenders"
Q...How long is loan term....
A...All loan terms are for a period of 6 months. However, the borrower can extend the loan for a further 6 months by paying the interest due.
Q...When do i get my money back......
A...Capital and Interest are paid at the end of the loan term when the borrower repays the loan.
No mention of default interest or extensions, or a procedure for such events.
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Post by Badly Drawn Stickman on Sept 23, 2021 9:59:03 GMT
This particular loan is underwritten by an associated company so I suspect is pretty secure as regards getting our money back, and interest is showing as still accruing.
It seems to be the policy to allow a period for 'considering options', I don't have a problem with that given the experience in the trade of the platform. In one way it is good for various scenarios to play out, it will give us all a better picture of the platforms credibility.
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toffeeboy
Member of DD Central
Posts: 504
Likes: 362
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Post by toffeeboy on Sept 23, 2021 10:24:53 GMT
Faq most relevant i can find "lenders" Q...How long is loan term.... A...All loan terms are for a period of 6 months. However, the borrower can extend the loan for a further 6 months by paying the interest due. Q...When do i get my money back...... A...Capital and Interest are paid at the end of the loan term when the borrower repays the loan. No mention of default interest or extensions, or a procedure for such events. FAQs only tell you the basics that companies want you to know, you need to look at the T&C's. See section 7.2 for defaults There is no default interest charged, CL can actually waive the interest from due date to repayment date if they so wish. In their terms extensions are given at their discretion, the end of the loan therefore is extended to a date that CL choose. It would be nice if a procedure was laid out for loans that aren't repaid because at the moment extensions are just given whereas I would prefer notice to send to auction in 14 days be given after the three days given for renewal has expired.
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toffeeboy
Member of DD Central
Posts: 504
Likes: 362
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Post by toffeeboy on Sept 23, 2021 10:28:31 GMT
New update, the borrower has been given further two weeks to look at his options. Disappointing, I hate these postponements of deadlines. They have had six months to look at options and they decide to do it after the deadline, it is these delays that make me nervous been here before with other P2P sites too many times now. Could CL not put it up for auction and give the borrower until the auction as a deadline, that way we are not delayed any extra in getting our money back if they can't find other options. The borrower would be liable for the auction fees as part of their default on the loan. I don't lend on this site so unaware of the details of this loan. It's a legal requirement for pawnbrokers to give 14 days notice at the end of the six months before the item can be sold. Is that they must wait 14 days before they can put it in an auction or they can put it in an auction the day after the due date but the auction must be 14 days after the due date. The T&Cs suggest that the latter as the statutory notice includes the details of the auction that the piece will be entered in.
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archie
Posts: 1,838
Likes: 1,842
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Post by archie on Sept 23, 2021 11:25:13 GMT
I don't lend on this site so unaware of the details of this loan. It's a legal requirement for pawnbrokers to give 14 days notice at the end of the six months before the item can be sold. Is that they must wait 14 days before they can put it in an auction or they can put it in an auction the day after the due date but the auction must be 14 days after the due date. The T&Cs suggest that the latter as the statutory notice includes the details of the auction that the piece will be entered in. Not a lender so don't know the T&Cs. Probably the latter. Quote from The National Pawnbrokers Association of the UK :-
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Post by connectivelending on Sept 23, 2021 19:09:12 GMT
Dear All
We have to give 14 days notice of our intention to proceed with a sale. Then we can look to sell and repay all lenders. In practice there are real people involved and we have to try and treat everyone fairly. Rest assured our valuations are sound so if it takes longer you should still earn interest.
It is always better to give a borrower some time as long as we know they are actively trying to repay or renew as it is better if they can retain the asset because in the long term we/you can lend again.
Danny
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toffeeboy
Member of DD Central
Posts: 504
Likes: 362
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Post by toffeeboy on Oct 19, 2021 11:57:16 GMT
Got an email today about new update on site for this one.
Seems to have sold easily enough so good to see the default process working well. A month after the completion date isn't a long delay although it was sold privately rather than going to auction.
Spell-check however seems to have failed "I before E except after C"
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Post by df on Oct 19, 2021 16:06:32 GMT
Got an email today about new update on site for this one. Seems to have sold easily enough so good to see the default process working well. A month after the completion date isn't a long delay although it was sold privately rather than going to auction. Spell-check however seems to have failed "I before E except after C" Yes, up to my expectation. I was waiting to see the first default. 1 month after completion date with full repayment shows that Danny knows what he is doing and and doing it well. Good thing about bling lending is - if the asset is valued correctly and the pawnbroker is in physical and legal possession of the item the risk is very low. It looks like connectivelending is doing that. I'd like to see few more defaults, but it looks likely that I will be increasing my stake in future loans.
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