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Post by Deleted on Jan 21, 2015 12:15:50 GMT
So I assume PBLs 11/12/13 didn't complete on Monday as hoped.
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mikes1531
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Post by mikes1531 on Jan 21, 2015 17:36:25 GMT
So I assume PBLs 11/12/13 didn't complete on Monday as hoped. Unfortunately not, it would appear. Nor on Tuesday. And probably not today either.  I had been hoping to invest my pre-drawdown interest into PBL020, but that opportunity disappeared. Now I'm hoping to invest some of it into PBL022, but if something doesn't happen soon, that opportunity will disappear was well. But perhaps it's just as well, since I'll be needing to pay HMRC a chunk of money very soon. The continuing delays to the drawdown of PBLs 11/12/13 must be rather worrying for SS/Lendy.
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Post by duncandive on Jan 21, 2015 19:19:42 GMT
PLB's 11/12/13 have already cost SS quite a bit in interest owed to the investors. I wonder how much longer they will keep holding onto the hope of them finally Drawing Down...? Plus there are plenty more even larger loans already fully funded and costing 1% with every month that passes. Am I correct in believing all this money owed would not come from any borrowers that chose Not to go ahead with their loans ? Instead it would need to be covered from SS's funds.
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j
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Penguins are very misunderstood!
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Post by j on Jan 21, 2015 21:42:37 GMT
PLB's 11/12/13 have already cost SS quite a bit in interest owed to the investors. I wonder how much longer they will keep holding onto the hope of them finally Drawing Down...? Plus there are plenty more even larger loans already fully funded and costing 1% with every month that passes. Am I correct in believing all this money owed would not come from any borrowers that chose Not to go ahead with their loans ? Instead it would need to be covered from SS's funds. yup my understanding is the same
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mikes1531
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Post by mikes1531 on Jan 21, 2015 23:12:00 GMT
PLB's 11/12/13 have already cost SS quite a bit in interest owed to the investors. I wonder how much longer they will keep holding onto the hope of them finally Drawing Down...? Plus there are plenty more even larger loans already fully funded and costing 1% with every month that passes. Am I correct in believing all this money owed would not come from any borrowers that chose Not to go ahead with their loans ? Instead it would need to be covered from SS's funds. yup my understanding is the same I have a similar understanding, but when a loan's drawdown delay becomes what SS/Lendy consider excessive they could tell the borrower that they want a payment in return for keeping the loan offer open. They might receive a cash payment in rsponse to that, or they might receive a written commitment to pay such a fee either out of the loan proceeds if the loan goes ahead or from another source if the loan never happens. If well written, the commitment could be enforceable in court. Whether it's collectable, of course, is another matter entirely. My experience so far at AC has indicated that collection in the case of loans that didn't draw down has been difficult and/or very drawn out.
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Steerpike
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Post by Steerpike on Jan 23, 2015 10:24:38 GMT
yup my understanding is the same I have a similar understanding, but when a loan's drawdown delay becomes what SS/Lendy consider excessive they could tell the borrower that they want a payment in return for keeping the loan offer open. They might receive a cash payment in rsponse to that, or they might receive a written commitment to pay such a fee either out of the loan proceeds if the loan goes ahead or from another source if the loan never happens. If well written, the commitment could be enforceable in court. Whether it's collectable, of course, is another matter entirely. My experience so far at AC has indicated that collection in the case of loans that didn't draw down has been difficult and/or very drawn out. This is cause for concern, I hope that the issue is addressed in the update today.
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Steerpike
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Post by Steerpike on Jan 23, 2015 16:20:07 GMT
It appears that 11/12/13 have either been withdrawn or drawn down, I just received cash back.
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justsaying
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Post by justsaying on Jan 23, 2015 16:40:14 GMT
I just recieved my cashback on PBL 11 too, no weekly update yet though to tell us what has happened? Perhaps they have been too busy with the Provision Fund.........  |
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mikes1531
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Post by mikes1531 on Jan 23, 2015 16:59:40 GMT
I just recieved my cashback on PBL 11 too, no weekly update yet though to tell us what has happened? Perhaps they have been too busy with the Provision Fund......... I've received my cashback as well. I expect SS are busy working on the next step, which is paying the interest accrued through the end of December. Unless, of course, we're about to receive interest accrued to today -- and all of our money back. We'll have to wait and see what happens next. I do hope it's a case of drawdown at last rather than SS/Lendy giving up and pulling the plug on these three loans. Unless, of course, the reason for the latest delays are that a problem has turned up regarding the security. In that case, I'd rather have my money back than a part in a dubious loan.
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Post by Deleted on Jan 23, 2015 17:10:30 GMT
Expect others have got the update now, but just in case anyone's missed out, copied below:
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