mogish
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Post by mogish on May 10, 2022 20:59:42 GMT
Ive noticed a number of loans for large amounts of gold are under confidential investigation.
If for example those items do not belong to the borrower, would it be likely that we might lose our investment enirely in these loans?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 10, 2022 22:03:18 GMT
Ive noticed a number of loans for large amounts of gold are under confidential investigation. If for example those items do not belong to the borrower, would it be likely that we might lose our investment enirely in these loans? Sorry where are you seeing that? Potentially yes ... would need to read t&cs (cant find) as to whether Unbolted would cover any fraudulent loans
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Post by Ace on May 10, 2022 22:18:05 GMT
Ive noticed a number of loans for large amounts of gold are under confidential investigation. If for example those items do not belong to the borrower, would it be likely that we might lose our investment enirely in these loans? Sorry where are you seeing that? Potentially yes ... would need to read t&cs (cant find) as to whether Unbolted would cover any fraudulent loans
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Post by Ace on May 10, 2022 22:33:03 GMT
Would clause 17.5 cover it?
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Post by Badly Drawn Stickman on May 11, 2022 8:17:45 GMT
Would clause 17.5 cover it? I have the faint shadow of a recollection that Connective when asked the same question said something along the lines of 'all good pawnbrokers have insurance against that' I may be wrong.....
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jonno
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nil satis nisi optimum
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Post by jonno on May 11, 2022 10:13:40 GMT
Ive noticed a number of loans for large amounts of gold are under confidential investigation. If for example those items do not belong to the borrower, would it be likely that we might lose our investment enirely in these loans? Sorry where are you seeing that? Potentially yes ... would need to read t&cs (cant find) as to whether Unbolted would cover any fraudulent loans They are listed in "Overdue Loans" tab. I've had a look and have got six loans in this category.
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mogish
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Post by mogish on May 11, 2022 10:20:00 GMT
Yes in overdue loans. Quite a number of large chunks of gold and silver.
I'm also in around 6 loans, not much info to go on.
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nyneil
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Post by nyneil on May 11, 2022 20:24:40 GMT
Would clause 17.5 cover it? I have the faint shadow of a recollection that Connective when asked the same question said something along the lines of 'all good pawnbrokers have insurance against that' I may be wrong..... CL Feb 10, 2021 at 10:06am: "As mentioned we do have commercial insurance in place for defective title ."
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 11, 2022 20:27:30 GMT
Sorry where are you seeing that? Potentially yes ... would need to read t&cs (cant find) as to whether Unbolted would cover any fraudulent loans They are listed in "Overdue Loans" tab. I've had a look and have got six loans in this category. Ah yes, looks like Ive only got one, on the hook for less than £5.
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ukinvestor
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Post by ukinvestor on May 12, 2022 9:02:52 GMT
Seem to be all to the same borrower...
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Post by overthehill on May 12, 2022 9:21:49 GMT
Seem to be all to the same borrower...
Yes.
The lending restrictions for gold and standard loans are per loan rather than per borrower. The standard pawnbroker argument is to focus on the retained asset value not the borrower's value but this is an example where there should be a borrower limit available to lenders for all types of loan.
I don't know at the moment if Unbolted is insured against fraudulent ownership, fake items , stolen items etc.
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mogish
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Post by mogish on May 12, 2022 11:39:50 GMT
Hopefully its insured. At least its precious metals which should sell easier.
If it turns out this stuff is stolen and gets returned to original owner the surely the only way we get our investment back is if its insured.
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nick
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Post by nick on May 12, 2022 12:17:19 GMT
I think unlikely that they would have an insurance policy that extends coverage to losses incurred on stolen pledged assets. My base assumption is the risk lies with lenders rather than UB and their T&C's don't state that they will underwrite losses incurred from stolen pledged assets. Whilst I have some exposures to these loans, I would be probably be more concerned if UB were on the hook to made good on any loss - from the perspective of platform viability.
However, the total exposure looks like £65k across all 6 affected loans. Large, but unlikely to be catastrophic to UB if they are on the hook when viewed against net assets of £750k in their last published stats at 30 Nov 20. Painful to individual lenders in the affected loans, but less so than would be likely the case if it were to affect the viability of the platform. Unfortunately the risk of lending against stolen pledged assets seems to be one of the key risks in pawn brokering, one that can be mitigated but not entirely eliminated.
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Post by Ace on May 12, 2022 13:15:50 GMT
Sorry where are you seeing that? Potentially yes ... would need to read t&cs (cant find) as to whether Unbolted would cover any fraudulent loans They are listed in "Overdue Loans" tab. I've had a look and have got six loans in this category. Is there a particular term I can search for in the overdue loans table to identify these?
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treeman
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Post by treeman on May 12, 2022 13:26:12 GMT
They are listed in "Overdue Loans" tab. I've had a look and have got six loans in this category. Is there a particular term I can search for in the overdue loans table to identify these? " confidential investigation " will do it. The note is in the Due Dates column.
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