deltron
Member of DD Central
Posts: 54
Likes: 66
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Post by deltron on Oct 31, 2022 22:34:57 GMT
Today an update was posted on the website for a loan that had had receivers appointed during the summer. Thankfully I extricated myself from this loan last year after a series of warning signs emerged. Anyway, this is just me drawing attention to another catastrophic plummet in security value that seems to occur far too regularly on this platform.
The valuation carried out almost 4 years ago suggested a Market Value of £2.25 million. The Vacant Possession value given was £1.1 million. Today AC have instructed the receivers to accept an offer of £525,000, from which receiver's and AC fees will be deducted, leaving lenders with somewhere in the region of 25p in the pound.
And that's it. Goodnight Vienna.
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Post by oppsididitagain on Nov 1, 2022 7:36:50 GMT
what is the loan ID please ?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,843 
Likes: 11,069
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Post by ilmoro on Nov 1, 2022 7:52:48 GMT
what is the loan ID please ? #912 failed care home
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Post by overthehill on Nov 1, 2022 9:34:37 GMT
Today an update was posted on the website for a loan that had had receivers appointed during the summer. Thankfully I extricated myself from this loan last year after a series of warning signs emerged. Anyway, this is just me drawing attention to another catastrophic plummet in security value that seems to occur far too regularly on this platform.
The valuation carried out almost 4 years ago suggested a Market Value of £2.25 million. The Vacant Possession value given was £1.1 million. Today AC have instructed the receivers to accept an offer of £525,000, from which receiver's and AC fees will be deducted, leaving lenders with somewhere in the region of 25p in the pound.
And that's it. Goodnight Vienna.
high five. Wait better check that isn't one of my few remaining loans which couldn't possibly go tits up.
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Post by davefoz on Nov 1, 2022 11:35:51 GMT
Stuart and his mob could teach on line scammers a few tricks. AC fees first investors capital last. The fella needs to fund his new Bentley every year!
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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Post by sqh on Nov 1, 2022 12:17:55 GMT
Can someone please state the name and company of the valuer?
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ashtondav
Member of DD Central
Posts: 1,805
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Post by ashtondav on Nov 1, 2022 13:38:53 GMT
Is AC's bad debt any worse than other lenders? Also, if in the ACs is this loan covered by the PF?
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Post by overthehill on Nov 1, 2022 14:39:50 GMT
Can someone please state the name and company of the valuer?
I'm relieved to say I don't have access.
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Post by overthehill on Nov 1, 2022 15:05:23 GMT
Is AC's bad debt any worse than other lenders? Also, if in the ACs is this loan covered by the PF?
Rhetorical right?
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Post by df on Nov 1, 2022 17:04:59 GMT
Can someone please state the name and company of the valuer? Colliers International.
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Post by df on Nov 1, 2022 17:17:20 GMT
Is AC's bad debt any worse than other lenders? Also, if in the ACs is this loan covered by the PF? As far as I know the parts in AAs are covered by PF.
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ton27
Member of DD Central
Posts: 431
Likes: 267
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Post by ton27 on Nov 1, 2022 17:17:28 GMT
Is AC's bad debt any worse than other lenders? Also, if in the ACs is this loan covered by the PF? I do not know how AC compares on bad debts with other lenders.Certainly there are worse but AC have a nasty habit of taking bid write downs on what initially seem a decent loan. There Ts and Cs also protect them pretty well and,althouggh perfectly legitimate it always hurts when they take their fees before lenders get paid. I have bee running down my lending for a number of years and am in a position where interest received is higher than my loans. The PF fund seems like a bit of a joke and does not help lenders very much.
I am also an investor and am hoping to benefit from the way they are protective of their own position.
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rscal
Posts: 908
Likes: 500
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Post by rscal on Nov 1, 2022 18:30:39 GMT
Is AC's bad debt any worse than other lenders? Also, if in the ACs is this loan covered by the PF? I do not know how AC compares on bad debts with other lenders.Certainly there are worse but AC have a nasty habit of taking bid write downs on what initially seem a decent loan. There Ts and Cs also protect them pretty well and,althouggh perfectly legitimate it always hurts when they take their fees before lenders get paid. I have bee running down my lending for a number of years and am in a position where interest received is higher than my loans. The PF fund seems like a bit of a joke and does not help lenders very much.
I am also an investor and am hoping to benefit from the way they are protective of their own position.
(of the AC receivership practice currently operating as an investment company?) I have a significant amount in this loan - they were making the payments up until June and then the Winding Up hit [the petition, not the insults] I just have to be philosophical and we all have to be: never go by what a company's marketing says about itself. Only invest what you can afford to loose and never, NEVER forget. [Oh and only today #444 returned the legal fee retention of 75K - a cool 25% of the realisation and we had to fight them for it. I am amazed the Lender Vote was as close as it was. The loss will be about 20% plus another 6% unpaid interest - call it 70% recovery]
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michaelc
Member of DD Central
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Post by michaelc on Nov 2, 2022 20:47:43 GMT
Can someone please state the name and company of the valuer? Colliers International. Point of Order sir if I may.... I thought we weren't generally allowed to name actors in the deals ? Maybe things have changed ?
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Post by df on Nov 3, 2022 23:32:17 GMT
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