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Post by scrumper on Jan 23, 2023 9:38:49 GMT
Am I misunderstanding? Are there parts of overdue loans on offer? Is this something new?
If I'm being thick, please put it down to lack of sleep and poor internet connection.
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Post by Ace on Jan 23, 2023 9:43:10 GMT
Am I misunderstanding? Are there parts of overdue loans on offer? Is this something new? If I'm being thick, please put it down to lack of sleep and poor internet connection. I think you are misunderstanding the standard emails that UB send out when they are selling the assets from overdue loans to recover the debt.
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Post by scrumper on Jan 23, 2023 9:48:59 GMT
It wasn't from an email, it was a 'buy now' working credit loan for sale on the website.
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Post by Ace on Jan 23, 2023 10:02:08 GMT
It wasn't from an email, it was a 'buy now' working credit loan for sale on the website. Oh yes, sorry, my mistake, I hadn't seen those. They are working capital loans, which are treated somewhat differently to others. Bad form to allow them to be sold after their scheduled repayment date though.
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Post by df on Jan 23, 2023 11:43:40 GMT
Am I misunderstanding? Are there parts of overdue loans on offer? Is this something new? If I'm being thick, please put it down to lack of sleep and poor internet connection. Both to the same borrower. I've never seen overdue loans on offer before.
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ukinvestor
Member of DD Central
Posts: 116
Likes: 34
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Post by ukinvestor on Jan 23, 2023 20:29:40 GMT
Nervous investors trying to offload late loans before losses materialise...
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Post by overthehill on Jan 23, 2023 21:09:44 GMT
I wasn't paying attention to this thread and I can't work out what it is about ?
There seems to be concern about a business loan being renewed after its end date ? Surely if the borrower pays all the interest owed and security is unchanged he's entitled to renew it just like gold and standard loans.
The only unusual thing I see is that there was some manual lending available.
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Post by Ace on Jan 23, 2023 21:15:42 GMT
I wasn't paying attention to this thread and I can't work out what it is about ?
There seems to be concern about a business loan being renewed after its end date ? Surely if the borrower pays all the interest owed and security is unchanged he's entitled to renew it just like gold and standard loans.
The only unusual thing I see is that there was some manual lending available.
The problem was that someone was able to put a loan up for sale after it had passed its due end date, I.e. was technically in default.
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Post by overthehill on Jan 23, 2023 21:31:14 GMT
I wasn't paying attention to this thread and I can't work out what it is about ?
There seems to be concern about a business loan being renewed after its end date ? Surely if the borrower pays all the interest owed and security is unchanged he's entitled to renew it just like gold and standard loans.
The only unusual thing I see is that there was some manual lending available.
The problem was that someone was able to put a loan up for sale after it had passed its due end date, I.e. was technically in default.
Got you. I didn't even know you could sell loans and don't know where they appear, as long as autolend can't buy them! I don't login often as their website is so atrociously slow and getting slower every month. Either their database have no indexes or they haven't been rebuilt since 2015 ?
There is no shortfall in my capital+interest over the last 2 years so I'm taking that as no losses and no massive amount of late accrued interest unlike other sites.
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Post by Ace on Jan 23, 2023 21:58:39 GMT
The problem was that someone was able to put a loan up for sale after it had passed its due end date, I.e. was technically in default.
Got you. I didn't even know you could sell loans and don't know where they appear, as long as autolend can't buy them! I don't login often as their website is so atrociously slow and getting slower every month. Either their database have no indexes or they haven't been rebuilt since 2015 ?
There is no shortfall in my capital+interest over the last 2 years so I'm taking that as no losses and no massive amount of late accrued interest unlike other sites.
You can't sell most loans, but you can sell working capital loans. A green "Sell" button is shown on the loan page for those that are sellable. I've just checked one of my working capital loans that's passed its due date, and it was sellable. My autolend didn't buy any of the previous passed due date loan that was put up for sale. You manually buy them via the orange "BUY NOW" button on the dashboard (only visible when there are loans available to buy). Yes, the website is slow, but I haven't noticed it being any slower.
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Post by Ace on Jan 23, 2023 22:01:11 GMT
I just did a test sale of £1 of my overdue working capital loan. Someone bought it.
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Post by scrumper on Jan 24, 2023 16:31:03 GMT
They have added "WARNING:Overdue Loan" under the due date.
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Ukmikk
Member of DD Central
Posts: 445
Likes: 298
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Post by Ukmikk on Jan 24, 2023 17:03:30 GMT
Hmmm, I didn't know this was possible. Thanks for the heads up guys, vigilance required.
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Post by popeye on Jan 25, 2023 20:46:02 GMT
I'm very interested in this but can't see how to sell. For example, I have a holding in working capital loan 2DFDCA9CC. When I go into it, I'm offered the option of buying more (it says that £1,527 is available for investment) but I can't see a Sell button for my own holding. Am I looking in the wrong place? Thank you unbolted.com/uk/lenders/view-loan/6666/
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Post by df on Jan 25, 2023 21:09:35 GMT
I'm very interested in this but can't see how to sell. For example, I have a holding in working capital loan 2DFDCA9CC. When I go into it, I'm offered the option of buying more (it says that £1,527 is available for investment) but I can't see a Sell button for my own holding. Am I looking in the wrong place? Thank you unbolted.com/uk/lenders/view-loan/6666/That means it's not sellable... Not being able to sell overdue loan makes sense. Making overdue loan available to purchase reminds me of Saving Stream (Lendy) practice. I hope this is just a technical glitch and not intentional.
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