I have loans from 2019 still owed to me - what do i do? (UB)

richyp

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I have loans from 2019 still owed to me - what do i do? (UB) Jan 27, 2024 11:47:27 GMT

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Post by richyp on Jan 27, 2024 11:47:27 GMT

Hi there,

I have outstanding loans with Collateral and Lendy which I have had drip fed money returned from administration in recent years but I just logged into my Unbolted account.

My wife and I have an account each and both have just over £500 of outstanding loans but they were due 2018/2019:

Loan Reference Loan Type Start Date Due Date

2DFDC552A Renewed Provision Trust Loan 28/09/2018 28/03/2019

2DFDC542C Renewed Provision Trust Loan 12/09/2018 12/03/2019

2DFDC53E2 Provision Trust Loan 07/09/2018 07/03/2019

2DFDC52B2 Renewed Provision Trust Loan 16/08/2018 16/02/2019

2DFDC52B1 Renewed Provision Trust Loan 16/08/2018 16/02/2019

2DFDC5176 Provision Trust Loan 25/07/2018 25/01/2019

2DFDC5134 Provision Trust Loan 20/07/2018 20/01/2019

2DFDC4FA0 Renewed Gold Loan 26/06/2018 26/12/2018

2DFDC4DE5 Renewed Provision Trust Loan 05/06/2018 05/12/2018

2DFDC4D3B Provision Trust Loan 01/06/2018 01/12/2018

2DFDC4C0D Renewed Provision Trust Loan 10/05/2018 10/11/2018

2DFDC4C0C Renewed Provision Trust Loan 10/05/2018 10/11/2018

2DFDC4A28 Provision Trust Loan 09/05/2018 09/11/2018

2DFDC4A5F Provision Trust Loan 18/04/2018 18/10/2018

I mean its very poor communication - looks like no detail updates on the website about any of these loans for years - should I just write these all off and forget about Unbolted - not sure what to do here - I mean the loans are still listed so is something being done about them? I thought the whole point was they could just sell the asset and get the funds back....

Thanks for any help anyone can give me.

Last Edit: Apr 17, 2024 19:39:24 GMT by Ton ⓉⓞⓃ: To add "UB" to the title

archie Posts: 1,838 Likes: 1,842	I have loans from 2019 still owed to me - what do i do? (UB) Jan 27, 2024 12:07:35 GMT Chimponaughty likes this Quote Select Post Deselect Post Link to Post Back to Top Post by archie on Jan 27, 2024 12:07:35 GMT Click on 'Overdue Loans' and read the 'Management Update' for each loan. I suspect they are involved in the court case. Assets cannot be sold until the case is resolved.
	P2P is risky, expect losses. It may take several years to exit a platform.

ilmoro
Member of DD Central

'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd

Posts: 10,883

Likes: 11,106

I have loans from 2019 still owed to me - what do i do? (UB) Jan 27, 2024 12:11:40 GMT Chimponaughty likes this

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Post by ilmoro on Jan 27, 2024 12:11:40 GMT

Jan 27, 2024 11:47:27 GMT richyp said:

Hi there,

I have outstanding loans with Collateral and Lendy which I have had drip fed money returned from administration in recent years but I just logged into my Unbolted account.

My wife and I have an account each and both have just over £500 of outstanding loans but they were due 2018/2019:

Loan Reference Loan Type Start Date Due Date

2DFDC552A Renewed Provision Trust Loan 28/09/2018 28/03/2019

2DFDC542C Renewed Provision Trust Loan 12/09/2018 12/03/2019

2DFDC53E2 Provision Trust Loan 07/09/2018 07/03/2019

2DFDC52B2 Renewed Provision Trust Loan 16/08/2018 16/02/2019

2DFDC52B1 Renewed Provision Trust Loan 16/08/2018 16/02/2019

2DFDC5176 Provision Trust Loan 25/07/2018 25/01/2019

2DFDC5134 Provision Trust Loan 20/07/2018 20/01/2019

2DFDC4FA0 Renewed Gold Loan 26/06/2018 26/12/2018

2DFDC4DE5 Renewed Provision Trust Loan 05/06/2018 05/12/2018

2DFDC4D3B Provision Trust Loan 01/06/2018 01/12/2018

2DFDC4C0D Renewed Provision Trust Loan 10/05/2018 10/11/2018

2DFDC4C0C Renewed Provision Trust Loan 10/05/2018 10/11/2018

2DFDC4A28 Provision Trust Loan 09/05/2018 09/11/2018

2DFDC4A5F Provision Trust Loan 18/04/2018 18/10/2018

I mean its very poor communication - looks like no detail updates on the website about any of these loans for years - should I just write these all off and forget about Unbolted - not sure what to do here - I mean the loans are still listed so is something being done about them? I thought the whole point was they could just sell the asset and get the funds back....

Thanks for any help anyone can give me.

These loans look like the ones that are subject to the long running legal action against Unbolted & lenders by the borrower Discussed here p2pindependentforum.com/thread/14543/cashing-out-court-case-ub

More detailed coverage on the mouseinthecourt website

Edit You might want to check your communication settings as I think lenders have been emailed updates (and your spam) where info couldnt be shared on the platform

Last Edit: Jan 27, 2024 12:17:47 GMT by ilmoro

Minor shareholder in AC, BO, FO, CP, WA, Pfi, Ccube, Sdrs, AE, ABL. AC beta test. LAG, MTAG, FSAG

PLEASE NOTE : All opinions and observations made on this forum are my own view and made in a personal capacity. I have no links to any platform nor am I a financial professional so posts should not be considered financial advice or promotion. I accept no responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained in my posts.

richyp Posts: 28 Likes: 3	I have loans from 2019 still owed to me - what do i do? (UB) Jan 27, 2024 12:15:07 GMT Quote Select Post Deselect Post Link to Post Back to Top Post by richyp on Jan 27, 2024 12:15:07 GMT thanks for feedback - I will I guess have to leave it for a few more years then:-(

overthehill

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I have loans from 2019 still owed to me - what do i do? (UB) Mar 13, 2024 9:58:04 GMT

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Post by overthehill on Mar 13, 2024 9:58:04 GMT

I've started monitoring my late loans, currently 48 out of 380 are more than 3 months overdue. My most overdue loan is 10aug2022.

My understanding is the borrower doesn't pay monthly interest so the debt grows every month.

My monthly interest has always been what it should be but I'm not exactly sure HOW if these late loans are not being repaid or renewed or otherwise written off.

Last Edit: Mar 13, 2024 11:44:36 GMT by overthehill

Ace
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I have loans from 2019 still owed to me - what do i do? (UB) Mar 13, 2024 13:43:13 GMT Ukmikk, df, and 2 more like this

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Post by Ace on Mar 13, 2024 13:43:13 GMT

Mar 13, 2024 9:58:04 GMT overthehill said:

I've started monitoring my late loans, currently 48 out of 380 are more than 3 months overdue. My most overdue loan is 10aug2022.

My understanding is the borrower doesn't pay monthly interest so the debt grows every month.

My monthly interest has always been what it should be but I'm not exactly sure HOW if these late loans are not being repaid or renewed or otherwise written off.

Could it be that your account is relatively stable, in that the number of loans entering the overdue state is roughly equal to the number of overdue loans that repay? So, the amount of accrued interest repaid by the overdue loans that settle is roughly equal to the interest owed but not paid by those entering the late state.

I don't generally monitor my Unbolted loans to that degree. I'm happy that my XIRR is in line with that expected. I've also completely exited a deceased relative's account, where the XIRR was also in line with that expected, which gives me comfort that the returns do match the advertised rates.

I'm an equity investor in AxiaFunder and a minor equity investor in Brickowner, Crowdstacker, Proplend, CrowdProperty, Assetz Capital, Elfin Market, Qardus, Loanpad, Shojin & CapitalRise (and regrettably Fund Ourselves and ABLrate). All info and opinions stated are in a personal capacity. This time next year I'll be a miwionaire Rodders!

benaj
Member of DD Central

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Likes: 1,604

I have loans from 2019 still owed to me - what do i do? (UB) Apr 17, 2024 14:44:34 GMT via mobile

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Post by benaj on Apr 17, 2024 14:44:34 GMT

which was subscribed to previously but have been excluded from the most recent update. I will forward the update to the registered lender email id now.

🙄 I was “excluded” for update. “How” did it happen?

Harland Kearney

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Likes: 653

I have loans from 2019 still owed to me - what do i do? (UB) Apr 17, 2024 18:41:58 GMT Chimponaughty likes this

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Post by Harland Kearney on Apr 17, 2024 18:41:58 GMT

I simply written off failed loans in FS for example as losses under interest. HMRC had no issue with this neither my accountant.

I doubt if somebody even reviewed your return they would care either. Obviously I'm not saying being careless but the chances of any capital be reintroduced is nill. I was told that if the loans repaid, we could refile in following years the loss as a recovery and thrus interest gained again without any issue. Such small amounts involved in the eyes of HMRC here I doubt there is no reason not to claim back a few pennies on your interest return from these lovely FCA approved companies...

ilmoro
Member of DD Central

'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd

Posts: 10,883

Likes: 11,106

I have loans from 2019 still owed to me - what do i do? (UB) Apr 17, 2024 22:09:39 GMT Harland Kearney and Chimponaughty like this

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Post by ilmoro on Apr 17, 2024 22:09:39 GMT

Apr 17, 2024 18:41:58 GMT Harland Kearney said:

I simply written off failed loans in FS for example as losses under interest. HMRC had no issue with this neither my accountant.

I doubt if somebody even reviewed your return they would care either. Obviously I'm not saying being careless but the chances of any capital be reintroduced is nill. I was told that if the loans repaid, we could refile in following years the loss as a recovery and thrus interest gained again without any issue. Such small amounts involved in the eyes of HMRC here I doubt there is no reason not to claim back a few pennies on your interest return from these lovely FCA approved companies...

Its not difficult ... HMRC provide the instructions on what to do & how to do it. Eligible P2P losses (ie only loans on platform with the electronic lending permission that meet A36h criteria) are offset against P2P interest ... same platform only by notifying HMRC, different platforms or carried forward via SA. Net income is entering under Other income page, gilts Oeics etc box. Any recoveries on loans claimed counts as income in that year. Platforms should do most of the maths for you Thats basically it and presumably what your accountant advised.

Bit more complicated if you start claiming losses where the platform hasnt declared them or if you are trying to claim against CGT

You are right HMRC probably isnt going to bother for small amounts ... at least until Labour gives them lots of cash to pursue the tax gap

Last Edit: Apr 17, 2024 22:11:08 GMT by ilmoro

Minor shareholder in AC, BO, FO, CP, WA, Pfi, Ccube, Sdrs, AE, ABL. AC beta test. LAG, MTAG, FSAG

PLEASE NOTE : All opinions and observations made on this forum are my own view and made in a personal capacity. I have no links to any platform nor am I a financial professional so posts should not be considered financial advice or promotion. I accept no responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained in my posts.

I have loans from 2019 still owed to me - what do i do? (UB)

Post by richyp on Jan 27, 2024 11:47:27 GMT

Post by archie on Jan 27, 2024 12:07:35 GMT

Post by ilmoro on Jan 27, 2024 12:11:40 GMT

Post by richyp on Jan 27, 2024 12:15:07 GMT

Post by overthehill on Mar 13, 2024 9:58:04 GMT

Post by Ace on Mar 13, 2024 13:43:13 GMT

Post by benaj on Apr 17, 2024 14:44:34 GMT

Post by Harland Kearney on Apr 17, 2024 18:41:58 GMT

Post by ilmoro on Apr 17, 2024 22:09:39 GMT