blender
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Post by blender on Aug 21, 2015 14:12:06 GMT
So how do they ask for novation? I suppose it is for use to find out about the default and stop automatic novation if we wish to? I would look through the T&Cs, but have given up having defaults so it is not relevant to me personally.
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Post by longjohn on Aug 27, 2015 9:28:34 GMT
I've just gone off Fridays too.
10851 A+ has just gone pop after six months, however the guarantors appear to want to continue repaying via another company so FC rates it as green.
John
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 27, 2015 9:35:11 GMT
I've just gone off Fridays too. 10851 A+ has just gone pop after six months, however the guarantors appear to want to continue repaying via another company so FC rates it as green. John Interesting, but isn't it still Thursday? 
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oldgrumpy
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Post by oldgrumpy on Aug 27, 2015 9:45:09 GMT
I've just gone off Fridays too. 10851 A+ has just gone pop after six months, however the guarantors appear to want to continue repaying via another company so FC rates it as green. John Interesting, but isn't it still Thursday? And 4921 ... both with similar comments We have downgraded this loan as the borrower has informed us that the company will be dissolved in order to restructure the business. The guarantors have assured us that the loan will continue to be repaid by an associated company, and we have formalised this with the necessary paperwork. As the original company is to be dissolved, the risk band for this loan will never be reinstated. However, on a RAG (Red, Amber, Green) rating system we would give this loan Green status, as we anticipate a full recovery within the contractual term. 4921
We have downgraded this loan as the borrower has contacted us to inform that the business is to be placed into liquidation. The guarantors have also informed us that it is their intention to continue to repay the loan through an associated company, and we are in the process of formalising this arrangement. As the original company will enter into a formal insolvency process, the risk band for this loan will never be reinstated. However, on a RAG (Red, Amber, Green) rating system we would give this loan Green status, as we anticipate a full recovery within the contractual term. 10851So even if the new entities keep on repaying both loans on time, I am not allowed to sell them, and am stuck with them until 2019/2020 on a technicality.
B******s to that, Frigging Crispbreads!!!! 
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adrianc
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Post by adrianc on Aug 27, 2015 9:52:52 GMT
TBH, I'm starting to wish they would just hurry up and bop 7170 on the head - otherwise it'll be at the first anniversary of being late before too long...
Is there a single non-defaulted loan with a longer list of comments? Currently 82 days late, and that's only because May's payment was finally completed a couple of weeks ago.
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SteveT
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Post by SteveT on Aug 27, 2015 10:08:46 GMT
Have faith, Brother Adrian....
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SteveT
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Post by SteveT on Aug 27, 2015 10:16:10 GMT
I've just gone off Fridays too. 10851 A+ has just gone pop after six months, however the guarantors appear to want to continue repaying via another company so FC rates it as green. John Blast! I'd already sold 90% of my original holding in this one and had the final 10% on the SM when it went pop. So near and yet so far.
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Post by transo on Aug 27, 2015 10:59:43 GMT
And 4921 ... both with similar comments [...]So even if the new entities keep on repaying both loans on time, I am not allowed to sell them, and am stuck with them until 2019/2020 on a technicality.
B******s to that, Frigging Crispbreads!!!!
It might be a technicality, but it is one that's fairly clear in their rules and seems entirely reasonable to me. Flipping relies on the market being "open" (i.e. the loan not being RBR) and there being a "greater fool" willing to buy. If you can't accept the risk that at some point one of those conditions will not be true you shouldn't be bidding on anything that you're not prepared to hold to maturity. To be fair, a few of my very early loans (2 and 3 digit loan numbers!) were downgraded because of a restructuring of the business and the original business being dissolved. In at least one case they didn't miss a single payment along the way, in another I think the only late payment was the one at the point they transitioned to the new company, which was a couple of days late. Of course I've got a couple where the guarantors have failed to pay and others where I'd be pleased if the repayment plan would complete by 2020 :-(
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adrianc
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Post by adrianc on Aug 27, 2015 11:08:41 GMT
Have faith, Brother Adrian.... Unfortunately, I have no choice...
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oldgrumpy
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Post by oldgrumpy on Aug 27, 2015 11:17:43 GMT
And 4921 ... both with similar comments [...]So even if the new entities keep on repaying both loans on time, I am not allowed to sell them, and am stuck with them until 2019/2020 on a technicality.
B******s to that, Frigging Crispbreads!!!!
It might be a technicality, but it is one that's fairly clear in their rules and seems entirely reasonable to me. Flipping relies on the market being "open" (i.e. the loan not being RBR) and there being a "greater fool" willing to buy. If you can't accept the risk that at some point one of those conditions will not be true you shouldn't be bidding on anything that you're not prepared to hold to maturity. To be fair, a few of my very early loans (2 and 3 digit loan numbers!) were downgraded because of a restructuring of the business and the original business being dissolved. In at least one case they didn't miss a single payment along the way, in another I think the only late payment was the one at the point they transitioned to the new company, which was a couple of days late. Of course I've got a couple where the guarantors have failed to pay and others where I'd be pleased if the repayment plan would complete by 2020 :-( Maybe when companies want to restructure like this, Flagrant Crabapples should encourage them to take a new loan to replace (and repay) the old one, in an appropriate risk band, and then all would be well, rather than punish the lender for the borrower's actions.
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Post by longjohn on Aug 27, 2015 13:18:52 GMT
I've just gone off Fridays too. 10851 A+ has just gone pop after six months, however the guarantors appear to want to continue repaying via another company so FC rates it as green. John Interesting, but isn't it still Thursday? Arrrgh! Must switch on brain in the morning! 
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jonno
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Post by jonno on Aug 27, 2015 13:49:24 GMT
Interesting, but isn't it still Thursday? Arrrgh! Must switch on brain in the morning! ; believe me,it's so reassuring that I'm not journeying into oblivion on my lonesome. Thank you. 
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Post by longjohn on Sept 11, 2015 0:15:28 GMT
14406 (A) has just had an 'adverse credit event' and been RBR'd (temporarily) just two weeks after it's first repayment. With a £16m turnover and £0.8m net assets I'm hoping it's just a glitch. I still have my full holding at 13.8%. Didn't clear out the excess as I've been selling other parts I own that are below the new fixed rates.  John |
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Post by ranjeb on Sept 11, 2015 7:09:59 GMT
I'm in 14406 also, for a whopping £20, it all looks fine to me on the face of it, the Q&A should have put me off however.
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TitoPuente
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Post by TitoPuente on Sept 11, 2015 8:43:52 GMT
13710 (A) late and with "cashflow issues" after just one payment. Oh well...
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