guff
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Post by guff on Feb 1, 2017 16:46:06 GMT
Let me be a bit more blunt... savingstream - is there any reason why this loan hasn't got a big red box? You have appointed the receivers, and (considering the loan is tradeable on the SM) I think an update is required... Well that makes a difference! I invested some of my monthly interest this morning on the basis that "the customer is working towards a refinance ... our agent is working very closely with the borrower", not that "the customer is about to (sorry, HAS) gone into administration". I do hope the security on this property and the land on which it stands ... ALL of it ... is sound. There's still only 0.3% on the SM (why?) so if you're quick you could still join the women, children and OAPs in the first lifeboat which could still be sailing very soon.
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PBL 040
Feb 1, 2017 17:14:42 GMT
fp likes this
Post by martin44 on Feb 1, 2017 17:14:42 GMT
Fortunately i have not yet re-invested my monthly interest, under the circumstances, i think i will withdraw it all this month.  |
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mikes1531
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Post by mikes1531 on Feb 1, 2017 17:29:33 GMT
There's still only 0.3% on the SM (why?) so if you're quick you could still join the women, children and OAPs in the first lifeboat which could still be sailing very soon. Unfortunately -- if that's the right word -- it doesn't look like there are many buyers coming forward. The most recent purchase (£300 by k***********4) seems to have sat at the top of the Investor Activity table for a few hours now.
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guff
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Post by guff on Feb 1, 2017 17:30:33 GMT
Fortunately i have not yet re-invested my monthly interest, under the circumstances, i think i will withdraw it all this month. I don't blame you. I can't imagine that hotels are that easy to sell on.
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gurberly
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Post by gurberly on Feb 1, 2017 19:21:00 GMT
Fortunately i have not yet re-invested my monthly interest, under the circumstances, i think i will withdraw it all this month. I don't blame you. I can't imagine that hotels are that easy to sell on. Agree, smaller hotels are probably easier to shift where they can be managed as a sole trader, but larger hotels probably have limited appeal on the marketplace
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GeorgeT
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PBL 040
Feb 1, 2017 20:41:41 GMT
via mobile
Post by GeorgeT on Feb 1, 2017 20:41:41 GMT
More complaints and concerns expressed here yet it seems the very same people are throwing their money at saving stream to this day.
I don't know what the most appropriate proverb is here but I will profer 2 options :
there's nowt as Queer as Folk
a fool and his money are easily parted
it will take the biscuit if these same commentators are posting on here in a few months or Years Time complaining that they have lost their money. hypocrisy Knows No bounds.
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r1200gs
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Post by r1200gs on Feb 2, 2017 10:47:11 GMT
savingstream Is there any outstanding important information of which (prospective) lenders should be aware since your last update of 19 January 2017? That would be like keeping the client up-to-date, wouldn't it? Sounds like something the FCA would maybe encourage - possibly even insist on..... I do wonder about this. In an entirely theoretical situation, a platform becomes aware that they have been had by a borrower who is a life long committed fraudster and criminal and have now discovered that the security offered is not likely to cover the loan yet they continue to keep borrowers in the dark and enable purchase of loan parts on a secondary market, leading to these people losing their money. All entirely in theory, not talking about this loan at all. Will the powers that be, including the courts, say this is all OK, because there is a risk warning and lenders should have done their own DD? I suspect that is only going to go so far.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 2, 2017 11:22:01 GMT
That would be like keeping the client up-to-date, wouldn't it? Sounds like something the FCA would maybe encourage - possibly even insist on..... I do wonder about this. In an entirely theoretical situation, a platform becomes aware that they have been had by a borrower who is a life long committed fraudster and criminal and have now discovered that the security offered is not likely to cover the loan yet they continue to keep borrowers in the dark and enable purchase of loan parts on a secondary market, leading to these people losing their money. All entirely in theory, not talking about this loan at all. Will the powers that be, including the courts, say this is all OK, because there is a risk warning and lenders should have done their own DD? I suspect that is only going to go so far. There is no way the FCA would allow that; you have to remember that the FCA work from the ground up, and that includes the T&Cs - there is no doubt they will be picking through SS T&Cs to make sure it is appropriate for both the investor & platform (and I think the T&Cs will look a lot different after they have done!) Investors can argue that DD can only be carried out via information only SS can provide.
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toffeeboy
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Post by toffeeboy on Feb 2, 2017 14:03:38 GMT
savingstream Is there any outstanding important information of which (prospective) lenders should be aware since your last update of 19 January 2017? Let me be a bit more blunt... savingstream - is there any reason why this loan hasn't got a big red box? You have appointed the receivers, and (considering the loan is tradeable on the SM) I think an update is required... The customer, and they do state the customer not SS, continues to pay the interest according to 19 January update which by SS definitions means that the loan is not in default so doesn't need the red box yet.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 2, 2017 14:10:11 GMT
Let me be a bit more blunt... savingstream - is there any reason why this loan hasn't got a big red box? You have appointed the receivers, and (considering the loan is tradeable on the SM) I think an update is required... The customer, and they do state the customer not SS, continues to pay the interest according to 19 January update which by SS definitions means that the loan is not in default so doesn't need the red box yet. Then there is conflicting information because SS seem to now increase terms as interest is paid. I find it hard to believe that the borrower is servicing the interest; receivers are appointed to apply pressure, administrators are applied in a worst case scenario where there is no chance of recovery from the borrower. Default or not, updates should be provided on the day, or very soon after a receiver or administrator becomes involved.
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Post by harryvederci on Feb 2, 2017 14:23:00 GMT
borrower company bank account will now be in control of, and frozen from date of, admin. appointment, so thats it really until the asset is sold
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jonah
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Post by jonah on Feb 4, 2017 10:12:23 GMT
Negotiating? Sounds like a return of less than 100% of capital might happen. I don't own this loan, but if I did I would be strongly considering putting it on the SM now.
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seeingred
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Post by seeingred on Feb 4, 2017 10:22:30 GMT
The phrase "the borrower has made us an offer" occurs 7 times in the email of updates.
Are these less than 100% offers, of a type that SS can't refuse? In lieu of red boxes??
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hazellend
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Post by hazellend on Feb 4, 2017 10:24:26 GMT
The phrase "the borrower has made us an offer" occurs 7 times in the email of updates. Are these less than 100% offers, of a type that SS can't refuse? In lieu of red boxes?? These properties are all by the sahme borrower and individual parts of a larger estate so it's really one time rather than seven
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oldgrumpy
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Post by oldgrumpy on Feb 4, 2017 10:26:21 GMT
I noticed that in particular on the Gloucestershire six. These smell strongly of "we ain't paying back in full, so take what you're offered or expect more grief!".
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