fasty
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Post by fasty on Feb 19, 2016 9:47:48 GMT
The explanation for needing the loan was "We have recently purchased a new site and need some funds in place to help us expand into the new premises. We need the money in place to refurbish the property, secure new stock, hire more staff members (of which we are looking to create 20+ new jobs for local people) and upgrade our software". Could it conceivably be that lenders weren't being told the whole truth ... Happily my exposure is just my standard E loan "minor punt" This sounds like tantamount to fraud to me. How can you borrow £263k for expansion and not be able to make the third repayment? It does smell a bit fishy. Also bear in mind that even the second payment apparently failed at first attempt (retry).
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fasty
Member of DD Central
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Post by fasty on Feb 19, 2016 9:49:13 GMT
Was it the marine marketplace that made blender and I simultaneously decide to use the term fishy?
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blender
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Post by blender on Feb 19, 2016 10:20:01 GMT
Was it the marine marketplace that made blender and I simultaneously decide to use the term fishy? That reminds me not to use terms which some forum members may consider offensive. Sorry, carpecyprinidae.
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mikeh
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Post by mikeh on Feb 19, 2016 10:41:37 GMT
I may be a minnow but I won't carp about it.
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Post by goldservice on Feb 19, 2016 12:26:27 GMT
Please everyone, don't take the bait ...
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oldgrumpy
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Post by oldgrumpy on Feb 19, 2016 12:30:59 GMT
I find the scale of this loan default such that I wonder how gillty the borrower is of misleading Fish Cakes.
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Investboy
Member of DD Central
Trying to recover from P2P revolution
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Post by Investboy on Feb 19, 2016 13:33:56 GMT
I thought it was worth to mention 17174, a large E of £263,160, went CVA after two payments: 18 Feb 2016 We have downgraded this loan as the company director has informed us that they are proposing a Company Voluntary Arrangement. We will be negotiating with the guarantor to ascertain how the loan will be repaid going forward. We will update investors with any further developments. Bingo! My first FC default. But I've only joined end of Oct/2015
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blender
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Post by blender on Feb 19, 2016 14:07:29 GMT
It has not defaulted yet!
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SteveT
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Post by SteveT on Feb 19, 2016 14:33:13 GMT
Indeed, but I'll be surprised if the CVA proposes repayment of the loan in full on the original terms!
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wysiati
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Post by wysiati on Feb 19, 2016 14:41:12 GMT
In addition to the repayment issue there was also a CCJ at the start of Feb 2016 which FC did not disclose so I sold my <1bp's worth.
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blender
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Post by blender on Feb 19, 2016 15:35:38 GMT
In addition to the repayment issue there was also a CCJ at the start of Feb 2016 which FC did not disclose so I sold my <1bp's worth. 'Did not disclose' may be kind to FC. Sounds like 17063. It seems that keeping an eye open for CCJs may be a key to success with these E loans. No point in flagging it to FC, they just get RBRd for months and no-one can get out. Flagging it on this forum, with loan number, would be helpful - but perhaps a bit dubious.
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Post by GSV3MIaC on Feb 19, 2016 16:41:29 GMT
Ah but Fancy Communications supposedly READS this forum. Maybe we need a kind of reverse 'pink area' (like Assetz) which is only accessible to people we like (and no visitors from FC) 8>.
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Post by Deleted on Feb 19, 2016 17:00:35 GMT
In addition to the repayment issue there was also a CCJ at the start of Feb 2016 which FC did not disclose so I sold my <1bp's worth. do you have a free source of ccj publications?
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wysiati
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Post by wysiati on Feb 20, 2016 21:41:32 GMT
In addition to the repayment issue there was also a CCJ at the start of Feb 2016 which FC did not disclose so I sold my <1bp's worth. do you have a free source of ccj publications? Unfortunately not.
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Post by longjohn on Feb 21, 2016 15:09:00 GMT
All CCJ records are held by the Registry Trust which charges £4, £8 or £10 for 1, 2 or 3 or more searches. The credit agencies are informed automatically by the registry so they have the same data, however they charge more for searches. Sadly there is nowhere where you can enter a list of companies on a 'watch' site and be notified when anything happens although I'm sure the financial institutions can do this at some cost. John |
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