Thank you for the positive feedback Steerpike , we are trying to be as transparent as possible and any feedback is always greatly appreciated.
Is there anything more that you would like to see when it comes to updates? Are there more details that you feel would be useful?
I am satisfied with the current process, although it might be somewhat easier to keep track of progress if the updates themselves or at least an update chronology was recorded against the loan on the website, and it is always useful to know roughly when the next update is to be expected.
Its all very well sending out informative updates, but what good is that when they never seem to have any progress to report? We still have no idea if or when we are going to get any of our money back. The loans to this borrower were marketed as 'Secured & Insured'. Where is the security? Where is the insurance?
I am sorry to hear your frustrations. We of course understand that these recovery processes have taken time, and ideally we would have preferred them to have been wrapped up more quickly. These procedures do however take time, and in the case of a business like U* ***M where a probable fraud was committed, you can understand that the business owners are going to be less than forthcoming with providing the appropriate information.
As per the latest recovery report for U* ***M, we do believe that we had a solid basis for a claim against L****s, and we therefore hope that this will be expedited in due course and get capital returned to our Lenders. We stand by our recovery procedures and firmly believe that they are some of the most rigorous in this sector compared to our competitors.
With V*********n, we do appreciate that the process has been similarly slow, however our recovery certainly hasn't come to a conclusion.
With regard to your point about other successful recoveries, there have been a number of businesses which have entered into difficult situations in the past, but thanks to our help, they have not only got back on their feet, but in some cases, we have helped them completely repay their loans.
On the subject of the security of our S&I service, we have always made clear across our whole website that the "insured" element refers to the Borrower's accounts receivables, which could then be exercised in the case of a protracted default.
Please let me know if you have any further questions.