Steerpike
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Post by Steerpike on Oct 9, 2019 8:10:41 GMT
I have two Archover loans in recovery, progress on both is slow, and both are due an update within the next few weeks.
#5195 U* E**m (0% recovery to date) Admin 6-Aug-18 last update 9-Aug-19.
#6261 V*********n (17% recovery to date) Admin 30-Jan-18 last update 8-Aug-19.
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Post by Deleted on Oct 10, 2019 9:26:37 GMT
Hi Steerpike and savernake, I can cornfirm that affected Lenders to this particular Borrower will be receiving an update over the course of next week. I wish we could keep Lenders updated more frequently on these matters however it is often the case that these circumstances are out of our hands due to the proceedures involved in the recovery. Kind regards, Charlie
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shimself
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Post by shimself on Jan 8, 2020 12:40:02 GMT
Just out of curiosity is this equally disastrous on both platforms (Archover and Assetz)?
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Steerpike
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Post by Steerpike on Jan 8, 2020 13:45:19 GMT
Just out of curiosity is this equally disastrous on both platforms (Archover and Assetz)? In terms of recovery, yes.
I have two Archover loans in recovery, progress on both is slow, next updates for both expected in Jan-20. #5195 U* E**m (0% recovery to date) Admin 6-Aug-18 last update 23-Dec-19. #6261 V*********n (17% recovery to date) Admin 30-Jan-18 last update 23-Dec-19.
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m2btj
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Post by m2btj on Jan 9, 2020 12:46:35 GMT
Just out of curiosity is this equally disastrous on both platforms (Archover and Assetz)? In terms of recovery, yes.
I have two Archover loans in recovery, progress on both is slow, next updates for both expected in Jan-20. #5195 U* E**m (0% recovery to date) Admin 6-Aug-18 last update 23-Dec-19. #6261 V*********n (17% recovery to date) Admin 30-Jan-18 last update 23-Dec-19. Owing to the complexity of the UE loan I expect recovery to take at least another year. It is one of the more unusual P2P recovery cases. I do however believe that Archover have a strong case for negligence & expect a favourable outcome.
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Mick
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Post by Mick on Jan 9, 2020 13:47:08 GMT
In terms of recovery, yes.
I have two Archover loans in recovery, progress on both is slow, next updates for both expected in Jan-20. #5195 U* E**m (0% recovery to date) Admin 6-Aug-18 last update 23-Dec-19. #6261 V*********n (17% recovery to date) Admin 30-Jan-18 last update 23-Dec-19. Owing to the complexity of the UE loan I expect recovery to take at least another year. It is one of the more unusual P2P recovery cases. I do however believe that Archover have a strong case for negligence & expect a favourable outcome. I would have thought if Archover have a strong case for the Negligence, it would be over quickly. No company wants to waste money on lost causes.
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IFISAcava
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Post by IFISAcava on Jan 9, 2020 15:20:08 GMT
Owing to the complexity of the UE loan I expect recovery to take at least another year. It is one of the more unusual P2P recovery cases. I do however believe that Archover have a strong case for negligence & expect a favourable outcome. I would have thought if Archover have a strong case for the Negligence, it would be over quickly. No company wants to waste money on lost causes. And strong cases don't always mean you win. (unless you are a lawyer - they always win regardless) Sadly, I'm expecting ~50-60% recovery on V*********n (a bit less than the 60-odd% Archover have estimated) and much less (if anything) on E**m.
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m2btj
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Post by m2btj on Jan 10, 2020 10:10:32 GMT
Owing to the complexity of the UE loan I expect recovery to take at least another year. It is one of the more unusual P2P recovery cases. I do however believe that Archover have a strong case for negligence & expect a favourable outcome. I would have thought if Archover have a strong case for the Negligence, it would be over quickly. No company wants to waste money on lost causes. No company wants to waste money on lost causes.
Unfortunately, banks have a penchant for wasting money on lost causes....they have the money too!
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gwasp
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Post by gwasp on Jul 16, 2020 8:51:48 GMT
I would have thought an update on this case would be due, I haven't seen anything myself for a few months although that could be down to the times we have to live in at the moment .
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Post by overthehill on Jul 16, 2020 17:08:46 GMT
An email was sent to investors on the 8th june detailing the steps taken.
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Post by camraid on Sept 9, 2020 16:40:52 GMT
I was looking at P2P as an investment class and came across this forum. It is very informative. I operate in the business finance market but not really in the P2P space.
I am not sure if I haven't missed the boat as it appears the good times may be behind us. That said, I am sure good opportunities are out there for the right platforms.
This story really concerned me and made me seriously think about whether P2P is right for me. What happened? I see it is described as a potential fraud. Was it a big problem? As a new investor are these issues disclosed?
Do you think it could happen again?
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Greenwood2
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Post by Greenwood2 on Sept 9, 2020 17:20:00 GMT
I was looking at P2P as an investment class and came across this forum. It is very informative. I operate in the business finance market but not really in the P2P space. I am not sure if I haven't missed the boat as it appears the good times may be behind us. That said, I am sure good opportunities are out there for the right platforms. This story really concerned me and made me seriously think about whether P2P is right for me. What happened? I see it is described as a potential fraud. Was it a big problem? As a new investor are these issues disclosed? Do you think it could happen again? Probably not a great time to leap in (Covid etc and possible increases in bad debt). Usually problems with loans surface gradually over time, initially it all looks good, or no one would lend in the first place, maybe lenders are getting smarter and some of these loans would never happen now? Could it happen again, yes and it probably is right now somewhere. Diversification is king, so if it does happen you don't loose your shirt. But see also platform failures Collateral and Lendy for starters!
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Post by overthehill on Sept 9, 2020 18:50:06 GMT
I was looking at P2P as an investment class and came across this forum. It is very informative. I operate in the business finance market but not really in the P2P space. I am not sure if I haven't missed the boat as it appears the good times may be behind us. That said, I am sure good opportunities are out there for the right platforms. This story really concerned me and made me seriously think about whether P2P is right for me. What happened? I see it is described as a potential fraud. Was it a big problem? As a new investor are these issues disclosed? Do you think it could happen again?
Fraud would be high up a reason list for loans defaulting. The better the quality of the P2P company, the less chance of it happening. The top ones have a complete arsenal of tools to weed out the crooks probably rejecting 90% of total loan applications.
My advice would be to use independent 4thway.co.uk and follow the 'signs', I haven't lost a penny yet to companies with their full rating. Archover and many other companies don't have their full rating because they won't/can't provide enough information.
I have 2 long standing defaults of supposedly 'secured+insured' loans with Archover and haven't invested another penny until I see the recovery outcome, yes both involve fraud.
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Post by camraid on Sept 9, 2020 19:03:01 GMT
I was looking at P2P as an investment class and came across this forum. It is very informative. I operate in the business finance market but not really in the P2P space. I am not sure if I haven't missed the boat as it appears the good times may be behind us. That said, I am sure good opportunities are out there for the right platforms. This story really concerned me and made me seriously think about whether P2P is right for me. What happened? I see it is described as a potential fraud. Was it a big problem? As a new investor are these issues disclosed? Do you think it could happen again?
Fraud would be high up a reason list for loans defaulting. The better the quality of the P2P company, the less chance of it happening. The top ones have a complete arsenal of tools to weed out the crooks probably rejecting 90% of total loan applications.
My advice would be to use independent 4thway.co.uk and follow the 'signs', I haven't lost a penny yet to companies with their full rating. Archover and many other companies don't have their full rating because they won't/can't provide enough information.
I have 2 long standing defaults of supposedly 'secured+insured' loans with Archover and haven't invested another penny until I see the recovery outcome, yes both involve fraud.
The names are blanked out so it is hard to see what happened. One is described as UE. What happened and why the secrecy surrounding it? It feels like there is good communication to existing investors but perhaps not so much to new potential investors. Is this morally right?
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Greenwood2
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Post by Greenwood2 on Sept 9, 2020 19:11:31 GMT
Fraud would be high up a reason list for loans defaulting. The better the quality of the P2P company, the less chance of it happening. The top ones have a complete arsenal of tools to weed out the crooks probably rejecting 90% of total loan applications.
My advice would be to use independent 4thway.co.uk and follow the 'signs', I haven't lost a penny yet to companies with their full rating. Archover and many other companies don't have their full rating because they won't/can't provide enough information.
I have 2 long standing defaults of supposedly 'secured+insured' loans with Archover and haven't invested another penny until I see the recovery outcome, yes both involve fraud.
The names are blanked out so it is hard to see what happened. One is described as UE. What happened and why the secrecy surrounding it? It feels like there is good communication to existing investors but perhaps not so much to new potential investors. Is this morally right? This is an open forum and people posting or running the forum could be in trouble if specific loans, or borrowers are mentioned in a bad way, unfortunately you have to be in the loan or at least on the platform to see what is going on.
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