pom
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CCJs
Aug 15, 2015 9:10:33 GMT
mikeb likes this
Post by pom on Aug 15, 2015 9:10:33 GMT
Rather surprised yesterday to suddenly get 2 B loans downgraded before their first payment because Flippin Careless have just realised they've got CCJs and have urgently contacted the borrower for more info (yeah right...)... I could maybe understand the odd one slipping through here or there but more than one at the same time makes me wonder about their supposed checking (both had previous/existing FC loans so cant help wondering if this made them "ok"). Is this unusual or just "normal" ? Should I now just assume I'll never see that money again? Fortunately as they were early closers I only had £20 in each.
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fasty
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CCJs
Aug 15, 2015 9:31:29 GMT
Post by fasty on Aug 15, 2015 9:31:29 GMT
I was surprised too and very displeased because I've got quite a lot invested in one of them. In my own experience some loans do recover from downgrading due to CCJs, although most of mine have dragged on for a few months and then been defaulted.
I believe that CCJ before first payment has happened before, although thankfully not common otherwise FC wouldn't be around long. Have you been able to confirm whether these CCJs were in place before the auctions took place?
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CCJs
Aug 15, 2015 11:23:56 GMT
Post by finbee on Aug 15, 2015 11:23:56 GMT
Have you been able to confirm whether these CCJs were in place before the auctions took place? I've been reading this forum for a little while now but this is my first post. I've had the same on loan part 14211 which annoyingly is the first non-property loan I've bothered with in months given the poor rates. A quick check on Company Watch (not always the fastest) shows they don't have any CCJ registered against this company at the moment, so it looks like its new. Even so I would question the credit checking procedure. I've had a loan part in the past that had a CCJ registered against them within 3 months. From memory, Farcical Corsairs automatically downgrade any business with a CCJ over £10k while they investigate. In that instance they reinstated the risk band on advice from the borrower they had paid it. I assume evidence was provided and they reinstated the risk band. I then sold it for a premium on the SM before the CCJ had been officially satisfied and removed from the record. I did question myself if that was the morally correct thing to do, but came to the conclusion all the information was there to be seen and they chose to buy it.
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blender
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CCJs
Aug 15, 2015 12:00:29 GMT
Post by blender on Aug 15, 2015 12:00:29 GMT
I was surprised too and very displeased because I've got quite a lot invested in one of them. In my own experience some loans do recover from downgrading due to CCJs, although most of mine have dragged on for a few months and then been defaulted.
I believe that CCJ before first payment has happened before, although thankfully not common otherwise FC wouldn't be around long. Have you been able to confirm whether these CCJs were in place before the auctions took place? The classic case was 4907 where pre-existing CCJs were discovered by FC six days after draw down. This was in the days when all applicants had to have no CCJs exceeding £250, but it was for FC to find them and not for the Borrower to declare. It seems there may still be a 'window of opportunity' without saying anything more. But FC were supposed to have learned lessons and improved procedures - though some of that was to raise the CCJ limit on the basis - presumably- that there would always be some CCJs which were in process but would not be found by FC, with its speedy loans process. If existing borrowers are being naughty then I hope FC will deal firmly. Had another recovery payment from 4907's guarantor recently - but can never get rid of it.
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wysiati
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CCJs
Aug 15, 2015 13:57:21 GMT
Post by wysiati on Aug 15, 2015 13:57:21 GMT
Have you been able to confirm whether these CCJs were in place before the auctions took place? From memory, Farcical Corsairs automatically downgrade any business with a CCJ over £10k while they investigate. FC has previously ignored/missed CCJs, even those over £10k. Frankly, the sloppier the better, for the reasons to which Blender is alluding....
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jonah
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CCJs
Aug 15, 2015 16:32:23 GMT
Post by jonah on Aug 15, 2015 16:32:23 GMT
Surely that you require a lenders DD to be better than FCs to benefit though?
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