JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323 
Likes: 897
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Post by JamesFrance on Sept 25, 2015 8:06:34 GMT
Bondora has decided to pass the cost of collecting defaults to debt collectors and investors will now have to pay them for anything collected. It was obviously becoming expensive for them as such a high proportion of the loans they have made has defaulted. Not only will this apply to new loans but also to previously issued loans which default over the next 5 years. www.bondora.com/blog/collection-process-overview/ |
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debeast
(o)(o)
Posts: 238
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Post by debeast on Sept 25, 2015 9:52:31 GMT
Bloody hell!
I thought i was doing badly there already with 1/3 of my portfolio in 60+ catagory.
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duck
Member of DD Central
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Post by duck on Sept 25, 2015 11:52:23 GMT
Yes I read that yesterday, why does it not come as a surprise ....
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323
Likes: 897
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Post by JamesFrance on Sept 27, 2015 9:12:26 GMT
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duck
Member of DD Central
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Post by duck on Sept 27, 2015 14:22:24 GMT
Yes those forum posts have been an interesting read, the number has increased a fair bit since I looked a couple of days ago. I view it (probably incorrectly!) as a contract variation and as such the retrospective nature of the change is dubious to say the least.
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james
Posts: 2,205
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Post by james on Sept 27, 2015 17:15:04 GMT
Yes, it's pretty uninspiring. I wonder what it is about P2P and firms thinking that the contracts they make and undertakings they give about past loans or what borrowers they do or don't accept don't actually matter?
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323
Likes: 897
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Post by JamesFrance on Sept 28, 2015 8:18:14 GMT
It would appear that regulation by the FCA is currently meaningless. I had assumed that contract variation for previous loans would not be permitted.
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Rob
Posts: 138
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Post by Rob on Oct 4, 2015 11:02:31 GMT
Yes, it's pretty uninspiring. I wonder what it is about P2P and firms thinking that the contracts they make and undertakings they give about past loans or what borrowers they do or don't accept don't actually matter? I found this clause in the old Ts&Cs: 16.3. The Loan Offer, the Loan Application and the Loan
Agreement shall be subject to the legislation of the country of
residence or country of permanent location of the Borrower (as
of the time of conclusion of the Loan Agreement).I assume this means that the agreement changes to conform with any new laws introduced into the country of residence of the borrower. Therefore, it would be legitimate for Bondora to start charging the cost of debt recovery to the lender if the laws of the country of residence of the borrower changed to not allow the borrower to be charged (although they could opt to pay the costs themselves, of course). However, Bondora has been very silent on producing any evidence of changes to the law which cover this. Has anybody seen any such evidence?
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shimself
Member of DD Central
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Post by shimself on Oct 5, 2015 7:47:37 GMT
just to follow, forgotten how to do it properly
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Post by coolrunning on Oct 7, 2015 10:38:15 GMT
I think it important to keep these discussions off the official Bondora forums.
If a legal dispute should start, Bondora could easily purge these discussions from their site.
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james
Posts: 2,205
Likes: 955
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Post by james on Oct 7, 2015 10:56:29 GMT
I think it important to keep these discussions off the official Bondora forums. If a legal dispute should start, Bondora could easily purge these discussions from their site. It can also be useful to independently archive the contents of forum posts.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323
Likes: 897
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Post by JamesFrance on Oct 7, 2015 12:43:42 GMT
The Bondora blogger Jevgenijs Kazanins who posted this information has just been appointed CEO of Twino.
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james
Posts: 2,205
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Post by james on Oct 7, 2015 16:58:32 GMT
After being the Bondora head of marketing for a few years. And in press discussion talking about expanding into lots of new markets already.
Interesting that Twino chose a CEO who on the marketing side at Bondora presided over a notable failure to grow consumer to consumer volume even with the introduction of new markets, and a major negative change in the opinion that many customers have of the platform.
I think that it will be interesting to see whether Twino survive the appointment. He's had plenty of learning opportunities, I wonder if he did learn anything that would help the new platform. He does seem to have wisely chosen to exit Bondora, so that's not all bad.
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jay
Posts: 46
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Post by jay on Oct 12, 2015 22:13:14 GMT
Legal? probably not but paying a lawyer and starting a legal dispute will be a lot more expensive than the total amount of my portfolio...Not to mention the dispute will be solved years later after bondora's inevitable bankruptcy.
This change can only be for the best since bondora self collection was close to zero already.It cant become any worse.
Wish i knew before hand that FCA regulation is a complete joke .
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323
Likes: 897
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Post by JamesFrance on Oct 15, 2015 8:11:45 GMT
I see that 20 of my defaulted loans which have already been in court and some to bailiffs have now been put back to stage one, so now will presumably have collection fees charged to me although they must predate the conditions changes. There has been no notification from Bondora about this.
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