SteveT
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Post by SteveT on Oct 1, 2015 14:52:13 GMT
I see that this unhappy loan has now disappeared from the list of "My Loans" and is now classed under "Defaults / Bad Debt". As this is my first ReBS default, I'm surprised not to have received any email about this (after all, we get one every time an interest payment is made). How do I now access the discussion threads for this loan in order to find out what is going on?
This is our opportunity to discover whether "Personal Guarantee Insurance" is worth anything at all !
[Edit: I've worked out now that I need to click on the loan name in the little "Defaults / Bad Debts" break-down box]
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Post by captainconfident on Oct 1, 2015 23:23:28 GMT
Nice to see some traditional asterisk work there. Reminds me of the olden days of the late FC Independent board.
This company is still trading, appears to have assets and there is a REBS debenture in place. So, its all going to be fine, isn't it.
I was just watching Can't Pay, We'll Take It Away on Channel 5. Cheap holidays in other people's misery.
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nick
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Post by nick on Oct 2, 2015 6:47:33 GMT
I see that this unhappy loan has now disappeared from the list of "My Loans" and is now classed under "Defaults / Bad Debt". As this is my first ReBS default, I'm surprised not to have received any email about this (after all, we get one every time an interest payment is made). How do I now access the discussion threads for this loan in order to find out what is going on? This is our opportunity to discover whether "Personal Guarantee Insurance" is worth anything at all ! [Edit: I've worked out now that I need to click on the loan name in the little "Defaults / Bad Debts" break-down box] Just to make your day - from memory, director's guarantee insurance doesn't kick in at all until at least three months into a loan and then the % cover is still only a fraction rising to 90% after a few years. Bottom line, I would be pleasantly surprised if we get a penny out of anyone on this one.........
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SteveT
Member of DD Central
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Post by SteveT on Oct 2, 2015 6:49:57 GMT
I see that this unhappy loan has now disappeared from the list of "My Loans" and is now classed under "Defaults / Bad Debt". As this is my first ReBS default, I'm surprised not to have received any email about this (after all, we get one every time an interest payment is made). How do I now access the discussion threads for this loan in order to find out what is going on? This is our opportunity to discover whether "Personal Guarantee Insurance" is worth anything at all ! [Edit: I've worked out now that I need to click on the loan name in the little "Defaults / Bad Debts" break-down box] Just to make your day - from memory, director's guarantee insurance doesn't kick in at all until at least three months into a loan and then the % cover is still only a fraction rising to 90% after a few years. Bottom line, I would be pleasantly surprised if we get a penny out of anyone on this one......... That's my assumption too. I was pleased when someone brave (foolhardy?) bought 15% of my loan parts on the SM at -5% just 24 hours before ReBS defaulted it. I'm regarding that as the likely extent of my "Recovery"...
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kaya
Member of DD Central
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Post by kaya on Oct 17, 2015 19:19:45 GMT
Would I be alone in thinking that this joke of a 'business loan' should never have been offered in the first place? Okay, it's easy to say so after-the-fact, but I find the whole matter distasteful, unacceptable, and without a very very full and detailed explanation, backed up by solid evidence, I have doubts about the veracity of much of what I hear, which is very little indeed. At the very least, I might hazard a guess that the borrower lives in a business cloud-cukkoo land, but perhaps the early warnings were there in the discussion threads of long ago..... What was it, just one repayment was it? Unacceptable, and I want my money back, though doubt I'll be seeing it again. And as for that 'Scoop' loan nonsense, well it aint going to do the Rebs reputation any good, though few will care in the long run if the borrower pays their dues, but will they?
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Oct 19, 2015 8:43:44 GMT
Would I be alone in thinking that this joke of a 'business loan' should never have been offered in the first place? Okay, it's easy to say so after-the-fact, but I find the whole matter distasteful, unacceptable, and without a very very full and detailed explanation, backed up by solid evidence, I have doubts about the veracity of much of what I hear, which is very little indeed. At the very least, I might hazard a guess that the borrower lives in a business cloud-cukkoo land, but perhaps the early warnings were there in the discussion threads of long ago..... What was it, just one repayment was it? Unacceptable, and I want my money back, though doubt I'll be seeing it again. And as for that 'Scoop' loan nonsense, well it aint going to do the Rebs reputation any good, though few will care in the long run if the borrower pays their dues, but will they? I am afraid this is just another example of what occurs with P2P lending every now and then, thus the high interest rates on offer. Most of the more popular P2P providers have had a few of these over time and I am minded of FC and a loan to solicitors and another to "Crappy Scrappy" both very similar to this one with little chance off any recovery. Do remember that even loans secured against "assets" are far from bomb proof although you stand a better chance of at least some recovery.
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kaya
Member of DD Central
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Post by kaya on Dec 3, 2015 14:39:08 GMT
Does anyone know the details of this business re a funding application on Seedrs? I do not see it on there.
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kaya
Member of DD Central
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Post by kaya on Dec 3, 2015 15:35:59 GMT
Thanks for that, no idea how /where you found it! Anyway, I do not see it now on Seedrs- has it been taken down or am I missing it somewhere? One thing is for sure, the L J web site is up and running again with a new look. Whats going on?
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Maestro
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Post by Maestro on Dec 3, 2015 19:46:50 GMT
If you Google for "L** J*** Seedrs" and then the 1st result has a little green down arrow at the end of the link. This gives an option to view Googles cached results. Works with a lot of websites to view things that have been removed. Loan default, pending bankruptcy hearing, and then off to raise equity finance. Goes to show how easy it is to get on some crowd funding sites. And seedrs is a more reputable one, Neil Woodford's fund led their last funding round. I have two small equity investments through Seedrs as well - one in AC.
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oldgrumpy
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Post by oldgrumpy on Dec 4, 2015 11:56:04 GMT
Let's hope seedrs doesn't allow this one to go further ahead until all earlier liabilities are satisfied. I also entrust funds to Mr Woodford, so I wouldn't want him being short changed.
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kaya
Member of DD Central
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Post by kaya on Dec 4, 2015 13:53:41 GMT
Hmm, could it be that police proceedings might be a better course of action than current court proceedings? I've long felt suspicious about this 'default', and the 'f' word might be appropriate to describe the 'business practices' being employed. Just my intuitive feeling though. Lovely new website!
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Post by Ton ⓉⓞⓃ on Dec 4, 2015 14:25:05 GMT
Let's hope seedrs doesn't allow this one to go further ahead until all earlier liabilities are satisfied. I also entrust funds to Mr Woodford, so I wouldn't want him being short changed. I logged onto Seedrs there was no sign of the glums...
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Post by captainconfident on Dec 4, 2015 20:21:18 GMT
Scuse me if this is an ignorant question, but rather than taking bancrupcy proceedings shouldn't REBS first be selling off goods covered by the 'all assets debenture'? Otherwise what is the point of that in the first place?
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Post by captainconfident on Dec 6, 2015 18:23:43 GMT
No takers for the above question?
I lent some money last year to a friend of mine to start a brewery and i have a debenture over a list of specific items. The moment he stops paying, I exercise my claim and sell or otherwise dispose of his kettle etc. So how come REBS are not immediately in the process of asserting their rights over "all assets" of this unhappy company?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 6, 2015 19:09:37 GMT
No takers for the above question? I lent some money last year to a friend of mine to start a brewery and i have a debenture over a list of specific items. The moment he stops paying, I exercise my claim and sell or otherwise dispose of his kettle etc. So how come REBS are not immediately in the process of asserting their rights over "all assets" of this unhappy company? Peer2Beer lending! 
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