kaya
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Post by kaya on Dec 18, 2015 10:46:48 GMT
So, the picture is taking shape. Obviously being declared bankrupt would would disrupt her enterprenerial spirit and business acumen, thus the offer to make a part payment to stave this off. If the good folks at Seedrs would like to bail us out through a new and full disclosure funding request, I won't argue with that, but I think her money making schemes are probably coming to an end. Does anyone know, were past funding exercises to do with a similar business with a similar range of products? A robust and savvy approach to this default is required by Rebs.
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SteveT
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Post by SteveT on Feb 29, 2016 10:49:27 GMT
Wow, Ms Miserable has finally coughed up a small amount of cash.
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Steerpike
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Post by Steerpike on Feb 29, 2016 11:01:15 GMT
Wow, Ms Miserable has finally coughed up a small amount of cash. Smallest sum possible that will keep the wolves from the door? I see that the payment tab has disappeared, is this because we don't expect to need it any more? Delay and defer, delay and defer.
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SteveT
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Post by SteveT on Mar 30, 2016 9:38:11 GMT
Now 2 days late with the first of her "refactored" loan repayments. Who'd have thought...?!
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ewf
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Post by ewf on Apr 1, 2016 16:52:56 GMT
WOW capital & interest paid today.
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Post by phlitb on Apr 1, 2016 17:18:18 GMT
Would have been good news but for the fact that according to my statement I apparently inexplicably lent this business another £22.35 today leaving me with negative available funds. ReBS continues to find innovative ways to further undermine investor confidence
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Post by rebsrep on Apr 1, 2016 17:30:20 GMT
Would have been good news but for the fact that according to my statement I apparently inexplicably lent this business another £22.35 today leaving me with negative available funds. ReBS continues to find innovative ways to further undermine investor confidence I can confirm this is just part of the order that the various transactions are needed to be processed in. I've literally just spoken to Dan (the MD) and he's still in the office ensuring all the various stages are processed so you can be sure you haven't lent LJ any more money.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Apr 1, 2016 22:39:25 GMT
Wow, today's payment from L** J*** has sent my net return back in the positive. Edit: Actually, it's not the payment, it's because the loan has been moved out of the default box. Yesterday it had an 80% chance of recovery, now it must be 100%
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SteveT
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Post by SteveT on Apr 2, 2016 7:29:24 GMT
Amused to see that I now own a nice shiny new loan, coincidentally with exactly the same name as one I distinctly remember going into messy default last year owing multiple payments. Unlike most of my ReBS loans, it enjoys a perfect payment record (1 out of 60 repayments made "on time", haha).
No email communication received about the sudden appearance of this lovely new loan in "My Loans". Latest loan update (dated yesterday) = "No update"
The phrase "lipstick on a pig" comes to mind ...
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SteveT
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Post by SteveT on Apr 2, 2016 7:35:07 GMT
No, wait, hidden away in the "Discussion" section I find the following missive from "rebuildingsociety":
"Hi All, Happy April Fools,
We’ve compounded the unpaid interest onto the capital outstanding to create this new, refactored loan. We’ve also distributed the repayment received. We did debit your balance, but have since corrected this by deleting the debit transaction. We’ll be updating the running balance on anyone that was affected. This should be fixed for all users tonight or over the weekend.
My apologies for any concern caused. Have a pleasant weekend."
I fell for one or two April Fools jokes yesterday but this is one of the better ones. Nice one, ReBS!
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baldpate
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Post by baldpate on Apr 2, 2016 11:46:46 GMT
I have one serious issue with the way this 'refactoring' is being represented : it may be only a temporary condition, but as things stand as I write this new refactored loan has 'clean' status of "Funded & confirmed" (and is marked in the loanbook as a Performing loan), as opposed to the "Default - Under Enforcement" status of the old loan (which was showing in the loanbook as a Recovery, but has now been completely erased from the loanbook). Now, I am happy that sqh if 'happy' to see the loan removed from his defaults box, although I imagine his comment was very much tongue-in-cheek. The reality is that this is still the same old loan to the same old business, and is no less a defaulted loan just because one repayment has been made against a formally agreed recovery plan. I imagine that the way the refactoring has been handled - by creating a new loan with accrued interest incorporated in capital with a revised period/interest rate - was necessitated by the inability of the existing software to deal with an adjustment of this magnitude to an existing loan. Fair enough. But to my way of thinking, the 'new' loan should immediately be marked as "Default - Under Enforcement", so that the loan shows as Recovery in the loanbook, and the Default is still properly recorded in the Statistics table. As it stands, the Stats show only 7 defaulted C loans, whereas there were 8 before this manoeuvre was executed : I CONSIDER THIS TO BE MISLEADING
May I ask rebsrep to respond to this specific point. PS: ReBS - by all means mark it as having a 99% expectation of recovery, if you feel that is justified - although personally, I shall be pleasantly surprised if this new agreement in adhered to for more than a few months. I also note that there were some conditions attached to the new agreement, one of which was that the borrower should present herself on the Discusion thread and engage in open discussion with the lenders - so there's one condition not yet met! Have the others?
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kaya
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Post by kaya on Apr 3, 2016 11:01:12 GMT
I agree with the above, this is a defaulted loan. Othewise, trading should now be up and running, though it would probably be unsellable anyway. ( Should Rebs allow discounts of up to 10%/unlimited across the board? It would be interesting to see how high free market rates for discounts might go!)
Credit where credit is due however, so credit to Rebs for putting together a repayment plan with this borrower, that has at least resulted in one repayment. Like others, I remain sceptical as to whether or not it will be adhered to.
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SteveT
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Post by SteveT on Apr 6, 2016 16:48:18 GMT
Big thank you to ReBS for providing me the opportunity to escape from this loan with 96% of my capital intact (I had mentally written it off some months ago). I hope whoever bought it did so with their eyes fully open to the risks and is as happy with their purchase as I am to see it go.
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Post by rebsrep on Apr 6, 2016 16:57:46 GMT
Thanks SteveT always good to have something positive to pass to the team. Wednesday updates being mailed out to loan holders as we speak, 1 out so far and that has positive news too..... Redacted extract: In our last update, sent on 3rd February 2016, Michael informed you that we had received the Administrator’s report and that a Creditors meeting had been held to vote on the CVA proposals.
The CVA proposals were passed at the meeting and we wait a further update from the Administrators on the progress of the CVA.
We have maintained contact with Mr and Mrs M, and they have today personally made an interest only repayment to you. Whilst they do not currently have control of the finances of the business under the CVA, they have promised to endeavour to make the interest payments to you from their personal account. We have a further call scheduled with the Administrator and the M’s next week to discuss future loan repayments.
We expect to be able to provide you with a further update within the next fortnight.
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kaya
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Post by kaya on Apr 6, 2016 18:48:41 GMT
One problem with the whole percentage point increments is that if you do not hold top rate, your micro-loans can become unsellable. I too was very happy to see my top-rate micro-loans find a new and hopefully happy home, but am stuck with others. Any chance of opening up the market to allow bigger (or just set your own) discounts?
The whole percentage point increments also mean that I am reluctant to re-bid in an auction if it means not holding a top-rate loan, for this same reason that they may later become unsellable. Time for change?
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