markr
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Post by markr on Feb 18, 2014 21:00:08 GMT
Looks like ReSoc has its first default It has to happen sometime but somehow it's quite sad!
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markr
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Post by markr on Feb 19, 2014 11:39:58 GMT
Sure, it's Pla****m W***th C******n LLP.
It was due to make a payment on the 7th which was missed. An email last night stated that ReSoc had been notified that they weren't going to continue to service the debt, so novation of the loan parts into Amueri is scheduled for 4th March and then recovery procedures against the guarantors will begin.
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Post by badger on Feb 22, 2014 17:09:45 GMT
Not showing yet on the "lending statistics" page, which just shows one D risk loan late <30 days, no defaults.
There is another anomaly - on the "microloans" page it shows two loans with late payments C**** B***** Livestock (D) and 1** C*** Care (A) So do the lending statistics just show the number of loans which are currently late, rather than the number which have at some time had late payments?
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Post by badger on Feb 24, 2014 9:53:43 GMT
Thanks MONEY - yes, I've now had a look at the repayment history for microloans, and confirm that those two are now back in synch with their payments.
I expect that Rebs will confirm that If a borrower misses a payment it is taken off the secondary market. Does it come straight back on as soon as the next on-time payment is received?
Also, how often are the lending stats updated?
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Post by nickrebuildings on Feb 24, 2014 15:47:05 GMT
Hi Badger,
We take loans off the secondary market if they are in default, we have cause to believe a default is possible or the loan is 30 days late or more. The lending stats page is a live feed from our database, so is updated in real time.
Hi markr & MONEY,
We've been in touch with all lenders on the loan you refer to. It is late by less than 30 days, but we have been informed that the borrower is in a poor position to continue repayments, so we've moved early. We class loans late by more than 60 days to be in default, so it won't appear in that status just yet. We have a personal guarantee on this loan and will be looking to enforce that should payment not be made.
On C**** B***** L******* (D), we're aware of issues on another platform, which is why we took those measures, but we have received all repayments and have been in contact with the borrower, so there has been no breach of our Ts & Cs. Should repayments continue to be made, we will reassess the status of the loan.
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wysiati
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Post by wysiati on Feb 27, 2014 22:19:12 GMT
On C**** B***** L******* (D), we're aware of issues on another platform, which is why we took those measures, but we have received all repayments and have been in contact with the borrower, so there has been no breach of our Ts & Cs. Should repayments continue to be made, we will reassess the status of the loan. Even if rebuildingsociety does reassess and reinstate loan part trading for the C***s B****r L*******k Ltd loan on the basis of ongoing repayments being received by them any potential purchasers of the torrent of loan parts likely to then become available at big headline discounts/high % rates might wish to adopt a more cautious stance, not least given the comments from Funding Circle's head of insolvency. These confirmed that Funding Circle presented a winding up petition for the borrower to the court on 14th February and that this has now been served on the borrower. Furthermore, Funding Circle has notified rebuildingsociety that it considers that subsequent loan repayments should be deemed void under s.127 of the Insolvency Act 1986 and has put rebuildingsociety on notice that it may be liable for any future funds received from the borrower and distributed to its lenders.
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Post by nickrebuildings on Mar 1, 2014 11:26:29 GMT
Hi wysiati,
We're working with the borrower to find a solution that meets the needs of all creditors, including Funding Circle.
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agent69
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Post by agent69 on Mar 1, 2014 11:51:09 GMT
We have a personal guarantee on this loan and will be looking to enforce that should payment not be made. Hope your PG'S are of a higher standard that the ones that FC obtain!
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Post by englebert69 on Mar 5, 2014 23:21:29 GMT
My loan part in Pla****m W***th C******n LLP has now disappeared from my loans list in Dashboard now and moved to Bad Debt which is fine but the amount of Bad Debt is shown as the original loan part size (i.e. ignoring their repayments before defaulting) and the breakdown link under Bad Debt does nothing. Anyone else experienced this? RBS is this a known problem with your UI?
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markr
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Post by markr on Mar 6, 2014 11:18:19 GMT
My loan part in Pla****m W***th C******n LLP has now disappeared from my loans list in Dashboard now and moved to Bad Debt which is fine but the amount of Bad Debt is shown as the original loan part size (i.e. ignoring their repayments before defaulting) and the breakdown link under Bad Debt does nothing. Anyone else experienced this? RBS is this a known problem with your UI? Yep, it's the same for me.
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magsie
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Post by magsie on Mar 6, 2014 16:30:53 GMT
It's also the same for me.
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shimself
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Post by shimself on Mar 27, 2014 11:41:16 GMT
Another one looking bad C*** B*****r l*******k (c*** woofer undeadinventory), which also apparently has form on another p2p but I can't find which
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shimself
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Post by shimself on Mar 28, 2014 19:04:48 GMT
email recd today re C B L copy on loan q&a at RBS
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shimself
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Post by shimself on Apr 3, 2014 17:50:26 GMT
a new email received today about C B L
In our correspondence with you on the 28th March, we mentioned that we had the cooperation of (the director). Yesterday we lost this co-operation and as a result we have now filed a County Court Claim against CBL for the full capital outstanding plus interest to lenders. In order for us to continue pursuing the amount owing to you, your loan part must be assigned to (dinsdale & the boys) Limited, who will then pursue the borrower for repayment. We have a witnessed Personal Guarantee from the borrower.
Prompt action and communicative at least.
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Post by bollidear on Apr 5, 2014 13:15:49 GMT
I don't think I'd be so bold as to say "prompt". When listing the initial loan RBS failed to mention that he has recently acquired a CCJ and had not satisfied it. They never responded to many demands for explanations for the debtors two missed payments. Just an eventual comment that he had been overseas. Seeming direct debits don't work when you go abroad.
They then came up with some rubbish about a solicitors letter promising to pay - by which time he had acquired a further CCJ's and were still peddling his toxic loan parts. A week or so more and they eventually suspend loan part sales after my (and others) comments. They then state that he's actually not late with any current payments despite FC issuing a winding up order and yet another CCJ. Another "promise to pay" letter, more criticism and eventually they write to say "you know what - he's no longer talking to us - but we still have a letter!"
There is nothing good about how RBS processed this loan in the first place, despite a recent CCJ they failed to mention to the lenders. They were impotent in explaining 2 late payments and blind to FC's defaulting him. Through out all this - they allowed their "golden investors", and we all know who they are, to offload mountains of toxic debt before they were shamed into suspending sales in the loan.
Prompt is not a word I'd ever use in association with RBS.
It's good to see that the sole executive director is now moving onto to a new interest though.
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