Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Dec 2, 2015 13:16:11 GMT
Hello,
I'm quite new to AC. Definitely never got an email to take a vote.
Would be glad if some more advanced users could explain the difference between options A, B.
My other question is: how do I actually vote? Sending email, on the website somewhere, something else?
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sqh
Member of DD Central
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 Dec 2, 2015 13:24:33 GMT
Hello, I'm quite new to AC. Definitely never got an email to take a vote. Would be glad if some more advanced users could explain the difference between options A, B. My other question is: how do I actually vote? Sending email, on the website somewhere, something else? Reply to the email with either "Option A" or "Option B". Nothing else, any additional words may cause confusion
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sqh
Member of DD Central
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 Dec 2, 2015 13:38:33 GMT
This borrower is currently paying 13% on a loan with an LTV of under 60%. I'm happy with that, and if it takes a bit longer to incorporate unit 21 into the new refinance deal, then I'm happy with that too.
So I'm voting B.
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sl75
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Post by sl75 on Dec 2, 2015 14:25:00 GMT
This borrower is currently paying 13% on a loan with an LTV of under 60%. I'm happy with that, and if it takes a bit longer to incorporate unit 21 into the new refinance deal, then I'm happy with that too. So I'm voting B. Either you or I have fundamentally misunderstood the proposal... As I read it, the current refinance (without unit 21) would be going ahead anyway, and the question is merely over whether to allow the borrower to access some of the funds from the refinance (at a guess, they have other creditors who are lined up waiting to be paid too?) The residual loan would be a LTV rather below 50%, and depending on whether the refinance is sufficient to repay our loan in full, option A could be the only way to continue to receive further interest from the borrower after the refinance completes.
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sqh
Member of DD Central
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 Dec 2, 2015 15:30:13 GMT
This borrower is currently paying 13% on a loan with an LTV of under 60%. I'm happy with that, and if it takes a bit longer to incorporate unit 21 into the new refinance deal, then I'm happy with that too. So I'm voting B. Either you or I have fundamentally misunderstood the proposal... As I read it, the current refinance (without unit 21) would be going ahead anyway, and the question is merely over whether to allow the borrower to access some of the funds from the refinance (at a guess, they have other creditors who are lined up waiting to be paid too?) The residual loan would be a LTV rather below 50%, and depending on whether the refinance is sufficient to repay our loan in full, option A could be the only way to continue to receive further interest from the borrower after the refinance completes. I just think it's better to get 13% interest on the full loan until Jan 8th, that's the date of residual debt repayment (£100k). Rather than 10% of 100K over the xmas period. If the borrower is refinancing anyway, why have a vote. This borrower has wriggled out of default interest in the past, so I have no sympathy.
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duck
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Post by duck on Dec 2, 2015 16:30:34 GMT
With no Capital left in the loan (sold out some months ago) and below £4 in accrued interest spread between personal and business accounts I would just like to move the loan to 'archive' 
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Post by davidricketts1 on Dec 2, 2015 17:02:32 GMT
This borrower is currently paying 13% on a loan with an LTV of under 60%. I'm happy with that, and if it takes a bit longer to incorporate unit 21 into the new refinance deal, then I'm happy with that too. So I'm voting B. Either you or I have fundamentally misunderstood the proposal... As I read it, the current refinance (without unit 21) would be going ahead anyway, and the question is merely over whether to allow the borrower to access some of the funds from the refinance (at a guess, they have other creditors who are lined up waiting to be paid too?) The residual loan would be a LTV rather below 50%, and depending on whether the refinance is sufficient to repay our loan in full, option A could be the only way to continue to receive further interest from the borrower after the refinance completes. Which is correct.
If Option B is chosen then I'll be telling the borrower that we want sufficient funds from the refinance to fully repay the loan.
Apologies, I thought I'd made that clear?
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Post by jevans4949 on Dec 2, 2015 17:23:26 GMT
... If Option B is chosen then I'll be telling the borrower that we want sufficient funds from the refinance to fully repay the loan ... ... And the borrower will go into "cheque's in the post" mode until 8 Jan anyway.
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sqh
Member of DD Central
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 Dec 2, 2015 17:45:30 GMT
Either you or I have fundamentally misunderstood the proposal... As I read it, the current refinance (without unit 21) would be going ahead anyway, and the question is merely over whether to allow the borrower to access some of the funds from the refinance (at a guess, they have other creditors who are lined up waiting to be paid too?) The residual loan would be a LTV rather below 50%, and depending on whether the refinance is sufficient to repay our loan in full, option A could be the only way to continue to receive further interest from the borrower after the refinance completes. Which is correct.
If Option B is chosen then I'll be telling the borrower that we want sufficient funds from the refinance to fully repay the loan.
Apologies, I thought I'd made that clear?
Fully understood. In order to achieve that, the borrower needs to refinance unit 21, and the new finance company need a bit longer to achieve that. So let's have 13% on 580k over xmas, instead of 10% on 100k. I recently campaigned for backdated default interest and had partial success, I don't want to give that up so quickly.
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Post by bracknellboy on Dec 2, 2015 18:13:19 GMT
It seems to me a reasonable request from the borrower. Option A.1 would might have been to negotiate with them so as to allow them to hold back the desired amount, but continue with current default level of interest. But that hasn't been put on the table, and on the basis that their request is resaonable, I don't htink I can vote for telling them to 'stuff it'.
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Post by davidricketts1 on Dec 3, 2015 8:20:21 GMT
Which is correct.
If Option B is chosen then I'll be telling the borrower that we want sufficient funds from the refinance to fully repay the loan.
Apologies, I thought I'd made that clear?
Fully understood. In order to achieve that, the borrower needs to refinance unit 21, and the new finance company need a bit longer to achieve that. So let's have 13% on 580k over xmas, instead of 10% on 100k. I recently campaigned for backdated default interest and had partial success, I don't want to give that up so quickly. Actually no he doesn't. He can fully repay from funds that are expected on Friday. He's just asking not to.
If the vote goes against him he can't complete his refinance on Friday unless he fully repays as I won't release the security. In all likelihood the refinance goes away if he doesn't complete as soon as the new finance provider are ready.
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pikestaff
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Post by pikestaff on Dec 3, 2015 9:27:47 GMT
Actually no he doesn't. He can fully repay from funds that are expected on Friday. He's just asking not to... That's as I thought. One of the reasons I'm voting for option A (apart from the reasonableness point) is that some of my money will stay invested and won't be sitting in my MLIA waiting for other loans to draw down.
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sl75
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Post by sl75 on Dec 3, 2015 11:35:25 GMT
Actually no he doesn't. He can fully repay from funds that are expected on Friday. He's just asking not to... That's as I thought. One of the reasons I'm voting for option A (apart from the reasonableness point) is that some of my money will stay invested and won't be sitting in my MLIA waiting for other loans to draw down. As I thought too - presumably the only reasons to vote against such a win-win situation are extreme vindictiveness or lack of comprehension?
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sqh
Member of DD Central
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 Dec 3, 2015 13:17:32 GMT
Fully understood. In order to achieve that, the borrower needs to refinance unit 21, and the new finance company need a bit longer to achieve that. So let's have 13% on 580k over xmas, instead of 10% on 100k. I recently campaigned for backdated default interest and had partial success, I don't want to give that up so quickly. Actually no he doesn't. He can fully repay from funds that are expected on Friday. He's just asking not to.
If the vote goes against him he can't complete his refinance on Friday unless he fully repays as I won't release the security. In all likelihood the refinance goes away if he doesn't complete as soon as the new finance provider are ready.
Now I'm confused.
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sl75
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Post by sl75 on Dec 3, 2015 14:37:39 GMT
To come back to your earlier question: If the borrower is refinancing anyway, why have a vote. Because without a vote the borrower must repay the loan in full (option B). In effect, you can think of it as though we are providing the borrower with a brand new loan for £100k, secured only on unit 21, but without the need to create an entirely new loan contract. |
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