PBL 069; PBL 070 & PBL 071 - the Gloucestershire Loans

I don’t frequent the Ratesetter section of this p2p lending platform very much, so I missed reading your post;


I don’t believe we have never met, although you were increasingly annoyed with some of my posts, sometime back…

It sometimes nice to read that people will leave a Company because of their beliefs and that they are principled to do so, whatever the differences may be… Good luck with the next phase of your own personal journey.

Welcome to the ‘Saving Stream investors chat forum’ as you are a Saving Stream investor no doubt…

With regards to these three loans in question, the latest Saving Stream update (23rd Dec 2016) on them ALL was;

“The Borrower is finding refinancing rather challenging so has no choice but to market the property for sale. Marketing will commence in early 2017 with supervision from our receivers to focus the Borrower's mind.”

IMHO, just let Saving Stream sort it out. Personally, I have no investment in these loans, so they are of no concern to me.

Surely your comment should have been?

These loans would be of concern to ME if cumulatively defaults at some point threaten the platform and jeapordise the smooth run down of other loans without SS there(sic) focusing minds.

There were two companies involved in these loans, both at one time or another had the bankrupt individual as director but has resigned from both.

The bankruptcy doesn't affect the companies, so there maybe some 'restructuring' going on.

When they say the "the borrower has made us an offer" as with the others that would suggest that it is unlikely there will be 100% recovery.

A question that has been bounding around for a while now mason.

savingstream and Paul64 can we please get clarification of just what constitutes a defaulted loan, the update for these loan suggest that they won't be 100% recoverable so in my view that would make this a defaulted loan as it is likely the PF will be required to cover any losses if it can/does cover them. This is regardless of whether the interest is being paid on a monthly basis or not, you are leaving the site open to a backlash if the suggestion is you knew that the repayment would fall short of the original loan and you didn't default the loan as soon as you was aware of this fact.

I will point out that I have no interest in this loan anymore as this became the first loan I decided to cash out of rather than going the distance thanks to the updates that came through on this forum. Thank you all as always

Good news indeed for lenders, but why, why, oh why couldn't the above have been conveyed on the loan update pages and in recent communications?

Does nobody realise the potential for reputational damage you open of yourselves up to by leaving the lender community in the dark? Why invite speculation and the 'monsters' that materialise from ignorance of the facts?

Beat me to it, are you saying that you have been funding the interest on this savingstream because as far as I remember I received all the interest due on the loan. This now raises two more questions:

    1)    If the repayment is short of the capital and outstanding interest are SS taking the hit on the unpaid interest seeing as it has already been paid to the lenders.

    2)    How many loans have default interest? In other words how many loans are SS propping up to avoid having to default them.

...and this is why I am no longer lending here.