toffeeboy
Member of DD Central
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Post by toffeeboy on Mar 7, 2017 16:43:34 GMT
I think the S***** N*** & J****** is trying to run them out of town... At least we know how they are going to refinance, through a crowd funding campaign from 1,000 partners to "donate" £5,000 each. Good luck with that. Guaranteed minimum return of 5% per annum (Projected returns of 20% per annum when fully operational) according to their crowdfunding documents
The £5,000 will be guaranteed on the property which they have valued at £8,000,000, the £5,000 is the minimum investment.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Mar 7, 2017 17:53:42 GMT
I think that crowdfunding stuff has been around for years
It is on the borrower's website and (from memory) was there before the loans went live
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guff
Posts: 730
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Post by guff on Mar 8, 2017 15:53:17 GMT
No more disgruntled performers according to the ****** **** & *******.
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mikes1531
Member of DD Central
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Post by mikes1531 on Mar 8, 2017 19:40:09 GMT
No more disgruntled performers according to the ****** **** & *******. That isn't how I interpreted today's news story. It quoted one of the borrowers as having said on Monday that while £350k had been paid to performers there was £30k still owed. ( guff: Do you think I'm misreading something?) I also note that the whole property complex seems to be up for sale, with an asking price of £4M. It seems unlikely to me that this unique property would sell at the asking price any time soon, and so it seems unlikely -- again, to me -- that the net proceeds after agents'/receivers'/lawyers' fees are paid would be enough to repay the £3.72M capital of the SS loans in full. The chance of any of the accrued interest being covered by the sale proceeds seems rather slim. So IMHO the holders of parts in these loans are going to have to rely on the discretion of the PF trustees and SS to recover their capital and any of their accrued interest. The performance of PBL020 must give these investors some hope that their investment will turn out OK in the end.
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guff
Posts: 730
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Post by guff on Mar 8, 2017 20:25:53 GMT
No more disgruntled performers according to the ****** **** & *******. That isn't how I interpreted today's news story. It quoted one of the borrowers as having said on Monday that while £350k had been paid to performers there was £30k still owed. ( guff : Do you think I'm misreading something?) I also note that the whole property complex seems to be up for sale, with an asking price of £4M. It seems unlikely to me that this unique property would sell at the asking price any time soon, and so it seems unlikely -- again, to me -- that the net proceeds after agents'/receivers'/lawyers' fees are paid would be enough to repay the £3.72M capital of the SS loans in full. The chance of any of the accrued interest being covered by the sale proceeds seems rather slim. So IMHO the holders of parts in these loans are going to have to rely on the discretion of the PF trustees and SS to recover their capital and any of their accrued interest. The performance of PBL020 must give these investors some hope that their investment will turn out OK in the end. Sorry mikes1531 , I was being slightly obtuse. I meant that there would be no more performers to get disgruntled.
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elliotn
Member of DD Central
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Post by elliotn on Mar 9, 2017 4:26:32 GMT
The PF/reserves - or however 020 was paid - have already taken a resounding hit.
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Post by dualinvestor on Mar 9, 2017 10:55:48 GMT
No more disgruntled performers according to the ****** **** & *******. That isn't how I interpreted today's news story. It quoted one of the borrowers as having said on Monday that while £350k had been paid to performers there was £30k still owed. ( guff : Do you think I'm misreading something?) ............ I think the former directors of the borrower who are no longer in office because of their respective bankruptcies are saying "we may owe £30,000 now but over recent years we have put £350,000 into the local economy" This rather misses the point that the people to whom the £30,000 is owed are diferent to the builders who they paid the £350,000 
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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
Posts: 11,333
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Post by ilmoro on Mar 14, 2017 0:02:50 GMT
Now marked as defaulted but not yet moved to defaulted section
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Post by geraldine1210 on Mar 14, 2017 7:04:47 GMT
Now marked as defaulted but not yet moved to defaulted section All six of the Gloucester loans should be okay section. I wonder why not.
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lobster
Member of DD Central
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Post by lobster on Mar 14, 2017 8:04:03 GMT
Now marked as defaulted but not yet moved to defaulted section Presumably moving loans to the defaulted section is a manual process. Just don't ask me why . Surely they should be automatically moved to the defaulted section after 180 days. Isn't that the sort of thing that one of those clever computers is supposed to do for you ? You know, like faster payments ..... 
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elliotn
Member of DD Central
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Post by elliotn on Mar 14, 2017 8:05:26 GMT
Now marked as defaulted but not yet moved to defaulted section All six of the Gloucester loans should be okay section. I wonder why not. FAQ allow up to 5 working days, I think the last one updated to DEF type immediately and the switch to Defaults was 1-2 days after. Available loans will certainly look better  . Edit - crossed with lobster.
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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
Posts: 11,333
Likes: 11,552
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Post by ilmoro on Mar 14, 2017 8:13:49 GMT
Now marked as defaulted but not yet moved to defaulted section Presumably moving loans to the defaulted section is a manual process. Just don't ask me why . Surely they should be automatically moved to the defaulted section after 180 days. Isn't that the sort of thing that one of those clever computers is supposed to do for you ? You know, like faster payments ..... Review by credit committee possibly, they have 5 days under the rules, could also be waiting for the other 3 bits to tick over to DEF today. Its only an administrative move anyway. Interest has been accruing for three months and default status doesnt change that and receivers are already on the case so where the loans appear on the site is somewhat academic, other than to hide them away from the uninformed/not paying attention lenders. Edit: I suppose it makes it a little more obvious to HMRC that they are eligible to be claimed as debt relief than just DEF designation
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Post by geraldine1210 on Mar 14, 2017 8:29:52 GMT
Presumably moving loans to the defaulted section is a manual process. Just don't ask me why . Surely they should be automatically moved to the defaulted section after 180 days. Isn't that the sort of thing that one of those clever computers is supposed to do for you ? You know, like faster payments ..... Review by credit committee possibly, they have 5 days under the rules, could also be waiting for the other 3 bits to tick over to DEF today. Its only an administrative move anyway. Interest has been accruing for three months and default status doesnt change that and receivers are already on the case so where the loans appear on the site is somewhat academic, other than to hide them away from the uninformed/not paying attention lenders. Edit: I suppose it makes it a little more obvious to HMRC that they are eligible to be claimed as debt relief than just DEF designation
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c702
Posts: 19
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Post by c702 on Mar 14, 2017 18:09:58 GMT
Presumably moving loans to the defaulted section is a manual process. Just don't ask me why . Surely they should be automatically moved to the defaulted section after 180 days. Isn't that the sort of thing that one of those clever computers is supposed to do for you ? You know, like faster payments ..... Review by credit committee possibly, they have 5 days under the rules, could also be waiting for the other 3 bits to tick over to DEF today. Its only an administrative move anyway. Interest has been accruing for three months and default status doesnt change that and receivers are already on the case so where the loans appear on the site is somewhat academic, other than to hide them away from the uninformed/not paying attention lenders. Edit: I suppose it makes it a little more obvious to HMRC that they are eligible to be claimed as debt relief than just DEF designation I'm relatively new to all this with a fairly small investments and hold no bitterness to buying into two of these loans without doing my due diligence, my fault for not being careful but just wondering how people think this will be resolved. A return of capital after a long wait with no interest paid in the duration seems like a best case scenario. Too optimistic?
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lobster
Member of DD Central
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Post by lobster on Mar 14, 2017 18:26:42 GMT
Review by credit committee possibly, they have 5 days under the rules, could also be waiting for the other 3 bits to tick over to DEF today. Its only an administrative move anyway. Interest has been accruing for three months and default status doesnt change that and receivers are already on the case so where the loans appear on the site is somewhat academic, other than to hide them away from the uninformed/not paying attention lenders. Edit: I suppose it makes it a little more obvious to HMRC that they are eligible to be claimed as debt relief than just DEF designation I'm relatively new to all this with a fairly small investments and hold no bitterness to buying into two of these loans without doing my due diligence, my fault for not being careful but just wondering how people think this will be resolved. A return of capital after a long wait with no interest paid in the duration seems like a best case scenario. Too optimistic? Imo it depends on two things. 1. How much will the properties (eventually) sell for ? 2. If the sale price is insufficient to repay capital + interest , will SS be prepared to dip into the provision fund to cover any shortfall in capital and maybe even interest too ? Holders of PBL020 recently got lucky and had a full return of capital + accrued interest , which probably made a sizable hole in the SS provision fund. However, imo holders of these 6 loans will again get their capital back , but will be pretty lucky if they get accrued interest too. As ever, we shall see , but you may well have to be patient. Best of luck.
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