|
|
Post by dodgeydave on Jan 13, 2016 3:46:46 GMT
I do wonder when this loan will finally be put into default
May , June and July Interest payments only. August to January no payment at all.
Why is the house that was used as equity towards this loan not been sold ? A question that REBS are ignoring on the discussion page on this loan .
|
|
baldpate
Member of DD Central
Posts: 548 
Likes: 406
|
Post by baldpate on Jan 21, 2016 22:24:22 GMT
I do agree. This loan is clearly Severely Distressed - more distressed than this you cannot get without calling yourself Zorba and dancing to the bouzouki. How ReBS can justify not giving such a loan as status of "Defaulted - under enforcement" is a mystery to me. I can only think it is done to 'beautify' their default rates.
I've just done a trawl through all ReBS loans, and have identified several others like this which have all the hallmarks of a default, but are not officially so marked : E*********TAL H*****E S******S L*****D and L***NGS L*******S L*****D to name but two - and there are more.
PS: as to the equity which the second guarantor has in property, reading the prospectus I don't think this was ever offered directly as security for the loan, but rather to demonstrate the financial standing of the guarantor. ReBS may think at this stage it is better to run with that guarantor's offer of a payment plan than engage in an uncertain legal tussle to force a property sale (an option which remains if other actions fail).
PPS: I'm not in this particular one myself, but I have my own share 'dodgy' cases, so I do sympathise.
|
|
|
|
Post by captainconfident on Jan 22, 2016 11:10:12 GMT
Some of these loans have some security, which might have encouraged some of us to lend. As soon as a loan misses a payment, the security needs to be enforced on behalf of the lenders. The pfaffing about which passes for action here misses the chance to pressurise the borrower by threatening to enforce the security, and means that when REBS finally admits to themselves that there is a default, the cupboard is bare.
In the case of Les Misrables Ltd, which was promptly put into default as soon as it was clear that the borrower wasn't going to make any repayments, no action was taken to sieze the assets covered by the debenture, proving the worthlessness of these paper promises. If someone from REBS would care to respond to this in this forum and refute what I have said,it would be most welcome.
|
|
|
|
Post by gaspilot on Feb 3, 2016 19:11:37 GMT
Finally defaulted!!
|
|
