pip
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Post by pip on Jan 26, 2016 11:19:20 GMT
I am assuming that Monday payment didn't materialise. Done a bit of my own research. The owner is Director of a handful of other companies, quite a few of which are no longer trading, make of that what you will. The company has significant liabilities and it's credit rating is pretty dire. The loan description says he gave us his personal guarantee on the loan, let's see if there is anything to shake out of the tree. In my mind not looking good, at all. Even if this payment is made, based on prior performance seriously doubt whether the company will make future repayments on time or at all.
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ablender
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Post by ablender on Jan 26, 2016 13:27:50 GMT
Does anyone know if this same company has any other loans from other P2P platforms?
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registerme
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Post by registerme on Jan 26, 2016 13:48:25 GMT
Not that I know of (which should hardly be considered exhaustive), however a little googling around the princpal's name will lead you to an outfit called Just Cashflow.
I wait to hear what LC have to say.....
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alanp
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Post by alanp on Jan 26, 2016 15:15:15 GMT
Considering payment was expected yesterday an update is now well overdue.
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kaya
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Post by kaya on Jan 26, 2016 16:10:38 GMT
I thought I had a toe in all the LC loans, but I can't find this one .. what's the FIRST letter of the name and/or where can I look on the website for comments (I didn't get an email, which may be good ..) It is a deficiency of the LC platform that no such details are given regarding loan comments. It is time they got this sorted. Indeed, the overall loan info is poor indeed, but no point complaining, nothing ever changes.
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ablender
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Post by ablender on Jan 26, 2016 16:38:53 GMT
Considering payment was expected yesterday an update is now well overdue. We might be discussing different loans here. The one I know is late since 12/1/16. The last payment made was the December one.
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ablender
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Post by ablender on Jan 26, 2016 16:39:35 GMT
I thought I had a toe in all the LC loans, but I can't find this one .. what's the FIRST letter of the name and/or where can I look on the website for comments (I didn't get an email, which may be good ..) It is a deficiency of the LC platform that no such details are given regarding loan comments. It is time they got this sorted. Indeed, the overall loan info is poor indeed, but no point complaining, nothing ever changes. It will have to change if they ever want to grow.
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kaya
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Post by kaya on Jan 26, 2016 16:53:45 GMT
Absoultely. Even with their aggressive lender recruiting drive last year, modest loans are still not even close to being filled by 'ordinary' investors. If they don't open up the secondary market to proper buying and selling, to thus attract many more multiple bids, the outlook is not good at all. Perhaps the directors will make a run for it to China.
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Post by nanniema on Jan 26, 2016 17:09:26 GMT
Considering payment was expected yesterday an update is now well overdue. We might be discussing different loans here. The one I know is late since 12/1/16. The last payment made was the December one. Same account - original payment due 12/1/16 but promised for w/e 23rd then yesterday. Don't know if LC believed it all but obviously thought we might. E-mailed LC a few minutes ago for update.
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registerme
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Post by registerme on Jan 26, 2016 17:44:46 GMT
Just received:-
"We are sorry to say that the loan payment has not been received yet. We were assured by the Director yesterday that it would be with us today if not sooner. I am waiting on an update from the Director but in the meantime wanted to advise you that we are still pursuing payment".
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pip
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Post by pip on Jan 26, 2016 21:49:27 GMT
Think I would take what that Director says with a pinch of salt. Maybe he could use that cash flow company.
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pip
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Post by pip on Jan 26, 2016 22:07:18 GMT
Found the owner's linked in page. The guy must be busy, he is managing director of 3 other companies on top of this one. One is doing new build property launched last October, one is some crowd funding thing launching early 2016 and one is 'Business support and investments' whatever that means.
Sounds like the guy must think we are total mugs, taking this loan at the end of last year. He has enough money to start two new businesses but not enough to pay his debts on time! Pretty angry.
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ablender
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Post by ablender on Jan 27, 2016 4:27:59 GMT
Found the owner's linked in page. The guy must be busy, he is managing director of 3 other companies on top of this one. One is doing new build property launched last October, one is some crowd funding thing launching early 2016 and one is 'Business support and investments' whatever that means. Sounds like the guy must think we are total mugs, taking this loan at the end of last year. He has enough money to start two new businesses but not enough to pay his debts on time! Pretty angry. Interesting reading!!!! I might ask him to link up. A lot of skills and endorsements too.
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pip
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Post by pip on Jan 28, 2016 19:55:53 GMT
Update still not paid despite promising to pay today. Making a payment takes 30 seconds, either this guy doesn't have the funds or the will to pay.
Time for change of tack I suggest. He has said in the loan page he provides a personal guarantee so time I think to issue him with a letter before action, give him 14 days and then start court proceedings. Going on being told the payment in the post is clearly not working with this guy. Better going after him than the company I believe.
If lendingcrowd doesn't do it quite happy to do it for my share.
Very concerned he has other businesses, one of which is a home builder, which by nature is very capital intensive.
His profile made out he is some small time businessman that set up a building repairs company after he was widowed. This is not the full story he has a long history of starting and closing businesses, with this just one of four companies he is currently MD/Owner of.
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registerme
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Post by registerme on Jan 28, 2016 20:13:09 GMT
His profile made out he is some small time businessman that set up a building repairs company after he was widowed. This is not the full story he has a long history of starting and closing businesses, with this just one of four companies he is currently MD/Owner of. Agreed. I wonder how much the LC credit people knew before accepting the loan request?
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