SteveT
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Post by SteveT on Mar 21, 2016 16:21:11 GMT
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pip
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Post by pip on Mar 21, 2016 17:16:44 GMT
Hi,
Thanks for your post. Clearly what is irrecoverable is up for debate, especially where there is a Director's guarantee. The documentation says it is up to the platform to decide whether it is irrecoverable.
I see problems coming with this tax relief, it's really hard for the average punter to understand. We will need platforms to provide two numbers 'defaults' and 'irrecoverable defaults'.
Back to this loan, be good to get an update on the recovery process. Has legal proceedings been initiated against the Director? Can LC please confirm that the Director has legally guaranteed this as per the loan documentation and the recovery process is going for the Director and not the company.
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ablender
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Post by ablender on Mar 31, 2016 8:33:59 GMT
lendingcrowd: The latest comment we have from you about this loan is from 15 March. Any news since then? What steps have been taken or are planned? This loan is suspended from the market but is not in default yet; what do you plan to do with this regard? In the meantime the figure showing the Outstanding Principal keeps on decreasing. I know that you have explained this but I cannot see how you can justify it. The Outstanding Principal should show the figure as at 12/1/16, i.e. the last time that a part of the capital and interest were paid. If you want to keep your figure, can you please add another column with the amount that we still have in the loans?
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pip
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Post by pip on Mar 31, 2016 8:41:00 GMT
lendingcrowd : The latest comment we have from you about this loan is from 15 March. Any news since then? What steps have been taken or are planned? This loan is suspended from the market but is not in default yet; what do you plan to do with this regard? In the meantime the figure showing the Outstanding Principal keeps on decreasing. I know that you have explained this but I cannot see how you can justify it. The Outstanding Principal should show the figure as at 12/1/16, i.e. the last time that a part of the capital and interest were paid. If you want to keep your figure, can you please add another column with the amount that we still have in the loans? Agree with this, what happened to that plan to remortgage his property to pay this off in full in March? We are now at the end of March and this loan looks like a disaster.
If it is a disaster can you please write it off and put as loan loss before end of tax year so I can at least offset this disaster against other P2P interest.
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kaya
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Post by kaya on Apr 3, 2016 14:47:28 GMT
''In the meantime the figure showing the Outstanding Principal keeps on decreasing. I know that you have explained this but I cannot see how you can justify it.''
I long since gave up trying to understand even their basic 'principal' and ''remaining' figures. They explained it all once, but then I forgot. Please do not try, it would only confuse me. Its just daft anyway.
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treeman
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Post by treeman on Apr 3, 2016 15:14:03 GMT
Got this email from LC (Fri 1st Apr 15:59) re New comment on this loan:
Proceedings are in course against both the Company and the Director (Guarantor). As you will appreciate there is a process that has to be followed in this regard - we will advise you of developments.
Looks like a wait and see job .............
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min
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Post by min on Apr 3, 2016 19:21:28 GMT
Got this email from LC (Fri 1st Apr 15:59) re New comment on this loan: Proceedings are in course against both the Company and the Director (Guarantor). As you will appreciate there is a process that has to be followed in this regard - we will advise you of developments.
Looks like a wait and see job ............. Definitely short on detail. Currently not impressed- still hoping to be more impressed otherwise shall be withdrawing as much as possible and retaining £100 reward.
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kaya
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Post by kaya on Apr 4, 2016 13:44:22 GMT
'shall be withdrawing as much as possible'
...which might be very little if many others have the same aim!
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treeman
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Post by treeman on Apr 4, 2016 17:19:35 GMT
'shall be withdrawing as much as possible'
...which might be very little if many others have the same aim!
SM is slow enough as it is - I've had parts on the shelf for weeks ..............
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pip
Posts: 542
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Post by pip on May 9, 2016 17:47:39 GMT
This is still not marked in my account as in default despite being 3 months behind? Any justification for this? The terms of the site says will be defaulted after 30 days?  ? Currently can't submit my tax return until they sort the tax on the sign up bonus problem. Be nice if they could include this as the bad debt it is! Overall wish I never touched this site. Look up the directors previous company cxxxx, says all you need to know  |
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ben
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Post by ben on May 9, 2016 17:51:08 GMT
This is still not marked in my account as in default despite being 3 months behind? Any justification for this? The terms of the site says will be defaulted after 30 days? ? Currently can't submit my tax return until they sort the tax on the sign up bonus problem. Be nice if they could include this as the bad debt it is! Overall wish I never touched this site. Look up the directors previous company cxxxx, says all you need to know quite glad I did not bother with the summer promotion either does not seem to many people on here with much good to say about LC
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r00lish67
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Post by r00lish67 on May 10, 2016 8:40:59 GMT
This is still not marked in my account as in default despite being 3 months behind? Any justification for this? The terms of the site says will be defaulted after 30 days? ? Currently can't submit my tax return until they sort the tax on the sign up bonus problem. Be nice if they could include this as the bad debt it is! Overall wish I never touched this site. Look up the directors previous company cxxxx, says all you need to know quite glad I did not bother with the summer promotion either does not seem to many people on here with much good to say about LC Yep, I'm really regretting having gone for it. After a promising start with a shiny platform, the whole operation seems to have gone into 'ghost mode' with no changes of any significance/merit being made to improve it. I'm personally quite concerned, as the lack of any apparent effort to improve things sounds alarm bells in my mind.
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Post by bonfemme on May 10, 2016 9:47:22 GMT
I find it hard to believe their arrogance. Do they really not want to compete in this market or grow their business? Don't they read the comments investors make on this forum about their own platform compared to, say, Moneything and Funding Secure who actually listen and respond to feedback? They had a golden opportunity a year ago and they've totally blown it.
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Monetus
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Post by Monetus on May 10, 2016 9:53:37 GMT
I find it hard to believe their arrogance. Do they really not want to compete in this market or grow their business? Don't they read the comments investors make on this forum about their own platform compared to, say, Moneything and Funding Secure who actually listen and respond to feedback? They had a golden opportunity a year ago and they've totally blown it. Have to agree with you here. Real shame.
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pip
Posts: 542
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Post by pip on Jun 15, 2016 16:13:34 GMT
Ok so the company wants a cva. I suspect Lc hold at least 25% of debt so could block if they want to. I suspect that blocking may be the best option as with a cva the company may argue for a haircut of the debt or that the company will at some point service the debt, but with a personal guarantee there is no reason why we should accept this. For me it's simple, ccj against director (no idea why this hasn't yet happened), just doing this can sometimes make things happen as people don't like a ccj, and then if not repaid a charge on his house.
I suspect the director knows the game, he has had enough companies fold before. Would be very interesting to see the cash flow movements between the company, director and other companies owned by this director after this loan was issued.
I get that defaults happen, but please please Lc, in future inform investors of other companies the director owns and also their record with previous entities. The prospectus read as if this was somebody trying to earn a bit for his daughter after hard times, that was very misleading as we now know this was just one of four or five companies he owned and has a long history of starting and closing companies.
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? Currently can't submit my tax return until they sort the tax on the sign up bonus problem. Be nice if they could include this as the bad debt it is! Overall wish I never touched this site. Look up the directors previous company cxxxx, says all you need to know 
