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Post by CircLender on Feb 15, 2016 11:47:35 GMT
Attached is a sample promissory note generated by CircLender. I hope to gather inputs on this piece of legal document from UK users' point of view. I try to keep the note simple because we are formalising FF loans. ... I do it with reference to online legal resources from US & UK. Which law firms wrote the text for each of the countries for which it will be used? were those law firms authorised to practice law in the country? If the plan is to also allow people in one country to lend to people in another country, are the law firms which wrote the text for those notes authorised to practice in both of the countries? I think that there are countries where providing legal agreements is a regulated activity under the practice of law laws. Is your business a registered law firm in such countries, or operating on behalf of such a licensed law firm? Your business appears to be trying to circumvent lending law by offering a legal service instead, contract preparation, as well as other administrative help. Not sure that's a good method because provision of legal services is also very heavily regulated. Hi James, There are many websites out there offering similar services. Maybe you can take a look and see if they are also "circumvent lending law by offering a legal service..." www.loanback.com/trustleaf.com/Some good explanations of promissory note can be found here... en.wikipedia.org/wiki/Promissory_notewww.lendinglawreport.com/2010/07/articles/syndicated-loans/promissory-notes/www.legalnature.com/article-center/promissory-note/is-a-promissory-note-legally-binding-Come back to the question, do you think the promissory note that generated by CircLender has any issue/problem in UK? Would like to hear from you on this.
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Post by lb on Feb 15, 2016 13:51:30 GMT
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Post by CircLender on Feb 15, 2016 14:11:39 GMT
Hi lb, Came across this site few months ago. Don't know them. They are in their proof of concept stage right now. We have a few things in common. Our common objective is try to cut off the middle man in the lending process. No banks, no p2p platforms, no money lenders, just peer to peer direct dealings. This is what they do... MoneyCircles.com is a decentralised peer-to-peer lending app built on Uphold (formerly Bitreserve) which allows circles of people to get together and mimic a credit union to save & lend with one another based on a ‘common bond’. By using smart contracts this allows for total transparency and verifiability, a first in the financial services market. Am following them closely, especially on the regulatory and compliance side.
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james
Posts: 2,205
Likes: 955
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Post by james on Feb 15, 2016 14:48:08 GMT
Which law firms wrote the text for each of the countries for which it will be used? were those law firms authorised to practice law in the country? If the plan is to also allow people in one country to lend to people in another country, are the law firms which wrote the text for those notes authorised to practice in both of the countries? I think that there are countries where providing legal agreements is a regulated activity under the practice of law laws. Is your business a registered law firm in such countries, or operating on behalf of such a licensed law firm? Your business appears to be trying to circumvent lending law by offering a legal service instead, contract preparation, as well as other administrative help. Not sure that's a good method because provision of legal services is also very heavily regulated. Maybe you can take a look and see if they are also "circumvent lending law by offering a legal service..." Please answer my questions about the law firms which wrote the contracts you are offering for people to use in each country, so that they meet the legal requirements to be enforceable contracts in each country.
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Post by CircLender on Feb 15, 2016 16:50:35 GMT
Maybe you can take a look and see if they are also "circumvent lending law by offering a legal service..." Please answer my questions about the law firms which wrote the contracts you are offering for people to use in each country, so that they meet the legal requirements to be enforceable contracts in each country. James, Why dont you just read and compare the promissory note generated via CircLender with those that you have been using locally? Or even call up a lawyer friend to get an answer for yourself. We have a team of lawyers advising us on the legal part of our services. We know what we are doing. If you are here to give feedback, be a bit more constructive and professional ok? I am hoping that you let me know the issues/problems with CircLender promissory note when using it in UK. How we work internationally is really none of your business, right?
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Post by CircLender on Feb 15, 2016 17:00:31 GMT
I think I will just stop my conversation here. I have been discussing the CircLender project with people in other forums. I gathered lots of positive feedback elsewhere. In here, I don't get constructive feedback but only sarcastic comments with unknown intention.
Maybe the culture here is different and it really don't worth my time communicating with those so called sophisticated investors here. Good bye.
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p2pmaster
investment is life.
Posts: 128 
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Post by p2pmaster on Feb 16, 2016 8:09:25 GMT
Don't fall for positive feedback, cause negative feedback is gold and could be learnt from.
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ben
Posts: 2,020
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Post by ben on Feb 16, 2016 8:19:27 GMT
I think I will just stop my conversation here. I have been discussing the CircLender project with people in other forums. I gathered lots of positive feedback elsewhere. In here, I don't get constructive feedback but only sarcastic comments with unknown intention. Maybe the culture here is different and it really don't worth my time communicating with those so called sophisticated investors here. Good bye. If you are only looking for positive feedback then yes here is not a good place, you have got some great feedback and if you took the time to actual read them properly then you would know that.
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ablender
Member of DD Central
Posts: 2,204
Likes: 555
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Post by ablender on Feb 16, 2016 8:30:53 GMT
CircLender: Anyone who asks you for sources/origins of information/documents in order to verify/validate data is providing you with very good feedback. It is common practice to go to the primary source. It is up to you to participate. I can write a document that appears convincing to the uninitiated. Or, I can copy it from somewhere without understanding what it says or means. It does not mean that it has any standing. You have been asked a number of times if the lawyers who wrote your documents are allowed to operate in the territories for which the documents where written. You have avoided answering and instead you are asking for a legal opinion from us. Talking about myself I am not a lawyer so I will not give you such an opinion. You received a gold mine of ideas and feedback here, only if you can really see it.
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Post by CircLender on Feb 16, 2016 12:46:37 GMT
CircLender : Anyone who asks you for sources/origins of information/documents in order to verify/validate data is providing you with very good feedback. It is common practice to go to the primary source. It is up to you to participate. I can write a document that appears convincing to the uninitiated. Or, I can copy it from somewhere without understanding what it says or means. It does not mean that it has any standing. You have been asked a number of times if the lawyers who wrote your documents are allowed to operate in the territories for which the documents where written. You have avoided answering and instead you are asking for a legal opinion from us. Talking about myself I am not a lawyer so I will not give you such an opinion. You received a gold mine of ideas and feedback here, only if you can really see it. In my earlier comments(last week), I already explained to one of the forumer that we are going to have different versions of promissory notes for different countries or jurisdictions. And I also uploaded a template that could probably be used by people in the UK. This James, I don't know if he is a lawyer or not, is trying to give a false impression to the others that we are offering an illegal services to the public(this is how I read him), with what intention I don't know. I don't appreciate the way he "offer " his feedback. He is not giving positive feedback, he is trying to create a false impression of our project to the readers here. Getting a proper legal document such as a promissory note from different jurisdiction is not something that very hard to achieve. There are lawyers in different countries offering services to help clients draft a proper promissory note. So what is the big deal to get lawyers in different jurisdictions to provide us with a legally binding template? And this is his comment "Your business appears to be trying to circumvent lending law by offering a legal service instead, contract preparation, as well as other administrative help. Not sure that's a good method because provision of legal services is also very heavily regulated."... Do you consider this a proper advice?
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Post by CircLender on Feb 16, 2016 12:53:50 GMT
ablender,
"You received a gold mine of ideas and feedback here, only if you can really see it." this I totally agreed and I appreciate those participants who can communicate in a more polite manner.
I have a typical "how you treat me, then how I treat you" kind of personality. I appreciate feedback and really spend time going thru each of the critics or suggestions here. But the way I respond is a reflection of the way you communicate with me. If you don't like my style, it is best to ignore the thread totally. I am not here for marketing reason, I don't have to please anyone.
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ablender
Member of DD Central
Posts: 2,204
Likes: 555
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Post by ablender on Feb 16, 2016 14:15:16 GMT
And this is his comment "Your business appears to be trying to circumvent lending law by offering a legal service instead, contract preparation, as well as other administrative help. Not sure that's a good method because provision of legal services is also very heavily regulated."... Do you consider this a proper advice? The wording used in this quote might sound alarming or even accusing, but after all what you need to do is see if you can take the challenge and win it. His words "circumvent lending law" might be thrown at you in a less benign environment. It is good to be prepared for it. How would you answer to it, let us say in a legal situation? That is why I said there is a gold mine of feedback. Take all comments, good or bad, nice or painful and prepare for the rainy day.
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Post by CircLender on Feb 16, 2016 14:28:05 GMT
And this is his comment "Your business appears to be trying to circumvent lending law by offering a legal service instead, contract preparation, as well as other administrative help. Not sure that's a good method because provision of legal services is also very heavily regulated."... Do you consider this a proper advice? The wording used in this quote might sound alarming or even accusing, but after all what you need to do is see if you can take the challenge and win it. His words "circumvent lending law" might be thrown at you in a less benign environment. It is good to be prepared for it. How would you answer to it, let us say in a legal situation? That is why I said there is a gold mine of feedback. Take all comments, good or bad, nice or painful and prepare for the rainy day. Thank you. I hope I will get more sensible feedback from now.
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