twoheads
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Programming
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Post by twoheads on Apr 14, 2017 19:37:43 GMT
Update from 4 hours ago: Possession hearing is now scheduled for the 12th of May. This will take at least 6 months to resolve and has been an important lesson to us about residential bridges. Luckily there is plenty of equity in the property and the borrower has another unencumbered asset so we expect a full and clean settlement in the near/medium term. We have changed our policy internally to prevent this kind of problem occurring in the future.So hearing delayed by one month (was due 10th April) and internal policy change. I have some money in this one because I live nearby and know the area well so I am confident that there is indeed plenty of equity, although this declines as unpaid interest accrues and there will be costs of course. I'll do a drive or cycle by in the next couple of days anyway, but I doubt that will add much. Nice post.
FYI: There is already a thread for PBL075 here.
You probably missed it in your search because, like many older loans, it uses 'PBL75' and not 'PBL075'. If a PBL number is less than 100 it's always worth searching both with and without the leading zero.
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Post by runtley on Apr 14, 2017 19:40:31 GMT
Update from 4 hours ago: Possession hearing is now scheduled for the 12th of May. This will take at least 6 months to resolve and has been an important lesson to us about residential bridges. Luckily there is plenty of equity in the property and the borrower has another unencumbered asset so we expect a full and clean settlement in the near/medium term. We have changed our policy internally to prevent this kind of problem occurring in the future.So hearing delayed by one month (was due 10th April) and internal policy change. I have some money in this one because I live nearby and know the area well so I am confident that there is indeed plenty of equity, although this declines as unpaid interest accrues and there will be costs of course. I'll do a drive or cycle by in the next couple of days anyway, but I doubt that will add much. Nice post.
FYI: There is already a thread for PBL075 here.
You probably missed it in your search because, like many older loans, it uses 'PBL75' and not 'PBL075'. If a PBL number is less than 100 it's always worth searching both with and without the leading zero.
Thanks for the heads up - I did indeed miss it for that reason in my haste to bring the news - see my edit too about a nearby property which I will also check out now I have an actual address based on the sold property.
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mikes1531
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Post by mikes1531 on Apr 14, 2017 19:54:21 GMT
Update from 4 hours ago: Possession hearing is now scheduled for the 12th of May. This will take at least 6 months to resolve ...Edit to add: A near identical property in the same small development sold STC in early Feb for £395,000 so it could get a little hairy Yes, indeed. A sale at £395k probably wouldn't produce enough proceeds to cover the £315k loan plus all the interest/fees that will have accrued by the time it's finally wound up around the end of this year. And that's before including the extra costs involved in receivership, possession hearings, etc., etc. 
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Post by runtley on Apr 14, 2017 20:02:51 GMT
I guess we will have to rely on the 'other unencumbered asset' then, providing that hasn't been put beyond reach which is always a possibility given the amount of time that has passed. On a more positive note, the 'sold' property was unextended - you can see the floorpan on Rightmove www.rightmove.co.uk/property-for-sale/property-58032100.html - whereas 075 is described as substantially extended at ground level and well maintained. Taking the above two factors into account, maybe there's no need to be overly concerned just yet. |
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Post by Ton ⓉⓞⓃ on Apr 14, 2017 20:06:28 GMT
Two threads merged above this point
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romy
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Post by romy on Apr 15, 2017 11:54:54 GMT
I do find the use of the word "luckily" in the recent update unfortunate. Sounds rather like they've been doing a dance round the office - whopee, for once there's enough equity to cover the loan,what luck......
Maybe it was just post ironic something or other
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mikes1531
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Post by mikes1531 on Apr 15, 2017 14:56:23 GMT
I do find the use of the word "luckily" in the recent update unfortunate. Sounds rather like they've been doing a dance round the office - whopee, for once there's enough equity to cover the loan,what luck...... Maybe it was just post ironic something or other I find it interesting that they attribute this positive aspect of the situation to luck rather than to their skill/expertise. It also implies there will be losses in all recovery cases unless LfSS are lucky. That's not a very comforting thought! 
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twoheads
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Post by twoheads on May 9, 2017 14:20:09 GMT
PBL075 has just repaid (at 15:18).
It's only a tiddler at £315k (and almost 9 months overdue) but it's a start!
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GeorgeT
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Post by GeorgeT on May 9, 2017 14:30:01 GMT
PBL075 has just repaid (at 15:18).
It's only a tiddler at £315k (and almost 9 months overdue) but it's a start! Very good news. Off to monitor my sales queues....
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r1200gs
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Post by r1200gs on May 9, 2017 14:36:24 GMT
PBL075 has just repaid (at 15:18).
It's only a tiddler at £315k (and almost 9 months overdue) but it's a start! I think late repayment needs to be accepted as the norm really. But yes, a welcome repayment.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 9, 2017 14:41:13 GMT
PBL075 has just repaid (at 15:18).
It's only a tiddler at £315k (and almost 9 months overdue) but it's a start! Think you missed the key point ... its a default, successfully recovered and hasnt involved the provision fund so everything is rosy again. Only minor thing ... where did money come from as the penultimate update said possession hearing was set for Thursday ... so has the borrower made a belated, miraculous discovery down the back of the sofa, found an instant cash buyer or is there some other source of funds avaliable to repay lenders?  No doubt all will be revealed in the next instalment from the Little Book of Recoveries on Friday 
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fp
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Post by fp on May 9, 2017 14:58:20 GMT
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vmail
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Post by vmail on May 9, 2017 14:59:37 GMT
Hi Paul64, when I click on the PBL075 link in the Default loan repayment email it takes me to PBL040. Please have a word with the person who sent the email to not to make this error in the future. |
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littleoldlady
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Post by littleoldlady on May 9, 2017 15:25:47 GMT
PBL075 has just repaid (at 15:18).
It's only a tiddler at £315k (and almost 9 months overdue) but it's a start! It has been repaid to lenders - but by who? The borrower or Lendy (at least partially)?
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vmail
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Post by vmail on May 9, 2017 16:00:11 GMT
Hi Paul64 , when I click on the PBL075 link in the Default loan repayment email it takes me to PBL040. Please have a word with the person who sent the email to not to make this error in the future. Link now corrected.
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