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Post by Deleted on Feb 22, 2016 10:07:00 GMT
This thread wishes to help lenders in following the path of their 'nice' borrowers, signalling any CCJ that gets registered agains a borrower.
This is something that FC should do, but they are extremely slow (or miss the CCJ completely sometimes), so much better to rely on informed peers.
I will be very grateful to anyone with access to this information posting it here (even if later than they get to know, it is still useful to the rest of us!)
The format I suggest is:
#loan number,#Loan band, #Total amount lent by FC, #CCJ Date, #CCJ amount, #Notes
Here it is the updated CCJ collection for FC Loans (11/3/2016):
#17174|#E| #263,160| #Early February (FC did not report it yet!)| #N/A| #Only two payments completed at the time of the news breaking in...
#18755|#E| #200,000| #19/02/16 -- (FC report 03/03/2016)| £431,798| #Only one payment completed at the time of the news breaking in...
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Post by Deleted on Mar 3, 2016 10:45:28 GMT
New addition to the CCJ collection... The borrower of Loan 18755 and only after a single repayment, which means it is extremly likely that this CCJ was known at application time (and slipped trough the Funding Circle useless checks... Wake up FC. Wake up! People are stealing our money!!!!!!).
The current CCJ collection:
#17174|#E| #263,160| #Early February| #N/A| #Only two payments completed...
#18755|#E| #200,000| #03/03/2016 (FC report)| #N/A| #Only one payment completed...
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wysiati
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Post by wysiati on Mar 9, 2016 15:55:13 GMT
New addition to the CCJ collection... The borrower of Loan 18755 and only after a single repayment, which means it is extremly likely that this CCJ was known at application time (and slipped trough the Funding Circle useless checks... Wake up FC. Wake up! People are stealing our money!!!!!!). The current CCJ collection: #17174|#E| #263,160| #Early February| #N/A| #Only two payments completed... #18755|#E| #200,000| #03/03/2016 (FC report)| #N/A| #Only one payment completed... Re: FC 18755 CCJ RCJ Queen's Bench Division. Amount £431,798. Date 19/02/16.
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kaya
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Post by kaya on Mar 10, 2016 16:33:52 GMT
To clarify, does this mean that someone filed a claim against this borrower for 431 grand on 19th Feb?
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SteveT
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Post by SteveT on Mar 10, 2016 16:42:18 GMT
To clarify, does this mean that someone filed a claim against this borrower for 431 grand on 19th Feb? CCJ = "County Court Judgement", so the court has judged that the claim must be paid, unless grounds for it being set aside can be justified. See www.gov.uk/county-court-judgments-ccj-for-debt/overview for starters
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oldgrumpy
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Post by oldgrumpy on Mar 10, 2016 16:50:13 GMT
#17174 has made another payment. That makes 3.
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fasty
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Post by fasty on Mar 10, 2016 17:45:07 GMT
#17174 has made another payment. That makes 3. That's marvellous, but I'm not entirely comfortable about the remaining 57.
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baldpate
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Post by baldpate on Mar 10, 2016 21:58:57 GMT
#17174 has made another payment. That makes 3. Just to confuse matters, a charge was registered against this company on 4/03/2016 - i.e. just 6 days ago : details can be seen at Companies HouseSeems unlikely for a company on the point of failure - perhaps they've been able to pull off some some sort of last minute refinancing?
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kaya
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Post by kaya on Mar 11, 2016 8:41:16 GMT
Re 18755, can it be known when the claim was first registered? How long do these things take to process? FC offered this loan to lenders in early January, so can they be proven to have been negligent in their DD?
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Post by Deleted on Mar 11, 2016 12:42:33 GMT
Re 18755, can it be known when the claim was first registered? How long do these things take to process? FC offered this loan to lenders in early January, so can they be proven to have been negligent in their DD? We had even worse cases, where the actual CCJ was dated to a period before the application and the application has gone trough all the same (and FC took no responsability for that). Unfortunately FC simply do not care anymore (too much money coming in from funds and expected new ISAs to do a proper job anymore). I would say the FC DD has been totally useless for at least a year now (even before it was not that effective).
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blender
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Post by blender on Mar 11, 2016 13:23:43 GMT
FC have to rely on declarations by the borrower that there are no unresolved claims because they cannot be found until they become CCJs and are later reported by FC's agency. The computer says yes. You might ask yourself whether the borrower had any idea six weeks before the CCJ was made that there was a potential claim for over £400k? Such a declaration would result in the failure of the loan application. Of course the purpose of the loan was completely unconnected with the potential claim because it was unknown. But if the borrower still has some cash then it can be applied as part of an offer for a phased payment of the CCJ.
Once the loan is drawn down we are stuffed, and it does seem to me that FC prefer not to make public accusations but seem to take the route of getting a few repayments made and keeping it RBRd as long as possible. It seems that whichever party was at fault, borrower has not declared or FC systems are not able to detect forthcoming or even recent CCJs, the end result is that the clearly innocent parties, the lenders, tend to quietly take the loss within their diversified accounts.
Hor 1997 is quite right about FC having form here. There is a clear moral hazard - we are even forced to novate defaults to FC - but what can be done about it?
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kaya
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Post by kaya on Mar 11, 2016 15:01:55 GMT
What can be done about it? Well I'll not be quietly taking the loss - I'll be speeding up my exit. We can only vote with our feet.
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