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Post by oppsididitagain on Mar 11, 2016 8:44:42 GMT
In the thread "responsibly to lenders " you state
Hi Brian,
The investigation has taken place and from the information provided at the time of application we do not believe that there was any underwriting mistake or gap in processes, that would have been able to predict or prevent the loan form defaulting as and when it did.
I said I HOPE it wasn't something like etc etc.
This is the point I'm making , we don't know your Due Dil process and I make no claim to know it, after your report into L***** you sate you found nothing wrong with your process and yet another loan goes wrong after 1st payment so something clearly isn't working.
Further more in the thread someone asks can we see the report on.
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Post by rebsrep on Mar 11, 2016 10:21:47 GMT
In the thread "responsibly to lenders " you state I cannot see a thread with this title. Perhaps you can paste a link here.
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Post by oppsididitagain on Mar 11, 2016 10:41:46 GMT
Mmm thats worrying, as its on your website
Under the L****** Thread responsibility to Lenders
March 10, 2016 at 11:45
Hi Brian,
The investigation has taken place and from the information provided at the time of application we do not believe that there was any underwriting mistake or gap in processes, that would have been able to predict or prevent the loan form defaulting as and when it did.
Blah blah blah
Then Brain responded
March 10, 2016 at 13:20
ReBS team,
Thank you for responding to my message of 18 days ago. I would be interested in reading a copy of the report, would you please share with lenders.
It is not normal for a loan to default so soon after acceptance, if there was no failure in ReBS processes please advise what went wrong.
Your carefully worded response appears to imply that the information provided by L***** was either inaccurate or incomplete, would you please provide further details.
Brian
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Post by rebsrep on Mar 11, 2016 12:24:06 GMT
Mmm thats worrying, as its on your website Under the L****** Thread responsibility to Lenders I presumed, clearly incorrectly, that you were referring to a thread on this forum. I'll refer your query back to the compliance/legal teams to see what if anything we can release publicly.
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Post by rebsrep on Mar 11, 2016 14:33:26 GMT
Mmm thats worrying, as its on your website Under the L****** Thread responsibility to Lenders March 10, 2016 at 11:45 Hi Brian, The investigation has taken place and from the information provided at the time of application we do not believe that there was any underwriting mistake or gap in processes, that would have been able to predict or prevent the loan form defaulting as and when it did. Blah blah blah Then Brain responded March 10, 2016 at 13:20 ReBS team, Thank you for responding to my message of 18 days ago. I would be interested in reading a copy of the report, would you please share with lenders. It is not normal for a loan to default so soon after acceptance, if there was no failure in ReBS processes please advise what went wrong. Your carefully worded response appears to imply that the information provided by L***** was either inaccurate or incomplete, would you please provide further details. Brian Where you have put "blah blah" above I would like to post the full text from our discussion board rather than blah blah so as to not mislead anyone that might be reading it on this thread only. "Furthermore, we have continued to maintain contact with Mrs W*****, this resulting in further interest repayments to you, the last being within the last 30 days. Mrs W*****, has communicated that her situation is improving as she recovers from the situation with her distributor. She has requested a new updated repayment schedule from us, we have sent her an updated repayment plan to accept so that payments may be made on a continuing basis, and on a basis that will also see the capital on the loan being paid down, at an amount similar to the original loan term. " i.e. although it's in the defaults list, it hasn't yet moved onto the bad debts list because we have already recovered some funds and are hopeful of recovering some if not all of the capital.
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Post by rebsrep on Mar 11, 2016 20:10:26 GMT
In light of the recent run of defaults, we have taken significant steps to make our process’s more robust in addition to the usual ongoing improvements. For example:
• We are currently recruiting an in-house recoveries manager to reduce the overdue payments
• We are trialling a new firm of solicitors that specialise in B2B SME Debt Recovery on 2 of our loans that are in recovery management.
• We have added a Credit Risk Referrals Committee for any loans over a certain threshold and for any loans that any of the senior team believe should have a second opinion before listing.
• We are seeking the input of at least 2 external banking risk experts that have their own risk model to trial with our data to see if it produces the same or different results.
• We hold quarterly Credit Risk review Committees to review our credit model, procedures and lending criteria.
• We already reject more loans than we accept
Ultimately it is in our interests to minimise defaults, lenders will not lend if the default rate gets too high and without lenders we don’t have a platform. Many of our staff and directors have personal funds in each and every loan and hence it hits all our personal pockets too. Trust us we want to improve each and every day.
We have to balance staying true to the ethos of rebuildingsociety by working with borrowers where the circumstances warrant it. e.g. Ad****k where the Director has worked openly with us on a repayment plan and “L* D****” with a husband and wife Director team and the wife has just been diagnosed with a Terminal illness and L** J*L*, where the director encountered difficulties with their distributor, who failed. These are the sort of situations where we can help as a community. However, in cases where the Directors of the SME are intentionally withholding your funds and misleading you and ourselves, we have no hesitation in hitting hard and hitting fast
Although this response has been generated by the questions above, I'll also post this as it's own new thread.
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agent69
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Post by agent69 on Mar 12, 2016 9:23:04 GMT
In light of the recent run of defaults, we have taken significant steps to make our process’s more robust.... Horse and stable door spring to mind!
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jonno
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Post by jonno on Mar 12, 2016 13:19:35 GMT
In light of the recent run of defaults, we have taken significant steps to make our process’s more robust.... Horse and stable door spring to mind! I'd say horse, stable door, three fields, and the meadow over the hill 
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