ablender
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Post by ablender on Mar 12, 2016 23:16:38 GMT
rebsrep: This has now two payments which are outstanding. Any news?
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Post by rebsrep on Mar 13, 2016 20:19:58 GMT
rebsrep : This has now two payments which are outstanding. Any news? I can confirm that we received the cheques (and banked them) on Thursday morning. However we will have to wait 5 days for them to clear before distributing the funds to lenders.
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ablender
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Post by ablender on Mar 13, 2016 21:44:57 GMT
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baldpate
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Post by baldpate on Mar 21, 2016 16:13:37 GMT
That was the Good News. The Bad News is that the cheques bounced, and that ReBS are initiating legal action (precise nature as yet unspecified). For me, this is beginning to feel like a few short steps to yet another default; to quote a classic movie line ... "and the hits just keep on coming!"
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 23, 2016 1:27:14 GMT
I think this is the first ReBs loan to default, which is secured by a 2nd charge on property. Given the equity value, and loan size, it should easily make a full recovery.
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shimself
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Post by shimself on Mar 23, 2016 9:08:10 GMT
I think this is the first ReBs loan to default, which is secured by a 2nd charge on property. Given the equity value, and loan size, it should easily make a full recovery. That's why I am in this one, I want to see how the charge works out, given that the guarantor hasn't answered the phone in the last month or more, and that the business has really slammed up against a horrible brick wall (the oil price slump, it really is hard luck on what appeared to be a solid and innovative business)
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baldpate
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Post by baldpate on Mar 23, 2016 10:07:06 GMT
I think this is the first ReBs loan to default, which is secured by a 2nd charge on property. Given the equity value, and loan size, it should easily make a full recovery. The loan has not yet been defaulted - my comment ("beginning to feel like a few short steps to yet another default") was only my personal feeling of the direction events were taking. There is actually another loan (Div** Mo** Ac**), just today defaulted, which is the winner in the 2nd-charge-defaulted-Stakes. The company is in Administration and has missed the last 3 months' payments. Secured by 2nd charge on personal property at LTV under 50%. This may turn out to be the first test of ReBS ability to recover against a legal charge on a personal property.
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kaya
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Post by kaya on Mar 25, 2016 10:04:48 GMT
Surely it is time that loans are defaulted whenever a material breach/problem has occurred, in common with other places? Waiting for a third payment to be missed before defaulting this loan is pointless, as the rubber cheques have shown. Please specify what legal action is now being persued, thanks.
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shimself
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Post by shimself on Mar 25, 2016 10:21:56 GMT
Surely it is time that loans are defaulted whenever a material breach/problem has occurred, in common with other places? Waiting for a third payment to be missed before defaulting this loan is pointless, as the rubber cheques have shown. Please specify what legal action is now being persued, thanks. see the activity tab on the website
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kaya
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Post by kaya on Mar 25, 2016 14:34:24 GMT
Did do, have done, none the wiser.
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shimself
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Post by shimself on Mar 25, 2016 16:59:48 GMT
Did do, have done, none the wiser. OK yes sorry Started Legal Action is all it says But really, this stuff now needs doing step by step, by the book, or else some dipsy judge will say it wasn't done right so back to square one or something. If yu are in AC look at the sad history of the E****g loan, so far not AC's fault other than perhaps misjudging the trustworthiness of the borrower - but still it looks like we will get paid some day If the company cannot be saved you will need to think of something like a year to get repayment would be my guess. It's the law, don't look for sense.
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ablender
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Post by ablender on Mar 25, 2016 21:44:14 GMT
Surely it is time that loans are defaulted whenever a material breach/problem has occurred, in common with other places? Waiting for a third payment to be missed before defaulting this loan is pointless, as the rubber cheques have shown. Please specify what legal action is now being persued, thanks. : You talk like this because you do not know the definition of defaulting according to ReBS.  Not only, but they even insist that a loan is not even overdue before 45 days have past. You do not believe me? Then look for yourself at what they replied to one of my questions. p2pindependentforum.com/post/99797/threadIf you ask me, it is ridiculous.
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kaya
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Post by kaya on Mar 29, 2016 18:25:30 GMT
I think this is the first ReBs loan to default, which is secured by a 2nd charge on property. Given the equity value, and loan size, it should easily make a full recovery. It now has been defaulted ( is this a first, after only two missed payments?!). Apparently, however, Rebs do not share your faith in the security, as they rate the percentage chances of recovery as 'unknown'.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 29, 2016 19:23:25 GMT
I think this is the first ReBs loan to default, which is secured by a 2nd charge on property. Given the equity value, and loan size, it should easily make a full recovery. It now has been defaulted ( is this a first, after only two missed payments?!). Apparently, however, Rebs do not share your faith in the security, as they rate the percentage chances of recovery as 'unknown'. I suspect the indignity of being slapped round the face with rubber cheques has woken ReBs up. ReBs percentage chances of recovery are directly proportional to my chances of investing in ReBs. So for now, my chances of investing in new loans are also 'unknown'.
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ablender
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Post by ablender on Mar 29, 2016 20:48:32 GMT
I do not have much money in ReBS as I was still dipping my toe. I have to admit that I found the water chilly (not chilli).
I have about 10% of the money transfered to ReBS still not invested and probably will be recalled to use in another platform.
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