shimself
Member of DD Central
Posts: 2,563 
Likes: 1,171
|
Post by shimself on Apr 30, 2017 16:00:07 GMT
I do not know anything about this. Where did you get the information? The option highlighted by stub8535 used to be part of the default/recovery section of ReBS Ts&Cs when I first joined in 2013. Not sure if it still is after the stick the platform took for it, and I CBA to check on a Sunday, TBH. I took the trouble to look through REBS T&Cs just now. Can't find anything resembling this (I didn't know anything about it before your post). So the Good News, according to me, is that they have scrapped it.
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Apr 30, 2017 16:30:59 GMT
I'm not positive the option made up part of the general Ts&Cs - it may have been, or may still be under one of the site's many Investor terms/FAQs etc. Unless stub8535 was also an early subscriber, if the option has now been removed, I suspect he picked the info up from p2pmoney.co.uk/companies > scroll down to ' Lending Attributes 2' > scroll down to ' Rebuilding Society' > under the 'Other' column you'll see ' 13' > scrolling down to note ' 13' below the table you'll see:- " In the unlikely event that a repayment is late, or only part paid, you can pay a 5% chasing fee to be at the front of the queue for repayments" Credit to @magenta14 for locating the link. , can you shed any light on this?
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
|
Post by stub8535 on Apr 30, 2017 19:39:24 GMT
I did ask thie question of the platform if this information was still valid before posting. "Surprisingly" they did not bother to respond.
The fact it was there in the first place , imho, shows the mind set of management for what it was. I have seen no evidence to change that opinion in order to trust them with my hard earned cash.
It is, however, for investors to make up their own minds.
|
|
|
|
Post by easteregg on May 1, 2017 20:46:38 GMT
I'm not positive the option made up part of the general Ts&Cs - it may have been, or may still be under one of the site's many Investor terms/FAQs etc. Unless stub8535 was also an early subscriber, if the option has now been removed, I suspect he picked the info up from p2pmoney.co.uk/companies > scroll down to ' Lending Attributes 2' > scroll down to ' Rebuilding Society' > under the 'Other' column you'll see ' 13' > scrolling down to note ' 13' below the table you'll see:- " In the unlikely event that a repayment is late, or only part paid, you can pay a 5% chasing fee to be at the front of the queue for repayments" Credit to @magenta14 for locating the link. , can you shed any light on this? This used to be in one of the terms and conditions on the rebuildingsociety website, and as I believed this was a fee worth highlighting, it was added to the table. I'll have a dig to find the actual page if I can!
|
|
shimself
Member of DD Central
Posts: 2,563
Likes: 1,171
|
Post by shimself on May 2, 2017 18:59:00 GMT
Site search finds a few hits on chasing but none for queue
|
|
kaya
Member of DD Central
Posts: 1,150
Likes: 718
|
Post by kaya on Jun 1, 2017 13:05:50 GMT
Latest update.    No, you could not make it up. |
|
shimself
Member of DD Central
Posts: 2,563
Likes: 1,171
|
Post by shimself on Jun 1, 2017 16:02:40 GMT
Latest update. No, you could not make it up. It's a sad tale, but not in the least um, disgraceful on REB's part. The poor company got shot to hell by the oil price collapse, they struggled mightily to get out from under, which involved an awful lot of ducking and diving, delay, because what else could they do. In the end it didn't come off. Shame. The "tolerance" shown on our behalf hasn't worsened our position has it?
|
|
brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 400
Likes: 416
|
Post by brianlom1 on Jun 6, 2018 21:47:56 GMT
This loan was defaulted 2 years ago and this is how far recovery action has progressed:
Dear Lender,
I am writing with an update regarding your loan with S******* E**********.
Over the last few months, our legal agents have been in discussion with Mr R***** in relation to his debt. Whilst largely unresponsive, Mr R***** has recently contacted our legal agents with an update on his current situation. He has made several claims in relation to the pipeline of his businesses and various efforts to secure large investment which is expected imminently to be used to repay creditors. No evidence to support these claims has been provided.
He stated that his house was currently being marketed, yet he has however still not responded to our solicitor’s request for details of the agent handling the sale, so we have not been able to verify this.
It is normally beneficial for a charged property to be sold voluntarily with the co-operation of the debtor in order to avoid the additional costs and depreciation of the property value that is associated with a forced sale. As such, given Mr R***** repeated claims that the property was placed on the market in May, our solicitors are attempting to liaise with the marketer to ensure that the property sale progresses in a timely fashion.
Our solicitors have again demanded details of the estate agents who are marketing the sale of Mr R***** property. If this is not forthcoming, our solicitors have been instructed to proceed with the sequestration / bankruptcy process.
We will be in contact with lenders with any material update.
Best Regards,
Michael L******
Legal and Operations Manager
rebuildingsociety.com | 0113 8150 2**
|
|
seb8072
Member of DD Central
Posts: 177
Likes: 99
|
Post by seb8072 on Jun 7, 2018 7:25:37 GMT
At least we did get an update which is more than can be said for most of the other defaulted/non-performing loans!
|
|
|
|
Post by GSV3MIaC on Jun 8, 2018 20:03:52 GMT
I think they must open up the office, sweep out the cobwebs, and pen the odd response, whenever something actually happens (or not) on one of these antique loans. Not having logged in for an age, I'm not sure if there is other activity (new loans, actual repayments, whatever), but there's indeed very little feedback on dud loans, even the ones where the security was being sold over a year ago ..
|
|
