treeman
Member of DD Central
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Post by treeman on Apr 4, 2016 16:59:29 GMT
Just received from LC V iew the new comment below:
We regret to advise that the April payment has not been received. On contacting the Director he has informed us that the Company has ceased trading. Apparently his major client has recently gone into liquidation and this has had a knock on impact on G*** and F******s Ltd. It is very disappointing that the Director has given us no fore-warning of this. We are currently assessing the value of our Debenture albeit we do not expect much return from this source. We are in discussions with the Director in regard to his guarantee obligation. In the meantime we have suspended the Loan Exchange for this Company. We will advise you of developments in early course.
Another One .........  |
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Post by lionelrichtea on Apr 4, 2016 19:20:31 GMT
Didn't like the look of this one but invested a small amount anyway. That'll teach me  |
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ablender
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Post by ablender on Apr 4, 2016 20:37:40 GMT
It is not in my loan list and it is not in the list of loans for sale either. Probably it has been suspended from SM.
What I realised is that there is no way to see a whole list of loans which are live on this platform. If anyone know how to do this, please let me know.
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Monetus
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Post by Monetus on Apr 4, 2016 22:05:24 GMT
Foolishly have a 4 figure sum tied up in this loan.... The DD over at LC clearly leaves a lot to be desired. This is the 2nd loan to recently default and collapse after just a few payments. Won't be investing further with LC at all now. |
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pip
Posts: 542
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Post by pip on Apr 5, 2016 11:46:24 GMT
Oh dear, this is another disaster for LC. My defaults on the platform currently running at just under 3 times my interest. Thanks to the signing up offer and a few referrals I am just about in profit (assuming these don't default too).
How can any platform survive if the defaults are more than the interest, what rational person in my position would invest more at present?
Maybe they will be able to recover the money for this and the other one from the director. Not holding out much hope though.
LC can you please default these for tax purposes so we can offset against tax. Today would be nice as last day of tax year.
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min
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Post by min on Apr 5, 2016 15:23:13 GMT
Oh dear, this is another disaster for LC. My defaults on the platform currently running at just under 3 times my interest. Thanks to the signing up offer and a few referrals I am just about in profit (assuming these don't default too). How can any platform survive if the defaults are more than the interest, what rational person in my position would invest more at present? Maybe they will be able to recover the money for this and the other one from the director. Not holding out much hope though. LC can you please default these for tax purposes so we can offset against tax. Today would be nice as last day of tax year. Don't think they'll be able to default them for tax purposes yet. According to helpful email received from FK, "a loan can be treated as irrecoverable for tax purposes once there is no reasonable prospect of the recovery of the loan from the borrower. The ability for the investor to be repaid from other sources, such as via personal guarantees or security, can be ignored." Obviously as this latest has only just gone 'phut' they need to discover if anything is recoverable from the business first.
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ablender
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Post by ablender on Apr 5, 2016 16:13:04 GMT
Personally, I would prefer a recovery than default. The problem is do I trust the platform to handle it, or will it keep on hanging and dragging its feet and then default any way.
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kaya
Member of DD Central
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Post by kaya on Apr 6, 2016 18:53:30 GMT
Oh dear, all starting to go belly-up already, and not even a proper secondary market to provide a clear exit.  |
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TitoPuente
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Post by TitoPuente on Apr 18, 2016 20:47:46 GMT
Please LendingCrowd could you post or email an update on this loan status?
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Apr 30, 2016 17:51:20 GMT
This loan was listed with Asset Security and Director guarantee:
We are currently assessing the value of our Debenture albeit we do not expect much return from this source.
but why does that seem to be virtually worthless within 3 months ?!?
We are in discussions with the Director in regard to his guarantee obligation. so let's hope for more success with this - and IMO updates would be more easily seen if these were included with the Loan Details - under Q&A or an additional "notes" section?
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treeman
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Post by treeman on May 10, 2016 11:46:24 GMT
Just received a further update -
" A new comment has been added regarding the loan for G*** AND F******* LTD.
Unfortunately we have come to the end of the discussions with the Director and as expected we did not receive a payment for May which leaves the loan 2 payments in arrears. Last week we instructed our legal advisers to act on our behalf in relation to the security that we hold. This process takes some time however we will provide an update when we receive one. "
Does this actually make it a 'default' now ?
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on May 15, 2016 6:03:10 GMT
Interesting that the prospectus said that the site was monetised by income from "numerous ad agencies", and that it would be enhanced by the additional websites; how does that correlate to business failure due to "his major client"?
How did the assessment of risk in lendingcrowd 's DD overlook this crucial factor? - any more than lending to a food bar with an abysmal hygiene rating? Is the recent dearth of new business an indication that the borrower-vetting process is undergoing review?
Despite my empathy with LC and awareness that the unexpected can strike, I feel in need of some reassurance.
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Post by investormuk on Jun 16, 2016 15:04:09 GMT
lendingcrowd could you please post an update regarding the recovery of this loan?
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Monetus
Member of DD Central
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Post by Monetus on Jul 27, 2016 11:41:12 GMT
lendingcrowd seem to be mysteriously quiet on the forums - haven't logged in for over a month actually. Any chance we can get an update on this defaulted loan? Still find it somewhat bizarre that this loan hasn't been marked as "in default" yet considering the borrower has missed several payments...
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Jul 27, 2016 20:36:28 GMT
. or posted for more than 2 1/2 months! Obviously kept an eye on what was going on but didn't want to add anything - much like most of their fairly meaningless and disjointed communications which now seem to have virtually ceased.
Regarding loan status, try emailing them direct with the query; I have raised it several times in posts and direct emails, and as the answer is along the lines of "awaiting developments", the outcome seems to be that it is hardcoded! Who would do that even for an elementary demo? IMO live should be listed on the LE, otherwise status should be Overdue, Default or Recovery.
Considering the apparently sloppy DD, their backers must either be very naïve or easily assuaged to any queries with money no object; or maybe they are themselves ? I'm still waiting for answers to specific queries from over a month ago, so not much optimism for much useful replies.
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