Monetus
Member of DD Central
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Post by Monetus on Sept 9, 2016 18:25:45 GMT
Anyone received any update or news from LC on this loan?
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Post by lionelrichtea on Sept 10, 2016 16:56:36 GMT
Nothing since the 29th July when LendingCrowd published the comment saying 'Our legal agents are still waiting on a reply from the borrower, this has been chased and once we have received a response we will consider the next steps.'
With a bit of Googling you can find the director's Twitter account, on which he is still active, and see that he only announced the 'death' of his company in mid August. The website is still up but the last news article was published in March and the last feature in February, which is around the time he first missed a payment. Apparently he has 'made the very difficult decision to walk away and start a new venture'. I'm not sure he'll be asking LendingCrowd for the funding to start it.
A bit of a ******, this one!
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min
Member of DD Central
Posts: 615
Likes: 182
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Post by min on Sept 13, 2016 21:31:48 GMT
New loan comment today: 'We have < Mod edited>' Given the seemingly laid back attitude of LC to this and other problematic loans I am definitely not holding my breath. Hey lendingcrowd - it's our money - get your bl....ng finger out!
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pauls
Posts: 68
Likes: 36
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Post by pauls on Sept 20, 2016 15:25:33 GMT
Anyone received any update or news from LC on this loan? Comment #8
We regret to advise that the Guarantor for G*** & F******** L******, S**** R*******, has declared himself Bankrupt. In the circumstances it is very unlikely that we will recover any funds in respect of this debt and as such we have marked this loan as a Capital Loss in your Statement Summary. Should any recovery be received in the future an appropriate adjustment will be made to your Account
Ahhhh ... my first loss. (I think more to follow :-( )
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Post by ydobon on Sept 20, 2016 15:49:05 GMT
Me too. I'm one of the lenders who took advantage of their limited pool of loans to fulfil the criteria for the summer offer. This led to too much concentration on too few loans and we have 4-5 chunks that we expect to go the way of the dinosaurs.
Lesson learned and one of the reasons why I only partake of asset backed loans with sensible LTVs these days.
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jo
Member of DD Central
dead
Posts: 741
Likes: 498
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Post by jo on Sept 20, 2016 15:52:31 GMT
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on Sept 20, 2016 16:12:16 GMT
Seeing as the last repayment was before Tax year end 2016 - shouldn't this go down as a bad debt on the FY 16 tax return ? Good to see the bonuses stripped out of their paperwork, mind..........
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Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
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Post by Monetus on Sept 20, 2016 17:51:43 GMT
Excellent returns with LendingCrowd - ouch!  Net Earnings To Date -£1,695.45 |
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alanp
Member of DD Central
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Likes: 72
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Post by alanp on Sept 21, 2016 12:40:38 GMT
If it counts as a 2016/17 loss then how do I claim relief for this as my interest for the year will probably be under the new £1000 tax free limit?
Is it just a case of informing HMRC so that they can adjust my PAYE code to account for it?
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TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
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Post by TheDriver on Oct 11, 2016 0:07:19 GMT
Anyone received any update or news from LC on this loan? Comment #8
We regret to advise that the Guarantor for G*** & F******** L******, S**** R*******, has declared himself Bankrupt. In the circumstances it is very unlikely that we will recover any funds in respect of this debt and as such we have marked this loan as a Capital Loss in your Statement Summary. Should any recovery be received in the future an appropriate adjustment will be made to your Account
Ahhhh ... my first loss. (I think more to follow :-( )
This loan was claimed to be Director Guaranteed and backed by Asset Security; less than six months later it was in trouble, but there were 4 months between "we instructed our legal advisers to act on our behalf in relation to the security that we hold" and "We have instructed our legal agents to commence legal proceedings against the guarantor." which seem to me pretty much the same thing, especially as the borrower was the guarantor!
A week later the borrower "declared himself bankrupt" - a status which actually has to be applied for and granted with the possibility of partial repayments, not unilaterally decreed. LC seem to have rolled over and accepted a total loss - what happened to validating the securities?
Is poor DD the reason LC don't declare Defaults and even try to make any recoveries? and have some of the earlier big backers ceased funding because they have realised this? Doesn't bode well, unfortunately. I did really like the platform, but am becoming disillusioned by these events and the increasingly pointless "enhancements" - such as the COMPLETED LOANS gadget - without sorting fundamental anomalies such as repaid capital being included in "Your Existing Investments" on the LE listing.
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Post by mikeinv4 on Apr 11, 2018 0:32:24 GMT
Did anyone ever get an update on this bad debt?
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Post by lionelrichtea on Apr 14, 2018 21:24:05 GMT
Last update received in February:
In view of Mr. X's Bankruptcy and on the basis that no recovery will be received in respect of this case we have marked it as closed.
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