adrianc
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Post by adrianc on Jan 27, 2017 12:18:19 GMT
Disappointed that they have called it a loss when they are filing for bankruptcy. Surely during the process of bankruptcy they will be able to raise cash. Labelling it as a loss means that most will forget about it and no one will chase LC for the recoveries. While GSV3MIaC is bang on about the tenaciousness of people here, the bankruptcy is probably because they realise that the borrower has roughly zero intention to repay. I very much doubt that a UK CCJ is a particularly big issue if the borrower was the individual that is suspected, especially if he's brexiting back to his home country.
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alanp
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Post by alanp on Jan 27, 2017 13:09:47 GMT
OK so it is now a Loss as is one of the others I hold - both in small quantities.
My question - If my Savings & P2P interest is under £1k this year I pay no income tax on it.
Does that mean I can not claim relief for these two or will it be offset against my overall income tax payments (e.g. income tax from salary) via a code adjustment if I tell HMRC?
Thanks
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TheDriver
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Post by TheDriver on Jan 29, 2017 12:19:55 GMT
Oops - got distracted doing my tax return!
Meant to say I believe each tax category is self-contained, therefore I anticipate it is only offsettable against other P2P income - just as Capital Gains allowance can't be transferred against income-tax!
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oldgrumpy
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Post by oldgrumpy on Jan 29, 2017 13:04:25 GMT
OK so it is now a Loss as is one of the others I hold - both in small quantities. My question - If my Savings & P2P interest is under £1k this year I pay no income tax on it. Does that mean I can not claim relief for these two or will it be offset against my overall income tax payments (e.g. income tax from salary) via a code adjustment if I tell HMRC? Thanks I think you can only claim it against P2P interest which would be taxed - nothing else. www.gov.uk/guidance/peer-to-peer-lending
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alanp
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Post by alanp on Jan 29, 2017 20:08:19 GMT
Thanks both - Thought that was likely the case but wanted to check.
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TheDriver
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Post by TheDriver on Jan 30, 2017 22:14:48 GMT
Disappointed that they have called it a loss when they are filing for bankruptcy. Surely during the process of bankruptcy they will be able to raise cash. Labelling it as a loss means that most will forget about it and no one will chase LC for the recoveries. What was disappointing is that there was no effective security on this loan. Best practice says it should have been categorised this way months ago when repayment became dubious, certainly by September! At least this would be a recognition of the deteriotating situation, and perhaps lead to a more proactive recovery process to mitigate losses.
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adrianc
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Post by adrianc on Mar 31, 2017 14:42:18 GMT
We've not forgotten all about this one. Honest... Ooops, sorry. The new loan comment really says... We confirm that the Bankruptcy proceedings against the borrower continue.
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Post by Butch Cassidy on Apr 1, 2017 13:19:20 GMT
I may well have helped prompt the latest update, as I have been corresponding with Helen at LC via e-mail, which I pointed was fine for me but failed to help the other interested investors. In a nutshell LC are still pursuing the borrower, regret the loss & admit to being mislead by the borrower over repayment - no great surprises there then!
This was my first default with LC so I saw it as an important test of their procedures & capability in protecting/recovering lender funds, needless to say I have been less than impressed with their lamentable performance to date. Whilst I am prepared to accept defaults & subsequent losses if I feel that they are genuine & the platform has taken reasonable steps to both avoid them happening & robust action to recover them as & when they do inevitably occur – LC currently demonstrates neither of these essential requirements IMO!
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ablender
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Post by ablender on Apr 1, 2017 15:20:56 GMT
I may well have helped prompt the latest update, as I have been corresponding with Helen at LC via e-mail, which I pointed was fine for me but failed to help the other interested investors. In a nutshell LC are still pursuing the borrower, regret the loss & admit to being mislead by the borrower over repayment - no great surprises there then!
This was my first default with LC so I saw it as an important test of their procedures & capability in protecting/recovering lender funds, needless to say I have been less than impressed with their lamentable performance to date. Whilst I am prepared to accept defaults & subsequent losses if I feel that they are genuine & the platform has taken reasonable steps to both avoid them happening & robust action to recover them as & when they do inevitably occur – LC currently demonstrates neither of these essential requirements IMO!
I wonder if there are any other places where these observations would apply? Hmm let me think for a millisecond; ah that's it an image of central Leeds but for some reason I can't quite get Google Earth to give me a proper view of the building. That must be your fault! You do not know how to set Google Earth properly.
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TheDriver
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Post by TheDriver on Apr 2, 2017 1:14:36 GMT
I may well have helped prompt the latest update, as I have been corresponding with Helen at LC via e-mail, which I pointed was fine for me but failed to help the other interested investors. In a nutshell LC are still pursuing the borrower, regret the loss & admit to being mislead by the borrower over repayment - no great surprises there then! LC were mislead by the borrower long before that! They have since proved to be long on regrets but short on action. This was my first default with LC so I saw it as an important test of their procedures & capability in protecting/recovering lender funds, needless to say I have been less than impressed with their lamentable performance to date. Whilst I am prepared to accept defaults & subsequent losses if I feel that they are genuine & the platform has taken reasonable steps to both avoid them happening & robust action to recover them as & when they do inevitably occur – LC currently demonstrates neither of these essential requirements IMO!
Ditto to all that! Unfortunately for me it then seemed to continue a downward spiral, until I became completely disillusioned with the inept actions and disingenuous feedback. Good luck to those who still sail in the good ship LC - whether by choice or not - as I'm not sure how long the illustrious paperwork will keep the barge afloat; and if one of the big loans goes south I think it will be a replay of Titanic!
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Post by lionelrichtea on Jun 12, 2017 16:06:43 GMT
Our agents have advised us that they have not been able to trace the borrower. On that basis our legal representatives have recommended that we do not continue with the bankruptcy proceedings as there would be very little to gain from that. We still have the CCJ registered against him which will sit against him for 6 years which will impact on his ability to borrow. In the background we will monitor for his reappearance.
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adrianc
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Post by adrianc on Jun 12, 2017 16:13:43 GMT
Hands up who's surprised?
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Post by lionelrichtea on Jun 12, 2017 16:28:11 GMT
Not me...he's a right pizza work.
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min
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Post by min on Jun 12, 2017 16:30:17 GMT
I pasta on this one ages ago.
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r00lish67
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Post by r00lish67 on Jun 12, 2017 16:56:26 GMT
Why do dodgy borrowers never get their just desserts?
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