adrianc
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Post by adrianc on Jul 20, 2016 20:57:57 GMT
One positive theory.. Could SS have pulled this due to accepting an appropriate offer around noon today so making the auction unnecessary? Or am I being too much 'glass half full'? If it wasn't for the auctioneer listening to his echo, maybe.
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mikes1531
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Post by mikes1531 on Jul 20, 2016 21:08:27 GMT
One positive theory.. Could SS have pulled this due to accepting an appropriate offer around noon today so making the auction unnecessary? Or am I being too much 'glass half full'? Sounds overly optimistic. If I were the owner, and had an offer on the day of the auction that I believed was a good one, I'd have told the auctioneer to set the reserve at a price that matched the offer I had. Thinking about it a bit more, though, I suppose that could get me in trouble with the person that made the offer since they could watch the auction and withdraw their offer -- or reduce it -- if the auction didn't reach the level of their offer. So perhaps that would be a case of "A bird in the hand...". We can hope we'll find out what savingstream have to say tomorrow -- but perhaps we won't learn anything until the next update is posted.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 20, 2016 21:11:27 GMT
One positive theory.. Could SS have pulled this due to accepting an appropriate offer around noon today so making the auction unnecessary? Or am I being too much 'glass half full'? Sounds overly optimistic. If I were the owner, and had an offer on the day of the auction that I believed was a good one, I'd have told the auctioneer to set the reserve at a price that matched the offer I had. Thinking about it a bit more, though, I suppose that could get me in trouble with the person that made the offer since they could watch the auction and withdraw their offer -- or reduce it -- if the auction didn't reach the level of their offer. So perhaps that would be a case of "A bird in the hand...". We can hope we'll find out what savingstream have to say tomorrow -- but perhaps we won't learn anything until the next update is posted. SS didn't even tell us this was going to auction... Maybe their next update will simply be "No Change"   
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mikes1531
Member of DD Central
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Post by mikes1531 on Jul 20, 2016 21:20:15 GMT
SS didn't even tell us this was going to auction... Maybe the borrower didn't tell them... 
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 20, 2016 21:28:48 GMT
SS didn't even tell us this was going to auction... Maybe their next update will simply be "No Change" On twitter, at 8:45pm it says in response to a query from W********: "property was withdrawn from auction as full refinance underway. Valuation from 'Sanderson Weatherall' states £500k." Edit: W*********'s query: "Hey SavingStream how can you lend £350k claiming £500k value, 70% LTV on unsold £200k auction property.... PBL026" Good spot  Interestingly, the twitter member asking the question was (I conclude, because of the same avatar & same first name) a prominent forum member that is a rep of rival platform...
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 20, 2016 21:29:55 GMT
Sounds overly optimistic. If I were the owner, and had an offer on the day of the auction that I believed was a good one, I'd have told the auctioneer to set the reserve at a price that matched the offer I had. Thinking about it a bit more, though, I suppose that could get me in trouble with the person that made the offer since they could watch the auction and withdraw their offer -- or reduce it -- if the auction didn't reach the level of their offer. So perhaps that would be a case of "A bird in the hand...". We can hope we'll find out what savingstream have to say tomorrow -- but perhaps we won't learn anything until the next update is posted. SS didn't even tell us this was going to auction... Maybe their next update will simply be "No Change" Yes, they did ... twice, though they then confused that by saying a refinance offer had been seen. Suspect the borrower was hedging his bets, leaving it in until the last minute in case the refinance fell through. Better resurrect my twitter account as another way of contacting SS ... more chance of getting a reply if its public I suspect.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Jul 20, 2016 21:33:19 GMT
SS didn't even tell us this was going to auction... Maybe their next update will simply be "No Change" Yes, they did ... twice, though they then confused that by saying a refinance offer had been seen. Suspect the borrower was hedging his bets, leaving it in until the last minute in case the refinance fell through. Better resurrect my twitter account as another way of contacting SS ... more chance of getting a reply if its public I suspect. I was indeed referring to the most recent update. They must have known this was going to auction when they provided the update only a week ago...
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Liz
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Post by Liz on Jul 20, 2016 22:12:40 GMT
Yes, they did ... twice, though they then confused that by saying a refinance offer had been seen. Suspect the borrower was hedging his bets, leaving it in until the last minute in case the refinance fell through. Better resurrect my twitter account as another way of contacting SS ... more chance of getting a reply if its public I suspect. I was indeed referring to the most recent update. They must have known this was going to auction when they provided the update only a week ago... We don't need them to tell us; We have forum members, who would do well in Scotland Yard. 
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Post by savingstream on Jul 21, 2016 7:23:22 GMT
Morning All,
The property was put into auction as a way to hedge the borrower's bets; he has received an offer of refinance and is going through the process to repay us as soon as possible. He also has extensive assets behind him and has given us a PG so we have full recourse.
Planning permission for a different scheme is likely to be given shortly which should further increase the value of this asset.
Re the Twitter note from the ratesetter rep, looks like we are on their radar. Nice to be noticed by the cool kids at school...
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Jul 21, 2016 7:28:05 GMT
Morning All, The property was put into auction as a way to hedge the borrower's bets; he has received an offer of refinance and is going through the process to repay us as soon as possible. He also has extensive assets behind him and has given us a PG so we have full recourse. Planning permission for a different scheme is likely to be given shortly which should further increase the value of this asset. Re the Twitter note from the ratesetter rep, looks like we are on their radar. Nice to be noticed by the cool kids at school... Thanks for the update SS. Ignore the cool kids; they all end up working in McDonald's 
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 21, 2016 11:56:43 GMT
Morning All, The property was put into auction as a way to hedge the borrower's bets; he has received an offer of refinance and is going through the process to repay us as soon as possible. He also has extensive assets behind him and has given us a PG so we have full recourse. Planning permission for a different scheme is likely to be given shortly which should further increase the value of this asset. Re the Twitter note from the ratesetter rep, looks like we are on their radar. Nice to be noticed by the cool kids at school... Thanks for the update SS. Ignore the cool kids; they all end up working in McDonald's Oh dear, things that bad in the refrigeration industry, Brexit I suppose  Take it your user name will now be Frying Dude. At least the abbreviation FD will have financial conotations rather than being an outmoded music storage format ( What I said!  )
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Post by dualinvestor on Jul 21, 2016 15:40:16 GMT
Morning All, The property was put into auction as a way to hedge the borrower's bets; he has received an offer of refinance and is going through the process to repay us as soon as possible. He also has extensive assets behind him and has given us a PG so we have full recourse. Planning permission for a different scheme is likely to be given shortly which should further increase the value of this asset. Re the Twitter note from the ratesetter rep, looks like we are on their radar. Nice to be noticed by the cool kids at school... As the personal guarantee does not seem to appear on the loan particulars perhaps savingstream can confirm that there has either been contractual consideration for the PG or it was granted under deed if it was granted after the loan was made, alternatively whether it has always been in place but not disclosed.
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lofty
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Post by lofty on Jul 21, 2016 15:52:50 GMT
When someone offers a personal guarantee, what does this actually mean in practice? Is there some kind of legal structure to this, or is it basically a glorified "scouts honour".
How would it help in the event of a default? Does it help with retrieving monies, or is it simply an interesting way of punishing the defaulter?
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Post by dualinvestor on Jul 21, 2016 16:20:56 GMT
When someone offers a personal guarantee, what does this actually mean in practice? Is there some kind of legal structure to this, or is it basically a glorified "scouts honour". How would it help in the event of a default? Does it help with retrieving monies, or is it simply an interesting way of punishing the defaulter? Where the loan is made to a company (probably the case in most if not all SS loans) a "personal guarantee" is given by a person, usually someone connected to the company, e.g. director, major shareholder etc, that if the company does not repay the money the guarantor will. Provided all the legals are done properly should the company default the lender can take action against the guarantor. If the borrower is an individual a PG is irrelevent, because although the primary security is a charge on the property concerned if there is a shortfall the lender has recourse to all of the borrowers assets. There are exceptions where other peoples rights have to be taken into account eg spouses with matrimonial property but for most intents and purposes all sanctions are available against a personal borrower (or a personal guarantor), up to and including making him/her bankrupt. Edit the law is different in Scotland to the rest of the UK
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Liz
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Post by Liz on Jul 21, 2016 17:25:55 GMT
When someone offers a personal guarantee, what does this actually mean in practice? Is there some kind of legal structure to this, or is it basically a glorified "scouts honour". How would it help in the event of a default? Does it help with retrieving monies, or is it simply an interesting way of punishing the defaulter? A PG is worth very little. They are too easy to renege on, firms even specialise in getting out of PG's(see google). Borrowers can also transfer assets into wives names, hey presto, job done, lenders have nothing to "go after"
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