shimself
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Post by shimself on May 22, 2016 13:41:11 GMT
most government contractors probably make more then normal contractors as the government has the amazing ability to spend money on pointless rubbish and not get value for money In my experience (in SME business) the price was about right, although the accompanying paperwork was quite a pain and we did start to add that into the price, but then it was also quite a pain dealing with big companies and they also started to pay extra. Big companies cheated more.
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Post by GSV3MIaC on May 22, 2016 15:03:02 GMT
most government contractors probably make more then normal contractors as the government has the amazing ability to spend money on pointless rubbish and not get value for money
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 24, 2016 12:26:07 GMT
What worries me is that some businesses/individuals that have defaulted seem to have committed outright fraud! Wonder which loans you consider are outright fraud? The most obvious loan to me is H**** I********. Trading for 40+ years. Company valued at £390k. Profitable Company. Director has assets of 18 times the outstanding debt. The Director sells the company 7 months into a 3 year loan and defaults. It is a relatively small loan, and ReBs have been slow to issue bankruptcy proceedings. Either, the Director has the funds, or lenders have been sold a pack of lies.
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Post by rebsrep on May 24, 2016 13:41:52 GMT
What worries me is that some businesses/individuals that have defaulted seem to have committed outright fraud! Wonder which loans you consider are outright fraud? The most obvious loan to me is H**** I********. Trading for 40+ years. Company valued at £390k. Profitable Company. Director has assets of 18 times the outstanding debt. The Director sells the company 7 months into a 3 year loan and defaults. It is a relatively small loan, and ReBs have been slow to issue bankruptcy proceedings. Either, the Director has the funds, or lenders have been sold a pack of lies. We refute we have been slow. Please see below all the loan updates on the loan you are referring to with the dates: Jan 22nd Payment was late and started chasing Feb 11th Formal letter issued to Guarantor Feb 12th: We have recently been in contact with the Director , Mr C regarding the name change the future repayment of the loan. I can confirm that the name change did occur in December 2nd 2015, on which date the applicant company changed their name to ‘P**** 2015 Limited’.
After contacting the previous office manager of H**** Limited, we were informed that the trading name ‘H**** I***’ was bought and is now under the ownership of The C*** I**** C**** Limited, from the 1st December 2015, and continues to operate as ‘H*** I**** S******s’.
The Director of H*** I**** Limited changed the name of the company name to ‘P*** 2015’ and no longer has any association with ‘H**** I**** S*****s’ or the service provision now owned by C**** G****.
We have been in contact with Mr C**** regarding the above events. Through telephone conversations we have informed him of his repayment obligations. He informed us that he has been in contact with a Debt Management firm and that we should expect contact from them regarding the settlement of the loan within a fortnight. We have sent a letter clearly outlining his responsibilities and obligations as a guarantor, explaining that if the repayment, including all accrued interest and fees wasn’t made before Friday 19th February, we will be demanding repayment in full.
The investigation into the trading status of P*** R*** 2015 Limited and communication with Mr C will continue. As he has as of yet not satisfactorily demonstrated his ability to make repayments, we have instructed our legal agents to begin the legal process involved with enforcing the security of the loan. Our legal agents remain updated on all developments and have been instructed to present a Statutory Demand for the full repayment of the loan.
I shall provide a further update after further investigation and once we have had a response from Mr L in relation to our repayment demands.March 1st: Legal agents instructed to issue a Statutory Demand
March 3rd:
I am writing with an update regarding your loan with H*** I***** Limited.
Firstly, please allow me to apologise for the delay in this update reaching you. We endeavour to make sure you receive detailed and frequent updates on loans that are in default or behind on their repayments, and we appreciate that any delay on this information reaching you can be frustrating.
As he has as of yet not satisfactorily demonstrated his ability to make repayments, we have instructed our legal agents to begin the legal process involved with enforcing the security of the loan. Our legal agents remain updated on all developments and have been instructed to present a Statutory Demand for the full repayment of the loan.
I shall provide a further update after further investigation and once we have had a response from Mr C in relation to our repayment demands.
April 27th
In my last update, I informed you of the classification of this loan as a default and the commencement of our legal enforcement proceedings, beginning with the personal service of the Statutory Demand.
The Statutory Demand has now expired and no repayment arrangement has been proposed. Our legal agents are in a position to present Bankruptcy Petitions to the Guarantors, however they have agreed to temporarily refrain for issuing them at this stage, to allow Equitas Law to attempt to settle matters first.
Our legal agents are in contact with Equitas regarding the progression of the case, and are co-ordinating their legal action against the guarantors and the business.
I shall be in further contact shortly when our recoveries process has further advanced.
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kevinkelly
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Post by kevinkelly on May 24, 2016 21:17:39 GMT
We refute we have been slow. Firstly, please allow me to apologise for the delay in this update reaching you.
Consistency lacking much?  As an aside... it really is NEVER you at fault, is it?
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Post by rebsrep on May 24, 2016 21:40:21 GMT
We refute we have been slow. Firstly, please allow me to apologise for the delay in this update reaching you.
Consistency lacking much? As an aside... it really is NEVER you at fault, is it? Touche We've admitted our faults multiple times and apologised for them and have put in place new procedures since our bad run in December/January. Check the other threads on here if you've missed them.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 25, 2016 5:55:47 GMT
Wonder which loans you consider are outright fraud? The most obvious loan to me is H**** I********. Trading for 40+ years. Company valued at £390k. Profitable Company. Director has assets of 18 times the outstanding debt. The Director sells the company 7 months into a 3 year loan and defaults. It is a relatively small loan, and ReBs have been slow to issue bankruptcy proceedings. Either, the Director has the funds, or lenders have been sold a pack of lies. We refute we have been slow. Please see below all the loan updates on the loan you are referring to with the dates: Jan 22nd Payment was late and started chasing Feb 11th Formal letter issued to Guarantor Feb 12th:
I said "...ReBs have been slow to issue bankruptcy proceedings". ReBs were in a position to issue a bankruptcy petition 2 months ago and you refrained from doing so. From a lenders perspective you've gone soft on this borrower. Time and time again we see borrowers playing for time and this is no exception. I wouldn't be surprised to find the guarantor has used the 2 months to sell his property and dispose of other assets, at least that's what the debt management company will be telling him.
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shimself
Member of DD Central
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Post by shimself on May 25, 2016 8:40:28 GMT
I said "...ReBs have been slow to issue bankruptcy proceedings". ReBs were in a position to issue a bankruptcy petition 2 months ago and you refrained from doing so. From a lenders perspective you've gone soft on this borrower. Time and time again we see borrowers playing for time and this is no exception. I wouldn't be surprised to find the guarantor has used the 2 months to sell his property and dispose of other assets, at least that's what the debt management company will be telling him. How certain are you that this is being done badly? We also know that the courts want to know that we aren't being too hasty don't we, so there is some sort of balancing act involved. Do you have expertise?
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ben
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Post by ben on May 25, 2016 8:47:32 GMT
To be fair to rebs I doubt they have been that slow unfortuntly they have to show in court they have done everything reasonable and usual unreasonable as well to resolve the situation and suprisingly most people that owe money have a tendency to not to want to hand it over for whatever reason so try every trick to avoid or delay this.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on May 25, 2016 11:41:50 GMT
To be fair to rebs I doubt they have been that slow unfortuntly they have to show in court they have done everything reasonable and usual unreasonable as well to resolve the situation and suprisingly most people that owe money have a tendency to not to want to hand it over for whatever reason so try every trick to avoid or delay this. The purpose of issuing a Statutory Demand is to provide a 21 day period to discuss and agree repayment proposals. Far to often we see this period flouted and it's happened again. If ReBs don't stick to the guidelines then other borrowers will see them as a soft touch and lenders will leave. ReBs like to give the impression of being a friendly platform, that shouldn't stretch to this borrower.
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Post by dodgeydave on May 25, 2016 12:48:15 GMT
I suggest you look at R*******E D*****l and see how they pussyfoot around. Over one year since the last payment.
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Post by austrianbogeyman on May 26, 2016 23:42:03 GMT
Your hypothesis being that nobody who does government work makes a profit, is that it? I'll never understand why this is considered a matter of dispute. Government work is, by definition, a matter of a contract of fixed value being awarded to the lowest bidder. If they can't afford to do it this year without borrowing money, how on Earth will they be able to do it next year, let alone pay you back, let alone pay you back at 10% interest? The only way this can work is if government spending grows in perpetuity, which admittedly does seem to be the case.... until it isn't. Look, I shouldn't be here at all. It's utterly pointless. People interested in p2p finance are mostly statists who think the government's the solution to all their problems, when in fact the only reason they're taking big risks with their savings is that the government (or its proxy the BoE) has deliberately made it impossible for them to get a return in the way they should be getting a return, namely saving their money in the bank. As the old cliché goes, when your barber's assistant shares his latest stock pick, you know a recession's coming.
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ben
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Post by ben on May 27, 2016 0:08:46 GMT
Your hypothesis being that nobody who does government work makes a profit, is that it? I'll never understand why this is considered a matter of dispute. Government work is, by definition, a matter of a contract of fixed value being awarded to the lowest bidder. If they can't afford to do it this year without borrowing money, how on Earth will they be able to do it next year, let alone pay you back, let alone pay you back at 10% interest? When was the last time a government contract actually ran to cost?
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Post by dodgeydave on May 27, 2016 1:18:25 GMT
Look, I shouldn't be here at all. I think this sums it up nicely. So why are you ??
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shimself
Member of DD Central
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Post by shimself on May 27, 2016 7:33:37 GMT
Look, I shouldn't be here at all. I think this sums it up nicely. So why are you ?? Now now. 
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