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 Mar 19, 2015 13:34:16 GMT
I think this loan was tradeable until today. No mention of why Investment Paused suddenly appeared. Maybe a vote is imminent.
£100k suddenly appeared for sale last week and not much has shifted. I'm guessing that is one lender.
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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 Mar 19, 2015 13:53:38 GMT
I think this loan was tradeable until today. No mention of why Investment Paused suddenly appeared. Maybe a vote is imminent. £100k suddenly appeared for sale last week and not much has shifted. I'm guessing that is one lender. Maybe they've got more info on the planning situation which they've been seeking since last week. Glad I reduced my exposure last week based on the Q&A
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Mar 19, 2015 20:22:34 GMT
Update added to explain suspension is until they can provide formal update, borrower proving elusive!
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mikes1531
Member of DD Central
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Post by mikes1531 on Mar 19, 2015 21:00:03 GMT
... borrower proving elusive! I wish they'd tell us something new! 
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Mar 19, 2015 21:33:29 GMT
... borrower proving elusive! I wish they'd tell us something new! I believe the solution is to hire this man as a Relationship Manager  'what I do have are a very particular set of skills. Skills I have acquired over a very long career. Skills that make me a nightmare for people like you. If you don't respond, I will look for you, I will find you... and I will get a response' Bryan Mills (Liam Neeson) in Taken
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Mar 19, 2015 21:34:30 GMT
... borrower proving elusive! I wish they'd tell us something new! wish they'd take a little trip down there and do some of this face to face stuff they're touting as one of their USPs.
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star dust
Member of DD Central
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Post by star dust on Mar 20, 2015 7:54:07 GMT
I wish they'd tell us something new! wish they'd take a little trip down there and do some of this face to face stuff they're touting as one of their USPs. Agree, perhaps they should sub-contract and send the SS  .
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Post by chielamangus on Mar 27, 2015 17:09:03 GMT
Update now available. As unconvincing as ever. More info next week, but large increase in value of security is expected by the introducer. Expect a request for loan extension ....
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Mar 27, 2015 17:51:03 GMT
Update now available. As unconvincing as ever. More info next week, but large increase in value of security is expected by the introducer. Expect a request for loan extension .... Hmm, so whose going to ask the obvious (sport related) question of the introducer? Me, Im going to the pub 
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Post by marek63 on May 14, 2015 18:09:45 GMT
Time to ask AC to appoint LPA here. They seem remarkably reluctant.
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on May 16, 2015 22:53:32 GMT
Time to ask AC to appoint LPA here. They seem remarkably reluctant. Maybe the reason for their reluctance to proceed on this and other defaulted loans is it creates bad publicity. Even more so if all the capital and interest is not recovered. Right now AC cannot afford "bad publicity" as they are in the middle of raising lots of dosh to grow the business.
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Post by oldnick on May 17, 2015 5:37:52 GMT
It does seem as though lenders' money is being used to defer the inevitable with several loans in a way that may reduce the eventual returns to us. After all, how many financially distressed borrowers are likely to be more able to pay with the passage of more time? A minority I suspect. Adverse publicity will be one motivation, but the platforms must also 'play the game' and show that they were not too draconian in their measures to recover money. Lawyers can presumably use that charge to allow their borrower clients to slip off the hook.
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Post by batchoy on May 17, 2015 9:44:54 GMT
Time to ask AC to appoint LPA here. They seem remarkably reluctant. Maybe the reason for their reluctance to proceed on this and other defaulted loans is it creates bad publicity. Even more so if all the capital and interest is not recovered. Right now AC cannot afford "bad publicity" as they are in the middle of raising lots of dosh to grow the business. That works both ways if they don't proceed then they get bad publicity and lenders walk away, they do proceed and get bad publicity and potential new borrowers walk away. If they are want institutional money then they need to show that they on top of the loans and taking all necessary step to ensure the recovery of funds and payment of interest.
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mikes1531
Member of DD Central
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Post by mikes1531 on May 17, 2015 13:22:33 GMT
If they are want institutional money then they need to show that they on top of the loans and taking all necessary step to ensure the recovery of funds and payment of interest. I can't help wondering whether institutional lenders are subject to the same Ts&Cs that we retail lenders are. I'm specifically wondering about the order of payout in a default situation. The first priority is bound to be the return of capital in all cases, but what about after that? With us, we don't get a penny until after the platform have all their costs/fees/interest paid. This, unfortunately, creates a bit of a conflict of interest between the platform and retail lenders because the platform has a minimal direct financial incentive to wind matters up quickly. So I wonder whether institutional lenders would accept that payout order, or insist that any payout above the return of capital be shared proportionally rather than platform first, investor second. PS. If, on the other hand, the "institutional money" that batchoy referred to above is equity in the platform, they they should be more than happy with the retail investor status quo because it means the platforms are much more likely to be paid all they are due in a default situation, even if resolution does take quite a while.
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on May 17, 2015 13:53:03 GMT
What I guess the average lender wants is more FF type solutions and no more of the plumber type.
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