cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Sept 29, 2016 19:28:08 GMT
So... Sep 16, 2016 (SS UPDATE FOR PBL056) > "Borrower is putting this property into auction. We will receive repayment once sold." Sep 19 2016 > Lendy Ltd appoint a Receiver....  |
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fp
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Post by fp on Sept 29, 2016 19:31:33 GMT
So... Sep 16, 2016 (SS UPDATE FOR PBL056) > "Borrower is putting this property into auction. We will receive repayment once sold." Sep 19 2016 > Lendy Ltd appoint a Receiver.... Not much clarity on SS's part is there..... tut tut
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dovap
Member of DD Central
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Post by dovap on Sept 29, 2016 19:33:16 GMT
must have been before the new update policy
expensive computer workshop going to complete to schedule so whats a small defaulting farm between friends
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nick
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Post by nick on Sept 29, 2016 19:38:33 GMT
Not this loan, wrong county, that was 37, 38, 39, 69, 70, 71 You are right, I stand corrected.
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Post by mrclondon on Sept 29, 2016 19:48:02 GMT
Does a borrower going into administration automatically trigger a default on the loan? In the strictest legal sense yes, as the loan agreement is between the lender and the borrower, but the borrower is no longer in control to the extent he has no legal authority to service the loan. However, where there remains prepaid interest held on account it could be argued the loan is not necessarily in default as there is no current obligation on the borrower (that he is unable to service by virtue of being in administration) Also there is a legal distinction between seeking the appointment of administrators, and administrators accepting that appointment. (I've written this in the general sense without reference to the loan referenced in this thread)
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sam i am
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Post by sam i am on Sept 29, 2016 19:52:41 GMT
Interesting that none of the affected or potentially affected loans mentioned here and on the other thread currently feature on the SM. Maybe most forumites got out of all of these some time ago. Luckily I did. Some criticise 'pass the parcel' but it's worked well for me so far.
I just wonder what the reaction will be if these loans are declared in default. I hope that these get quickly resolved so we don't scare off fair-weather investors.
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mikes1531
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Post by mikes1531 on Sept 29, 2016 19:56:45 GMT
So... Sep 16, 2016 (SS UPDATE FOR PBL056) > "Borrower is putting this property into auction. We will receive repayment once sold." Sep 19 2016 > Lendy Ltd appoint a Receiver.... Has there been any indication whether the property actually was placed into an auction? Or was the 16/Sep update just a statement of the borrower's intention? With receivers having been appointed, I don't expect any auction to come soon. AIUI, the receivers will have to look at all the available info and then produce a report and recommendations. If they recommend an auction ASAP, the property could be entered after that, but it wouldn't surprise me if their initial recommendation was for a more normal marketing process. (AIUI, even though they were appointed by Lendy, they have an obligation to treat the borrower fairly, and putting the property into an auction ASAP might not be considered to meet that obligation.)
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Sept 29, 2016 20:10:52 GMT
So... Sep 16, 2016 (SS UPDATE FOR PBL056) > "Borrower is putting this property into auction. We will receive repayment once sold." Sep 19 2016 > Lendy Ltd appoint a Receiver.... Has there been any indication whether the property actually was placed into an auction? Or was the 16/Sep update just a statement of the borrower's intention? With receivers having been appointed, I don't expect any auction to come soon. AIUI, the receivers will have to look at all the available info and then produce a report and recommendations. If they recommend an auction ASAP, the property could be entered after that, but it wouldn't surprise me if their initial recommendation was for a more normal marketing process. (AIUI, even though they were appointed by Lendy, they have an obligation to treat the borrower fairly, and putting the property into an auction ASAP might not be considered to meet that obligation.) I've had a good look in the usual places, but no sign that the land was auctioned.
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ben
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Post by ben on Sept 29, 2016 20:28:23 GMT
Interesting that none of the affected or potentially affected loans mentioned here and on the other thread currently feature on the SM. Maybe most forumites got out of all of these some time ago. Luckily I did. Some criticise 'pass the parcel' but it's worked well for me so far. I just wonder what the reaction will be if these loans are declared in default. I hope that these get quickly resolved so we don't scare off fair-weather investors. Nothing wrong with pass the parcel as such, but having that as your primary investment strategy which a few people seem to have, can leave you holding the parcel. If I was going to play pass the parcel I would still be investing in the loans I do in case I can not sell, you need to be happy to hold it in case you can not sell. If you can sell it then bonus.
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sam i am
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Post by sam i am on Sept 29, 2016 21:01:38 GMT
Interesting that none of the affected or potentially affected loans mentioned here and on the other thread currently feature on the SM. Maybe most forumites got out of all of these some time ago. Luckily I did. Some criticise 'pass the parcel' but it's worked well for me so far. I just wonder what the reaction will be if these loans are declared in default. I hope that these get quickly resolved so we don't scare off fair-weather investors. Nothing wrong with pass the parcel as such, but having that as your primary investment strategy which a few people seem to have, can leave you holding the parcel. If I was going to play pass the parcel I would still be investing in the loans I do in case I can not sell, you need to be happy to hold it in case you can not sell. If you can sell it then bonus. I completely agree. But determining which parcels to hold is not a precise science!
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Post by martin44 on Sept 29, 2016 21:36:37 GMT
And herein lies the absolute valuability (i think i just made a new word) of this forum and the excellent DD, i got out when reading the DD on this and other associated loans. Edit. And the borrower.  At this moment i feel sorry for investors who know nothing of the latest outcome and are still investing in these toxic loans. Apologies.. Edit2.. just checked and thousands gone into these 2 loans today, i wish i could update the loans for SS. |
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Balder
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Post by Balder on Sept 29, 2016 23:00:35 GMT
I remember SS quoting in the early days that they would always put quality ahead of growth!
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pom
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Post by pom on Sept 30, 2016 9:35:49 GMT
The mind boggles a bit how quickly this is being snapped up on the SM. Perhaps the last update on the SS site could be seen as quite positive, and people are diving in for a few days interest, believing the imminent auction repayment will secure the interest payments. It feels like a false market. There's little else to buy right now...and some people are probably keen to invest their interest just before they get it....I fear they'll get a nasty surprise...
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Post by panache on Sept 30, 2016 9:50:33 GMT
Does a borrower going into administration automatically trigger a default on the loan? In the strictest legal sense yes, as the loan agreement is between the lender and the borrower, but the borrower is no longer in control to the extent he has no legal authority to service the loan. However, where there remains prepaid interest held on account it could be argued the loan is not necessarily in default as there is no current obligation on the borrower (that he is unable to service by virtue of being in administration) Also there is a legal distinction between seeking the appointment of administrators, and administrators accepting that appointment. (I've written this in the general sense without reference to the loan referenced in this thread) Even with interest held on account, is there a reason for raising an insolvency case except except where a borrower is unable to pay its debts? Still trying to understand how SS can justify not telling us about this via an update/red box.
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Post by Deleted on Sept 30, 2016 10:00:58 GMT
Pity the poor folks who are buying parts on the SM right now. (I just saw one go by while I was writing this.) SS better get that red notice up in a hurry or they'll end up with a crowd of angry investors. Angry investors if they are lucky. Lawsuits and FCA complaints if they are unlucky.
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