adrianc
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Post by adrianc on Jun 6, 2017 15:14:22 GMT
Yep, mental 100% loss on this and A****o's for me, too. Whatever <stifles laughter> gets recovered is an unexpected bonus.
8.75% XIRR, after the intro bonuses. Ignore those, and it's a resplendent -4.29% XIRR...
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adrianc
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Post by adrianc on Nov 13, 2018 16:01:09 GMT
An actual substantive update! Last December saw IVAs on two of the three directors, after an administration that returned £0.00. The third was imminent. The IVAs were predicted to bring in 71p/£. Now, it seems the third hasn't actually been doing any paperwork at all. The two IVAs are predicted to bring in 68p/£, while the third is going to get very strongly frowned at. "We are now reviewing her position with a view to taking recovery action against her."
Looking back at the CoHo details, two of the directors appear to be a married couple approaching their 60s, with the third being guessable as their daughter. The biogs on the original loan suggest the daughter managed the store.
I think we can guess who's hiding, can't we? Bank of Mum and Dad'll make it go away...
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r00lish67
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Post by r00lish67 on Nov 13, 2018 16:23:07 GMT
An actual substantive update! Last December saw IVAs on two of the three directors, after an administration that returned £0.00. The third was imminent. The IVAs were predicted to bring in 71p/£. Now, it seems the third hasn't actually been doing any paperwork at all. The two IVAs are predicted to bring in 68p/£, while the third is going to get very strongly frowned at. "We are now reviewing her position with a view to taking recovery action against her."
Looking back at the CoHo details, two of the directors appear to be a married couple approaching their 60s, with the third being guessable as their daughter. The biogs on the original loan suggest the daughter managed the store.
I think we can guess who's hiding, can't we? Bank of Mum and Dad'll make it go away...
Well, at least this seems to be a case of a genuine unfortunate business failure. Sadly it seems they'd get off more lightly by adopting a few aliases and scarpering to Sicily who knows where.
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adrianc
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Post by adrianc on May 1, 2019 13:08:46 GMT
Third director's IVA has been approved. Bulk of recovery is likely to be year 5, when she's required to release equity from her home. Estimated recovery over 5yrs is still 91% across the three.
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adrianc
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Post by adrianc on Oct 11, 2019 7:16:52 GMT
And timescales are out...
Still looking at 91% in the end.
March 2020 2p/£ March 2021 5.7p/£ March 2022 6.5p/£ March 2023 41.5p/£ March 2024 35.3p/£
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pip
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Post by pip on Oct 11, 2019 13:16:51 GMT
And timescales are out... Still looking at 91% in the end. March 2020 2p/£ March 2021 5.7p/£ March 2022 6.5p/£ March 2023 41.5p/£ March 2024 35.3p/£ Pleased that LC are becoming more active in chasing defaults. If this one recovers 91% that would be a good result in my book. Always cynical with IVA's with small/no payments in early period whether the large payments at the end will ever materialise. Slightly question why if somebody has defaulted on a loan they are guarantor for they should be able to wait seemingly 5 years from when the loan defaulted to have to release equity from their home? Why not just repossess their house now and return lenders their money. Call me naive but l think if somebody borrows money and doesn't pay it back they should lose their shirt before their lenders take a hit. Not sure why the guarantor is living cosily in their home while my money has gone up in smoke? Is this too harsh? At least with this one I sense that the loan was taken out in good faith and it's a genuine business failure. Better than some that took out a huge loan, defaulted and then have comments from the liquidators that there are unexplained distributions from the company to the director just before liquidation. Those make me angry.
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awk
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Post by awk on Aug 12, 2020 15:04:37 GMT
Just got my 5p (I think that’s 3.75p in the £)
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adrianc
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Post by adrianc on Dec 24, 2021 16:13:20 GMT
Whatever <stifles laughter> gets recovered is an unexpected bonus. This latest payment is enough for me to actually make a withdrawal, for the first time in four and a half years. Just about enough for a bottle of Chateau Thames Embankment's Cuvee Tellement Ordinaire. Happy Xmas to you, too, LC. And timescales are out... Still looking at 91% in the end. March 2020 2p/£ March 2021 5.7p/£ March 2022 6.5p/£ March 2023 41.5p/£ March 2024 35.3p/£ The reality so far... August 2020 - 3.75p/£ December 2021 - 3.25p + 5.7p = £8.95p/£ 12.7p/£ so far, versus estimate of 7.7p to date. Except... by March, we were due to have received 14.2p. I won't hold my breath.
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awk
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Post by awk on Nov 11, 2022 17:49:35 GMT
Just got another 4p back today on this one - who says there’s a cost of living crisis ?
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Post by df on Nov 11, 2022 19:10:36 GMT
Just got another 4p back today on this one - who says there’s a cost of living crisis ? I'm doing well with LC. Started in Feb 2017, current XIRR is 8.16% (no bonuses, I didn't participate in any of them) and profit received so far is almost twice the value of the remaining investment.
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awk
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Post by awk on Mar 8, 2023 16:38:24 GMT
And other 5p paid into my account - but, no comment to explain why
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