P**y Aw** *ed*is* Ltd

Please see the loan updates tab on this loan.  You'll see that on 23rd November we updated lenders with the following:


In my last update, sent on 5th October, I informed you that we were engaged in correspondence with ‘*****’, a business advisory company that had been hired by P*** A*** to provide advice.



I can now provide the following update.



Despite supplying the copies of the loan documentation and loan security requested by the advisors, we have still not received an acceptable repayment offer on behalf of the borrower in response. As a result of the time which has passed since our communications began and given the failure to receive any repayment proposal, we have escalated this account to our legal enforcement team and have commenced the enforcement of our loan security to call in the loan.



The account has been passed to our legal agents, who have been instructed to draft a Statutory Demand.



At this stage, the debtors and their advisors are still free to submit a repayment proposal for our consideration, which will be considered and put to our lenders to vote on should it meet our minimum acceptable standards.



As a reminder to lenders, the minimum repayment standards which were laid out to the debtor’s advisors in writing on 23rd August are as follows:



1) Rebuildingsociety.com itself will not agree to any proposal to amend any part of the loan agreement. Any proposal will be put to the individual lenders to vote on. Votes will be recorded and weighted according to the capital owed to each individual.

2) Rebuildingsociety.com will not negotiate any reduction in the interest rate of the current loan.

3) Rebuildingsociety.com will not enter negotiations to write off any capital which is owed to lenders.

4) While a term extension might be considered, any extension will result in interest being accrued and charged for the extension period at the final auction rate.



I shall be in contact should we receive any update. I expect this will be either following further correspondence with the debtors’ advisors when an acceptable repayment offer will be presented to lenders or, failing this, when our recovery action has progressed to the personal service of Statutory Demands upon the guarantors.

So ReBS, who is communicating the truth? Yourselves when you say you are awaiting to hear from the borrower and their advisers, or the borrower who writes today to lenders stating that their business adviser has requested a face to face meeting (with yourselves) a number of times but have received no response to those requests?
It shouldn't be a difficult question to answer.   

Separately, is it correct what another lender says in that ReBS has suspended legal action in this case? If yes, why??

So Michael, have you had a proposal from GAG to your deadlines of 13th September or 21st December (either deadline date will do) regarding repayment of lender's £100K +?


Have you received details in answer to your questions relating to the equity position in the guarantor’s personal property?

If yes did those details contain satisfactory figures to cover lender's outstanding £100 K + for when enforcement is required?


Have you received the most recent valuation report and a statement from the first charge holder containing mortgage payments are up to date?

If yes did those details contain satisfactory figures to cover lender's outstanding £100 K + for when enforcement is required?


Have you received any notification regarding the PGI policy, or whether this has been considered by the guarantors as a potential avenue??

If yes did those details contain satisfactory figures to cover lender's outstanding £100 K + for when enforcement is required?


Please provide answers to all of the above by Friday 6th January 2017.

... otherwise known as A****** A*** L** ... Another month gone, no contribution, no interest, no capital, no word .... is this "bankrupt" business trading unlawfully or has it folded and disappeared?

The discussion on the ReBS own site is making interesting reading.

Looks like the blue touch paper has been well and truly lit.

You have to have some sympathy for the guy who lost 30k and all the others who have lost money.