madpierre
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Post by madpierre on Dec 15, 2016 18:40:14 GMT
I am a little bewildered by the repayments upon default at Unbolted. With Gold loans they state that lenders will never lose money though whether this applies to principal and interest I am unsure, although I had assumed the former. With other loans I read that the Provision Trust will protect against any shortfall in the loan principal. I take this to mean that I will receive back my initial stake but not interest but that is what I thought about the Gold loans? I have, however, noticed that on some defaulted (other) loans after auction I still appear to have funds in them. I cannot work out if this is a loss. Thankfully I have you anoraks to help me out (I hope)
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Dec 16, 2016 10:37:09 GMT
I am a little bewildered by the repayments upon default at Unbolted. With Gold loans they state that lenders will never lose money though whether this applies to principal and interest I am unsure, although I had assumed the former. With other loans I read that the Provision Trust will protect against any shortfall in the loan principal. I take this to mean that I will receive back my initial stake but not interest but that is what I thought about the Gold loans? I have, however, noticed that on some defaulted (other) loans after auction I still appear to have funds in them. I cannot work out if this is a loss. Thankfully I have you anoraks to help me out (I hope) I can help with the first bit; Gold loans: Principal AND interest covered (hence lower rate);Other loans:Principal only.
I must confess, I get a bit confused working out what has actually been recovered on auction sales.
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madpierre
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Posts: 303
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Post by madpierre on Dec 16, 2016 20:09:09 GMT
Many thanks jonno that tallies with my understanding And from the timely email from Unbloted ( ) today it would appear all we have lost over the last 18 months is a bit of interest on some defaults
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