JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323 
Likes: 897
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Post by JamesFrance on Jul 25, 2017 12:47:47 GMT
carlos I see that your letter from support is dated 16.02.2015 and of course their charges for debt recovery only started in April 2016, since when I have received default loan principal of €1289, interest €116 and have debt servicing cost €547. Before then there was no debt servicing cost on my account which started in 2013.
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carlos
I'm short Bondora and long p2p.
Posts: 104
Likes: 21
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Post by carlos on Jul 25, 2017 14:02:15 GMT
carlos I see that your letter from support is dated 16.02.2015 and of course their charges for debt recovery only started in April 2016, since when I have received default loan principal of €1289, interest €116 and have debt servicing cost €547. Before then there was no debt servicing cost on my account which started in 2013. I'm well aware of that.. The problem is they retroactively applied new TOC to loans issued before TOC took place. That was one-sided change to contracts we as investors didn't agreed on.. Originally Bondora justified this change to contracts by increasing yield of bad loans recovery for investors. But what you've just shown looks like the only Bondora's concern and goal was to make money on the recovery themselves . (the very same recovery they have "created" by issuing loans to low quality borrowers). Bondora is very lucky that nobody has sued them yet.. I don't have the time for it, but I'm pretty sure that we'd win the case. Bondora team is full of liers and I'm happy that I'm over with this company.
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Post by rahafoorum on Jul 27, 2017 14:15:42 GMT
carlos I see that your letter from support is dated 16.02.2015 and of course their charges for debt recovery only started in April 2016, since when I have received default loan principal of €1289, interest €116 and have debt servicing cost €547. Before then there was no debt servicing cost on my account which started in 2013. I'm well aware of that.. The problem is they retroactively applied new TOC to loans issued before TOC took place. That was one-sided change to contracts we as investors didn't agreed on.. Originally Bondora justified this change to contracts by increasing yield of bad loans recovery for investors. But what you've just shown looks like the only Bondora's concern and goal was to make money on the recovery themselves . (the very same recovery they have "created" by issuing loans to low quality borrowers). Bondora is very lucky that nobody has sued them yet.. I don't have the time for it, but I'm pretty sure that we'd win the case. Bondora team is full of liers and I'm happy that I'm over with this company. Actually, if you look at even the old investment contracts you signed, you agreed that Bondora has the right to even drop the claim if they deem it reasonable. In other words, you probably did agree to whatever they're doing, although subsidizing other loans from your recoveries, was not what you most likely had in mind when reading that section in the contracts. Bondora's representative shared the Bondora Servicer report here and also claiming that they are going back to collecting loans through court since that has overall better recovery rate (no comment...): www.facebook.com/groups/191879057647930/824713937697769/Although, with a good lawyer (perhaps it would be ironic, if investors crowdfunded one...) you probably could try to investigate a possibility of a case here on a lot of different grounds that they've done over the years. (removed my list 'cause it was only picking a few of the possible options...if you're seriously interested, feel free to PM for it) Good luck on arguing those things in court though. Funny thing about their TOC is that there's no way to disagree with it, even if you want to. It is usually changed without notice and IF you notice a change that you disagree with, you have to: 1. Log into your account (thus agreeing with their TOC update) 2. Sell all of your investments (which takes a long time, unless you're willing to take a considerable loss through discounts) 3. Withdraw all of your money on your account 4. Get Bondora to delete your account With the later investment contracts I think they changed some critical terms in a way that they're delegated to TOC. So, in theory at least they can be changed retroactively whenever they want. Haven't bothered to look in there for a few years though, so could be changed again. In addition, the "contract" people sign when using the PM was even worse. Essentially giving Bondora the freedom to use your money to fund whatever they want. Not that you'd know, since you don't know what it's going to invest into in the first place 
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fric
Member of DD Central
Posts: 200
Likes: 80
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Post by fric on Jul 28, 2017 6:41:03 GMT
ToS is not a law, if ToS or how they go about it is in violation of legislation in place (not only talking about financial regulation, but other more general laws like consumer protect, civil matters, constitution etc.), the court will rule in your favour and your claims have some ground.
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