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Post by elephantrosie on Jul 14, 2017 13:47:59 GMT
will we still be receiving interest on the sole loan that is overdue now?
I see some investors have bought loans today. pretty unfair to them...
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hendragon
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Post by hendragon on Jul 14, 2017 13:54:59 GMT
it seems that interest will accrue on the overdue loans, and the rest will pay interest as normal. I rather think this will be a good test/benchmark as to how Collateral will deal with defaults. With the "unfair question" I would hope the answer is Collateral acted to suspend the loans as soon as they had the information. If you buy overdue loans you have to accept the risks involved.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 14, 2017 13:59:50 GMT
will we still be receiving interest on the sole loan that is overdue now? I see some investors have bought loans today. pretty unfair to them... From the email: "Interest will now accrue on Loan BB000375..." so if sufficient funds are recovered, investors will receive accrued interest on repayment of the defaulted loan but not before. (ie Not part of the monthly interest run). As for 'unfair' - so long as COL acted promptly and froze the loans as soon as practicable on receiving the news, then 'unfortunate' yes but not 'unfair', IMO Errr, yep, it's called "Risk."............ Besides, there's been LOADS of noise about these Packaged Car Loans. PS: Just realised that my posting could be misconstrued as "schadenfreude", which it definitely is not. I feel genuine sympathy for anyone involved in these Loans and am fully aware that not everyone has the time to monitor the financial & investment meedja. Anyway, seeing as they're COLL Loans there's a probability of an acceptable outcome!
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Post by Collateral Rep on Jul 14, 2017 13:59:52 GMT
Afternoon,
We have been in direct contact with all investors in the loans. Unfortunately we are unable to discuss this on a public forum but will regularly update all investors who have parts in these loans.
As the email said, if any investor with loan parts has any questions, please contact us at info@collateraluk.com.
Thanks for your understanding in this matter,
Gordon
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hendragon
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Post by hendragon on Jul 14, 2017 14:03:58 GMT
fair enough Gordon. If you can't get any cash I quite fancy the blue mini with the go faster stripes
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tomp
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Post by tomp on Jul 14, 2017 14:14:09 GMT
LOL you can finally buy something on the SM
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Post by elephantrosie on Jul 14, 2017 14:15:02 GMT
just to make it clear that I did not buy the overdue loan on sm. Indeed good test of cols action on closing defaults. I don't have a driving license, so I would prefer cash.....
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jimc99
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Post by jimc99 on Jul 14, 2017 14:48:27 GMT
Anyone know where these loans are now listed on the platform?
Don't think I had any but now cannot find them anywhere......
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archie
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Post by archie on Jul 14, 2017 14:50:59 GMT
Anyone know where these loans are now listed on the platform? Don't think I had any but now cannot find them anywhere...... The 'Sell' button is absent for these loans, easiest way is to scroll down your current loan list.
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rxdav
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Post by rxdav on Jul 14, 2017 14:53:36 GMT
I actually put £200 of the overdue car loan (by 3 days I think it was) up for sale this morning (there was already some £475 for sale). Like everyone else I had no idea it was actually about to go belly up - it's simply my policy not to hold overdue loans. They went quick enough - we all know the risks (and if you don't you shouldn't be here). However, even If I hadn't sold I would be confident of COL getting at least the capital back in due course.
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Kyrios
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Post by Kyrios on Jul 14, 2017 15:34:53 GMT
Even though I have skin in the game, I am actually quite "satisfied" to see that Collateral had its first default. Now we will really be able to gauge this platform. Sourcing deals is a skill, but recovering money is a different one especially on such assets...
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n
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Yet another Nick
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Post by n on Jul 14, 2017 15:49:18 GMT
Even though I have skin in the game, I am actually quite "satisfied" to see that Collateral had its first default. Now we will really be able to gauge this platform. Sourcing deals is a skill, but recovering money is a different one especially on such assets... Agreed, it will be interesting. However it's not property. Since property is the way Collateral is going I would be more interested in seeing how a default in that area goes. (Not that anybody wants to see any defaults really.)
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hendragon
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Post by hendragon on Jul 14, 2017 15:49:31 GMT
fair enough Gordon. If you can't get any cash I quite fancy the blue mini with the go faster stripes And I'll take the Boxster drop-top -- I can put it aside for my midlife crisis been there............done the mid-life crisis. Can't recommend it as its bad for both your health and your wealth
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ablender
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Post by ablender on Jul 14, 2017 15:59:20 GMT
Even though I have skin in the game, I am actually quite "satisfied" to see that Collateral had its first default. Now we will really be able to gauge this platform. Sourcing deals is a skill, but recovering money is a different one especially on such assets... I have to add. Up to now I am happy with the quick action of Collateral. Keep it up.
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ablender
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Post by ablender on Jul 14, 2017 16:00:48 GMT
Even though I have skin in the game, I am actually quite "satisfied" to see that Collateral had its first default. Now we will really be able to gauge this platform. Sourcing deals is a skill, but recovering money is a different one especially on such assets... Agreed, it will be interesting. However it's not property. Since property is the way Collateral is going I would be more interested in seeing how a default in that area goes. (Not that anybody wants to see any defaults really.) I hope that Collateral will not abandon the other areas as I am not that much interested in property. I need diversity mainly.
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