morris
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Post by morris on Sept 27, 2020 15:21:22 GMT
Lending Works, it's about time you responded here. Your current strategy would most likely to have caused a loss of confidence with the majority of your lenders & the longer it goes on the worse it will get. Surely taking 2% of our capital plus all our interest cannot go on forever, or could it. However, one has to wonder, if & when you restart normal lending, who will want to invest. I suspect many will try & sell, but there will not be any buyers. Therefore something radical will need to be done. Please advise. Are they actually taking 2% of account balances. I have been looking at my monthly statements and I can't see a deduction.
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morris
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Post by morris on Sept 27, 2020 15:02:27 GMT
As I understand it this fee is 5% of net proceeds of sale - I am not convinced a forefited deposit can be classed as such - is this clearly and explicitly defined in the T&Cs ? Somehow I doubt it but I am no lawyer. Also I am concerned what will happen with the art sales if the new litigation owners get a recovery - I note we are told To me the above is very unclear - after reading the above I am very worried for 3 reasons (and yes I am a lot of these paintings) 1) we get shafted for a 5% fee of £2.3m (if this is the correct total) = £115K out of any recovery 2) the money paid to FS to aquire these rights is also subjected to this 5% 3) the litigants clock-up huge legal fees so there will be very little left over i.e. : - the litigants benefit from their massive legal fees and only make a nominal profit on their investment - FS still get a fee despite in my book being criminally negligent - and yet again we end-up with c*ck all! I really hope my fears are misplaced
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morris
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Post by morris on Sept 26, 2020 7:57:55 GMT
One question I have regarding the action of casting a vote, which someone far more legally qualified than myself may be willing to answer. if you strongly disagree with the process already progressed and being proposed and therefore against the proposal itself. Are you better to not vote at all, as the act of casting a vote, even if “no” could be argued / viewed as being in support of the process the company is proposing? I'm no expert, but the CVA proposal must be agreed by 75% of (by value) of debt holders. So there will be a substantial number of investors who will not vote because they can't be bothered or don't understand the proposal, and will therefore count against the against the proposal.
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morris
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Post by morris on Sept 22, 2020 6:37:29 GMT
Website has some information. Implementing a company voluntary arrangement.
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morris
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Post by morris on Sept 21, 2020 14:58:14 GMT
Part payment today.
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morris
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Post by morris on Sept 21, 2020 11:24:14 GMT
Now had an email from Wellesley saying that they have decided to suspend all maturities on investments. Thanks a million. I have 5 year bonds maturing tomorrow, Wednesday, and next week. They have also repeated that an announcement will be made in the next seven days about my investment.
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morris
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Post by morris on Sept 19, 2020 10:46:39 GMT
Google 'rare book theft from London'
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morris
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Post by morris on Sept 18, 2020 18:49:26 GMT
Maybe no connection, but report today that a collection of 200 rare books valued at £2.5 million including works by Galileo and Isaac Newton were stolen from a transit store in Feltham en route to Las Vegas for auction and have been recovered in Romania. This theft occurred in 2017 and I am not sure when the original loans were made but I was buying renewals in 2018 so renewals may have occurred despite the theft.
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morris
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Post by morris on Sept 15, 2020 16:24:29 GMT
Has no-one else had this then:
'Wellesley has made the decision to suspend interest payments on all upcoming investments amid ongoing market challenges. This means that the next interest payment on your 5 Year Income xxxxxxxxx will not be paid into your holding account tomorrow as scheduled.
Wellesley will be making an announcement with further information your regarding investment in the next seven days. Please keep an eye out for this email in your inbox.
In the meantime, we would like to thank you for your patience.'
I am not expecting that it will be good news.
Received this morning
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morris
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Loanpad (LP)
Loanpad
Sept 3, 2020 5:16:51 GMT
Post by morris on Sept 3, 2020 5:16:51 GMT
On the plus side Loanpad pay interest daily so it can be put to work to boost returns. Does anyone know how much this is worth in percentage terms?
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morris
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Post by morris on Aug 28, 2020 15:22:32 GMT
This loan also paid out yesterday. Original loan £509,000. Sale proceeds/rent £294,850. Return to investors £213,086, 41.9%.
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morris
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Post by morris on Aug 27, 2020 17:38:51 GMT
This loan paid back today. Original loan was £450,000. Sale proceeds were £45,000 leaving £3,919.28 distribution to investors or 0.9% of capital. Luckily I only had £25 in this. Now how shall I spend my 22p?
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morris
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Post by morris on Aug 14, 2020 6:36:50 GMT
I agree that premium bonds in reality pay 1.2%, and any more is a bonus. That 1.2 equates to 2% for higher rate taxpayers and 1.5 standard rate taxpayers. On that basis in the current climate I'm in.
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morris
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Loanpad (LP)
Loanpad
Aug 9, 2020 6:32:39 GMT
Post by morris on Aug 9, 2020 6:32:39 GMT
Loanpad continue to promote a welcome bonus of £100 to new investors on their twitter feed despite the high level of new investors and deposits,
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morris
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Post by morris on Jul 7, 2020 16:47:03 GMT
The 'personal circumstances' referred to in the loan comments are known locally. The borrower deserves our sympathy in this difficult time.
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