ozboy
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Post by ozboy on Nov 15, 2019 13:55:20 GMT
Smart thinking sj, a well thought out and co-ordinated response is our best way forward.  |
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ozboy
Member of DD Central
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Post by ozboy on Nov 15, 2019 12:30:16 GMT
I am not an ogre and have no problem with appropriate forbearance.
The current cessation of activity is based on a Solicitor's letter received by BC in which the Solicitor simply repeats what they were told by the Borrower. AFAIK no actual proof has been provided, so this type of "Solicitor's letter", on which BC is basing a short term decision, is meaningless.
I do however also believe (hope) that BC are experienced and know what they are doing. I have just emailed BC and requested that in due short course BC obtains two separate forms of proof of the Borrower's circumstances.
This is a very difficult situation, nonetheless a professional business stance has still to be taken, AFAIK the Borrower is neither "poor" nor "destitute".
UPDATE: I have just phoned BC and their thinking is aligned with mine/Lenders. FWIW I also took the time to remind BC that Lenders have had a gut full from the likes of FS/Lendy/COLL and that all Platforms are obviously under VERY close scrutiny.
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ozboy
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Post by ozboy on Nov 14, 2019 11:24:43 GMT
This has been alluded to before on here, Americans owe about $1.5 trillion on their student loans, this one isn't going away, is getting bigger, and IMHO is gonna be the next big global "Derailer". A precis:- (BOLDing not mine, taken straight from the story) 1. SIX PERCENT OF BORROWERS OWE A THIRD OF ALL THE OUTSTANDING DEBT. 2. ABOUT ONE QUARTER OF STUDENT LOAN BORROWERS, WHO HAVE ABOUT HALF THE DEBT OUTSTANDING, BORROWED FOR GRADUATE SCHOOL. 3. INDIVIDUALS WHO OWE THE MOST ARE NOT THE INDIVIDUALS WHO DEFAULT ON DEBT. 4. MOST BACHELOR’S DEGREE RECIPIENTS GRADUATE WITH LITTLE TO NO DEBT. 5. EVEN IF FINANCIAL AID COVERS THE WHOLE TUITION BILL, MANY STUDENTS STILL BORROW TO COVER LIVING COSTS. America catches a cold, the world .............. [ SOURCE: Read www.brookings.edu/blog/up-front/2019/11/12/five-facts-about-student-loans/?utm_source=join1440&utm_medium=email&utm_placement=etcetera ] |
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ozboy
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Post by ozboy on Nov 14, 2019 10:58:38 GMT
One of the Borrowers is not "well" and compassion is being extended regarding our Loan. And apparently the Courts are expected to also show further compassion.
BridgeCrowd, do you have written proof of the relevant Borrower's "condition" please? And from two seperate, distinct, authoritave sources? It won't be the first time a Doctor's Note was, errrr, "erroneous".
Apologies if the Borrower is indeed genuinely in the situation we have been told but this is still business and must be checked out thoroughly.
Particularly if it means it will be years before we get our money back.
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ozboy
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Post by ozboy on Nov 13, 2019 23:48:35 GMT
Which, of course, he is most definitely NOT.At some stage you have to endow trust, and I would much rather trust Monetus (as one of US) than anyone else in this black comedy, including the FCA. |
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ozboy
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Post by ozboy on Nov 13, 2019 22:35:30 GMT
It's very clear what was going on at FS and many of us had an idea long ago. Our money was being shoveled out the door on an industrial scale to a coterie of Borrowers against Assets that were often grossly overvalued when compared with the "real" valuations easily obtained from the simplest of quick, five minute desktop searches. The useless FCA won't do anything, Plod needs to be involved urgently, if they aren't already. It won't get yer money back of course, but Boy, the sheer joy of seeing one or more jailed would calm me down considerably. |
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ozboy
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Post by ozboy on Nov 12, 2019 23:56:15 GMT
How on earth can the Art Loans and The (racing) Powerboat/s still be "Active"?
Unless, of course, they're going "Defaulted" tomorrow and/or there's technical reason/s for withholding Default Action.
Good to see the job finally being got on with anyway, at a rate of knots (errr, no pun intended), and may the original Directors of FS rot in hell. (Save Noman, remember him? Would love to know the REAL reason/s he swiftly got out so very long ago.)
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ozboy
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Post by ozboy on Nov 12, 2019 20:49:35 GMT
I am very alarmed at the proposals from the administrators. A few things that hit me: - FS were seemingly approved by the FCA without an appropriate wind-down plan - The legal right of investors to any secured assets is not clear apart from for 5 loans - FS was lending its own money against loans - The bad state of controls at FS have been known since at least December 2018 and the FCA allowed FS to continue to trade- There are non-investor debtors (including former directors) who have significant secured debt This has seemingly left investors in a terrible position. The administrator has no legal right to manage the loan book, however there is no mechanism for the loans to be managed or funds returned to investors. Investors are now being asked to approve a request from the administrator for investors to be de facto creditors and for them to be able to take their fees from proceeds. In my opinion to approve this would be a terrible outcome for investors. It would be to accept that the administrators can take their fees from our loans, but to have no clarity as to how the money will be distributed. How will we know that investors will be ahead of other creditors? I will re-read the proposal, but to me it looks awful for investors. I think we need answers from the FCA, it is not acceptable for them to wipe their hands. They approved FS' regulation and at the time we understood this included a wind-down plan. What are others thoughts? Let me save you the trouble Mr Teflon-Bailey and tell the masses your reply now - "We didn't intervene at the time because we wanted to avoid a disorderly wind-down" (or somesuch). ONE question for you Mr Teflon-Bailey, have you EVER been gainfully employed in the commercial sector, and/or had a responsible, decisionmaking position in running a commercial ( non quasi/government) business? At all? I ask also the same question of all employees at the FCA. Do ANY of you know ANYTHING other than how to tick boxes and quaff pink gin? Why not OWN UP to your numerous incompetencies, arrange appropriate compensations, and then shut yourselves down. THE FCA IS A COMPLETE, UTTER and TOTAL DISGRACE.
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ozboy
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Post by ozboy on Nov 12, 2019 20:25:02 GMT
I was 'making' 12% plus - that's counting accrued interest without the benefit of the SM. Only a couple of tiny defaults running into a miniscule three figure amount.
Then I was 'hit' with the total FS mismanagement of the turbine loan - you know the one that only required the funds to hook up the system. Those funds were used elsewhere and it opened my eyes fortunately to the absolute incompetence of FS to manage the simplest of loans. Mind started wandering - mine that is - do they really have in their possession all that bling or are we just doing 'mates handshakes'. What other connections are their between the FS Directors and friends using lenders funds, etc, etc.
So with confidence gone I exited the platform apart from the W***h H***l zombie loan.
As I've stated before, I consider myself to be extremely fortunate that I will walk away with a 5-6% return irrespective as to that zombie loan. Many others sadly will not be so fortunate and it will have a severe impact on their financial future.
There's no bugs on you, errrr, Bugs! 
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,857
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Post by ozboy on Nov 12, 2019 20:17:58 GMT
One or more should must be jailed, and we all know who. I am not well versed enough in the laws of libel to say any more but have been taking Mind Reading lessons recently and I must say they're working a treat - I can read all your minds! |
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,857
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Post by ozboy on Nov 12, 2019 20:07:57 GMT
I received the same response so when I was asked to provide feedback on my customer experience I immediately responded - it was difficult keeping my response down to the maximum number of permitted characters but I finally managed it. Well done brianlom1 . Today I did the same. I remember watching Andrew F... Bailley being interviewed and he said that we can trust the FCA register. "If a company is on the FCA register it means the FCA have checked them out and theyre safe...". I cannot locate the clip now, but if anyone can, please post up a link so I can forward that to ASA Complaints too. Ah yes, Mr Teflon-Bailey, the c*** also said that what happened to Collateral Investor/Lenders was ............. "unfortunate."Again, for general delectation - m.youtube.com/watch?v=iAAmts-TdGg&t=11m46s ( <- as recently reminded by northender )
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,857
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Post by ozboy on Nov 12, 2019 20:01:42 GMT
The story has got it all wrong, the defecating was on Collateral Investor/Lenders. m.youtube.com/watch?v=iAAmts-TdGg&t=11m46s ( <- as recently reminded by northender ) |
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ozboy
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Likes: 4,857
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Post by ozboy on Oct 23, 2019 22:01:30 GMT
I'm out of my depth here (as usual.  ) Presumably you can be a Creditor AND a Lender/Investor? Monetus ? |
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ozboy
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Post by ozboy on Oct 23, 2019 19:49:09 GMT
I (most of us?) would like to see one or more who were involved with Funding Secure jailed, Whitehaven alone is as 100% black & white, clear cut as you can get.
I was never in Whitehaven but it saddened me hugely when I read on here a few times that Plod was just not interested in the Whitehaven details.
No idea how it all works but perhaps the Administrators and/or the FCA will now be interested and pursue Perpetrators with eventual criminal charges?
I REALLY DO hope so, the industry badly needs such actions, and it might even clean up P2P overnight?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,857
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Post by ozboy on Oct 16, 2019 18:28:00 GMT
VERY good advice sydb, especially regarding, of course, Financial Products and Insurance. I have lost track of the times I have been told something, challenged it, been told again categorically that what I was told is correct, checked again with another who reinforced, and then later it still turned out wrong. Currently in the midst of a Hoo Ha with Hargreaves Lansdown, which I will "Win." Last one, funnily & very surprising enough, was Fundsmith, got an ex gratia from that one. I have never been the sharpest tool in the box, but boy, am I grateful that I did five years in The City which opened my eyes and taught me some very valuable lessons. |
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