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Post by rockderk on Jul 15, 2022 19:35:05 GMT
All 10 of my loans are in some kind of vague restructure mode. Addendums are hard to find. When you find them they're basically 'Wait longer'. Is anyone driving the boat?
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Post by overthehill on Jul 15, 2022 20:02:46 GMT
Either a borrower induced or self induced coma.
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Post by df on Jul 15, 2022 20:38:31 GMT
All 10 of my loans are in some kind of vague restructure mode. Addendums are hard to find. When you find them they're basically 'Wait longer'. Is anyone driving the boat? Yes, but the boat is stuck in seaweed...
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dh1
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Post by dh1 on Jul 16, 2022 6:10:26 GMT
Yep, it is well and truly Sargassoed. It isn't actually dead, its just changed from a p2p into a debt operation. Lenders didn't sign up for that, of course.
Sadly, it has persisted with its poor debt recovery processes (a very generous description) which mean investors see: nothing of note happening; indications of (relevant?) actions but little if any evidence of them; very little if any money actually being returned; the dreaded prospect of interest capitalisation (which increases lender risk and the overall debt); and so on.
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GreenZero
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The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on Jul 16, 2022 9:09:15 GMT
Well, the Captain is still about and on the odd occasion shows his beard if challenged to a dual.
Fingers are being pointed at the fourth mate. Apparently, he went a little power mad and when steaming full ahead crashed in to green scale sea monster. Damage was received, how bad, only time will tell.
Our Captain skippered the fourth mate’s vessel for a very short time, but the wheel was soon taken back. As we know the high seas are a dangerous place so insurance was not an option. At the moment we are told all the fourth mates coin and family treasure is much needed at home, so making the good olde ship abl back to Bristol fashion is going to take some time, some considerable time…
It does feel like us investors are the ship mate up in the crow’s nest who was feeling bright and gay, only to be told by the captain, don’t come down, I’ve taken then ship away.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jul 16, 2022 12:31:39 GMT
Well, if it was a parrot.................................
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Post by overthehill on Jul 16, 2022 12:44:31 GMT
Yep, it is well and truly Sargassoed. It isn't actually dead, its just changed from a p2p into a debt operation. Lenders didn't sign up for that, of course.
Sadly, it has persisted with its poor debt recovery processes (a very generous description) which mean investors see: nothing of note happening; indications of (relevant?) actions but little if any evidence of them; very little if any money actually being returned; the dreaded prospect of interest capitalisation (which increases lender risk and the overall debt); and so on.
Sargassoed ? A geographical metaphor, do tell ?
Sargasso Sea. While all other seas in the world are defined at least in part by land boundaries, the Sargasso Sea is defined only by ocean currents.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 16, 2022 13:11:09 GMT
Yep, it is well and truly Sargassoed. It isn't actually dead, its just changed from a p2p into a debt operation. Lenders didn't sign up for that, of course.
Sadly, it has persisted with its poor debt recovery processes (a very generous description) which mean investors see: nothing of note happening; indications of (relevant?) actions but little if any evidence of them; very little if any money actually being returned; the dreaded prospect of interest capitalisation (which increases lender risk and the overall debt); and so on.
Sargassoed ? A geographical metaphor, do tell ?
Sargasso Sea. While all other seas in the world are defined at least in part by land boundaries, the Sargasso Sea is defined only by ocean currents.
Known as an area where things get stuck ... currents tend to deposit stuff there ... myth that ships would get trapped in the seaweed predominant there but actually due to light or low winds leading to periods of sailing ships being becalmed.
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dh1
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Post by dh1 on Jul 16, 2022 15:51:07 GMT
Couldn't have said it better myself, ilmoro. Well I didn't! Thanks for the great words.
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blender
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Post by blender on Jul 18, 2022 12:12:38 GMT
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registerme
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Post by registerme on Jul 18, 2022 12:53:29 GMT
New email out. Not good news.
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blender
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Post by blender on Jul 18, 2022 13:05:04 GMT
A realistic and principled decision, imo.
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KoR_Wraith
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Post by KoR_Wraith on Jul 18, 2022 13:08:49 GMT
I fully support Ablrate's decision; as we've learned from MoneyThing, an orderly wind down with existing staff managing the loan book is infinitely preferrable to calling in administrators.
I feel the writing's been on the wall for a while now and I regret that the business model (despite its faults) is unviable going forward.
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corto
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one-syllabistic
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Post by corto on Jul 18, 2022 13:10:26 GMT
Well, one could trace it back to Cameron
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archie
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Post by archie on Jul 18, 2022 13:11:32 GMT
How would an ISA transfer work when all the investments are stuck?
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