sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Nov 20, 2015 9:33:53 GMT
Do you know the FC loan numbers sqh? I'm afraid not. I don't use FC anymore, but I know it can be a problem working out who the borrower is. If you don't have any loans with 12(11), 27(26) payments remaining you should be Ok. Judging by Butch Cassidy's more recent post, FC will have stopped it trading now.
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grahamg
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Post by grahamg on Nov 20, 2015 11:06:59 GMT
Do you know the FC loan numbers sqh? I'm afraid not. I don't use FC anymore, but I know it can be a problem working out who the borrower is. If you don't have any loans with 12(11), 27(26) payments remaining you should be Ok. Judging by Butch Cassidy's more recent post, FC will have stopped it trading now. When the loan came up i asked and they gave me some numbers B***JEWE951912, B***JEWE302858 which meant nothing, tried to work it out based on the FC loanbook and it being in NI but failed miserably, was not happy with their other answers so did not invest.
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kaya
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Post by kaya on Nov 20, 2015 12:27:13 GMT
It'd be good to have some sort of p2p industry agreement that if a borrower goes pop before the first payment/within a month of loan that the platform covers the losses given the obvious failures in packaging the loan. I think we learned with the dodgy printer on FK that a platform cannot aggregate the claim for borrowers. Presumably if the platform pays the borrowers back in full for early failures then the platform then could make a credible case against a borrower if there was misrepresentation. Without that aggregation then there is no penalty for borrower misrepresentation because nobody is in a position to take legal action. Jack P Well in that case I want a refund from les Miserables who made just one repayment - just to make it look like a real loan, I suspect, before pulling the plug. Where do you draw the line?
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jonno
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nil satis nisi optimum
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Post by jonno on Nov 20, 2015 13:17:57 GMT
It'd be good to have some sort of p2p industry agreement that if a borrower goes pop before the first payment/within a month of loan that the platform covers the losses given the obvious failures in packaging the loan. I think we learned with the dodgy printer on FK that a platform cannot aggregate the claim for borrowers. Presumably if the platform pays the borrowers back in full for early failures then the platform then could make a credible case against a borrower if there was misrepresentation. Without that aggregation then there is no penalty for borrower misrepresentation because nobody is in a position to take legal action. Jack P Well in that case I want a refund from les Miserables who made just one repayment - just to make it look like a real loan, I suspect, before pulling the plug. Where do you draw the line? Not sure, but unless ReBS pull something out on this one, then as far as I'm concerned they've crossed it.
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Post by captainconfident on Nov 20, 2015 14:50:57 GMT
Same broker for this and The Glums, I notice.
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Post by GSV3MIaC on Nov 20, 2015 21:18:49 GMT
Hmm, I can't find them in the FC Loanbook, assuming NI is the location, and the remaining payment numbers are even roughly right. Can anyone do any better??
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arbster
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Post by arbster on Nov 20, 2015 21:43:53 GMT
Hmm, I can't find them in the FC Loanbook, assuming NI is the location, and the remaining payment numbers are even roughly right. Can anyone do any better?? I drew a blank too. Made me wonder if they had given their location as some other trading address, or if FC fouled up, or even if the lender wasn't Funding Circle at all.
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iren
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Post by iren on Nov 21, 2015 1:21:11 GMT
I'm in a loan on Money & Co where the borrower went delinquent after just a couple of payments some months ago, plus broke covenants by taking on additional debt. It looked bad for lenders for a long time, but M&Co have now made an offer to buy all lenders out at par.
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Post by captainconfident on Nov 21, 2015 9:56:01 GMT
From Google, "jeweller-************************************************-to-shut/"
Er..... "Weeks after ******************** shut"? Weeks?
Unlikely that the borrower was unaware that they were due in court to answer charges from the DTI and Trading Standards.
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Post by Ton ⓉⓞⓃ on Nov 21, 2015 15:37:01 GMT
From Google, "jeweller-************************************************-to-shut/" Er..... "Weeks after ******************** shut"? Weeks? Unlikely that the borrower was unaware that they were due in court to answer charges from the DTI and Trading Standards. Uptil your post I couldn't work out who it was, but putting you string suggestion into google it seems to have come up with the answer as the top result. Surprise surprise I felt I had to obscure it, thing is even if it's the wrong Jeweller I'd still have to obscure it for the same sort of reasons. Sothe reasons I've obscured the post is possible libel & getting in the way of recovery.
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shimself
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Post by shimself on Nov 22, 2015 14:05:06 GMT
Libel? - you should read the correspondence in the local paper. If it is libel he and his descendants will be made for life.
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oldgrumpy
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Post by oldgrumpy on Nov 22, 2015 14:24:39 GMT
No doubt there are already (highly paid) smart-*rse lawyers standing by for the defence, replete with a brief-case full of "mitigating circumstance" arguments/ploys, maximising delays, and who will be at the front of the queue for payment, ahead of all creditors and lenders.
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nick
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Post by nick on Nov 22, 2015 16:22:40 GMT
This looks like a blatant case of fraud by false representation given they started closing the shop and ceased on-line trading within 3 weeks of draw down. Its a loan I'm invested in and I've re-reviewed the loan info to see if there any obvious red flags. With hindsight, I show have taken more notice with the overall negative feedback the borrower had on various websites. However, this would eliminate a lot of potential borrower's and not necessarily indicative of the likely failure of the business, eg Ryanair are one of the most complained about companies but is financially very strong. The company did have quite a bit of existing debt, but so do most applicants - you would only borrow on RebS at +20% (after all fees) if you have already exhausted traditional funding lines. My conclusion is that it is extremely difficult to identify someone who going to defraud you in advance of the event. But maybe customer satisfaction/dis-satisfaction is the best indicator of the borrower's inherent character and how they may treat lenders when the going gets tough......
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Post by chris on Nov 22, 2015 19:14:12 GMT
I'm afraid not. I don't use FC anymore, but I know it can be a problem working out who the borrower is. If you don't have any loans with 12(11), 27(26) payments remaining you should be Ok. Judging by Butch Cassidy's more recent post, FC will have stopped it trading now. When the loan came up i asked and they gave me some numbers B***JEWE951912, B***JEWE302858 which meant nothing, tried to work it out based on the FC loanbook and it being in NI but failed miserably, was not happy with their other answers so did not invest. Those are virtual banking ids behind the scenes, like the lender deposit ones start with L and follow the same format.
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baldpate
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Post by baldpate on Nov 22, 2015 19:20:11 GMT
.... you would only borrow on RebS at +20% (after all fees) if you have already exhausted traditional funding lines. .... But maybe customer satisfaction/dis-satisfaction is the best indicator of the borrower's inherent character and how they may treat lenders when the going gets tough...... Good points, Nick. I think we need to recognize that, in lending on ReBS, we are for the most part 'bottom fishing', and so most of the businesses which pitch for a loan on this platform have defects of some sort or another. This isn't helped by the fact that, in my opinion, ReBS credit ratings sometimes seem to be arrived at by rolling a dice : in the short year I've been lending here, I've seen A-rated loans which I wouldn't touch with the proverbial barge-poll, and C-rated loans to which I would happily have lent at much lower rates than actually achieved. That said, I agree that this loan has a particularly rotten smell about it (something I didn't detect with 'Les Miserables', for example, which seemed to me a simple case of rotten bad luck, probably combined with inexperience on the part of the director - the sort of thing which could lay low any small, fragile business at any time).
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