SteveT
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Post by SteveT on Mar 10, 2016 14:19:06 GMT
Another one bites the dust, this guy having failed to disclose his 3 prior loans on FC. ReBS goes from bad to worse.
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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 Mar 10, 2016 15:39:01 GMT
Shocker, just the one payment. Somehow I appear to have avoided this one.
No doubt the bad news came in an email starting "Hope you're having a good week...." When you'd prefer it to start "We've been down the police station and filed a case of fraud...."
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SteveT
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Post by SteveT on Mar 10, 2016 15:41:25 GMT
Actually no email at all yet about this one, even though the website suggests it was defaulted on the 3rd
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jonno
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nil satis nisi optimum
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Post by jonno on Mar 10, 2016 15:44:34 GMT
Well,that's finally it for me. No more money in and everything on the SM.
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kaya
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Post by kaya on Mar 10, 2016 16:21:43 GMT
Have the other loans also defaulted on repayments? FC are no better, offering large loans to lenders which then default after a couple of repayments. Methinks it may be getting near time to exit all SME lending. This one I avoided, but you can never avoid them all.
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oldgrumpy
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Post by oldgrumpy on Mar 10, 2016 16:32:19 GMT
Can anyone guide me to FC loan numbers. I don't think I have them, but FC may well not even know the firm is defaulting this one. (I avoid ReBS because of all this).
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SteveT
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Post by SteveT on Mar 10, 2016 16:36:00 GMT
Can anyone guide me to FC loan numbers. I don't think I have them, but FC may well not even know the firm is defaulting this one. (I avoid ReBS because of all this). Another ReBS lender reckoned them to be 2413, 3330, and 7315.
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oldgrumpy
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Post by oldgrumpy on Mar 10, 2016 16:46:36 GMT
Thanks - looks like I've never owned those - or they've been wiped from my record post-seeling. Have they also defaulted? What kind of "consultant" ... not "top tier" by any chance?
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Post by rebsrep on Mar 10, 2016 17:17:08 GMT
SteveT and others We did issue an email to all lenders on this loan on the 2nd March before it was moved to the Defaults tab on the 3rd. I've pasted that email below for your reference. "Due to the borrower’s failure to disclose existing lending with another creditor, we have now placed this loan into default and have commenced our recovery process and the legal enforcement of our security. As many of you will be aware, we have been investigating this company since one of our lenders informed us of the possible existence of three existing loans with another creditor. As a result of our investigation into the company, we have confirmed that this is indeed true and have identified three separate occasions where the borrower failed to disclose the existence of a material fact of existing borrowing with another lender prior to the loan completion. As per section 8.1.2 of the Loan Agreement, the provision of false or misleading information in any material respect constitutes a Default Event and as a result of this, we have now placed the loan in default and begun our recovery process and the legal enforcement of the security of the loan. Once we established the existence of the existing borrowing, we wrote to the borrower notifying him of the breach of contract and requested a meeting with him. It was pointed out to him that the breach could result in the loan being called in. The Director has been in contact via telephone once to discuss the problems with repayment and the issue of the failure to disclose the existence of current borrowing. He stated that repayment problems have arisen due to a recent loss of some orders creating a shortfall in their work book, compounded by a delay in overseas clients paying. When pressed on the existence of current borrowing, he stated that he would have to check his records and refused to discuss it further. As of today we have received no further communication from the Director. This case has now been escalated and our legal agents have been briefed of the situation. They are currently drafting a Statutory Demand for the full repayment of the loan and this will be issued imminently. " As you can see we are going in fast and hard on this one.
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oldgrumpy
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Post by oldgrumpy on Mar 10, 2016 17:23:55 GMT
Thank you rebsrep . Three existing loans and the director can't say .... "will have to check his records". Evasive. Of course he knew. And you knew he knew. As you say - go in hard - and tell FC!!!
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Post by rebsrep on Mar 10, 2016 17:46:53 GMT
Thank you rebsrep . Three existing loans and the director can't say .... "will have to check his records". Evasive. Of course he knew. And you knew he knew. As you say - go in hard - and tell FC!!! We certainly won't be telling FC. We asked them when this issue first came to our attention whether or not this borrower had any FC loans and they refused to confirm or deny citing borrowerer confidentiality. Also if FC are not trying to recover a large sum from them, we have a better chance of recovering the outstanding sum due to rebs and ultimately to you the lenders.
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SteveT
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Post by SteveT on Mar 10, 2016 18:32:40 GMT
rebsrep, can you check what time on the 2nd it was sent? The only email I received from Michael Lawther that day concerned Les J***s and was timed at 18.49. Thanks
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Post by oppsididitagain on Mar 10, 2016 20:01:37 GMT
I read something today about how Rebs had conducted a DueDil report in the light of L*** J*** and J***. (?) I just hope it wasn't something like
Q. ' do you have any existing loans ? A. 'NO'
Duedil get questioned- Well I asked and he said NO, so Ive done my job !
Something clearly isn't working properly as I think this is the 3rd or 4th loan that has only made 1 repayment before going Pete Tong !
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Post by rebsrep on Mar 10, 2016 20:09:04 GMT
SteveT It was at 21:52 on Wednesday 2nd March
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Post by rebsrep on Mar 10, 2016 20:13:34 GMT
I read something today about how Rebs had conducted a DueDil report in the light of L*** J**** and J****. (?) I just hope it wasn't something like Q. ' do you have any existing loans ? A. 'NO' Duedil get questioned- Well I asked and he said NO, so Ive done my job ! Something clearly isn't working properly as I think this is the 3rd or 4th loan that has only made 1 repayment before going Pete Tong ! Can you please provide a link or pm me a scanned copy of the 'source' that details our Duedil process please.
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