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Post by scrooge on Jun 25, 2016 8:39:30 GMT
Mrs Scrooge has a very small position in this loan, which surprise, surprise has gone wrong. We are told the principal director has been ill, but from their sick bed has arranged a loan from a bank which will repay us all. Despite this clearly being a delaying tactic, REBS have taken it at face value and gave the borrower until mid-month to provide the evidence from the new lender, presumably the "Bank of Santa Claus"?
A request has been posted by someone on the borrower's loan page, asking REBS what the next steps will be, given that the deadline has passed, but of course REBS have remained silent. Does anybody here have an Ouija board I could use to try contacting REBS??
Is it any wonder that, from the state of the re-sale market, there is a headlong rush for the exit? Thank goodness Mrs Scrooge and I only have pocket money amounts invested here.
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Post by captainconfident on Jun 27, 2016 23:16:45 GMT
I bought into this loan in some giddy moment, before I realised that a certain broker was the kiss of death, and the loan became septic so fast that I couldn't do the planned slimming of my holding. I echo every comment of the OP, but without the good humour. The platform is bending over backwards to believe every excuse and prevarication of the borrower, who seems so fixed on the glory of his promised new loans that he forgets to pay for this one, month after month. It is a disgrace. Pathletic.
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Post by GSV3MIaC on Aug 31, 2016 17:12:58 GMT
Whooo Hoo, looks like it has actually been recovered, with interest (not quite hit my account yet) which is a definite step in the right direction...
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Post by danraj on Aug 31, 2016 19:33:13 GMT
Our recovery team has been able to constructively recover the debt in full, along with the accrued interest.
At an AER of 16.36%, 277 investors have made a healthy return from this borrower, who was ultimately able to honour the debt.
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Post by bluechip on Sept 1, 2016 1:28:13 GMT
Good work - a step in the right direction and I hope this continues. A few more like this and I may be back investing.
I and others are justifiably quick to be critical, but credit where it's due here Dan & team.
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SteveT
Member of DD Central
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Post by SteveT on Sept 1, 2016 6:08:52 GMT
[Mod hat off]
I too am very happy to see this loan finally repaid and I thank ReBS for keeping the pressure on the borrower. However this was the easy one, being essentially a much-delayed, oft-promised refinance (the borrower is still trading, no Receiver was needed, no sale of assets was required). The other 8 defaulted loans I hold require rather more fundamental steps and I will reserve judgement until I see any sign of the projected recoveries from these.
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Post by es2013david on Sept 1, 2016 7:03:44 GMT
Although I didn't have a stake in this particular loan, I have several others that are unlikely to produce a full settlement.
This case has virtually disappeared from the site unless you were a lender or know the full name and chase it through the "site map" route meaning that - as good news goes - no-one other than interested lenders will know about it. Even the entry has had the "repayments" tab removed, only the "overview" indicates full redemption, which seems a pity if ReBS want this small achievement to be hailed as a recovery success, giving hope to the (possible) future for some of the other non-performing loans.
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baldpate
Member of DD Central
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Post by baldpate on Sept 1, 2016 7:12:25 GMT
[Mod hat off] I too am very happy to see this loan finally repaid and I thank ReBS for keeping the pressure on the borrower. However this was the easy one, being essentially a much-delayed, oft-promised refinance (the borrower is still trading, no Receiver was needed, no sale of assets was required). The other 8 defaulted loans I hold require rather more fundamental steps and I will reserve judgement until I see any sign of the projected recoveries from these. My feelings exactly, Steve. A full recovery is very welcome (and it has improved my personal default position by about 15%), but it was always the one to which ReBS themselves ascribed the very highest probability of recovery.
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Post by buttchopf23 on Sept 1, 2016 14:37:58 GMT
I am an Investor for some weeks now and I read mostly negative stuff (which I can understand giving the circumstances). Nevertheless this recovery is very good news.
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baldpate
Member of DD Central
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Post by baldpate on Oct 3, 2016 10:55:01 GMT
rebsrep may I please ask you to find out what is happening about the distribution of extra interest (i.e. that acruing from payments made more than 5 days late). It is over a month since the loan was redeemed; capital + scheduled interest was distributed quickly (31 Aug), but so far as I can see from my statements no further distribution has been made in respect of this loan. I asked support about this on 22nd and was told the ticket would be passed to the accounts team - since when I have heard nothing further. I really do think we should have heard something by now, even if it is just to reassure that somebody is working on this and to give us a target date.
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Post by rebsrep on Oct 3, 2016 11:00:06 GMT
rebsrep may I please ask you to find out what is happening about the distribution of extra interest (i.e. that acruing from payments made more than 5 days late). It is over a month since the loan was redeemed; capital + scheduled interest was distributed quickly (31 Aug), but so far as I can see from my statements no further distribution has been made in respect of this loan. I asked support about this on 22nd and was told the ticket would be passed to the accounts team - since when I have heard nothing further. I really do think we should have heard something by now, even if it is just to reassure that somebody is working on this and to give us a target date. I'll ask the question.
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baldpate
Member of DD Central
Posts: 548
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Post by baldpate on Oct 7, 2016 17:04:20 GMT
rebsrep may I please ask you to find out what is happening about the distribution of extra interest (i.e. that acruing from payments made more than 5 days late). It is over a month since the loan was redeemed; capital + scheduled interest was distributed quickly (31 Aug), but so far as I can see from my statements no further distribution has been made in respect of this loan. I asked support about this on 22nd and was told the ticket would be passed to the accounts team - since when I have heard nothing further. I really do think we should have heard something by now, even if it is just to reassure that somebody is working on this and to give us a target date. I'll ask the question. , have you been able to get an answer yet?
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Post by rebsrep on Oct 17, 2016 12:53:54 GMT
rebsrep , have you been able to get an answer yet? We've just issued the below to all lenders on this loan: I am writing with a supplementary update regarding your loan with Rxxxxx Hxxx. In my last update, sent on 31st August 2016, I informed you that we had received the full recovery of this defaulted loan. I can now provide the following confirmation with regards to the distribution. I can confirm that all capital and interest which we have received from this borrower has now been distributed accordingly to lenders. The redemption figure which was communicated to the borrower was received by us on 30th August. This amount was distributed to lenders on 31st August and 1st September 2016. As a result of the complicated nature of this particular redemption and the need to factor is extra interest for payments made over 5 days late, the precise categorisation for each distribution may not appear as clearly on your statement as it would in a ‘normal redemption’. We apologise for any confusion which was caused by the way the payments have been illustrated on your statement, however we can confirm that the full received amount has been distributed to lenders. We now consider this loan to be fully repaid and distributed. If any lender is still experiencing issues calculating their figures, then our support team can conduct a full breakdown on a case by case basis. Please contact support if you feel this is necessary, however please do bear in mind that this may take some time to complete. Thank you for your co-operation and patience during our default recovery process for this loan.
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baldpate
Member of DD Central
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Post by baldpate on Oct 19, 2016 16:45:50 GMT
Thanks rebsrep .amd to Michael for his update. That seems to clarify the situation, as I understand Michael to be saying that the 'extra' interest was rolled up in the 'monthly' interest payments made on 31st August. Those payments were within pennies (or even fractions thereof) of what I would have expected to have received had the payments been made on the due dates, which was why I (wrongly, it seems) assumed that there was a separate payment coming for the extra. I'm surprised how litte extra we received considering how late these payments were, but I guess my expectations were too high |
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