hector
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Post by hector on Dec 14, 2016 13:48:33 GMT
Any bets as to how much longer this borrower and their adviser's will succeed in stringing ReBS along for, with no payments, no proposals for payment, no replies to questions re equity, PGI etc? In fact Nuffin other than enjoying over £100 K for (you've guessed it) Nuffin
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Post by rebsrep on Dec 14, 2016 14:02:50 GMT
Please see the loan updates tab on this loan. You'll see that on 23rd November we updated lenders with the following:
In my last update, sent on 5th October, I informed you that we were engaged in correspondence with ‘*****’, a business advisory company that had been hired by P*** A*** to provide advice.
I can now provide the following update.
Despite supplying the copies of the loan documentation and loan security requested by the advisors, we have still not received an acceptable repayment offer on behalf of the borrower in response. As a result of the time which has passed since our communications began and given the failure to receive any repayment proposal, we have escalated this account to our legal enforcement team and have commenced the enforcement of our loan security to call in the loan.
The account has been passed to our legal agents, who have been instructed to draft a Statutory Demand.
At this stage, the debtors and their advisors are still free to submit a repayment proposal for our consideration, which will be considered and put to our lenders to vote on should it meet our minimum acceptable standards.
As a reminder to lenders, the minimum repayment standards which were laid out to the debtor’s advisors in writing on 23rd August are as follows:
1) Rebuildingsociety.com itself will not agree to any proposal to amend any part of the loan agreement. Any proposal will be put to the individual lenders to vote on. Votes will be recorded and weighted according to the capital owed to each individual.
2) Rebuildingsociety.com will not negotiate any reduction in the interest rate of the current loan.
3) Rebuildingsociety.com will not enter negotiations to write off any capital which is owed to lenders.
4) While a term extension might be considered, any extension will result in interest being accrued and charged for the extension period at the final auction rate.
I shall be in contact should we receive any update. I expect this will be either following further correspondence with the debtors’ advisors when an acceptable repayment offer will be presented to lenders or, failing this, when our recovery action has progressed to the personal service of Statutory Demands upon the guarantors.
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kaya
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Post by kaya on Dec 14, 2016 14:33:28 GMT
You have my sympathy hectorThis sad case typifies the high-risk nature of many loans at Rebs. Here, the borrower openly engaged on the Rebs forum, and seemed honest and genuine, though perhaps a bit inexperienced in business. In time it became apparent to me that they were not serious about repaying the loan, so I sold out of this one (had learned my lesson by this time!). Lenders who lent in good faith, who were supportive of this borrower and their business venture, and who stuck with it, will probably be lucky to get anything back now, I fear.
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hector
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Post by hector on Dec 15, 2016 12:45:03 GMT
So ReBS, who is communicating the truth? Yourselves when you say you are awaiting to hear from the borrower and their advisers, or the borrower who writes today to lenders stating that their business adviser has requested a face to face meeting (with yourselves) a number of times but have received no response to those requests? It shouldn't be a difficult question to answer.
Separately, is it correct what another lender says in that ReBS has suspended legal action in this case? If yes, why??
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Post by rebsrep on Dec 15, 2016 13:39:30 GMT
So ReBS, who is communicating the truth? Yourselves when you say you are awaiting to hear from the borrower and their advisers, or the borrower who writes today to lenders stating that their business adviser has requested a face to face meeting (with yourselves) a number of times but have received no response to those requests? It shouldn't be a difficult question to answer. Separately, is it correct what another lender says in that ReBS has suspended legal action in this case? If yes, why?? There will be an official response to Emma's post on our platform and that will be posted on the same thread. All details of all actions taken to date on this loan, with reasons, are available on the loan updates & discussion tabs on rebs.
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hector
Member of DD Central
Posts: 121
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Post by hector on Dec 30, 2016 18:31:19 GMT
So Michael, have you had a proposal from GAG to your deadlines of 13th September or 21st December (either deadline date will do) regarding repayment of lender's £100K +?
Have you received details in answer to your questions relating to the equity position in the guarantor’s personal property?
If yes did those details contain satisfactory figures to cover lender's outstanding £100 K + for when enforcement is required?
Have you received the most recent valuation report and a statement from the first charge holder containing mortgage payments are up to date?
If yes did those details contain satisfactory figures to cover lender's outstanding £100 K + for when enforcement is required?
Have you received any notification regarding the PGI policy, or whether this has been considered by the guarantors as a potential avenue??
If yes did those details contain satisfactory figures to cover lender's outstanding £100 K + for when enforcement is required?
Please provide answers to all of the above by Friday 6th January 2017.
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Post by es2013david on Feb 3, 2017 16:18:36 GMT
Unbelievable!!! The borrowers didn't show up at the meeting with ReBS and GAG, but they are happy to commit to paying GAG £6,000 p.a. to stretch this mess out for 10 years, spending £60,000 plus in the process.
Unbelievable that GAG accuse us of reckless lending but are happy to place a £60,000 deadweight around the necks of two well meaning but badly advised ladies.
It won't happen of course. Even if borrowers support some sort of surreal extended deal they won't pay more than a few of months repayments before the tide comes in again. Time to end this charade, cut and run, methinks.
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Post by es2013david on Mar 15, 2017 15:46:54 GMT
... otherwise known as A****** A*** L** ... Another month gone, no contribution, no interest, no capital, no word .... is this "bankrupt" business trading unlawfully or has it folded and disappeared?
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Post by es2013david on Jun 20, 2017 23:10:12 GMT
...or A****** A*** L** (why were we saddled with two names throughout this case?)..so now we know. The borrower has closed the "business", there is no income stream, GAG have gone away - of course - and the domestic property mortgage debt has increased as dramatically as the value of our "security" has decreased.
This case has been adrift for over a year, our equity has leaked away and our hope of much in the way of return must be pretty low. If ever there was a case for swift action, this was it.
Groan out loud if you agree.
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Post by dodgeydave on Jun 21, 2017 11:22:44 GMT
The discussion on the ReBS own site is making interesting reading.
Looks like the blue touch paper has been well and truly lit.
You have to have some sympathy for the guy who lost 30k and all the others who have lost money.
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am
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Post by am on Jun 21, 2017 16:31:32 GMT
Companies House tells me that the company was compulsorily struck off yesterday (20th June 2017), with the implication that any remaining assets belong to the crown.
EDIT: but looking further it appears that this company never operated (and that the business was operated by a A* A* Ltd.)
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SteveT
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Post by SteveT on Jun 22, 2017 8:15:47 GMT
The discussion on the ReBS own site is making interesting reading. Looks like the blue touch paper has been well and truly lit. You have to have some sympathy for the guy who lost 30k and all the others who have lost money. Some of the posts, and the facts now coming to light, really are quite astonishing. I remember having a token sum in this loan before I exited ReBS; the business proposal struck me then as a triumph of hope and idealism over reality, both from the borrower, from ReBS and from a number of cheer-leading ReBS lenders who "campaigned" to get the loan filled. No-one comes out of this looking good and, once again, I count myself very fortunate I ceased all-but-unsecured SME lending when I did (FC and LC as well as ReBS).
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