Jump to content


TrustBuddy P2P lender collapse. Anyone else affected?


pfozz
style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 2486 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

http://www.crowdfundinsider.com/2016/01/80598-trustbuddy-bankruptcy-lenders-to-pay-25-on-recovered-claims/

 

I am a lender with TB. My money is invested in Finland. I have received several letters from the Swedish administrators. The latest appears to offer an agreement to buy the loans from a debt collection agency. I can't understand most of what they are saying because some of the docs are in Norwegian. I have tried writing to the administrators, but have not received any response to date. Anyone else in a similar position? Not sure what my options are....

Link to post
Share on other sites

Have you tried google translator to help with some of the letters ?

 

https://translate.google.co.uk/

Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Link to post
Share on other sites

Hello there. I'm sorry to hear about your problems.

 

Have you tried translating the documents via google or something like Babelfish? They're not perfect, but you might get the gist.

 

If your money is in Finland, is it protected under the EU rules? Finland is a member as I understand it.

 

HB

Illegitimi non carborundum

 

 

 

Link to post
Share on other sites

If your money is in Finland, is it protected under the EU rules? Finland is a member as I understand it.

 

When I had a look at peer to peer lending, there was very little in the way of regulation or protection for investors. The advice I had at the time was to only invest what you could afford to lose as there is no protection under the Financial Services Compensation Scheme.

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

No... you can't eat my brain just yet. I need it a little while longer.

Link to post
Share on other sites

Hi

 

This is the link to the present info on there website: https://www.trustbuddy.com/en/

 

It look like it is Lindahl that is dealing with the Bankruptcy so any contact should really be with them. (the info is also in English on there website)

 

http://www.lindahl.se/trustbuddy

 

http://www.lindahl.se/se/kampanj/trustbuddy-faq-en/

How to Upload Documents/Images on CAG - **INSTRUCTIONS CLICK HERE**

FORUM RULES - Please ensure to read these before posting **FORUM RULES CLICK HERE**

I cannot give any advice by PM - If you provide a link to your Thread then I will be happy to offer advice there.

I advise to the best of my ability, but I am not a qualified professional, benefits lawyer nor Welfare Rights Adviser.

Please Donate button to the Consumer Action Group

Link to post
Share on other sites

  • 2 weeks later...
  • 1 year later...

Hi, This is an update to my original post. I was wondering if anyone could help advise me. I am not sure what to do.

 

I invested £5k in may 2015. Since Trustbuddy went bankrupt I have only received one payment from the administrators of £737.94 in November 2016. I think this is what the administrators are calling 'payout 1'.

 

Now I have received the following email from the administrators:

"Your personal profile:

 

Total balance SEK

11191,17287

Outstanding loan SEK

64900,08333

Estimate amount payout 1

6801,09

Procentual part of balance

0,017522 %

Procentual part of outstanding loan

0,0245025832 %

 

FIRST A SHORT EXPLANATION OF THE FOLLOWING:

 

Total balance SEK = This was money that should have been on account on bankruptcy day. Since Trustbuddy ran out of subordination "borrowed money in its own name", this money was not on account. Lindahl therefore calculated that everyone had their percentage share of the money in the account.

 

Outstanding Loan SEK = This is what the lender had in outstanding loans on bankruptcy day, which formed the basis for your percentage share of the total loan portfolio

 

Estimate payout 1 = This is your share of the money that was on account on the bankruptcy day, which Lindal (bankruptcy manager) has calculated.

 

Procentual part of balance = This is your percentage share of the money that was on account on the bankruptcy day, which Lindal (bankruptcy manager) has calculated.

 

Procentual part of outstanding loan = This is the lender's percentage share of all loans through Trustbuddy. This is the basis for all future payments.

 

WHAT IS IMPORTANT

You will receive your share of everything that Alektum manages to import through its debt collection business in all countries.

If Alektum manages to enter MSEK 8 during 6 months. Your payment will be SEK 8 * your percentage of outstanding loans.

Payment will take place when the total amount of all payments exceeds SEK 5000

 

OFFER TO PURCHASE OF LOAN PORTFOLIO TO ALL LENDERS

 

We now want to offer all lenders the opportunity to sell their loans. This is a voluntary offer that includes a one-time payment. The offer is based on calculations from Allektum which show that it will take approximately 3 years to obtain a corresponding payment.

 

The offer:

Payout payment 1 + 10% of outstanding loans. (Outstanding loan SEK).

If you have received payout 1, you will receive 10% of outstanding.

If you have received payout 2, we deduct this so that payment will be payout 1 + 10% of outstanding loan.

 

Deadline for acceptance of the offer is Friday 1 July 2017. Payment will then take place in August 2017.

 

Click on the profile form to authorize and accept the offer.

YES, I hereby authorize the steering committee and wish for such payment. Enter all necessary information in the profile form.

 

Click here to accept the offer"

 

Firstly, there are a few things I don't understand:

1) I can't get the numbers to add up: 'Total Balance' 1119117287 SEK x 'Procentual part of balance' 0.017522% = 196091.73 SEK. Why is this number different to 'Estimate amount payout 1' 6801.09 ?

2) 'Estimate amount payout 1' seems less than I actually received. 6801.09 SEK is roughly £593 in exchange rates at the time of payment

3) How much will I get back if I accept the offer?

4) How much do people think I am likely to get back if I don't accept the offer?

 

Do you think I should accept the offer or not?

 

I was wondering if anyone else was a lender on the bankrupt Trustbuddy platform and what they plan to do.

 

I would be grateful for any advice. Thanks in advance.

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...