Asked on 25 Jun 2019
I have a few defaults (won't mention which platform), still pending court process and recovery. Is there any hope of getting some back? Or is it totally lost? Why is the process of recovery so slow ?
Hi Gabriel, pleased to meet you - your responses & questions have been great learning for me personally! Kaeley here, I'm the Community Manager from Funding Societies! 👋 Have you reached out to the said platform on the slow updates yet? I'd like to share with you a related opinion piece, contributed by one of our investors on our blog - link here! He delved into detail on why a loan default may not result in a 100% wipeout of one's principal. Would love to hear your thoughts on this!
Separately, you may also interact with him here on the topic, alongside other FS investors.
Do let me know if it helps! :)
From my experience over the past 2 years, usually there is little hope of recovery especially if the guarantors are made bankrupt.