Looks like 24 out of 80 gone bad? 30% Loss ratio? How much in cash u gotten back including interest and how much remaining to get back (those still current)?
MoolahSense investing Thread
- Thread starter stellamara
- Start date
Looks like 24 out of 80 gone bad? 30% Loss ratio? How much in cash u gotten back including interest and how much remaining to get back (those still current)?
Simonlee1977
Junior Member
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- May 6, 2017
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yes, got 30% was consider bad debt. On and off they can recover some peanut money.
below is the latest snapshot.
Current Snapshot
Principal Received S$ 8,576.42
Interest Received S$ 725.72
Late Interest Received S$ 156.00
Outstanding Principal S$ 1,488.70
Outstanding Interest S$ 78.57
Current In Funding S$ 0.00
Available Funds S$ 40.52
Closed Off Principal S$ 135.33
Closed Off Interest S$ 8.45
Simonlee1977
Junior Member
- Joined
- May 6, 2017
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- 80
- Reaction score
- 1
Simonlee1977
Junior Member
- Joined
- May 6, 2017
- Messages
- 80
- Reaction score
- 1
Transferred 13940, current shortage of 1231 to break even.
With 7 in current max 500 to get back.
2 late
1 past due
2 doubtful
10 loss
2 closed off.
With 7 in current max 500 to get back.
2 late
1 past due
2 doubtful
10 loss
2 closed off.
Ah thanks for sharing bro. Hopefully you can get back as much as possible.
Oh no.... but good luck. Hopefully they have reviewed and tighten their underwriting.
Keep us updated.
Funds Transferred In S$ 7,100.00
Funds Transferred Out S$ 6,422.93
Current Snapshot -15/10/2019
Principal Received S$ 8,655.31
Interest Received S$ 729.73
Late Interest Received S$ 176.12
Outstanding Principal S$ 1,341.30
Outstanding Interest S$ 70.12
Current In Funding S$ 0.00
Available Funds S$ 0.00
Closed Off Principal S$ 203.84
Closed Off Interest S$ 12.89
Funds Transferred Out S$ 6,422.93
Current Snapshot -15/10/2019
Principal Received S$ 8,655.31
Interest Received S$ 729.73
Late Interest Received S$ 176.12
Outstanding Principal S$ 1,341.30
Outstanding Interest S$ 70.12
Current In Funding S$ 0.00
Available Funds S$ 0.00
Closed Off Principal S$ 203.84
Closed Off Interest S$ 12.89
doglover11
Junior Member
- Joined
- Dec 10, 2011
- Messages
- 8
- Reaction score
- 0
wow nowadays so easy to cheat moolahsense
This LJW jus simply say we did not borrow settle liao
LATE REPAYMENT STATUS 27.11.2019 - LJW RESOURCES PTE. LTD. (1971)
Dear Investors,
This is with regards to the non-repayment of LJW Resources Pte Ltd for Note 1971.
Attempts by MoolahSense and our agents to engage the Issuer and the Guarantor to repay or restructure the Promissory Note have not been successful. Given the outstanding due under this note, MoolahSense is now seeking Investors’ agreement to fund legal proceedings to recover outstanding amounts from the Issuer and/or Guarantor(s).
We are conducting a poll to determine if 100% of investors are willing to bear the costs of legal proceedings.
Legal proceedings may be commenced against the Issuer. If consensus by investors is reached, a fresh Statutory Demand will be served on the issuer to make payment. If the outstanding amount is not paid, an Originating Summons will be filed in court against the issuer.
Should a judgment order in favour of the creditor be granted by the court, further action may be taken such as garnishing, filing a writ of seizure, filing for winding up proceedings on the issuer and filing a judgment debtor summons.
The estimated total costs for these actions is SGD40,000/-.
If the matter becomes lengthy and protracted, the legal costs and other disbursements may increase but our legal counsel will seek your approval in advance. If full consensus is received, the legal costs will be divided pro rata among investors. Please note that even in the event that a judgment is awarded to the creditors, the full amount of legal costs may not be awarded or recovered.
MoolahSense does not provide legal advice and you should seek your own legal counsel before making a decision.
We would also like to highlight the following observations, based on the information made available to us, as you consider your decision:
1) The issuer, LJW Resources Pte Ltd, has denied borrowing under the promissory note. The Issuer has not made a single payment under the promissory note.
2) Multiple third party agencies have been engaged to negotiate with the Issuer and Guarantors and these agencies have reported a lack of success.
3) Whilst we have been able to contact the Issuer and/or the Guarantor(s), the parties have declined to discuss a restructuring or a settlement and hence there is no indication of any intent to make repayments. The Issuer has asked their lawyers to communicate with our collection agents and the Issuer's lawyer has suggested to our agents that the matter be settled in a legal suit. Based on the interaction so far, we expect any legal proceedings to be protracted.
4) A police complaint has been raised on 27NOV19.
5) To the best of our knowledge, the company has not been wound up and the guarantors have not been bankrupted. There is however, one ongoing application in the courts to wind up the company.
This LJW jus simply say we did not borrow settle liao
LATE REPAYMENT STATUS 27.11.2019 - LJW RESOURCES PTE. LTD. (1971)
Dear Investors,
This is with regards to the non-repayment of LJW Resources Pte Ltd for Note 1971.
Attempts by MoolahSense and our agents to engage the Issuer and the Guarantor to repay or restructure the Promissory Note have not been successful. Given the outstanding due under this note, MoolahSense is now seeking Investors’ agreement to fund legal proceedings to recover outstanding amounts from the Issuer and/or Guarantor(s).
We are conducting a poll to determine if 100% of investors are willing to bear the costs of legal proceedings.
Legal proceedings may be commenced against the Issuer. If consensus by investors is reached, a fresh Statutory Demand will be served on the issuer to make payment. If the outstanding amount is not paid, an Originating Summons will be filed in court against the issuer.
Should a judgment order in favour of the creditor be granted by the court, further action may be taken such as garnishing, filing a writ of seizure, filing for winding up proceedings on the issuer and filing a judgment debtor summons.
The estimated total costs for these actions is SGD40,000/-.
If the matter becomes lengthy and protracted, the legal costs and other disbursements may increase but our legal counsel will seek your approval in advance. If full consensus is received, the legal costs will be divided pro rata among investors. Please note that even in the event that a judgment is awarded to the creditors, the full amount of legal costs may not be awarded or recovered.
MoolahSense does not provide legal advice and you should seek your own legal counsel before making a decision.
We would also like to highlight the following observations, based on the information made available to us, as you consider your decision:
1) The issuer, LJW Resources Pte Ltd, has denied borrowing under the promissory note. The Issuer has not made a single payment under the promissory note.
2) Multiple third party agencies have been engaged to negotiate with the Issuer and Guarantors and these agencies have reported a lack of success.
3) Whilst we have been able to contact the Issuer and/or the Guarantor(s), the parties have declined to discuss a restructuring or a settlement and hence there is no indication of any intent to make repayments. The Issuer has asked their lawyers to communicate with our collection agents and the Issuer's lawyer has suggested to our agents that the matter be settled in a legal suit. Based on the interaction so far, we expect any legal proceedings to be protracted.
4) A police complaint has been raised on 27NOV19.
5) To the best of our knowledge, the company has not been wound up and the guarantors have not been bankrupted. There is however, one ongoing application in the courts to wind up the company.
Why should they? Its not their money that's at stake.
doglover11
Junior Member
- Joined
- Dec 10, 2011
- Messages
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the thing weird is this company has like long ago indicate that they are not going to pay since like many months ago , insisting that they did not borrow anything at all. I thought it should have been on the spot moolahsense report to police already not wait until now.
doglover11
Junior Member
- Joined
- Dec 10, 2011
- Messages
- 8
- Reaction score
- 0
dun know how moolahsense can allow such things to keep happening non stop as in like it has been delayed since start of the year and it need to take them like 7-8 months before a site visit is being done.
The company lives true to its name "LJW"... A combination of "**" and "JW".
Should really ask how come lawyer fee $40k with inflation like Zimbabwe. Last time got one case MoolahSense initially quoted $8k+, then suddenly upped it to $20k+ which made investors drop out.
You can compare to the fees quoted by Capital Match (~$10k) and Funding Societies (~$8k).
Should really ask how come lawyer fee $40k with inflation like Zimbabwe. Last time got one case MoolahSense initially quoted $8k+, then suddenly upped it to $20k+ which made investors drop out.
You can compare to the fees quoted by Capital Match (~$10k) and Funding Societies (~$8k).
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