Quote Originally Posted by icyfire View Post
My first loan written off on LC

Loan note LN000-057-737 has been written off. 76% of my principle in that loan was lost which brings into question the value of vehicles that are commonly used as loan security.

It appears that in a bid to increase loans availability the loan quality is dropping fast. Another loan (LN000-050-756) is in collection currently.
The problem with vehicles as security is that if the car has been raced, rallied & rolled, by the time it is repossessed it may be worth next to nothing. Even if it was insured, should it be pranged when the driver has been drinking or perhaps after the WOF has expired the insurance won't pay out so we the lenders miss out.