Thursday, February 25, 2016

Trustbuddys lenders will fight to get the money back – Swedish Dagbladet

photo: Fredrik Sandberg / TT /

A group of around 15 individuals, including Trustbuddys founder Jens Glasö and investor Arne Fredly, has now made common thing to try to get back the money they have lent via kursade loan broker TrustBuddy writes Breakit.

– just before Christmas we realized that the loans was likely to be useless and when we assembled in just a few days proxies for a majority of the loans. When we had two-thirds of the mandates we decided to try to get the loans themselves, says Karl-Anders Greenland in Norwegian law firm SGB Storlökken, hired by the group.

At present, they have received proxies from people which together account for around 80-90 percent of the more than 300 million crowns lent through TrustBuddy.

the process has been under Greenland dragged on, among other things, because you had to wait since mid-January to get the necessary information from the liquidator. But on Tuesday night came the information to the end.

– We needed a complete list of all lenders, how much they lent and contact information for them. We had a list that some lenders themselves gathered together, but we needed to get it confirmed, he said.

Ever since the bankruptcy in October last year, there has been great uncertainty about how much of the money lenders will actually be recover from the bankruptcy estate. The trustee decided in November that the so-called separation law applies in bankruptcy.

This means that lenders is entitled to the money in the client fund account. The only problem is that the majority of the money lent is not on that account, but the claims of the people who borrowed the money. Thus they are not included in the bankruptcy estate, which has put lenders in something of a vacuum. The hope now is that the money will be recovered by an external company.

– We are currently negotiating with several debt collection companies, and I expect that we will make clear to one of these shortly, now that we are well received the information we need. We have received several bids and are in the final phase of the negotiations. We can either resell the loans or we can hire someone who can recover the loans to a payment from us, says Karl Anders Greenland.

A total of around 4100 lenders lent money through TrustBuddy, from smaller amounts to millions. A total of 40,000 to 45,000 individuals in Norway, Sweden, Finland, Denmark, Poland and Spain have taken loans through loan intermediary, according to Greenland.

What do you hope to achieve?

– My job is to collect as much money as possible, and then find a way to divide them between lenders. All possible conflicts between them, they resolve on their own, he said.

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