“I was pleased on the whole with the service received. It felt courteous and professional.
If looking for an area that could be improved, my focus would be on the countersigning of the loan documentation by Unbolted and Forum Auctions:
Although the process is reasonably swift, I believe it can be made significantly faster and more streamlined without any real compromise to security.
In my own case, the loan was signed first by myself, then by Unbolted, and finally by Forum Auctions — in sequence.
The last signature by Forum Auctions took a couple of hours to obtain, if I recall correctly. To me, this additional waiting time (for an authorised representative at Forum Auctions to make themselves available) felt unnecessary. It was the weakest link in the overall transaction.
My suggestions would be the following:
(i) that Forum Auctions sign the loan documentation more quickly, without necessarily waiting for Unbolted (or even the relevant borrower) to sign first; and
(ii) more representatives at Forum Auctions be authorised to sign the loan documentation on behalf of the auction house.”
“Excellent service, very quick and helpfull, i thought it would be a pain having to send items off get value etc but the value they said online was what they gave me and same day as items received, really cant fault this company in any way, even gave me more loan to value than another tv pawn shop, superb and very happy”
“In connection with my consignments of works of art for auction at Forum, Unbolted has consistently and expeditiously furnished the reasonable loans I requested. As those loans have been repaid following each sale, I know I can rely on Unbolted's positive response to each additional request that I may make.”
Hello Simone,
We are really very sorry to hear that you were not satisfied with the service we provided when you took a loan with us.
Our loan term is six months, and at the end of this period, we give our customers a chance to extend the loan by clearing the interest accrued. We send emails a week before the end of the loan term, to remind you that this is coming up, and we make every effort to get in contact with our borrowers if we have not heard from them with a decision. There is a two week period after the due date where we will not sell the item to give borrowers a fair chance to get in contact. We are also happy to discuss individual circumstances, and make a payment plan to give our borrowers an extension, or the time they need to make the renewal payment, as long as they keep us informed of their situation. If we do not hear from a client after our very best efforts to contact them, unfortunately we can only assume that they do not wish to pay their loan back, and would rather forfeit their asset, however we still give very good notice of sale in advance.
Our aim is for our clients to be able to reclaim their items at the end of the loan term; we never want to default an item, and we work hard to help our borrowers and protect our P2P lenders. We are sorry again that you were not happy with the loan, and if you did choose to use us in the future we would be happy to discuss any concerns, and explain our terms and conditions further.
Best wishes,
The Unbolted Team
