Is it True that LCF Borrowers Never Defaulted?
Reading their most recent accounts to 30 April 2017 might give a different picture. It's not a massive number but it indicates that loans made have been written off.
According to the accounts published at Companies House there were loans of £418,000 that were written off in the year ended 30 April 2017. This isn't a massive number as it's less than 1% of the loans outstanding but it does seem to show that LCF claims that no defaults had ever taken place are incorrect.
|LCF Directors salaries 2017|
Costs of setting up LCF bonds. It appears from the accounts that the costs of LCF paying commission and other setup costs was approximately 20% of the bond value, the same as Blackmore Bonds paid to Surge Financial.