arby
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Post by arby on Dec 1, 2018 18:43:12 GMT
GODANUBIS- since when did "another" mean "many".
However if you want details perhaps we should start with the Wind turbine loan or are you claiming there was no loss on this loan? After all "another" just means more than one. I'm also in the Whitehaven loan where the land value doesn't equate to the total money lent and it was supported by the false claims FS published despite numerous photos of a derelict site. Then of course there is the Powerboat loan which would be laughable if so many people weren't exposed to a loss (still to be confirmed but expected). The railwayana - yet another example of loss. I could go on but I doubt that despite numerous examples of loss (and I'm happy to list all my losses of capital for you) it will affect your apparent belief that FS is the best investment vehicle you could have and that you could actually achieve a profit.
Of course losses are expected when investors are supposedly getting 8 - 13% interest but the present losses are unacceptable to me. Over the past 3 years investing with FS I expect to make a gain of <1%
Shame I didn't invest in National savings isn't it. You're right, 'another' means more than one, but 'yet another' is used to infer many. Anyway, this is all irrelevant, the best part of FS is being able to choose your own investments and the exposure to each one. Some people, through either intelligence or luck will avoid all defaults, while others will get more than average. I agree that in some cases FS should be more proactive with recoveries, but some of the suggestions given are not practical- if FS "took charge" of every sale process then it would be clear it was a distressed sale and the risk of a capital loss would increase. The alternative is waiting indefinitely for the increased hope of a full capital return, but in the meantime your money is tied up and perhaps not earning interest if the eventual sale takes years and there is only sufficient for the capital. In the end, it's trying to find the right balance between those two extremes. There's no right answer to keep everyone happy and it seems a bit childish to assume that your view is right for everyone else too.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 2, 2018 2:00:54 GMT
GODANUBIS- since when did "another" mean "many".
However if you want details perhaps we should start with the Wind turbine loan or are you claiming there was no loss on this loan? After all "another" just means more than one. I'm also in the Whitehaven loan where the land value doesn't equate to the total money lent and it was supported by the false claims FS published despite numerous photos of a derelict site. Then of course there is the Powerboat loan which would be laughable if so many people weren't exposed to a loss (still to be confirmed but expected). The railwayana - yet another example of loss. I could go on but I doubt that despite numerous examples of loss (and I'm happy to list all my losses of capital for you) it will affect your apparent belief that FS is the best investment vehicle you could have and that you could actually achieve a profit.
Of course losses are expected when investors are supposedly getting 8 - 13% interest but the present losses are unacceptable to me. Over the past 3 years investing with FS I expect to make a gain of <1%
Shame I didn't invest in National savings isn't it. As said yet another implies many. Investing in FS currently >18% return for friend with <£10000 my investment Several 100k returning >15% . Diversify and < 1% in any loan. And as dan1 has shown you will always be ahead with reasonable return. You have to work at it <20 is kept to 30 day or to payback and each of them is <1% of funds If you just buy large amounts and hold your risks and lower returns are substantially higher. The holistic approach means no losses even at your <1% you don’t have a loss you just have a lower return. If you put your money in s SIPP good old HMRC add 20-40% If you want to buy and forget invest in Welendus they will give you very good return as their whole strategy aids you with Diversification. Put in the work reap the rewards I required >£30000 a year for care home bill. FS delivered with profits, Interest was only about 40% of returns I get.
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number5
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Post by number5 on Dec 2, 2018 8:42:14 GMT
GODANUBIS- since when did "another" mean "many".
However if you want details perhaps we should start with the Wind turbine loan or are you claiming there was no loss on this loan? After all "another" just means more than one. I'm also in the Whitehaven loan where the land value doesn't equate to the total money lent and it was supported by the false claims FS published despite numerous photos of a derelict site. Then of course there is the Powerboat loan which would be laughable if so many people weren't exposed to a loss (still to be confirmed but expected). The railwayana - yet another example of loss. I could go on but I doubt that despite numerous examples of loss (and I'm happy to list all my losses of capital for you) it will affect your apparent belief that FS is the best investment vehicle you could have and that you could actually achieve a profit.
Of course losses are expected when investors are supposedly getting 8 - 13% interest but the present losses are unacceptable to me. Over the past 3 years investing with FS I expect to make a gain of <1%
Shame I didn't invest in National savings isn't it. As said yet another implies many. Investing in FS currently >18% return for friend with <£10000 my investment Several 100k returning >15% . Diversify and < 1% in any loan. And as dan1 has shown you will always be ahead with reasonable return. You have to work at it <20 is kept to 30 day or to payback and each of them is <1% of funds If you just buy large amounts and hold your risks and lower returns are substantially higher. The holistic approach means no losses even at your <1% you don’t have a loss you just have a lower return. If you put your money in s SIPP good old HMRC add 20-40% If you want to buy and forget invest in Welendus they will give you very good return as their whole strategy aids you with Diversification. Put in the work reap the rewards I required >£30000 a year for care home bill. FS delivered with profits, Interest was only about 40% of returns I get. What sort of return do you get at Welendus?
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 2, 2018 13:07:38 GMT
As said yet another implies many. Investing in FS currently >18% return for friend with <£10000 my investment Several 100k returning >15% . Diversify and < 1% in any loan. And as dan1 has shown you will always be ahead with reasonable return. You have to work at it <20 is kept to 30 day or to payback and each of them is <1% of funds If you just buy large amounts and hold your risks and lower returns are substantially higher. The holistic approach means no losses even at your <1% you don’t have a loss you just have a lower return. If you put your money in s SIPP good old HMRC add 20-40% If you want to buy and forget invest in Welendus they will give you very good return as their whole strategy aids you with Diversification. Put in the work reap the rewards I required >£30000 a year for care home bill. FS delivered with profits, Interest was only about 40% of returns I get. What sort of return do you get at Welendus? You choose what return from 8-15 % the lower the risk lower returns I have chosen range for different amounts lent. Ie I have say £100 at 8-15% another at 12-15% another at 14-15% my current overall return is about 12.5 % interest paid monthly. Their current provision fund is 106% of money lent.You are investing in people rather than assets. The seem to have an excellent assessment team for risk (Lendy and FS should employ them)
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aj
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Post by aj on Dec 3, 2018 9:04:48 GMT
Disappointed at the length of time, it took to tell us that the funds had been spent renewing lower ranking tranches. FS must have known that the new tranche wouldn't cover the first charge renewal for ages, why so long to update?
In summary: 1st facility: £1,000k on a site where 'The architects are currently working with the council on a slightly smaller scheme' 2nd Facility: £850k on a completely unrelated site that lenders do not have security over? 3rd facility: £500k on a completely unrelated site that lenders do not have security over? 4th Facility: £500k on planning demolition and interest 5th Facility: £400k on planning and interest
FS, what has been achieved for the hundreds of thousands of pounds the borrower has spent on 'planning'?
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09dolphin
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Post by 09dolphin on Jan 1, 2019 12:04:40 GMT
The last update said that it was anticipated that these loans would be cleared from sales made by the borrower by Christmas.
Still waiting for an update as to why this didn't happen.
Is this yet another example of FS's optimistic updates that have no relevance to reality? Perhaps FS meant Christmas 2019 rather than Christmas 2018.
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aj
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Post by aj on Apr 3, 2019 6:52:37 GMT
It's been 3 Months since FS referred to their solicitors for advice on recovering investors funds. I can only assume the advice was "You're F*cked".
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micky
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Post by micky on Apr 5, 2019 13:50:31 GMT
It's well overdue an update. I have requested an update from the char line several times but been fobbed off. You would have thought that the original purchasers would have been pushing for a cheaper deal with the middle man out of the way.
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adrian77
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Post by adrian77 on Apr 5, 2019 14:11:45 GMT
it might be low at the moment but there is time yet! I too can not see this one and many others not coming good - and just how is all this Brexit nonsense going to help the housing market in the next 6 months? Answers on a digital postcard.
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Post by mrclondon on Apr 5, 2019 14:34:33 GMT
I'd recommend those that have access to DD Central that haven't yet read my post of 16th February do so. The legal framework for recovering this loan is substantially different from most p2p loans, and whilst the lack of any comms from FS is frustrating, it isn't going to be easy for them to explain what is happening in laymans terms. By failing to explain from the outset the mechanisms by which the security was perfected in this case, the updates to date have further confused the issue when using terms such as "borrower" and "developer" which are not clear as to who they refer to.
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09dolphin
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Post by 09dolphin on Apr 15, 2019 8:47:13 GMT
Was discussing this loan with my niece yesterday who is a barrister who deals with property issues and I think her views are interesting. She does emphasise that her views are "off the cuff" and therefore should not be relied on in court if I decide to share them in this forum.
She suggests that the way the security is structured makes it impossible to appoint receivers and the debt can only be recovered when or if the land is sold or the debtor decides to pay the money owed. If the land is built on she suggests that if the property is not freehold then this loan doesn't have to be redeemed as the security still exists and could even be enhanced in terms of it's value. Reassuringly she does suggest that the security cannot be sold unless the assigned 1st charge is redeemed so it will continue - alarmingly possibly for decades.
After reading the original loan details she does suggest that lenders may have a case against FS as the details of the security offered are misrepresented. Specifically that FS do not have a 1st charge against the security offered.
My views on this loan remind me of my views on the art loans. I do wonder if this borrower has found a way to borrow a large amount of money with no intention of ever repaying the debt but is in no danger of any sort of criminal proceedings.
I'm not surprised that there has been no update for over 3 months. What could FS say that would give any hope to lenders as they should have been aware of the limitations re an assigned 1st charge.
PS Thank you MrC for your very helpful posts both here and on DD Central
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michaelc
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Post by michaelc on Apr 16, 2019 13:51:02 GMT
New update on the site.
If it turns out to be true that this loan is unusual in that the legal ducks are hardly all in a row, why did FS pick this one to enforce when there are so many others that are seemingly more straight forward? I say that as someone with an interest in this one but I'd rather the recovery resources within FS were focused on some quick wins.
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aj
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Post by aj on Apr 17, 2019 13:53:39 GMT
New update on the site. If it turns out to be true that this loan is unusual in that the legal ducks are hardly all in a row, why did FS pick this one to enforce when there are so many others that are seemingly more straight forward? I say that as someone with an interest in this one but I'd rather the recovery resources within FS were focused on some quick wins. So just because enforcement on this loan seems a little more difficult you think FS should give up on attempting a recovery?
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michaelc
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Post by michaelc on Apr 17, 2019 14:18:11 GMT
New update on the site. If it turns out to be true that this loan is unusual in that the legal ducks are hardly all in a row, why did FS pick this one to enforce when there are so many others that are seemingly more straight forward? I say that as someone with an interest in this one but I'd rather the recovery resources within FS were focused on some quick wins. So just because enforcement on this loan seems a little more difficult you think FS should give up on attempting a recovery? No definitely not.
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09dolphin
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Post by 09dolphin on May 22, 2019 16:15:39 GMT
Still awaiting the update FS expected to make within 3 - 4 weeks of 16th April. When oh when will Fs start delivering on their "expectations" or are their "expectations" just a mechanism FS use to defer any action at all.
FS have to the end of the month to post a meaningful update as I am considering generating yet another formal complaint - to accompany my complaints re the Whitehaven debacle and the powerboat loan.
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