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Post by carol167 on Apr 11, 2018 11:20:23 GMT
Well at least it's one less in my loooong list of defaulted/can no longer sell/waiting for godot titles that will mean I have left. Better a known outcome than being strung along for years with fictional updates - and that's on a good day. You do know it didn't sell and is still defaulted. Unless the wall came back in with a bid 🤣 Email, today, says they've accepted best offer. It's been closed off and I'm now showing a credit for circa 55% of my stake. Am I missing something ?
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locutus
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Post by locutus on Apr 11, 2018 11:24:20 GMT
Email, today, says they've accepted best offer. It's been closed off and I'm now showing a credit for circa 55% of my stake. Am I missing something ? Did the email say they are pursuing the borrower for the shortfall?
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Post by carol167 on Apr 11, 2018 11:27:45 GMT
Email, today, says they've accepted best offer. It's been closed off and I'm now showing a credit for circa 55% of my stake. Am I missing something ? Did the email say they are pursuing the borrower for the shortfall? Nope. Only that they've waived taking anything for storage/sale/commission costs, opting to absorb the costs and give all sale proceeds back to lenders.
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hendragon
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Post by hendragon on Apr 11, 2018 11:33:49 GMT
Did the email say they are pursuing the borrower for the shortfall? IIRC under a pawnbroking style loan FS would not be entitled to pursue the borrower.
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ozboy
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Post by ozboy on Apr 11, 2018 11:49:46 GMT
Why do I get the feeling that this Borrower knew exactly what they were doing?
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Liz
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Post by Liz on Apr 11, 2018 11:55:04 GMT
Why do I get the feeling that this Borrower knew exactly what they were doing? I do have hope this is his only loan on FS or any other platform.
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adrian77
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Post by adrian77 on Apr 11, 2018 12:35:03 GMT
To be fair to FS I think the market has moved against this artist and my DD indicated the valuation was not unreasonable. True I think it should have been sold first in London or similar rather than go back to market and flagged as a cheapo for dealers. That said I think 50% or so now is better waiting another year where the price may be even lower.
The art market is very fickle and a bit of a racket and it was a risk we all took.
This owner has had £10K against a £5K painting or somebody has bought a £20K+ painting at at a knock-down price...somebody has really gained here and it is not me! In fact my first FS loss.
However I think certain boat and property loans have been spectacularly mismanaged and 50% return is going to seem good compared to what some of them will realise.
Speaking of which I have re-looked at the Knaresborough loan and updates. It looks to me as if the comments are all spin trying to hide the fact there will be a 100% loss.
Wonder if this painting will be back to auction in 3 months...
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Post by beepbeepimajeep on Apr 11, 2018 12:42:16 GMT
Why do I get the feeling that this Borrower knew exactly what they were doing? I was in this loan as well and I agree with this. Seems like we were all scammed by the borrower from the start.
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Post by beepbeepimajeep on Apr 11, 2018 12:48:14 GMT
Post in the Whitehaven thread. Or are you desperate to ignore that one as it might just go away?
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ozboy
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Post by ozboy on Apr 11, 2018 12:59:43 GMT
wrt to art it is indeed a very murky & dodgy world, and the opportunities for "Profitable Sale By Pawn" are ample. Goodness knows there's enough Property Developers pulling the same strokes and laughing all the way.
AFAIK there is no recourse to claim any losses from the Borrower on a straight Pawn Loan. There should however be recourse to claim against a grossly negligent/inept Valuer.
If the Platform is minded to.
EDIT: The fly in the ointment of course is that the Valuation in this case does seem reasonable based on the artist's historical "oil on canvas" sales. (?)
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Post by boudicca on Apr 11, 2018 13:02:28 GMT
Same people complaining all the time, now they are threatening to leave unless they get their money back. Please leave and put your money back in the bank, no doubt you will then be grumbling about the low rates.
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rocky1
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Post by rocky1 on Apr 11, 2018 13:16:24 GMT
art for art sake , money for gods sake , forget the rest. 10cc a long time ago.
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ozboy
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Post by ozboy on Apr 11, 2018 14:09:57 GMT
Can't be backsided, I did say "AFAIK".  |
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Post by polonius on Apr 11, 2018 14:44:39 GMT
wrt to art it is indeed a very murky & dodgy world, and the opportunities for "Profitable Sale By Pawn" are ample. Goodness knows there's enough Property Developers pulling the same strokes and laughing all the way. AFAIK there is no recourse to claim any losses from the Borrower on a straight Pawn Loan. There should however be recourse to claim against a grossly negligent/inept Valuer. If the Platform is minded to. EDIT: The fly in the ointment of course is that the Valuation in this case does seem reasonable based on the artist's historical "oil on canvas" sales. (?) Could you please point out WHERE in the T&C you see that, in case of a secured loan, you cannot claim losses against the borrower? This would be pure madness and I am sure this is NOT written in the FS terms and conditions You could start with the FS terms and conditions written into their fixed sum loan agreement, viewable on their website: 4. Sale of the Security...4.8 When an article has been sold you will receive information about the sale. If the proceeds (less reasonable expenses) are more than the amount that would have been payable to redeem the article
on the date of the sale, you will be entitled to receive the extra amount. If the proceeds are less than the amount owed you will not be pursued for the shortfall
Sort of Heads I win, tails you lose for the borrower.
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locutus
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Post by locutus on Apr 11, 2018 15:05:15 GMT
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