adrian77
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Post by adrian77 on Mar 24, 2019 12:40:43 GMT
I am hoping FS will be bought out and the new buyers will settle the art loan but reduce the purchase price of FS to reflect this as having such a mess on their books would be terrible PR.
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iRobot
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Post by iRobot on Mar 24, 2019 12:44:43 GMT
I am hoping FS will be bought out and the new buyers will settle the art loan but reduce the purchase price of FS to reflect this as having such a mess on their books would be terrible PR. Thanks for clarifying. And the probability of that happening, in your opinion?
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adrian77
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Post by adrian77 on Mar 24, 2019 13:31:29 GMT
Slim but like to be positive...if we get zero return I just don't see how FS's reputation will ever recover...
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mullet
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Post by mullet on Mar 25, 2019 7:51:37 GMT
Totally agree - allied with them being taken over by people who know what they are doing. As I see it any new owners won't want this art fiasco hanging over them and hopefully will reduce the buying price in order to settle this mess. Yes, we could add this to the list of all the other loans where FS have promised to repay investors - Burnley, Barnoldswick, Landrover Defender etc
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henryjford
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Post by henryjford on Mar 25, 2019 8:16:40 GMT
There is now one week left for FS to respond to my formal complaint.
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adrian77
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Post by adrian77 on Mar 25, 2019 8:19:51 GMT
I checked my loan book this morning - as if any of my loans have repaid for well over 6 months now! I noticed my art loans are missing from "My Investments" but are present if I search "All Active and Past Loans". Has anybody else noticed this and I wonder why this is?
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james100
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Post by james100 on Mar 25, 2019 8:40:36 GMT
I checked my loan book this morning - as if any of my loans have repaid for well over 6 months now! I noticed my art loans are missing from "My Investments" but are present if I search "All Active and Past Loans". Has anybody else noticed this and I wonder why this is? Chagall and Picasso are still listed under "my investments", for me at least. I can empathize that FS may well wish these loans had never happened and want to help us forget about them, though
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rogerthat
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Post by rogerthat on Mar 25, 2019 11:13:29 GMT
I checked my loan book this morning - as if any of my loans have repaid for well over 6 months now! I noticed my art loans are missing from "My Investments" but are present if I search "All Active and Past Loans". Has anybody else noticed this and I wonder why this is? Perhaps you didn't put anything in them at the outset ? Sadly, I have to say mine are all present and correct
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adrian77
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Post by adrian77 on Mar 25, 2019 11:48:59 GMT
They are back now - wish I hadn't put anything into the damn things...
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henryjford
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Post by henryjford on Mar 31, 2019 21:38:17 GMT
so the next stage is July 31st 2019/
I am thinking of going to my solicitors now
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henryjford
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Post by henryjford on Mar 31, 2019 21:41:39 GMT
Hi Mousey, not to pressure but do you have any news re your strategy above please please... I am sure we are all anxious about this one, and don't want to each to try to find an individual strategy if we band together we are stronger of course and you have done so much to lead us, which I am sure is so gratefully received. Hi Henry, As FS are a regulated firm it's reasonable for us to pursue this issue initially through the FCA and the FOS - particularly as my first complaint wasn't answered properly and it's been more than 8-weeks. I have a follow up response to send to FS which I'll aim to send out tomorrow morning giving them until the end of the month to reply. I'll also be seeking other examples of where Funding Secure have misrepresented the security in order to induce investors into contracting. I have three so far but this will be the subject of a second thread to keep it all in one place.
The fundamental issue here is that Funding Secure misrepresented the security. Clearly where you allow the borrower to keep possession of the chattels this significantly raises the risk involved.
Hi Mousey. it's been 8 weeks since my complaint and of course I have received nothing. It is also the end of the month and I was wondering where we are with all of this? Perhaps we can draft a letter to send to the FCA
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 31, 2019 22:26:29 GMT
Hi Henry, As FS are a regulated firm it's reasonable for us to pursue this issue initially through the FCA and the FOS - particularly as my first complaint wasn't answered properly and it's been more than 8-weeks. I have a follow up response to send to FS which I'll aim to send out tomorrow morning giving them until the end of the month to reply. I'll also be seeking other examples of where Funding Secure have misrepresented the security in order to induce investors into contracting. I have three so far but this will be the subject of a second thread to keep it all in one place.
The fundamental issue here is that Funding Secure misrepresented the security. Clearly where you allow the borrower to keep possession of the chattels this significantly raises the risk involved.
Hi Mousey. it's been 8 weeks since my complaint and of course I have received nothing. It is also the end of the month and I was wondering where we are with all of this? Perhaps we can draft a letter to send to the FCA Next stage under FCA compliants procedure is to raise it with FOS
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henryjford
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Post by henryjford on Apr 1, 2019 7:16:41 GMT
Hi Mousey. it's been 8 weeks since my complaint and of course I have received nothing. It is also the end of the month and I was wondering where we are with all of this? Perhaps we can draft a letter to send to the FCA Next stage under FCA compliants procedure is to raise it with FOS
Thank you Limoro - I follow all your posts and appreciate your expertise in all this.
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henryjford
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Post by henryjford on Apr 2, 2019 16:18:08 GMT
I have on the last day received a response from FS.
They claim that both them and us were deceived by a fraudulent borrower.
They refuse to answer any question over why they did not have the items in their possession.
It it my opinion that lenders were deceived by FS who should have had hold of the surety.
FS have recommended I go to through the The Financial Ombudsman Service complaints procedure, which I will do now.
Am I missing anything here please?
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michaelc
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Post by michaelc on Apr 2, 2019 17:46:34 GMT
I have on the last day received a response from FS. They claim that both them and us were deceived by a fraudulent borrower. They refuse to answer any question over why they did not have the items in their possession. It it my opinion that lenders were deceived by FS who should have had hold of the surety. FS have recommended I go to through the The Financial Ombudsman Service complaints procedure, which I will do now. Am I missing anything here please? Only that maybe we should wait until its clear FS close to exhausted their efforts because if we don't they might just tell the Ombudsman "...customer hasn't lost any money because we are still pursing the borrower and have a good expectation of a result...." Its tricky though because clearly we can't wait forever.
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