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Post by dan1 on Oct 22, 2018 17:53:33 GMT
I've added these two loans to the table of Capital Losses, see hereCumulative capital losses have now crept past the £1m figure and stand at £1,003,074  The recovery is disappointing to say the least but, far be it from me to defend FS, it should be viewed in context of previous capital losses from bling.... the one and only previous capital loss dates back to Feb 2015 with £512 of lost capital. Safe to say that I along with every other corvid will be watching future recoveries with interest (or lack of!). |
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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 Oct 23, 2018 2:46:53 GMT
I've added these two loans to the table of Capital Losses, see hereCumulative capital losses have now crept past the £1m figure and stand at £1,003,074 The recovery is disappointing to say the least but, far be it from me to defend FS, it should be viewed in context of previous capital losses from bling.... the one and only previous capital loss dates back to Feb 2015 with £512 of lost capital. Safe to say that I along with every other corvid will be watching future recoveries with interest (or lack of!). I rarely invest in bling (an not in this) is that the end of the story or can they attempt further recovery and send in the Sheriffs? or do standard pawn rules apply. Borrowers get the dosh and we get the sh**ty end of the stick. ?
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Post by angrykittens on Oct 23, 2018 10:35:27 GMT
I've now sold all of my investments I possibly can, including all Bling / Cars. Judging by the speed it sold there are some happy buyers out there (even charging a premium). If I can no longer trust bling valuations or recovery then there is absolutely nothing left for me in FS (except pending recoveries). I accept that we may have got unlucky with these 2 loans, but to be comfortable I would have to see a response from fundingsecure about how they are suing their valuer, or never using them again, or goodwill making up the shortfall. But I know all of these are pipe dreams, so that's it for me. |
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paulb
Member of DD Central
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Post by paulb on Oct 23, 2018 11:29:01 GMT
I've added these two loans to the table of Capital Losses, see hereCumulative capital losses have now crept past the £1m figure and stand at £1,003,074 The recovery is disappointing to say the least but, far be it from me to defend FS, it should be viewed in context of previous capital losses from bling.... the one and only previous capital loss dates back to Feb 2015 with £512 of lost capital. Safe to say that I along with every other corvid will be watching future recoveries with interest (or lack of!). I rarely invest in bling (an not in this) is that the end of the story or can they attempt further recovery and send in the Sheriffs? or do standard pawn rules apply. Borrowers get the dosh and we get the sh**ty end of the stick. ? You're right to be pessimistic: "As this is a pawnbroking loan no further recovery will be possible"
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coop
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Post by coop on Oct 23, 2018 11:45:59 GMT
Just as it should be!
Imagine a pawnbroker asking for more money off you because he had overvalued your goods. Not the borrower's problem!
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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.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Oct 23, 2018 20:52:19 GMT
Just as it should be! Imagine a pawnbroker asking for more money off you because he had overvalued your goods. Not the borrower's problem! That’s fine if it’s the pawnbroker’s money. This was however our money based on their valuations and we had no opportunity to verify the validity of that valuation. Morally they should make up capital loss. It is different with properties where the professional valuers/surveyors have insurance if they royally screw up.
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