TheDriver
Member of DD Central
Slightly bonkers
Posts: 493 
Likes: 190
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Post by TheDriver on Aug 4, 2018 3:12:18 GMT
I still have loans with no update for MORE THAN 2 months!
I agree that posting an update with no change is fairly pointless, but where the loan is overdue there SHOULD be some change/actions have occurred in a month to be reported!
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mjc
Member of DD Central
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Post by mjc on Aug 4, 2018 5:58:37 GMT
I still have loans with no update for MORE THAN 2 months! I agree that posting an update with no change is fairly pointless, but where the loan is overdue there SHOULD be some change/actions have occurred in a month to be reported! When a “6 month” loan has not been repaid (or renewal in process) after 6 months, FUNDING SECURE have FAILED. a) in failing to collect b) in having selecting a dodgy debtor c) in misdescribing it as a 6 month loan when the AVERAGE loan is far longer. d) in failing to state the (known only to FS) risks of multiple loans to same debtor. Thwarts our efforts to diversify. Even if there is no change in any subsequent overdue month we are owed an update EXPLAINING WHY there has been no change in the status, UNLESS the previous update stated for example, “we have seen evidence a contract has been signed for completion by xyz”
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tony
Posts: 136
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Post by tony on Sept 17, 2018 7:42:42 GMT
I am at a loss to understand the point of electing not to renew loans because if extensions are granted to borrowers without FS giving the extension a new number they are not considered to be renewals. My loans, all of which I have marked not to renew, are all way, way past the "date ending" date so it seems that I will not stand a hope of getting my capital back until FS either default the loans or grant further extensions under a new loan reference number.
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adrian77
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Post by adrian77 on Sept 17, 2018 8:27:35 GMT
following on from the above I am very unimpressed with the latest FS updates regarding Holland Park
OK I thought may be worth a nibble from the SM market - luckily I bought the main loan rather than the lower ranking supplementary one...
and now I read 3 days later
Well what evidence was there that final arrangements were entered into - answers on a digital postcard.
I read this as being the new lender was not happy with the situation so pulled out - unless he changed his business model after the application was received - yeah right.
Granted you can easily spend £30m on a large house in Holland Park I note there seems to be a lot of houses for sale in the area and some seem pretty "cheap" at around the £1.25m mark
If my maths are right this chaps owes £1.235m on this one with the first FS repayment due in 9 days - so where is that going to come from? Also if this chap can't repay the first charge holder then things are going to get very sticky unless he very quickly gets refinancing. I just can't see how any rental income is going to pay the interest on this one.
I can't afford to develop in this area so don't know the market so appreciate a comment from somebody independant who does but the FS valuation seems high to me?
I thank you
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r00lish67
Member of DD Central
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Post by r00lish67 on Sept 17, 2018 8:57:22 GMT
following on from the above I am very unimpressed with the latest FS updates regarding Holland Park OK I thought may be worth a nibble from the SM market - luckily I bought the main loan rather than the lower ranking supplementary one... and now I read 3 days later... <snip> Wait, let me get this straight. You, a battle-weary FS investor who is thoroughly abreast of a huge amount of FS loans, made an SM buying decision not on the strength of the security but on the basis of an FS loan update claiming that re-financing is imminent? Oh, Adrian..
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arby
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Post by arby on Sept 17, 2018 9:03:02 GMT
If my maths are right this chaps owes £1.235m on this one with the first FS repayment due in 9 days - so where is that going to come from? Also if this chap can't repay the first charge holder then things are going to get very sticky unless he very quickly gets refinancing. I just can't see how any rental income is going to pay the interest on this one. Money comes from a renewal of course  It will also be easily filled on FS. It seems likely this property will end up being sold one way or another, so as long as the valuation isn't grossly overstated the money should be safe. However, time will tell 
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adrian77
Member of DD Central
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Post by adrian77 on Sept 17, 2018 10:18:49 GMT
guilty- total wazzock - should have known better !
I just hope this chap can meet the first charge holder's interest for at least the next 6 months because if he can't ....
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Imothep
Member of DD Central
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Post by Imothep on Sept 29, 2018 20:32:32 GMT
If my maths are right this chaps owes £1.235m on this one with the first FS repayment due in 9 days - so where is that going to come from? Also if this chap can't repay the first charge holder then things are going to get very sticky unless he very quickly gets refinancing. I just can't see how any rental income is going to pay the interest on this one. Money comes from a renewal of course It will also be easily filled on FS. It seems likely this property will end up being sold one way or another, so as long as the valuation isn't grossly overstated the money should be safe. However, time will tell nope , i am the borrower, the money came from my pocket , not the renewal(s) , and i have paid the first four tranches in advance ... it is clear in the loan loan documentation that you have to repay the interest and capital or the interest prior to the due date , I have done that thus keeping my obligations in relation to my loans with the platform et al investors ...
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sarahcount
Member of DD Central
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Post by sarahcount on Oct 8, 2018 20:21:26 GMT
At least FS don't hang about defaulting their traditional pawn style overdue loans.
The £500 loan "Louis Vuitton Briefcase and Saxaphone" (sic) is off to auction.
Looks like only the briefcase is made by Louis Vuitton which may or may not be a good thing.
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adrian77
Member of DD Central
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Post by adrian77 on Oct 9, 2018 0:16:00 GMT
Hopefully a 100% recovery ?
Sadly I don't shop in this market but the FS valuation seems low to me (not complaining!)
The briefcases and saxophone seem highly sellable to me - would love the auction link if anybody has it
I thank you,
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Post by pigbreeder on Oct 12, 2018 10:55:29 GMT
Loan updates especially in the "before due date category" seem to have been improved. However just done a trawl of my loans and there are ten in the 400 days plus group that are well outside the "next update/will be paid back" comments last recorded. While most (hopeful all) will go through in time I would have hoped a higher priory and a little effort could go into feedback on the long standing loans. I wouldn't included unredeemed loans in this comment as they are subject to even slower and often uncontrollable legal machinations.
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technik
Member of DD Central
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Post by technik on Oct 12, 2018 11:13:45 GMT
Loan updates especially in the "before due date category" seem to have been improved. However just done a trawl of my loans and there are ten in the 400 days plus group that are well outside the "next update/will be paid back" comments last recorded. While most (hopeful all) will go through in time I would have hoped a higher priory and a little effort could go into feedback on the long standing loans. I wouldn't included unredeemed loans in this comment as they are subject to even slower and often uncontrollable legal machinations. Likewise! I mean nice to know that there is the potential that loans reaching term in the future are being more carefully managed and monitored but it is the long term grievance loans people have that you really feel a lot here. Though its not going to be possible to say whether the newer style of loan management translates to more stringent recoveries for a while yet though - quite easy to update loans that are midway and seemingly rosy.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,163
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Post by ozboy on Oct 12, 2018 12:44:47 GMT
"newer style of loan management"
This is what is truly making FS Lenders spit chips, there should be no "newer style", there should be, and only ever have been, one style.
ie. Originate and Manage the Loan as if it was your own money.
Honestly, anyone out there who continues to invest with FS and give them your money, well, with all that's gone on for years now, you only have yourself to blame.
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Post by pigbreeder on Oct 12, 2018 13:01:15 GMT
i'm happy with a 9%pa return over 2+ years (including defaults) - i'd just like to be kept better informed.
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michaelc
Member of DD Central
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Post by michaelc on Oct 12, 2018 15:12:34 GMT
Just looked and I have 107 loans. My last update was a single loan on 3 Oct (str*****s lane) and before that was 26 Sep (bar***swick). I must admit I'm getting a little frustrated.
I wouldn't be surprised if someone has had a couple of weeks annual leave with nobody prioritised to fill in.
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