steve11523
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Post by steve11523 on Mar 25, 2018 14:53:17 GMT
I noticed that there is a lot of this loan available on the SM at at 1% discount. Does anyone know any more about this loan?
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michaelc
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Post by michaelc on Mar 25, 2018 16:26:05 GMT
Hi. I had a bit of trouble finding that since no loan number in the Subject. Are you talking about 2669270436 ?
If so, is 5K available on a 85K loan that much? Its only got 2 months left to run so that might be why?
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Post by dan1 on Mar 25, 2018 17:16:32 GMT
Hi. I had a bit of trouble finding that since no loan number in the Subject. Are you talking about 2669270436 ? If so, is 5K available on a 85K loan that much? Its only got 2 months left to run so that might be why? Loan ID now added to the thread title.
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adrian77
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Post by adrian77 on Mar 25, 2018 18:01:51 GMT
I would try and ditch this one if I held it - it is a static caravan rather than a "lodge" and as such the valuation looks high to me with a true LTV much higher than the 70% quoted.
i.e. 24.05.18 - well another interesting one to watch...
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mikes1531
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Post by mikes1531 on Mar 27, 2018 18:33:02 GMT
i.e. 24.05.18 - well another interesting one to watch... I don't have a lot of faith in the quote above. This is a renewal of an earlier loan. The description of that loan, due 14/Nov/2017, included... I rest my case m'lud.
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adrian77
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Post by adrian77 on Dec 29, 2018 12:09:50 GMT
Just looked into this one - site fees start at £6.1K - how much! Also I know a lot of sites have restrictive convenants when it comes to re-sales - no idea if this is the case here but if I were a betting man...sub-letting is not allowed nor is all year residence. Thus the owner can't realise an income from it nor live in it! I can't see any valuation report for this one - you can buy such caravans on this site from £25K and that is retail price. I note this chap got a special offer £150K reduced to £120K - wonder if he/FS have been had good and proper - always a first time or maybe not... There is no way on this planet can I see this loan coming good so it is going on my next mega list update. We have the other mobile homes loan fiasco so will be interesting to see how they both pan out. interesting article from The Independant www.independent.co.uk/money/mortgages/buying-a-holiday-home-make-sure-its-mobile-2185619.htmlYet again I wonder just how much DD FS have actually done.
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Post by mrclondon on Dec 7, 2019 13:03:07 GMT
Loan has now been defaulted on the website (maturity date 3rd Dec 2019)
PS Thank-you to who ever bought my £2k on the SM mid September in one lump. This was at the time when I started to have concerns as to the longevity of FS, and offloaded a few I wasn't keen on holding in the circumstances we now find ourselves.
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adrian77
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Post by adrian77 on Dec 7, 2019 18:09:07 GMT
it was only 4 working days late- I think that shows where the administrators are coming from!
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Dec 7, 2019 21:24:02 GMT
Loan has now been defaulted on the website (maturity date 3rd Dec 2019)
PS Thank-you to who ever bought my £2k on the SM mid September in one lump. This was at the time when I started to have concerns as to the longevity of FS, and offloaded a few I wasn't keen on holding in the circumstances we now find ourselves.
Probably me, 10:14 on 18th Sept. on behalf of my 2 year old Grandson, who will now have a miserable xmas if the administrators take 2.5% of a loan that is certain to repay in full. The same thing happened on the Albion Grove loan. I do hope the administrators charged default interest at 6%p.a.(as stated on the CH charge) on the borrower, who I believe is a company owned by a former director. The default interest due from the borrower of the Albion Grove loan is £2,712. The 2.5% that could be claimed from Rib** Hall is only £875, not really worth the bother.
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Post by FSAG Forum on Dec 8, 2019 11:13:26 GMT
Loan has now been defaulted on the website (maturity date 3rd Dec 2019)
PS Thank-you to who ever bought my £2k on the SM mid September in one lump. This was at the time when I started to have concerns as to the longevity of FS, and offloaded a few I wasn't keen on holding in the circumstances we now find ourselves.
Probably me, 10:14 on 18th Sept. on behalf of my 2 year old Grandson, who will now have a miserable xmas if the administrators take 2.5% of a loan that is certain to repay in full. The same thing happened on the Albion Grove loan. I do hope the administrators charged default interest at 6%p.a.(as stated on the CH charge) on the borrower, who I believe is a company owned by a former director. The default interest due from the borrower of the Albion Grove loan is £2,712. The 2.5% that could be claimed from Rib** Hall is only £875, not really worth the bother. The CC intend to challenge the application of the higher 2.5% rate where the only action taken by the administrators, is to label the loan as defaulted.
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Post by mrclondon on Dec 8, 2019 12:22:54 GMT
]The CC intend to challenge the application of the higher 2.5% rate where the only action taken by the administrators, is to label the loan as defaulted. The fees have got to come from somewhere, if you reduce the number of loans paying 2.5% the rate will have to go up for the rest. Psychologically 2.5% off a loan repaying in full is (apart from those buying on the SM in month 5) a reduction in yield not a capital loss, and is easier to stomach than (say) 5% off the recoveries of loans that are long overdue. There is a danger here that you end up transfering more of the burden for fees from entities associated with the ex directors who hold the majority of the big loans written in 2019 (which are expected to repay in full more or less on time), to the smaller investors who are in loans from years ago.
As I said at the time the administrators announced the fee structure, I regard 2.5% off the majority of loan redemptions to be a fair and equitable means of raising the fees.
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iRobot
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Post by iRobot on Dec 17, 2020 11:32:47 GMT
Update received. Offer accepted. No quantum provided. (NB: as far as property goes, in the traditional sense, this is an unsecured loan.)
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