mariner
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Post by mariner on Feb 21, 2019 17:06:38 GMT
I don't know if there is a thread on this, if so apologies
Given the amount of Solicitors, Barristers, Receivers, QS, etc etc, that FS have working for them, can anyone explain or perhaps give an insight into how FS are managing to pay them all?
None of them come cheaply & I am sure they are not doing the work on the off chance of getting paid
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james21
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Post by james21 on Feb 21, 2019 17:16:27 GMT
assuming you mean in regard to defaulted loans, in this case all of the costs are deducted from the proceeds before a distribution is made to lenders. FS probably dont pay them until their work is done and the money comes back in, so FS dont have to spend their own money
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r1200gs
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Post by r1200gs on Feb 21, 2019 17:36:10 GMT
assuming you mean in regard to defaulted loans, in this case all of the costs are deducted from the proceeds before a distribution is made to lenders. FS probably dont pay them until their work is done and the money comes back in, so FS dont have to spend their own money Yup, and then we see just how much these people are getting paid. A recent full recovery of a 950,000 loan on another platform resulted in 400,000 being distributed to lenders. That is shocking.
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cwah
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Post by cwah on Feb 21, 2019 18:45:56 GMT
assuming you mean in regard to defaulted loans, in this case all of the costs are deducted from the proceeds before a distribution is made to lenders. FS probably dont pay them until their work is done and the money comes back in, so FS dont have to spend their own money Yup, and then we see just how much these people are getting paid. A recent full recovery of a 950,000 loan on another platform resulted in 400,000 being distributed to lenders. That is shocking. Which loan is it?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 21, 2019 21:37:19 GMT
assuming you mean in regard to defaulted loans, in this case all of the costs are deducted from the proceeds before a distribution is made to lenders. FS probably dont pay them until their work is done and the money comes back in, so FS dont have to spend their own money And FS will pay just as much fine attention to detail and control on their Costs, Fees, Quality of Work, etc as they do when dealing with Borrowers and accepting Valuations.
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coop
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Post by coop on Feb 22, 2019 11:38:18 GMT
assuming you mean in regard to defaulted loans, in this case all of the costs are deducted from the proceeds before a distribution is made to lenders. FS probably dont pay them until their work is done and the money comes back in, so FS dont have to spend their own money And FS will pay just as much fine attention to detail and control on their Costs, Fees, Quality of Work, etc as they do when dealing with Borrowers and accepting Valuations. New working theory: P2P is the brainchild of a cabal of shady Barristers out to bleed the investment community dry through an ingenious plot of terrible loans and even worse litigation...
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arby
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Post by arby on Feb 22, 2019 11:43:38 GMT
And FS will pay just as much fine attention to detail and control on their Costs, Fees, Quality of Work, etc as they do when dealing with Borrowers and accepting Valuations. New working theory: P2P is the brainchild of a cabal of shady Barristers out to bleed the investment community dry through an ingenious plot of terrible loans and even worse litigation... This is the most plausible conspiracy theory I've heard for a while. I'm almost tempted to buy into it.
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Godanubis
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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 Feb 22, 2019 13:01:58 GMT
New working theory: P2P is the brainchild of a cabal of shady Barristers out to bleed the investment community dry through an ingenious plot of terrible loans and even worse litigation... This is the most plausible conspiracy theory I've heard for a while. I'm almost tempted to buy into it. This might give an insight into some of the more "counter cutlural" orientated posts here. link 
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adrian77
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Post by adrian77 on Feb 22, 2019 13:10:25 GMT
it's a witty, intelligent and ironic comment - like what the FS updates aren't!
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