jcb208
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Post by jcb208 on Jun 28, 2019 11:56:34 GMT
Anyone know If these coins are in fundingsecures possession ,the loan is now 214 days old so late.Not a problem now but will be If its kicked down the road indefinitely
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p2pstephan
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Post by p2pstephan on Jul 1, 2019 12:17:06 GMT
Anyone know If these coins are in fundingsecures possession ,the loan is now 214 days old so late.Not a problem now but will be If its kicked down the road indefinitely Yes they are in fundingsecures possession. I sent an email about this loan and some other bling loans and I received the following email reply from Isobel “I can confirm these are all held in secure storage under FundingSecure.”
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syalith
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Post by syalith on Jul 30, 2019 16:58:38 GMT
This is over two months late, isn't it time to take the coins down to the bullion dealer or at least UPDATE investors as to what is going on???
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Post by mrclondon on Jul 30, 2019 17:16:48 GMT
When priced in GBP, silver is currently at a 12 month high, is very close to a 2 year high, but down c. 10% on when the loan was originated in Q4 2016.
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arby
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Post by arby on Jul 30, 2019 19:34:10 GMT
www.bullionbypost.co.uk/sell-to-us/sell-silver-coins/sell-silver-britannia-coins/According to this, the coins can be sold immediately for more than they were originally valued at (~£56k vs initial £53k valuation and £40k loan) . I was checking this while the loans were still tradable and am happy for this loan to run on for quite some time in relative safety (as much as one can ever expect anyway) Edit: however, I don't disagree that an update would be useful.
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jcb208
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Post by jcb208 on Jul 30, 2019 19:48:28 GMT
It makes you wonder why some one would keep taking out high interest loans secured against silver coins that are easy to replace,Why not just sell some coins a far cheaper option
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arby
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Post by arby on Jul 30, 2019 20:05:01 GMT
It makes you wonder why some one would keep taking out high interest loans secured against silver coins that are easy to replace,Why not just sell some coins a far cheaper option The same question was recently asked regarding a much larger gold loan and that repaid promptly without issue. I agree, it's an odd one. Jewellery with sentimental value is different...
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adrian77
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Post by adrian77 on Jul 30, 2019 20:27:50 GMT
exactly - if coins are sold will save say 20% interest - slap the money into an isa wait for the market to fall and then go back in?
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syalith
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Post by syalith on Aug 8, 2019 13:53:54 GMT
Loan has been defaulted. Should be a quick and full recovery as even at scrap silver price these are worth £56k and britannias usually attract a premium on top of that.
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rogerthat
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Post by rogerthat on Aug 8, 2019 14:09:15 GMT
Loan has been defaulted. Should be a quick and full recovery as even at scrap silver price these are worth £56k and britannias usually attract a premium on top of that. Haven't checked current prices but did you read the earlier mrclondon 's post on this thread ?
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syalith
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Post by syalith on Aug 8, 2019 14:17:54 GMT
Haven't checked current prices but did you read the earlier mrclondon 's post on this thread ? I'm extremely familiar with these coins, I have some myself, they are pure silver bullion so are basically cash, there is simply no way this security will not cover the capital + interest in full. Fundingsecure could take these coins straight to any good bullion dealer and have the money the same day.
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jcb208
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Post by jcb208 on Aug 8, 2019 14:25:32 GMT
Dont know if the coins are anything special but todays buy price is £16.70 so total is £68296 ,obviously selling price will be a bit less
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adrian77
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Post by adrian77 on Aug 8, 2019 14:30:53 GMT
That is assuming they have possession and not an IOU written out when half-cut over lunch!
Given a projected profit I think it goes to the borrower - can somebody comment - I thank you.
If correct this lender gets a loan (maybe he bought some more coins with it) he then defaults and FS sells the coins and he gets the profit after expenses...interesting one!
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thedog
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Post by thedog on Aug 8, 2019 14:37:30 GMT
That is assuming they have possession and not an IOU written out when half-cut over lunch! Given a projected profit I think it goes to the borrower - can somebody comment - I thank you. If correct this lender gets a loan (maybe he bought some more coins with it) he then defaults and FS sells the coins and he gets the profit after expenses...interesting one! You're reight, any recovery in excess over a loan, interest, fee and expenses always goes back to the lender in any repossession sale. That's entirely standard practice in all loans. Borrower hasn't made a "profit" as such though, just funded his asset (very expensively) for a period.
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arby
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Post by arby on Aug 8, 2019 14:44:17 GMT
That is assuming they have possession and not an IOU written out when half-cut over lunch! Given a projected profit I think it goes to the borrower - can somebody comment - I thank you. If correct this lender gets a loan (maybe he bought some more coins with it) he then defaults and FS sells the coins and he gets the profit after expenses...interesting one! So overall the lender would make a certain loss compared to just selling them directly 8 months ago (assuming the earlier assertion is correct that the coins are in FS possession). So no fraud or shenanigans going on here.
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