sundown
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Post by sundown on Oct 16, 2019 17:13:35 GMT
On 29 August FS investors received an email from director Raj Kumar making promises about “Ongoing improvements on updates and communication to investors”.
Since then I’ve found the communication has got worse. I had no response to my last request for an update on a loan. Previously I’ve had a response on the same day, even if it’s just been “I’ll ask the loan manager for an update”. Loan updates have become fewer and further between and despite the promises to make them “meaningful and timebound where possible” many are still meaningless or simply a repetition of the previous update.
We’ve also had little or no sign of an “expanded team in loan servicing, loan management and loan recovery” or “Implementation of recovery plans around every loan to maximise capital and interest recovery”.
We’ve had some fine words from Raj Kumar, but we really do need to see some action and results now.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 16, 2019 17:48:29 GMT
You'll be waiting until the cows come home sundown (Oz saying, not sure if it's in use here but you're all smart & will work out its meaning.  ) The new Owners/Directors are bright boys and they undoubtedly have a game plan. The lack of any serious effort to date is clearly part of that game plan. I have no idea what the game plan may be but no-one on here will be surprised in the least anymore by anything that FS comes up with and does. We know it almost certainly won't be beneficial to Lenders, and will almost certainly benefit FS and Borrowers. I just want OUT FS, Default my Loans that are more than six months beyond maturity date NOW and we can ALL get a life. btw, I have dealt with untold organisations in my life, and I can say, hand on heart, that you, Funding Secure , are singularly and by far the most * INCOMPETENT firm I have EVER dealt with, including in Australia. JMHO. That's some achievement FS, Well Done, you can be rightly proud. ( * and numerous other Choice Words, but I'm being polite.  ) . |
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pip
Posts: 542
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Post by pip on Oct 16, 2019 18:22:54 GMT
Agree latest posts are meaningless. No real idea what the true situation is with most of my loans. Fair idea though, up a creek without a paddle.
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Post by ron on Oct 16, 2019 19:09:57 GMT
Totally agree.
Not only there's been no improvement in updates, communication with investors, and recoveries from the old loan book: also some of the new loans, originated under this new management, are already late, and with no meaningful update or understanding of the situation (e.g., Edinburgh flat)
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r1200gs
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Post by r1200gs on Oct 17, 2019 12:00:24 GMT
There's no trust any more, it's gone. I've been lied to, deceived, met with weasel words to my questions and complaints have gone ignored. Thousands of pounds of my money have simply vanished, my security worthless or as near as damn it. I have no idea how they expect to clean this loan book up and continue to stay in business because this is rotten to the core.
Currently waiting for a property to sell which will mean most of my money is out of FS, the fact I will barely make it with my capital interest on a 15.4 percent LTV loan while everybody else in all the subsequent tranches are going to lose their shirts says it all. That's IF it sells, that's IF the money actually makes it back to lenders.
For the other £6,000 or so tied up in two accounts, that money is likely never coming back. I note even the cheer leaders have been surprisingly quiet lately.
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Monetus
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Post by Monetus on Oct 17, 2019 16:55:32 GMT
Live Chat appears to be totally offline these days and have heard from a couple of other investors that their emails to Customer Service have been ignored... not sure where those extra resources are as communications appear to have actually gotten worse (if that was even possible)? Are the lights still on?  |
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rogerthat
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Post by rogerthat on Oct 17, 2019 17:42:21 GMT
One of the live chatters left 17th September...was offered something else but decided to leave anyway..just saying
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coop
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Post by coop on Oct 18, 2019 13:29:42 GMT
One of the live chatters left 17th September...was offered something else but decided to leave anyway..just saying how do you know this? are you pen pals with them on the FS chatbot?? I would note, that the August stats came out pretty quick as I recall, but we are still waiting for Septembers.
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james21
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Post by james21 on Oct 18, 2019 13:34:12 GMT
Live Chat appears to be totally offline these days and have heard from a couple of other investors that their emails to Customer Service have been ignored... not sure where those extra resources are as communications appear to have actually gotten worse (if that was even possible)? Are the lights still on? I have had 2 ignored both requests for update; odd there are almost no new loans either
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adrian77
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Post by adrian77 on Oct 25, 2019 13:33:31 GMT
I have noticed that as well - wonder why that is!
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arby
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Post by arby on Oct 25, 2019 13:55:12 GMT
I have noticed that as well - wonder why that is! I'm still here if I'm one of the cheerleaders? If not, what would I need to do to get into that category? I'm not really sure what the point of your message was though.
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Post by ron on Oct 25, 2019 14:34:40 GMT
I have noticed that as well - wonder why that is! I'm still here if I'm one of the cheerleaders? If not, what would I need to do to get into that category? I'm not really sure what the point of your message was though. Well I think Adrian and others (myself included) flagged numerous times that the new FS management was not really implementing any turnaround, and that a demise of FS was surely foreseeable. Even though we were sometimes depicted as lunatics or conspiracy theorists by some, we have unfortunately been proven right...
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arby
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Post by arby on Oct 25, 2019 14:52:52 GMT
I'm still here if I'm one of the cheerleaders? If not, what would I need to do to get into that category? I'm not really sure what the point of your message was though. Well I think Adrian and others (myself included) flagged numerous times that the new FS management was not really implementing any turnaround, and that a demise of FS was surely foreseeable. Even though we were sometimes depicted as lunatics or conspiracy theorists by some, we have unfortunately been proven right... Flagging of problems has never been an issue. I have called out FS many times on their mistakes. I only took issue with individuals expressing delight at the prospect of failure, while also constantly using phrases such as "how dare FS lend our money on this, we will not be silent", while not actually being invested at all, appears a little misleading. The fact it continues even after them going into administration shouldn't surprise me.
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benaj
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Post by benaj on Oct 25, 2019 14:56:05 GMT
Well, it's odd none of us received an email from FS about the Appointed Administrators while there were some updates on some loans this morning. Those who choose not to watch the news nor follow the forum may find themselves surprised when they log in.
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arby
Member of DD Central
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Post by arby on Oct 25, 2019 15:04:00 GMT
Well, it's odd none of us received an email from FS about the Appointed Administrators while there were some updates on some loans this morning. Those who choose not to watch the news nor follow the forum may find themselves surprised when they log in. Particularly shocking for those who received an email yesterday of a loan repayment who then logged in to withdraw their money! I hope the next message from the administrators clears up some of the current uncertainty.
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