r1200gs
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Post by r1200gs on Apr 30, 2019 10:57:22 GMT
Well over a month since the meeting with receivers and not a dicky bird since. I'll put some pressure on I think..
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r1200gs
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Post by r1200gs on May 14, 2019 12:04:45 GMT
20/03/2019 " Receivers have been appointed - an initial review meeting is scheduled for next week. " Presuming the meeting happened then one would presume some sort of conclusion would have been reached and a plan now in place. Despite asking for updates multiple times and been promised they would happen, nothing. What is going on fundingsecure?
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r1200gs
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Post by r1200gs on May 18, 2019 8:23:15 GMT
And another week goes by on this six month loan heading for three years old, and another week of failure to provide a promised update since the meeting with receivers 2 months ago. Sadly, given my history with FS I cannot say that silence is golden or reassuring. What's going on fundingsecure and why are you not telling us? Another disaster looming?
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09dolphin
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Post by 09dolphin on May 18, 2019 9:52:27 GMT
I think FS may well be overwhelmed by the "bad" loans they have.
When you consider their existing problematic loans (where investors may well sue for recovery) it's unsurprising they are concentrating solely on the loans where they are unlikely to achieve anything like a recovery but have all their paperwork in order. I know which loans I would prioritise.
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r1200gs
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Post by r1200gs on May 18, 2019 14:11:22 GMT
I think FS may well be overwhelmed by the "bad" loans they have. When you consider their existing problematic loans (where investors may well sue for recovery) it's unsurprising they are concentrating solely on the loans where they are unlikely to achieve anything like a recovery but have all their paperwork in order. I know which loans I would prioritise. I suspect you are right you are right, certain clues give me the feeling that they are struggling to cope. I notice on my wife's account the last update on one loan was in 2018 saying the properties should be for sale in January then not a dicky bird. I can't help but think if borrowers just keep quiet and lenders don't prod, the loans would be forgotten....
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rocky1
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Post by rocky1 on May 19, 2019 10:03:44 GMT
FS so how does our security stand on these loans ? I have a large amount of accrued interest across these loans which looks good on my screen but doubt I will ever see it or a lot of my capital again.heading for 3 years on six month loans and still nothing happening.this is totally unacceptable and needs to be sorted.what sort of a mess have you got us into with these loans ?another formal complaint on its way to FS.the FCA are probably snowed under at the moment but I think they will be coming to a FS platform soon.something needs to be done to bring p2p into line.
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Godanubis
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Post by Godanubis on May 19, 2019 23:09:27 GMT
FS so how does our security stand on these loans ? I have a large amount of accrued interest across these loans which looks good on my screen but doubt I will ever see it or a lot of my capital again.heading for 3 years on six month loans and still nothing happening.this is totally unacceptable and needs to be sorted.what sort of a mess have you got us into with these loans ?another formal complaint on its way to FS.the FCA are probably snowed under at the moment but I think they will be coming to a FS platform soon.something needs to be done to bring p2p into line. Unfortunately Underperforming loans although annoying cannot really be legitimate grounds for complaint. Once loans are complete and there are capital losses even then it would be difficult.
You have to prove wilful deception or some other malfeasance to stand a chance of any interjection.
A lot of complaints on here are for poor management although frustrating it however is not actionable.
At which point should FCA intervene ? Each loan is different. As long as they continue to chase the borrower they meet their contractual obligations.
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rocky1
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Post by rocky1 on May 20, 2019 4:30:26 GMT
So after 3 years you would say these loans are underperforming.well working on your 2 year plans I think they have more than underperformed.what do you think the chances are here then of capital + interest being returned any time soon.are our securities that bad that this could not have been called in a long long time ago ?can FS give us some idea as to the current state of our security that has been in limbo for so long.do not make the same mistakes as LY because it seems so many of these loans will come back to haunt you.
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r1200gs
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Post by r1200gs on May 29, 2019 13:00:58 GMT
So after 3 years you would say these loans are underperforming.well working on your 2 year plans I think they have more than underperformed.what do you think the chances are here then of capital + interest being returned any time soon.are our securities that bad that this could not have been called in a long long time ago ?can FS give us some idea as to the current state of our security that has been in limbo for so long.do not make the same mistakes as LY because it seems so many of these loans will come back to haunt you. I think these loans would have been called in long ago if the security was good to cover the loans. This loan was made long before FS started to tighten up(a little) on just handing money out like water. The latest update is more meaningless waffle.
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Godanubis
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Post by Godanubis on May 29, 2019 13:31:53 GMT
So after 3 years you would say these loans are underperforming.well working on your 2 year plans I think they have more than underperformed.what do you think the chances are here then of capital + interest being returned any time soon.are our securities that bad that this could not have been called in a long long time ago ?can FS give us some idea as to the current state of our security that has been in limbo for so long.do not make the same mistakes as LY because it seems so many of these loans will come back to haunt you. Not in these loans my oldest was Whitehaven only 2 years past due on 25th (£48.76+interest)so have now written that off.
If i were in them I would write off the capital I ignore interest until it is paid when it then becomes capital within my total investments.
Looking at them I agree they should be dafaulted to allow those able to offset against tax.
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r00lish67
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Post by r00lish67 on Jun 12, 2019 5:13:09 GMT
09dolphin re: your post on the thread you created, the Londonderry property you're talking about is listed for sale if you google the road name, city and number 76. Price is just 'open to offers', and has been for a fair while. Of course, we don't know if there have been any offers, and what pressure the borrower may or may not be under at this point. The best case is that the HA decides at last it does want to build on the site and refinances the loan. After 3 years of being allegedly on the verge of doing so, this now seems rather fanciful unfortunately.
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Post by banffy on Jun 12, 2019 19:42:58 GMT
Defaulted
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rocky1
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Post by rocky1 on Jun 13, 2019 3:59:37 GMT
What a f**king carry on. 3 years of complete and utter BS from FS.so what happens now with these loans ? Does any body know the real figures for FS unredeamed/default/late loans? I can only see my ifisa/main loans which is now in the same state as my LY rubbish.carry on like this FS and your platform will not be around for much longer.FS are as bad as LY ever were in their heyday.rant over. Emails are like they are doing us a favour. You have not lost any money and interest is still accruing are they taking the p*ss altogether.treat it like a loss for tax purposes I would have rather treated it like a 6 month loan repaid with interest 3 years ago.
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kaya
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Post by kaya on Jun 14, 2019 6:54:00 GMT
Like many others probably, I was duped into investing because FS claimed to have sight of a contract. FCA complaint may be justified. I would love to see Funding Secure being sued in court over this and many other of their dodgy deals.
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rocky1
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Post by rocky1 on Jul 24, 2019 2:39:52 GMT
Receivers reports on these loans will take 3 to 4 weeks due around 15th July.FS do you have any updates on any progress/lack of it to report.really wish I hadn't bothered with FS.
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