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Post by martin44 on Nov 10, 2016 23:16:32 GMT
By heck ... This might... just might .. end in a positive conclusion.
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09dolphin
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Post by 09dolphin on Nov 11, 2016 6:08:07 GMT
Hoped to get initial investment back. To get interest as well will be a great bonus - just in time for Christmas too.
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phil
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Post by phil on Nov 11, 2016 14:34:14 GMT
Whenever I feel the need for some comic relief the Scottish boatyard never lets me down, reading through the updates is hilarious.
The words "canny Scot" and "merry dance" always spring to mind.
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09dolphin
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Post by 09dolphin on Nov 15, 2016 12:03:57 GMT
Only 10 months now past date should have been repaid!
FS's communication leaves a lot to be desired.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 12, 2017 18:53:29 GMT
I've got a wee chunk in this What's everyone's thoughts, I think we all agree that this has been handled seemingly very badly??? I always try to give the Platform some leeway because they're the ones dealing with the Borrower and are privy to all the details and full situation, but with this one I gotta go "Hmmmmmmmmmmmmmm". IMO, ALL the Platforms need to seriously toughen up with Borrowers.
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09dolphin
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Post by 09dolphin on Jan 12, 2017 21:26:01 GMT
I still think we will be lucky to get 50% of the capital back. The receivers are not exactly inexpensive and it has dragged on for months now. Of more interest to me is when the situation will be resolved.
However I do feel sorry for the borrower. Whilst the borrower has delayed the inevitable for many months it must have been hugely stressful and I think they were their own worst enemy. It would have been better to have faced the inevitable months ago.
In my opinion FS have mishandled the situation badly.
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ozboy
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Post by ozboy on Jan 12, 2017 22:32:32 GMT
You don't think that the increase in Market Value that we were notified of means a very light, aesthetic trim rather than a scalping then 09dolphin?
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09dolphin
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Post by 09dolphin on Jan 12, 2017 23:20:38 GMT
You don't think that the increase in Market Value that we were notified of means a very light, aesthetic trim rather than a scalping then 09dolphin? The new slipway indicates that the value of the property has increased.
It seems to me that this will be a "distressed" sale as it is in receivership. Thus the full market value of this loan is unlikely to be realised at auction despite the investment by the owner. In my (somewhat limited) experience the costs associated with receivership can be huge and therefore I expect only to receive a proportion of the money I invested. Who knows what that proportion will be?
I am prepared to be delighted with the results of the sale but equally I am prepared to lose money. However I am fortunate as this was one of the first loans I invested in with FS so only risked a relatively small amount.
Overall my returns with FS are significantly in excess of what the money I've invested would have brought if I'd left the money in a simple deposit account - assuming there aren't other multiple defaults. Yet I must admit I do have concerns about the number of loans I have that are significantly overdue.
I think that FS should have been more cautious when they accepted the numerous excuses the borrower gave for not repaying or renewing this loan. I know that alarm bells were ringing for me after 3 - 4 months. Hopefully this has been a learning experience for them and they will manage future loans that are well past their repayment date better.
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ashtondav
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Post by ashtondav on Jan 13, 2017 9:19:50 GMT
Very simple, if it's 2 months overdue it goes to auction. End of.
waiting four months or more to do anything is plain stoooooopid.
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ozboy
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Post by ozboy on Jan 13, 2017 17:37:18 GMT
Couldn't agree more ashtondav, unless FS notify of extenuating circumstances/reasons on why it protracted sooooooooooooooooo long.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 13, 2017 21:16:06 GMT
See FS are finally getting tough on this one ... theyve issued a final demand
Hopefully in a particularly vivid share of red ink and with a nice red bow so the borrower can consider it an anniversary present as it will probably arrive one year to the day since this loan should have repaid.
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ozboy
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Post by ozboy on Jan 13, 2017 22:29:45 GMT
Yes, this one is a very concise definition of "farcical", but surely there's a reason/s FS allowed this to extend for ONE year, they can't be that gullible?!!!
Again, I think all Investors in this are due as a basic courtesy a good few paragraphs on why, what went on, the reasoning behind, etc, etc.
I tend to get on with other stuff and have just checked - With FS I have 4 Unredeemed Loans (Total £2.5K) and 8 Late Loans ( c£12K - yikes!) from 6 months to 30 days.
Hmmmmmmmm.
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mikes1531
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Post by mikes1531 on Jan 14, 2017 3:20:10 GMT
I tend to get on with other stuff and have just checked - With FS I have 4 Unredeemed Loans (Total £2.5K) and 8 Late Loans ( c£12K - yikes!) from 6 months to 30 days. What proportion of your whole FS portfolio do those Unredeemed and Late loans represent?
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ozboy
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Post by ozboy on Jan 15, 2017 14:02:30 GMT
Circa 10+% mikes1531, certainly "Saturation Point" for me and many. Obvs I will now hold off further Investment until, shall we say, matters settle down a bit?
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09dolphin
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Post by 09dolphin on Jan 15, 2017 17:24:19 GMT
My defaulted and late loans represent fractionally over 13% of my investments. I have become much more selective in the loans I invest in recently and spend much more time in DD than I did 18 months ago. However, even if I'd spent much more time in DD, I think I would still have had about 9% in defaulted or late loans. I have spent some time checking what I could have done to reduce my defaults or late repayments as I want to learn from my mistakes - the time has been productive I think.
I do think that FS bear a degree of responsibility. In the past they appear to have believed any promise that payment will be forthcoming in the next 3 - 4 weeks and this is used several times by borrowers. The interest paid just keeps mounting for the borrower which is unfair to all parties involved in the loans.
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