ozboy
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Post by ozboy on Apr 25, 2017 17:33:33 GMT
An immediate Update now due on this please FS.
10/03/2017 - The Calling Up notice ends on the 22nd of April. After that point (assuming there is no voluntary surrender) a court action for repossession of the boatyard will be raised. Unless the borrower gets in contact with us, there will be no further updates until then.
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09dolphin
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Post by 09dolphin on Apr 26, 2017 9:11:37 GMT
FS have posted an update. Would guess it will take at least 2 months before the case is heard in court (that's very optimistic) and then the "fire sale". Seems like we can expect about another 6 months before we will know what percentage of our capital will be returned. I did vote for a 60% return on capital at the start of this thread. Now I'd go for about 20% and will consider myself lucky to get that. In all honesty I wouldn't be surprised to get less than 10%.
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SteveT
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Post by SteveT on Apr 26, 2017 9:27:46 GMT
FS have posted an update. Would guess it will take at least 2 months before the case is heard in court (that's very optimistic) and then the "fire sale". Seems like we can expect about another 6 months before we will know what percentage of our capital will be returned. I did vote for a 60% return on capital at the start of this thread. Now I'd go for about 20% and will consider myself lucky to get that. In all honesty I wouldn't be surprised to get less than 10%. IMO, that would be pretty extraordinary. Even if it sells for just 50% of the original £400k valuation and recovery costs amount to as much as £100k, that ought to leave £100k balance (40% of the original capital). In reality, both of those assumptions SHOULD be bettered significantly, not least because it was re-valued last September at £480k.
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ozboy
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Post by ozboy on Apr 26, 2017 13:08:12 GMT
This has been, is and was an avoidable mess. I only hope FS has learned how to be far tougher with late payers and not get strung along.
We are in the Lending Business, not Charity & Compassion.
26/4/17 - The statutory notice period has now ended and lawyers are proceeding with an application to the courts for repossession.
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peteuk
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Post by peteuk on Apr 26, 2017 21:21:52 GMT
I so hope your right ozboy but sadly rishton and whitehaven have shown them up to be weak and only interested in selling new loans , stilli, did contact the FCA and they were very interested methinks other people have done the same, no company handling peoples money should be allowed to trade in this way
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ozboy
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Post by ozboy on May 1, 2017 12:23:31 GMT
Let's get this all back into perspective.
The Loan is for £250,000, when the original Valuation was £400,000. I, and many others, based our decision to invest partly on this LTV.
Since then, on 16/09/2016, over six months ago, in an arguably rising market, "The valuation report has been finalised and is between £450k and £500k"
If this Valuation/s is even half reasonable we should not lose any money. At all.
If we do lose money, SERIOUS questions need to be asked.
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ben
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Post by ben on May 1, 2017 20:48:54 GMT
Let's get this all back into perspective. The Loan is for £250,000, when the original Valuation was £400,000. I, and many others, based our decision to invest partly on this LTV. Since then, on 16/09/2016, over six months ago, in an arguably rising market, " The valuation report has been finalised and is between £450k and £500k"If this Valuation/s is even half reasonable we should not lose any money. At all. If we do lose money, SERIOUS questions need to be asked. You are also forgetting any legal fees that will need to be paid for, these can add up pretty quickly and can easily give you a captial loss.
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ozboy
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Post by ozboy on May 1, 2017 20:57:19 GMT
Let's get this all back into perspective. The Loan is for £250,000, when the original Valuation was £400,000. I, and many others, based our decision to invest partly on this LTV. Since then, on 16/09/2016, over six months ago, in an arguably rising market, " The valuation report has been finalised and is between £450k and £500k"If this Valuation/s is even half reasonable we should not lose any money. At all. If we do lose money, SERIOUS questions need to be asked. You are also forgetting any legal fees that will need to be paid for, these can add up pretty quickly and can easily give you a captial loss. No, hadn't forgotten the legal costs ben, one would hope insist that FS kept a very tight reign on them?! My point is, that if this VR was fair & reasonable, there should be quite enough fat on this Loan for all to turn out OK. After all costs. We shall see ...............................................
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09dolphin
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Post by 09dolphin on May 2, 2017 9:33:40 GMT
Time will tell when the boatyard is sold and funds disbursed. My experience is that legal fees etc quickly mount.
More to the point I'd really like to know why FS accepted the excuses for non payment or renewal for quite so long before taking action.
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ozboy
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Post by ozboy on May 2, 2017 13:21:08 GMT
Legal Fees and Other Fees quickly mount - if you let them and/or fail to negotiate reasonable Terms and/or don't monitor closely and/or if it's no odds to you what the Fees are 'cos you're not paying them.
I have dealt with Receivers on several occasions, and every time they have charged utterly rapacious Fees and Costs, far beyond what anyone would consider "reasonable.". They fill their boots, they're vultures, and I have no respect for them whatsoever, at least the ones I have dealt with. And no, it wasn't me/my business that went bust.
And yes, if we get scalped on this we must receive a full explanation of why FS accepted the excuses for non payment or renewal for quite so long before taking action.
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littleoldlady
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Post by littleoldlady on May 6, 2017 7:37:50 GMT
Let's get this all back into perspective. The Loan is for £250,000, when the original Valuation was £400,000. I, and many others, based our decision to invest partly on this LTV. Since then, on 16/09/2016, over six months ago, in an arguably rising market, " The valuation report has been finalised and is between £450k and £500k"If this Valuation/s is even half reasonable we should not lose any money. At all. If we do lose money, SERIOUS questions need to be asked. Firstly the VR will be for a sale in normal conditions. A fire sale could produce a much lower amount. Secondly if it could be sold for more than the loan then any sensible borrower would sell it rather than default. Thirdly at £500 per hour any surplus of the sale price over the loan is quickly eaten up.
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peteuk
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Post by peteuk on May 6, 2017 9:51:14 GMT
This is the first of many loans which are going bad ,take a look at the rishton loan 182 day loan now 420+ days and FS are still accepting excuses from borrower i asked them to default this loan seven months ago when it became plain there was a problem but they just kept ignoring it . They just seem to write new loanswith no thought for the quality of VR ,now with the euphoria of the ifisa people are going to forget that a bad loan is a bad loan and they will only wake up when after a couple of years there expected return is below 6% this is a pawnbroker site the interest is paid at the end of term unlike most others where at least the interest is taken and paid out monthly. I am now reducing what i invest in FS ps even FC on unsecured loans are managing to get back 40% of whats owed
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Liz
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Post by Liz on May 6, 2017 12:14:26 GMT
This is the first of many loans which are going bad ,take a look at the rishton loan 182 day loan now 420+ days and FS are still accepting excuses from borrower i asked them to default this loan seven months ago when it became plain there was a problem but they just kept ignoring it . They just seem to write new loanswith no thought for the quality of VR ,now with the euphoria of the ifisa people are going to forget that a bad loan is a bad loan and they will only wake up when after a couple of years there expected return is below 6% this is a pawnbroker site the interest is paid at the end of term unlike most others where at least the interest is taken and paid out monthly. I am now reducing what i invest in FS ps even FC on unsecured loans are managing to get back 40% of whats owed Defaults and losses are to be expected of course. I don't see where you get the below 6% figure. It is far too early to know what losses and what will be recovered. Personally, I would rather invest in 10-11% safer loans on FS, but there aren't many.
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merlin
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Post by merlin on May 6, 2017 13:50:39 GMT
This is the first of many loans which are going bad ,take a look at the rishton loan 182 day loan now 420+ days and FS are still accepting excuses from borrower i asked them to default this loan seven months ago when it became plain there was a problem but they just kept ignoring it . They just seem to write new loanswith no thought for the quality of VR ,now with the euphoria of the ifisa people are going to forget that a bad loan is a bad loan and they will only wake up when after a couple of years there expected return is below 6% this is a pawnbroker site the interest is paid at the end of term unlike most others where at least the interest is taken and paid out monthly. I am now reducing what i invest in FS ps even FC on unsecured loans are managing to get back 40% of whats owed Defaults and losses are to be expected of course. I don't see where you get the below 6% figure. It is far too early to know what losses and what will be recovered. Personally, I would rather invest in 10-11% safer loans on FS, but there aren't many. I have doubts as to whether investing in lower return loans would work Liz. My guess is that lower interest rate loans are arrived at more by what the borrower is prepared to pay than the real value of the security. In P2P game it is bit like Russian Roulette as you have so little information to go on when placing you bet, sorry investment. I have been in this game for nearly five years now and overall I have made around 9% across an investment in six providers and in total running well into six figures. REBS has been my worst investment where I only just broke even. FC was fast on REBS heels but I still made about 6% net despite some horrible losses. AC did OK when they were offering loans in double figures but the jury is still out as I still have four defaulted loans which may not pay up. The remaining three, FS, SS (Lendy) and MT have yielded an average of close to 11% net. However sooner or later I believe there is a chance, despite FCA approval, for one of the P2P providers to go belly up. If this should happen God knows what the outcome will be!
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littleoldlady
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Post by littleoldlady on May 6, 2017 14:38:43 GMT
This is the first of many loans which are going bad ,take a look at the rishton loan 182 day loan now 420+ days and FS are still accepting excuses from borrower i asked them to default this loan seven months ago when it became plain there was a problem but they just kept ignoring it . They just seem to write new loanswith no thought for the quality of VR ,now with the euphoria of the ifisa people are going to forget that a bad loan is a bad loan and they will only wake up when after a couple of years there expected return is below 6% this is a pawnbroker site the interest is paid at the end of term unlike most others where at least the interest is taken and paid out monthly. I am now reducing what i invest in FS ps even FC on unsecured loans are managing to get back 40% of whats owed Defaults and losses are to be expected of course. I don't see where you get the below 6% figure. It is far too early to know what losses and what will be recovered. Personally, I would rather invest in 10-11% safer loans on FS, but there aren't many. I would be delighted with 6%. I am anticipating a negative figure unless they discover oil on the NI Turbine site.
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