mikes1531
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Post by mikes1531 on Nov 17, 2015 22:42:27 GMT
Another update on the loan this afternoon (paraphrasing heavily) - the borrower has the funds available to redeem the loan, but is now going to spend a couple of days contemplating whether instead to renew the two loans and go on a spending spree. It crossed my mind to wonder whether the borrower could have fabricated the story about having a property sale in progress that would provide sufficient proceeds to completely repay the loans, and whether their repayment/renewal fundraising might have been unsuccessful, and whether they might still be struggling to come up with the funds to renew the loan. (The due date for the larger of the two loans was 5+ weeks ago.) Should fundingsecure be asking to see evidence that what the borrower has been saying over the past few weeks is true? Or am I being too cynical? If the loans are fully repaid in a few days, then my wild speculation probably is rubbish. But if, OTOH, the loans ultimately are renewed then we can continue to wonder.
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stevio
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Post by stevio on Nov 18, 2015 15:21:20 GMT
Is this the one coming up for renewal tomorrow?
What have been the issues please?
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SteveT
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Post by SteveT on Nov 18, 2015 15:40:14 GMT
Is this the one coming up for renewal tomorrow? What have been the issues please? No issues that I'm aware of. Just slightly strange / unique security that must be pretty hard to value accurately, but the low LTV helps there. In the (probably unlikely) event of default, I assume pieces from the collection would be auctioned progressively until sufficient proceeds were realised, but that might take quite a while...
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madpierre
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Post by madpierre on Nov 18, 2015 16:00:11 GMT
Is this the one coming up for renewal tomorrow? What have been the issues please? No issues that I'm aware of. Just slightly strange / unique security that must be pretty hard to value accurately, but the low LTV helps there. In the (probably unlikely) event of default, I assume pieces from the collection would be auctioned progressively until sufficient proceeds were realised, but that might take quite a while... If we received monthly interest it wouldn't bother me how long it took to raise the proceeds because there's so much of this stuff we'd get there eventually and get a nice monthly bonus along the way. But I don't know if I could be bothered with the wait with the present system, so I might may not renew this time
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Post by xyon100 on Nov 18, 2015 16:50:07 GMT
Another update on the loan this afternoon (paraphrasing heavily) - the borrower has the funds available to redeem the loan, but is now going to spend a couple of days contemplating whether instead to renew the two loans and go on a spending spree. Well yea, and it looks like the spending spree won out. I don't know about this one. I'm not getting a good vibe from the borrowers actions and I'm having trouble with the value of the security. Keen to get a little more invested on the platform but I think I will have to reign in my enthusiasm on this one.
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ilmoro
Member of DD Central
'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 Nov 18, 2015 18:27:29 GMT
fundingsecure can you confirm that interest on this loan will be paid to existing lenders up to tomorrow and not the original end date? On a previous loan that renewed late, the new loan start date was backdated to the original end date & lenders were not paid interest for the overdue period. Those who didnt renew therefore lost interest. Your customer services confirmed this was your policy under T&Cs. Small sum then but would be significant in this case
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Nov 18, 2015 18:42:19 GMT
The lenders actions and the type of property secured against have convinced me to decouple and have unchecked my renewal on all three. So the keener and braver among you can have a go! Good luck and may the force be with you.
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stevio
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Post by stevio on Nov 18, 2015 20:40:37 GMT
The lenders actions and the type of property secured against have convinced me to decouple and have unchecked my renewal on all three. So the keener and braver among you can have a go! Good luck and may the force be with you. Property, thought it was art?
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madpierre
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Post by madpierre on Nov 19, 2015 8:47:49 GMT
If I had been told a few years ago that one day I would spend a restless night considering whether to re-invest in some curious little Microsculptures, I would have thought they were barking. But this morning my bleary eyes attest to that very occurrence. The thing is there is a dearth of worthwhile investments in P2P land at present and my available balances are generally increasing rather than being fully utilised. Yes I could put all my worth into MT's present offering which is great but I might end up owning half of Huddersfield, which would be difficult to explain to my wife. I have therefore decided to roll this one over and maybe even add a bit more, after all, if this one goes wrong at least I can pick up one or two unusual Christmas presents at auction and pay myself back
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Post by mrclondon on Nov 19, 2015 10:54:14 GMT
fundingsecure can you confirm that interest on this loan will be paid to existing lenders up to tomorrow and not the original end date? On a previous loan that renewed late, the new loan start date was backdated to the original end date & lenders were not paid interest for the overdue period. Those who didnt renew therefore lost interest. Your customer services confirmed this was your policy under T&Cs. Small sum then but would be significant in this case A very good question. I've just had it confirmed by FS (via their online chat) that "the loan will be crediting interest through to today."
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Nov 19, 2015 12:58:17 GMT
fundingsecure can you confirm that interest on this loan will be paid to existing lenders up to tomorrow and not the original end date? On a previous loan that renewed late, the new loan start date was backdated to the original end date & lenders were not paid interest for the overdue period. Those who didnt renew therefore lost interest. Your customer services confirmed this was your policy under T&Cs. Small sum then but would be significant in this case A very good question. I've just had it confirmed by FS (via their online chat) that "the loan will be crediting interest through to today." Although I'm not in this loan I'm very relieved to hear that; one of the reasons I stick around with FS even though there's not an awful lot to interest me here these days is that they've historically always played very fair and been professional in their dealings. If they were to start not paying interest on overdue loans to those who didn't renew I'd consider that a gross unfairness.
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mikes1531
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Post by mikes1531 on Nov 19, 2015 13:24:16 GMT
fundingsecure can you confirm that interest on this loan will be paid to existing lenders up to tomorrow and not the original end date? On a previous loan that renewed late, the new loan start date was backdated to the original end date & lenders were not paid interest for the overdue period. Those who didnt renew therefore lost interest. Your customer services confirmed this was your policy under T&Cs. Small sum then but would be significant in this case A very good question. I've just had it confirmed by FS (via their online chat) that "the loan will be crediting interest through to today." And they have done. My interest was credited to my account within the last few minutes.
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mikes1531
Member of DD Central
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Post by mikes1531 on Nov 20, 2015 13:31:46 GMT
If anyone was intending to top up their investment in this loan when the £1000 limit was removed, you might wish to know that the restriction seems to have been lifted early.
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mikes1531
Member of DD Central
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Post by mikes1531 on Nov 20, 2015 16:22:11 GMT
The loan was fully subscribed by about 1620.
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mikes1531
Member of DD Central
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Post by mikes1531 on Nov 21, 2015 14:55:57 GMT
fundingsecure can you confirm that interest on this loan will be paid to existing lenders up to tomorrow and not the original end date? On a previous loan that renewed late, the new loan start date was backdated to the original end date & lenders were not paid interest for the overdue period. Those who didnt renew therefore lost interest. Your customer services confirmed this was your policy under T&Cs. Small sum then but would be significant in this case A very good question. I've just had it confirmed by FS (via their online chat) that "the loan will be crediting interest through to today." And they did. That's the good news. The bad news is that they didn't activate the renewal loans until the following day (20/Nov) so that as of today (21/Nov) the loans are showing as being active for only one day instead of the two days that should be showing. So on this occasion it's the renewing lenders who have been shortchanged -- by just over £140. Unless, of course, fundingsecure correct the mistake. How about it, FS? PS. I've sent FS an email pointing out the error and requesting a correction.
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