merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Aug 2, 2017 15:55:01 GMT
Still not heard on court case but no doubt FS will soon give us a meaningful update on this soon! As for this loan, I expect capital & full interest to be paid as otherwise FS have some serious issues to deal with. I do not expect FS to come up with any further information given that this loan already has criminal undertones attached to it. Prima facie possibly a case of obtaining money by false pretences to name but one. Also several of the BH have been talking about taking action away from FS and heading in the direction of the Financial Ombudsman. Therefore if FS are wise they will say as little as possible, in case what they say is used against them later. All I can say is if the action on this loan does move outside FS then it is likely that you will have to wait one hell of a lot longer to get paid out.
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r1200gs
Member of DD Central
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Post by r1200gs on Aug 2, 2017 16:02:28 GMT
Still not heard on court case but no doubt FS will soon give us a meaningful update on this soon! As for this loan, I expect capital & full interest to be paid as otherwise FS have some serious issues to deal with. I do not expect FS to come up with any further information given that this loan already has criminal undertones attached to it possibly obtaining money by false pretences to name but one. Also several of the BH have been talking about taking action away from FS and heading in the direction of the Financial Ombudsman. Therefore if FS are wise they will say as little as possible in case what they say is used against them. All I can say is if the action on this loan does move outside FS then it is likely that you ill have to wait one hell of a lot longer to get paid out. Yes, I noticed there were some hefty chunks taken out of this loan, one for £125,000?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 2, 2017 18:07:53 GMT
I do not expect FS to come up with any further information given that this loan already has criminal undertones attached to it possibly obtaining money by false pretences to name but one. Also several of the BH have been talking about taking action away from FS and heading in the direction of the Financial Ombudsman. Therefore if FS are wise they will say as little as possible in case what they say is used against them. All I can say is if the action on this loan does move outside FS then it is likely that you ill have to wait one hell of a lot longer to get paid out. Yes, I noticed there were some hefty chunks taken out of this loan, one for £125,000? Whatever happens, FS have only themselves to blame and have brought any problems completely on themselves. The same situation unfortunately as several Other FS Loans. This is not boding well In General, at all.
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ali
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Post by ali on Aug 3, 2017 6:26:39 GMT
Pictures from yesterday (2017-08-02):
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rs
Member of DD Central
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Post by rs on Aug 3, 2017 7:59:51 GMT
Good to know the contractor is progressing rapidly with the site! Lets hope the court case money is received soon and borrower doesn't go bankrupt.
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oldgrumpy
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Post by oldgrumpy on Aug 3, 2017 11:27:23 GMT
FS will have to be very truthful in their next "progress" update won't they? Lenders are watching the site, which doesn't mean every image obtained will be placed in this thread, but kept on file as a control over the borrower's and FS's future statements.
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rs
Member of DD Central
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Post by rs on Aug 3, 2017 12:09:52 GMT
FS will have to be very truthful in their next "progress" update won't they? Lenders are watching the site, which doesn't mean every image obtained will be placed in this thread, but kept on file as a control over the borrower's and FS's future statements. Still waiting for the court case update? I heard FS are not chasing borrower on court case anymore as FS don't want to waste the borrowers time and want the borrower to concentrate on Whitehaven development! I wonder how the lenders feel about the possibility of court case cash paying off this loan! But obviously if loan was paid off FS would make less money so obviously there is a slight conflict of interest!
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sirius
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Post by sirius on Aug 3, 2017 16:46:15 GMT
If, FS, as it "appears" almost certain, were aware that the the money was probably being used for a purpose other than that for which the loan was made, and having done nothing about it, other than to compound the issue by continuing to give more money, and exceeding the maximum percentage they contracted with lenders would be lent, they leave themselves open to being accessories to fraud, whether this is resolved quickly, or not.
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maxmarengo
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Post by maxmarengo on Aug 3, 2017 18:44:07 GMT
Personally I would be perfectly happy to accept the delay caused by a legal case against FS "pour encourager les autres"!
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SteveT
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Post by SteveT on Aug 3, 2017 19:04:36 GMT
(Mod hat off)
Funnily enough, this one is SO smelly (in terms of FS's misrepresentation of loan information) that I'm less worried about a loss here than on other FS loans where fault clearly lies with the borrower. FS must know that, if lenders end up losing money as a result of their incompetence, there's no hiding from the inevitable legal and regulatory consequences. It may take a long time, but I suspect strings will be pulled to ensure that capital (at least) is returned in full.
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gibmike
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What is a cynic? A man who knows the price of everything and the value of nothing.
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Post by gibmike on Aug 3, 2017 19:14:04 GMT
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09dolphin
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Post by 09dolphin on Aug 3, 2017 20:48:52 GMT
(Mod hat off) Funnily enough, this one is SO smelly (in terms of FS's misrepresentation of loan information) that I'm less worried about a loss here than on other FS loans where fault clearly lies with the borrower. FS must know that, if lenders end up losing money as a result of their incompetence, there's no hiding from the inevitable legal and regulatory consequences. It may take a long time, but I suspect strings will be pulled to ensure that capital (at least) is returned in full. I feel really angry that FS appear to show such disrespect for lenders. In the past FS have had a loan where there was no collateral but they assured lenders that the person lending would honour the debt. This loan was fully funded because people trusted FS. How things have changed.
Personally I am so angry that any loss I have I'm not sure I care enough about to just sit and hope that the borrower develops the site and pays interest for the loan. What I don't know if FS were complicit in the deception or if the borrower provided the false information and FS accepted whatever information they were given at face value. Perhaps it's the betrayal of trust that I'm angry about - I'm not a psychologist so I forgive myself for not knowing. All I do know is that I expect FS to exercise a degree of care (in terms of the security offered) when they offer loans to the public.
FS have obviously seriously let down lenders and I still await an explanation or apology, but I don't expect FS to do anything - other than to perhaps hope inertia reigns amongst lenders.
The best way forward I really don't know but I would welcome the views of others.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 3, 2017 21:30:44 GMT
What more can be said 09Dolphin, we're all going round in circles now repeating the same ole, ad nauseam. It seems FS have decided to take no notice of the genuine misgivings posted on this board so I imagine many of their informed Investors are now voting with their feet, a la LENDY. I guess they could always write an alternative tome to Dale Carnegie, "How To Lose Customers and Diminish Assurance."?
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min
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Post by min on Aug 22, 2017 8:33:39 GMT
This from 2 days ago... "Due to scheduling conflicts of one of the contractors, work has not started but is due to start in the middle of the coming week (w/c 21/8/17). We are planning a further site visit towards the end of the week." You couldn't make it up, except that appears to be exactly what is happening.
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09dolphin
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Post by 09dolphin on Aug 22, 2017 13:13:44 GMT
I do hope that FS are going to have the asset revalued and that the increase in value will be similar to other increases in value posted for renewals in other loans. Shame any increase in value will still not equate to 70% of the LTV of money lent! Obviously I have no knowledge of the accuracy of the increases in value of renewals but I do wonder if lenders are being "conned" by what I regard as optimistic values ascribed.
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