adrian77
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Post by adrian77 on Apr 15, 2019 13:11:12 GMT
I said they were overpriced! Why don't FS just be honest and default this one as it has been a mega disaster all round except for the Administrators that is. There is no way on this planet can I see a single penny going towards this 3rd charge.
Granted I am a small developer but not at this level of the market (sadly!) I took one look at this and thought it would be a disaster - so took a punt on it being renewed which it was and then ditched it. If I can see such a disaster within 20 seconds then why couldn't the professional team at FS?
So FS seem to be kicking this one into the long grass for at least another 6 months...
Gordon Bennett!
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arby
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Post by arby on Apr 15, 2019 13:51:08 GMT
I took one look at this and thought it would be a disaster - so took a punt on it being renewed which it was and then ditched it. If I can see such a disaster within 20 seconds then why couldn't the professional team at FS? Is there perhaps a smidge of confirmation bias in your perspective? If you were so sure it was a disaster yet still invested then I've seriously underestimated your appetite for risk.
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iRobot
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Post by iRobot on Apr 15, 2019 17:56:59 GMT
I said they were overpriced! Why don't FS just be honest and default this one as it has been a mega disaster all round except for the Administrators that is. There is no way on this planet can I see a single penny going towards this 3rd charge. Granted I am a small developer but not at this level of the market (sadly!) I took one look at this and thought it would be a disaster - so took a punt on it being renewed which it was and then ditched it. If I can see such a disaster within 20 seconds then why couldn't the professional team at FS? So FS seem to be kicking this one into the long grass for at least another 6 months... Gordon Bennett! Haven't FS already formally marked this as defaulted?
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Apr 15, 2019 18:05:31 GMT
They need to take ALL defaulted loan out of the "My current investments" on the dashboard tab along with IOA. So you can better see your current position.
A separate Tab with these loans would be useful.
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adrian77
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Post by adrian77 on Apr 16, 2019 8:58:05 GMT
it is marked as "unredeemed" rather than "defaulted" "- the Peter Howson painting loan is finalised and marked as "defaulted"
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trium
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Post by trium on Apr 16, 2019 9:53:41 GMT
it is marked as "unredeemed" rather than "defaulted" "- the Peter Howson painting loan is finalised and marked as "defaulted" If you look at "All active and past loans", any loan marked "Unredeemed" in column 6 will say "Loan Defaulted" in column 7. It seems to be at that point that it becomes eligible for loss relief for tax purposes. Eventually it will become finalised and column 7 will say "Loan Completed". Column 6 will either say "Recovered" (fully discharged from recovery proceeds - tax will have to be paid if loss relief was previously claimed) or "Defaulted" (part or all capital and interest written off). Seems to be two rather different usages of the word "default"
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iRobot
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Post by iRobot on Apr 16, 2019 12:04:11 GMT
it is marked as "unredeemed" rather than "defaulted" "- the Peter Howson painting loan is finalised and marked as "defaulted" Definitely showing as 'defaulted' on my screen (and according to the updates, has been since July 2017).
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iRobot
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Post by iRobot on Apr 16, 2019 12:09:24 GMT
it is marked as "unredeemed" rather than "defaulted" "- the Peter Howson painting loan is finalised and marked as "defaulted" If you look at "All active and past loans", any loan marked "Unredeemed" in column 6 will say "Loan Defaulted" in column 7. It seems to be at that point that it becomes eligible for loss relief for tax purposes. Eventually it will become finalised and column 7 will say "Loan Completed". Column 6 will either say "Recovered" (fully discharged from recovery proceeds - tax will have to be paid if loss relief was previously claimed) or "Defaulted" (part or all capital and interest written off). Seems to be two rather different usages of the word "default" Agreed some simplification wouldn't go amiss but given the definitions in use, I think FS are correct to leave this as unredeemed whilst the assets are still 'in play', regardless of how remote any recovery is likely to be. (Individual lenders can always jiggle the tax situation as befits their personal circumstances.)
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adrian77
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Post by adrian77 on Sept 6, 2019 9:42:08 GMT
From FS in Jan 2017 And now Or to translate into vernacular English - this one is completely and utterly stuffed!
What still vacant after all this time whilst in a very desirable part of a world city. Something does not sound right to me. Looks like the rental would be something like £50K p.a. tops which is not exactly going to service £5m.
If we take the interest on the first 2 loans at a mere 6% that is £0.3m p.a. so after 3 years that is £1m in interest alone - if we take 12% that is £2m viz close to the selling price of one of the houses!
I note this one is "defaulted" and "unredeemed" - as to why it is not "completed" and "defaulted" is beyond me - without being negative, moaning or conspiratorial I would describe the chance as seeing a penny of this £350K as slim!
Easy to say but numerous people warned FS about this one and the original loan should never have been renewed.
As an aside can you imaging the FS management being on "Dragons' Den" asking for a business loan to help them expand - now that would be quality TV!
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adrian77
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Post by adrian77 on Oct 15, 2019 10:26:58 GMT
Well there's a surprise - not!
And the best news is that a distribution is "anticipated"...well that is looking good for the FS 3rd charge I don' think!
I wonder if this means FS will leave this one on their books with a defaulted status of "unredeemed"?
Just wonder how much the receiver are going to make on this one!
A complete and utter horlicks and exactly as many of us predicted...
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mah
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Post by mah on Oct 29, 2021 14:22:28 GMT
Total Write Off.
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