archie
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Post by archie on Jan 28, 2017 16:24:52 GMT
I did wonder if FS use specialist auctions for items such as these model trains? They should be able to recover any defaulted loans if they do. I wish they would include the exit strategy in the loan description (if there is one). With pawn items there usually is no exit strategy either is the borrower will repay or not, as the loan is on the actually asset rather then a construction project with a clear objective. True but the borrower must be expecting funds from somewhere to redeem them. Why keep paying interest (although that's all currently covered by further loans)?
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mikes1531
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Post by mikes1531 on Jan 29, 2017 14:21:17 GMT
I did wonder if FS use specialist auctions for items such as these model trains? They have in the past for a bassoon, a grand piano, and artwork. And they probably do for cars and boats. They should be able to recover any defaulted loans if they do. Unfortunately, this doesn't follow. Based on the price the bassoon was listed for sale at, I suspect FS topped up the sale result from their own pocket so that lenders could be repaid in full. On a pair of art collection loans, buyers were few and far between, and FS returned 70% of lenders' capital without waiting for all the paintings to be sold. They said that if they actually managed to obtain more than that, lenders would receive more. AFAIK, nothing further has happened, so either the rest of the sales also were disappointing, or FS still are trying to sell the paintings. (For more info, search past loans for 'Lubin'.) My concern about the trains/railwayana is that there are a lot of loans to one borrower, and if one defaults they probably all would. So the question is whether half a million pounds worth of these things would be snapped up by enthusiasts, or cause a glut on the market and depress prices. Knowing nothing about this market, I haven't a clue what the likely outcome might be.
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Post by sannytwist on Jan 30, 2017 15:34:31 GMT
that is nuts.... l hope l get my £25 back from this loan tho
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mason
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Post by mason on Jan 30, 2017 18:58:09 GMT
I suspect these new loans are just paying the interest owed. That was also my first thought too... which raises the question: what happens when this borrower runs out of model trains to borrow against.
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ozboy
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Post by ozboy on Jan 30, 2017 19:34:03 GMT
Well, in that case, "We've got a problem Houston!"
Joking aside, this is a classic Loan against which the platform (FS) could provide an update with more background information on what exactly is the Borrower's situation and what they're up to, etc?
As I have said I am fortunately not in this Loan but find it intriguing, just like T** C***** is on SS.
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Post by fundingsecure on Jan 30, 2017 20:32:00 GMT
We have added a brief statement on the loan itself. For legal reasons, we are unable to divulge anymore information than is listed on the loan.
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ozboy
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Post by ozboy on Jan 30, 2017 21:23:13 GMT
Moste Excellente to see FS reading and responding to postings, deffo appreciated FS.
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Post by davee39 on Jan 30, 2017 22:58:48 GMT
I do not know anything about these loans (I am no longer registered here), but there is a lively market in classic model trains and regular sales at a number of Auction houses. For this market the valuers usually know their stuff. (I have been both a buyer and seller of more modern railway items at a Local specialist model (toy) auction).
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ozboy
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Post by ozboy on Jan 30, 2017 23:23:58 GMT
Reinforces one of my earlier utterances as to why on earth The Borrower doesn't just sell one or two of his least favourite baubies direct into the market?
Or maybe s/he is, as well as hocking their favourites with FS!
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ozboy
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Post by ozboy on Jan 31, 2017 13:44:16 GMT
For those who haven't seen the Update:-
"The borrower is in the process of a legal dispute that is close to completion. If successful, the outcome should be sufficient to repay all loans."
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09dolphin
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Post by 09dolphin on Jan 31, 2017 19:20:17 GMT
Only been involved in legal action twice but I know how stressful that was even though I "won". Now I understand why there have been successive loans against the railway memorabilia. I had been worried that each loan was to pay interest on previous loans. May take a small punt now I know the circumstances - even if it doesn't work out.
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ozboy
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Post by ozboy on Jan 31, 2017 19:32:55 GMT
There yer go FS, bit of Information provided to your Punters, and Voila! , one of them commits to more investment - Result!
Might even get back in myself now that it seems confirmed that these Raily Thingies have a solid market if there's a Default.
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stub8535
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Post by stub8535 on Jan 31, 2017 20:16:48 GMT
Wonder if I should put some of my holdings on sale;-)
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ozboy
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Post by ozboy on Jan 31, 2017 20:24:57 GMT
Where's the serious market within all this stuff, you know, that holds and commands the top prices that the enthusiasts are willing to kill for - is it the hand made carriages, the model locomotives, the railway signs, the railwayman's cap/s (not sure if they've been hocked) or the etc, etc?
I'd be interested to know.
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Post by bracknellboy on Jan 31, 2017 20:32:29 GMT
Only been involved in legal action twice but I know how stressful that was even though I "won". Now I understand why there have been successive loans against the railway memorabilia. I had been worried that each loan was to pay interest on previous loans. May take a small punt now I know the circumstances - even if it doesn't work out. The - to me - obvious next question would be: and what if that legal action fails ? The legal system is a lottery. I've never been into any of the railway loans, but if I was I would be concerned that someone is pawning this stuff on a rolling basis to either fund legal action on the hope of a good outcome, or to fund something else pending receiveables from a legal action. on the hope of a good outcome. At the interest rate being paid and the continual rolling nature of the loans, it smacks just a little of emotion over rationality, and that is never a good thing. As someone else has said: why not sell a portion ?
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