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Post by bracknellboy on Jul 24, 2017 10:16:34 GMT
fundingsecure ..... What on earth are you thinking of allowing our depreciating security to risk being smashed up in a race (the fact that it is sponsored like most races does not translate a risky race into a promotional event). .... well assuming the right insurances were and are STILL in place, then that is the least of our worries and indeed would be a preferential outcome for us. I have previously asked FS about this loan and lack of action and I found their replies to be somewhat less than reassuring. I was going to pursue the dialogue, but decided I couldn't be bothered at that point.
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09dolphin
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Post by 09dolphin on Jul 24, 2017 10:35:09 GMT
Yet another loan where you have to question how FS are managing it, and what other excuses they will accept for non payment.
Perhaps other excuses will be that the person who was delivering the money to the UK (as the international banking system was taking several weeks) has been stopped by customs and they have had the money confiscated. Or perhaps they were mugged when bringing in the Swiss Franks that couldn't be transferred by normal and well established banking procedures. Of course it could be that the borrower is dishonest and is enjoying the use of the powerboat at the expense of FS members!!!
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Monetus
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Post by Monetus on Jul 24, 2017 11:33:53 GMT
Can anyone remind me of any proposed exit strategy for this loan when it originally started out? Was there ever any suggestion on how they were going to pay this back?
Seems that the borrower just wanted to take the cash from FS with no real idea of how they were going to sort it out later (i.e. pray and hope for new sponsorship and equity partners).
It's also sad that the winner of the competition seemingly got fobbed off with excuses from the borrower and never got their "ONCE-IN-A LIFETIME EXPERIENCE" boat ride...
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Post by keyboardworrier on Jul 24, 2017 12:03:52 GMT
I haven't got a penny in this platform (and after reading this that is the way it will remain). FS should realise this is damaging their reputation hugely and try to get it sorted out ASAP, it's ridiculous that they are being lead down the garden path with a never ending list of excuses.
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Post by bracknellboy on Jul 24, 2017 12:18:11 GMT
... It's also sad that the winner of the competition seemingly got fobbed off with excuses from the borrower and never got their "ONCE-IN-A LIFETIME EXPERIENCE" boat ride... really ? details please.... OK: have just stepped back thru thread and found the relevant post and poster. Assuming true, that seems to say something important about the character of the borrower. This asset needs seizing, or crashing. One of the two.
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Post by Deleted on Jul 24, 2017 14:32:35 GMT
I have a vague memory of using the words "punt pole" when this deal came over the horizon.............. I even remember being poopooed for my aversion to risk. (Blackadder comes to mind) I'll get my coat.
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oldgrumpy
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Post by oldgrumpy on Jul 24, 2017 14:35:38 GMT
It's high time also that Funding Circle ditched this "no interest until the loan repays" for ALL loans except smaller pawn loans, for which the platform model is designed. It is totally ridiculous that borrowers can take a loan, sometimes six figures, then extend it as long as they see fit by delaying tactics, without the lenders even being offered a penny of interest. fundingsecure Tell your directors. TIME FOR PLATFORM REFORM. Can you please let me know when you start discussing this at "board level"? Thank you. fundingsecure I haven't received your plans for reform yet. In the meantime your mishandling of this loan, Whitehaven and Rishton are under scrutiny, as I am sure you are aware, with the Boatyard and to an extent, Londonderry. Your choice of borrowers to present to us, and even more, how you deal with their non compliance with terms of loans is giving a lot of public concern. For instance, your updates for the Powerboat loans on 25 June 2017 and 3 July 2017 both state that you are confident that the funds will arrive. The loan was due for repayment on 17 December 2016. This borrower has refused to even cover the original interest, let alone the additional late interest for the last seven months.... let alone the £650,000 principal. Then there is the similar situation with Power Boat loan 5818112533 (another £550,000 + interest). No-one is writing about that. I am in both loans. Why do you have this confidence? Is it because "the borrower advises you" that it will? You accepted barefaced lies on the Whitehaven loan even after we supplied pictures to prove you were not monitoring the situation, so what monitoring have you done which gives you this confidence? (which you are passing on to us, unsuccessfully?). Your candid responses will be best added here and onto the loan pages for all investors' consideration, not just the few who discuss the matter on this forum.
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hendragon
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Post by hendragon on Jul 24, 2017 14:55:52 GMT
OMG OG has gone O(verboard)
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jul 24, 2017 16:48:18 GMT
I have been informed today that the Powerboat has recently been materially upgraded by having new more powerful engines fitted and that it will now not be taking part in the Cowed/Torquay/Cowes race in August.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jul 24, 2017 17:00:57 GMT
I wonder where they got the capital to pay for the upgrade and what they used as collateral?
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oldgrumpy
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Post by oldgrumpy on Jul 24, 2017 17:01:07 GMT
OMG OG has gone O(verboard) FS need to realise that some lenders make a substantial splash. I assume FS want lenders to have confidence (ah, that word again... ) in them, not to expect zero defaults and unfailing immediate repayment on time necessarily, but to manage the loans on its platform to a professional high standard. Separation of "trivial" pawn loans from substantial property loans into different and appropriate management models would form part of this. Other platforms have given us "bad" loan experiences too, including Lendy, RBS, and AC and ABL. What they do about it is crucial if lenders are to continue trusting them, and there is some evidence this is being attended too (on some platforms). ed. cross-posted with merlin and stubby.
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oldgrumpy
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Post by oldgrumpy on Jul 24, 2017 17:05:27 GMT
I have been informed today that the Powerboat has recently been materially upgraded by having new more powerful engines fitted and that it will now not be taking part in the Cowed/Torquay/Cowes race in August. I hope fundingsecure realises that some lenders will be at Cowes watching, and will know whether this boat (or the other) are seen on the water being used.
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james21
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Post by james21 on Jul 24, 2017 18:22:06 GMT
Those who invested knew it was risky, who in their right mind would invest in a power boat? Stop bitching about it will you
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james21
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Post by james21 on Jul 24, 2017 18:35:11 GMT
Its about common sense forget these type of loans go with property. Move on, nothing to see here
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Post by brightspark on Jul 24, 2017 18:55:54 GMT
When investors were invited to take part in this loan they were advised in the prospectus that "The powerboat will be located in an indoor storage facility when not in use for promotional activities." A race is not per se a promotion. Through racing a business may promote itself but that does not make racing a promotional activity. If it should come to a court of law I am comfortable that a judge would agree with my view of the matter. By agreeing to allowing the boat to race FS is laying itself wide open to litigation from investors should the boat be lost or damaged. To bring FS to its senses needs a court injunction served on the boat owners. That would make a splash!
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