Monetus
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Post by Monetus on Mar 19, 2019 17:21:36 GMT
So I was digging up an old post on this thread regarding the number of boats the borrower had and it seems I copy and pasted the following from somewhere.... Mar 9, 2018 at 1:11pm Monetus said: “This is a new 6 month loan secured against a third brand new 2015 spec F1 styled, V***** M****** Style V-40R class Power Boat. This is similar to the first two boats, against which one existing loan is still current (ID:2431487813) “
I can now find no evidence of this text anywhere on any of the loan descriptions - am I blind or has it been cheekily edited? Maybe adrian77 is onto something after all and there may actually not be a third boat with the 2nd being the one that crashed and got the insurance payout. The borrower is certainly only pushing one in their promotional material (and they also only showed a single red boat moving to a new warehouse recently). Have fundingsecure been misled again and the borrower took out two loans against a single boat security? If only they could find it within themselves to make a quick comment and clear this whole conspiracy up
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iRobot
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Post by iRobot on Mar 19, 2019 17:31:11 GMT
So I was digging up an old post on this thread regarding the number of boats the borrower had and it seems I copy and pasted the following from somewhere.... Mar 9, 2018 at 1:11pm Monetus said: “This is a new 6 month loan secured against a third brand new 2015 spec F1 styled, V***** M****** Style V-40R class Power Boat. This is similar to the first two boats, against which one existing loan is still current (ID:2431487813) “
I can now find no evidence of this text anywhere on any of the loan descriptions - am I blind or has it been cheekily edited? Maybe adrian77 is onto something after all and there may actually not be a third boat with the 2nd being the one that crashed and got the insurance payout. The borrower is certainly only pushing one in their promotional material (and they also only showed a single red boat moving to a new warehouse recently). Have fundingsecure been misled again and the borrower took out two loans against a single boat security? If only they could find it within themselves to make a quick comment and clear this whole conspiracy up It still states "third" on the Assets tab, as well as mentioning the "previous two"
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Monetus
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Post by Monetus on Mar 19, 2019 17:33:53 GMT
So I was digging up an old post on this thread regarding the number of boats the borrower had and it seems I copy and pasted the following from somewhere.... Mar 9, 2018 at 1:11pm Monetus said: “This is a new 6 month loan secured against a third brand new 2015 spec F1 styled, V***** M****** Style V-40R class Power Boat. This is similar to the first two boats, against which one existing loan is still current (ID:2431487813) “
I can now find no evidence of this text anywhere on any of the loan descriptions - am I blind or has it been cheekily edited? Maybe adrian77 is onto something after all and there may actually not be a third boat with the 2nd being the one that crashed and got the insurance payout. The borrower is certainly only pushing one in their promotional material (and they also only showed a single red boat moving to a new warehouse recently). Have fundingsecure been misled again and the borrower took out two loans against a single boat security? If only they could find it within themselves to make a quick comment and clear this whole conspiracy up It still states "third" on the Assets tab, as well as mentioning the "previous two" Great so I am blind! Apologies it's been a long day (but not as long as this loan)
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adrian77
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Post by adrian77 on Mar 19, 2019 17:34:25 GMT
I have checked and the initial boat loan was shortly before said boat crashed - as I said she was towed back to port where I guess technical experts had to assess whether she was a write-off or could be repaired. One boat, 2 boats or 3 boats and/or an electric one - And you thought "Schrödinger's cat" was a difficult concept to grasp!
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Post by neeeryde on Mar 19, 2019 18:00:44 GMT
The boat trip may have been like the one offered to investors in the loan and decided by a prize draw, which I understood never actually happened. I stand to be corrected, but the last I heard the winner never got their ride in a power boat. Correct. The prize draw winning investor never got their ride in the powerboat as advertised within the loan. However on the 27th July, an auction was listed for a ride in the same powerboat for a winning bidder and completely separate from the prize draw. What I am saying is how could a winning bidder (if there was one) have got their boat ride if on the 10th July, FS indicated that the boat could not be utilised for any purpose. I do have the website details of this particular auction, but I appreciate that I cannot post on here.
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Post by beepbeepimajeep on Mar 19, 2019 20:50:53 GMT
I have contacted fundingsecure and received the following response: "Thank you for your patience. I have looked into this and I can see that these loans are due to be updated later today. Unfortunately I do not have the specific information in the update but it will be visible for all investors to view on the loan page"Personally I am holding off ordering champagne just yet cmon fundingsecure where is this update, we all just want the truth.
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peteuk
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Post by peteuk on Mar 19, 2019 22:05:49 GMT
I was that investor . After countless attempts to tie a trip down i gave up . And i only live 10 miles away and retired
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11025
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Post by 11025 on Mar 19, 2019 22:11:51 GMT
I was that investor . After countless attempts to tie a trip down i gave up . And i only live 10 miles away and retired To quote : The lack of a prize from the draw which was offered The borrower offered an opportunity for 4 people to take part in a demonstration day, riding in the powerboat. The draw for this prize was made within 2 weeks of the loan being funded and the winners contacted to arrange a suitable date - set for 21st/22nd June 2016. Unfortunately, due to inclement weather, the iRace day had to be cancelled - then set for 6th/7th September, immediately following the CTC race in Torquay. The powerboat suffered a failure during the race and the promotional event had to be cancelled. One of the winners advised that they would not be attending any further events. In addition FundingSecure paid a cancellation fee for a hotel booked for another participant, who also declined to reschedule.
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adrian77
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Post by adrian77 on Mar 20, 2019 7:42:09 GMT
Thought they had 2 boats - if this team can't even organise a day trip then I have not confidence they are going to win any races!
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adrian77
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Post by adrian77 on Mar 20, 2019 8:08:56 GMT
latest "update"
Expected on 12th - no update until 20th saying it will be tomorrow - this is worse than Brexit!
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Monetus
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Post by Monetus on Mar 20, 2019 8:19:11 GMT
Of course.... you really couldn't make this up!
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Post by spareapennyor2 on Mar 20, 2019 8:28:49 GMT
Of course.... you really couldn't make this up! ho yes you can what a pantomime
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madpierre
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Post by madpierre on Mar 20, 2019 8:51:08 GMT
I believe that unless everyone in this loan constantly hassles fundingsecure for progress they will continue to feed us misinformation. If their staff are fully occupied with disgruntled investors they may just bring the matter to a head, otherwise the next update will read "The funds did not arrive but we are in daily contact..." The Borrower remains in business and able to obtain alternative sponsorship and, as our representative in this loan, fundingsecure ought to be commandeering any income received by the Borrower not merely allowing them to continue pocketing all they receive.
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arby
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Post by arby on Mar 20, 2019 9:15:06 GMT
I believe that unless everyone in this loan constantly hassles fundingsecure for progress they will continue to feed us misinformation. If their staff are fully occupied with disgruntled investors they may just bring the matter to a head, otherwise the next update will read "The funds did not arrive but we are in daily contact..." The Borrower remains in business and able to obtain alternative sponsorship and, as our representative in this loan, fundingsecure ought to be commandeering any income received by the Borrower not merely allowing them to continue pocketing all they receive. I fully agree FS should be as proactive as they can in securing repayment, but "commandeering any income received by the borrower" simply isn't allowed in the same way a bank can't tell your employer to pay them directly when you stop repaying your mortgage.
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adrian77
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Post by adrian77 on Mar 20, 2019 9:34:15 GMT
, True but this damn boat or boats can be repossessed so why the hell has this not been done - oh I forget we have funds from the court due to be released tomorrow...
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