adrian77
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Post by adrian77 on Oct 7, 2019 16:29:22 GMT
I was referring to Powerboat Loan (5818112533) but are your correct t'other boat is as above.
Call me cynical but I firmly believe there is only one boat as the other one was damaged in a crash and albeit recovered I guess it was an insurance write off.
Clearly there is something very wrong here - having read the Facebook comments I wonder if this situation is even worse than we feared - this would explain why FS have not defaulted this one! Would have been a lot easier if FS had come clean about this one when they first realised what the true situation was - so much for their new transparency initiative.
I read a serving soldier who is coming up to retirement age (for the military) has put £10K into this one - so people like him risk live and limb and risk losing all this money due to what I see as gross incompetent by FS - and that is being generous!
I will check with the moderator and if he is happy will place the facebook comments in FS DD - please feel to PM me if you can't wait...
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iRobot
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Post by iRobot on Oct 7, 2019 19:54:00 GMT
info is in the public domain on portsmouth.co.uk (news/people) website Useful info - any news is good news! - but that looks to me like the Endurance boat, to me. ( Thread)
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Post by brightspark on Oct 7, 2019 20:39:33 GMT
I was referring to Powerboat Loan (5818112533) but are your correct t'other boat is as above. Call me cynical but I firmly believe there is only one boat as the other one was damaged in a crash and albeit recovered I guess it was an insurance write off. Clearly there is something very wrong here - having read the Facebook comments I wonder if this situation is even worse than we feared - this would explain why FS have not defaulted this one! Would have been a lot easier if FS had come clean about this one when they first realised what the true situation was - so much for their new transparency initiative. I read a serving soldier who is coming up to retirement age (for the military) has put £10K into this one - so people like him risk live and limb and risk losing all this money due to what I see as gross incompetent by FS - and that is being generous! I will check with the moderator and if he is happy will place the facebook comments in FS DD - please feel to PM me if you can't wait... Yes the powerboat is as was originally described in the loan request. A precis of the latest FS update (30/7/19) was that FS heavies had recently met the borrower and partner to ask what their plans were re a settlement. Since then 2 months of deathly silence.
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blender
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Post by blender on Oct 7, 2019 21:02:15 GMT
'FS heavies' - love it! 'The borrower's story is credible - and true'.
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ashtondav
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Post by ashtondav on Oct 8, 2019 8:48:51 GMT
It could be worse. At least it’s not defaulted - 3 years into a 6 month loan!
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adrian77
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Post by adrian77 on Oct 8, 2019 10:24:22 GMT
Mr Moderator advised me not to link to the Facebook comments until I have collaboratory evidence (fair enough). Those of us who have read these comments can hazard a wild guess as to why it is not defaulted!
Wonder if FS are still thinking about how they are going to break the news on this one - the more they delay the worse it will be....
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Post by brightspark on Oct 8, 2019 11:37:37 GMT
What is this news that must be broken? "Whether in storage or active the boat is fully insured with a loss payable clause in favour of FundingSecure, sufficient to cover the full cost of the loan plus interest."
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Post by bracknellboy on Oct 8, 2019 12:30:39 GMT
What is this news that must be broken? "Whether in storage or active the boat is fully insured with a loss payable clause in favour of FundingSecure, sufficient to cover the full cost of the loan plus interest." I would hazard a teeny weeny guess that the insurance doesn't cover the extent of the current interest owed.........
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adrian77
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Post by adrian77 on Oct 8, 2019 14:23:11 GMT
When I was referring to the news I meant what is happening here - not least what is the current state of the boats or boat - is she too old for competitive racing now, are there any other people chasing ownership of the boat, what is the current situation with the CEO/mystical sponsor etc etc - I have no idea except after reading the FB comments etc I think it is inside the realms of possibility FS have been a tad less than forthcoming regarding the true situation - I mean 3 years late without even defaulting the loan is a tad curious... just my opinion.
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Post by brightspark on Oct 9, 2019 11:36:34 GMT
What is this news that must be broken? "Whether in storage or active the boat is fully insured with a loss payable clause in favour of FundingSecure, sufficient to cover the full cost of the loan plus interest." I would hazard a teeny weeny guess that the insurance doesn't cover the extent of the current interest owed......... it does sounds like cloud-cuckoo land but that was in the original prospectus. Who are we to disagree?
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adrian77
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Post by adrian77 on Oct 15, 2019 7:54:10 GMT
Well one of these loans is 3 years late today - so this borrower takes out a 6 month loan and 3.5 years later it is not even defaulted. So much for this new leaf turned over by FS - it is we lenders who have been turned over!
Due by 15th Aug , then end September and when was the last update -July!
Also interesting comments on Facebook about this lender and possession of the boat - whether true or not FS could have denied them but they haven't which is worrying to me!
So come 2020 this boat is going to be 6 years old so I guess past racing and hugely devalued and that is assuming still have control of her!
I am not exactly impressed...
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Post by banffy on Oct 18, 2019 16:48:35 GMT
Fundingsecure can we have an update in regards to what the hell is going on with this loan, seems that a lot of loan updates have just not happened, wish I lived near their office or mabe not, I would probably end up getting arrested. This is shocking lost all faith with these years ago thank god I stopped putting money into them back then. I can only see this shower being the next company to fold. Their probably too busy hiding all our robbed cash into other accounts abroad and in the process of doing one.
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Post by spareapennyor2 on Oct 25, 2019 10:54:13 GMT
now Administrators are in control might see some meaningful action on this / (and others) if it bankrupts the borrower by demand of full payment so be it
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pip
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Post by pip on Oct 25, 2019 12:08:34 GMT
now Administrators are in control might see some meaningful action on this / (and others) if it bankrupts the borrower by demand of full payment so be it You might be right, administrators will not listen to any jam tomorrow stories from borrowers, it will be "you haven't repaid on time, therefore the asset will be sold next week, and will will apply for you to be bankrupt'. Whether this results in any meaningful returns to investors is another thing. One thing I do think though is that for many borrowers who have been given an easy ride for years, FS going into administration may be worse news for them than the lenders!
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Post by banffy on Oct 25, 2019 12:22:07 GMT
Totally agree, these cowboys have been riding their luck for far too long getting away with lies and now hopefully the Sheriff's close in on them and force them to get the funds or they have had it. Not sure I'm going to get much back unless they find the funds. A huge lesson not to put too many eggs into the one basket. I'm just in process of getting last funds out of UB which are ok but I can't trust any P2P, even AC with the Instant Access they provide which does not mean anything really if they went down tomorow then everything would be frozen so instant access means nothing really.
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