bugs4me
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Post by bugs4me on Aug 19, 2019 11:32:39 GMT
'....I also note in the Welsh Hotel there were building issues so I really hope this is not the case there although it might explain why this one seems to be dragging on forever - the early loans are edging towards being 2 years late...' Building issues - well yes, 'bought' by an asset stripper who then AFAIK sold off some bits right under the nose of FS. Then ran away - went bankrupt but still we're very lucky as accrued interest is still being added so something to look forward to - I think not!!
Purchase payment schedule has been amended goodness knows how many times with the July payment now late but no problem as this is being chased up by FS. All this after supposedly proof of funds was seen err last year sometime. Sorry to sound vague but there's been so many updates that I've now long given up reading them. And yes, we were, the lenders that is, whacked for a 50k charge for recovery experts. Thought that was the job of FS - oh well, cynical me.
For the record, the loan has been live for 1473 days - less loan term of 180 days means it's now over 3.5 years late give or take and hour or two here and there.
Note to self from the FS website - 'FundingSecure is a Peer to Peer lending platform managed by a team of highly experienced Business Professionals with extensive knowledge of Finance and Alternative Investments especially Property Development'. So there, I feel more comfortable now!
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r1200gs
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Post by r1200gs on Aug 19, 2019 11:34:41 GMT
I would ask them what the hell is going on except I know I'll be fobbed off or the loan manager will be in a meeting. I might ask them about the boaty farce as well but the same treatment is likely.
Or I could ask them where my twice delayed response to official complaints have got to on loans where it is clear that platform incompetence and negligence allowed borrowers to walk off with my money, except I'll just get fobbed off again.
And when this loan comes crashing down hundreds more borrowers are going to be asking what the hell happened to millions of pounds of security, along with the ones for the northern Ireland loans who are seeing security for sale at less than half half the stated values used to obtain the loans.
I fail to see even how our tiny minority who are cheerleaders for this farce can think it is even remotely sustainable or could even be turned around at this stage.
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adrian77
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Post by adrian77 on Aug 19, 2019 16:02:39 GMT
Very true - but the **arter House chappie is linked to the Llandudno hotel rather than the South Wales one I think you are referring to. There are now defaulted loans all over the place and I just don't see how FS can afford the time and money to deal with all of these disasters.
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r1200gs
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Post by r1200gs on Aug 28, 2019 9:00:18 GMT
Now some five weeks since completion was expected.
Anybody else suspect a buyer related to the borrower is continuing to run rings around FS? Meanwhile the amount to be recovered is surely declining and even if first charge holders get their capital and interest, the interest is coming at the expense of lower ranking capital return. (If I have that wrong then please feel free to correct my understanding of the situation).
I'm half tempted to get on to live help and ask what the hell is going on, but we all know the score there, sadly.
And of course when this does come crashing down all hell is going to break loose again with hundreds losing all capital and interest, but is anybody surprised any more?
Anybody want to guess the date we'll log in the find the doors locked and FS staff gone home?
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aj
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Post by aj on Aug 28, 2019 10:55:15 GMT
Now some five weeks since completion was expected. Anybody else suspect a buyer related to the borrower is continuing to run rings around FS? Meanwhile the amount to be recovered is surely declining and even if first charge holders get their capital and interest, the interest is coming at the expense of lower ranking capital return. (If I have that wrong then please feel free to correct my understanding of the situation). I'm half tempted to get on to live help and ask what the hell is going on, but we all know the score there, sadly. And of course when this does come crashing down all hell is going to break loose again with hundreds losing all capital and interest, but is anybody surprised any more? Anybody want to guess the date we'll log in the find the doors locked and FS staff gone home? I don't think any delay is to do with the borrower messing FS around. There are many reasons the buyer could independently be intending to waste as much time as possible. (Hoping to knock price down more by making asset seem 'unsellable', not ready to pay due to arranging finance, holding off purchase until builders, etc are ready to continue the development, never intending to pay and blocking completion of the flats to boost value of their own local developments, etc, etc ,etc). With no mention of a deposit paid, I suspect the 'buyers' have nothing to lose here.
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adrian77
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Post by adrian77 on Aug 28, 2019 12:18:48 GMT
This one is beyond a joke - the 2 week deadline passed over a month ago! In fact I am not even convinced there is a serious buyer here. I also agree with aj in the prior post and think it is likely that the intended buyer is messing then around for the given reasons. FS have completely and utterly lost control of this one - all they have to do is repossess the damn thing and put it to the trade/auction. As it is a lemon we might as well cut our losses and get something back! Tranche 8 is under 2 months away for being 2 years late...
Yes yet another almighty Horlicks in the making!
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r1200gs
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Post by r1200gs on Aug 28, 2019 13:05:56 GMT
This one is beyond a joke - the 2 week deadline passed over a month ago! In fact I am not even convinced there is a serious buyer here. I also agree with aj in the prior post and think it is likely that the intended buyer is messing then around for the given reasons. FS have completely and utterly lost control of this one - all they have to do is repossess the damn thing and put it to the trade/auction. As it is a lemon we might as well cut our losses and get something back! Tranche 8 is under 2 months away for being 2 years late... Yes yet another almighty Horlicks in the making! I also suspect FS are not in a hurry to see the losses gelled and yet more hundreds of "investors" who have AGAIN lost everything heading for Trustpilot. They know this is going to be another disaster on top of many other disasters and with more disasters to come, Londonderry loans probably being the next ones. This place is screwed.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 28, 2019 13:41:28 GMT
This one is beyond a joke - the 2 week deadline passed over a month ago! In fact I am not even convinced there is a serious buyer here. I also agree with aj in the prior post and think it is likely that the intended buyer is messing then around for the given reasons. FS have completely and utterly lost control of this one - all they have to do is repossess the damn thing and put it to the trade/auction. As it is a lemon we might as well cut our losses and get something back! Tranche 8 is under 2 months away for being 2 years late... Yes yet another almighty Horlicks in the making! Erm, its in the hands of recievers isnt it, so FS arent in control, the recievers are and they have reccommended the current offer I assume. Thats the job, and they still have an equitable duty to the borrower to maximise recovery where possible. FS cant repossess, thats the recievers job, otherwise FS will take on liabilities like rent, rates etc.
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rocky1
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Post by rocky1 on Aug 29, 2019 11:59:56 GMT
transaction delayed are these platforms and borrowers playing at.bloody sick of the lot of it.do any of these so called fintech experts have a clue what they are doing.FS any chance of putting a meet the team on your website and letting us know who is supposed to be doing what and how qualified they are to lose millions of pounds of lenders money.absolute joke of a company.
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r1200gs
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Post by r1200gs on Aug 29, 2019 13:42:16 GMT
Going by the little said it would appear somebody is not in a hurry to sign, seeing everything is in place.
Wonder why? ;-)
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adrian77
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Post by adrian77 on Aug 29, 2019 14:18:52 GMT
I do wish FS would stop treating us a bloody idiots born yesterday - agreements are worthless it is signed contracts that count!
Like most of us I have sold the odd house or two. This has been going on since May!
At best FS are not telling us the full story here and it really annoys me. I sold one of my developments last week and the buyer who has signed the exchange contract will either complete in about 3 months (solicitor is working on the end date) or be immediately hit with a penalty clause and the property will be offered to somebody else - simple! One option is that the buyer is waiting for the property to be signed off by building control etc or there is a problem with the buyer as in he has pulled out or is really screwing the price down but if he has signed then he should not be in a position to do this!
I really hope there is not a problem with the title
Am I impressed - answers on a digital postcard
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r1200gs
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Post by r1200gs on Aug 29, 2019 16:57:48 GMT
More likely a case of needing £50,000 knocked off in order to sign, pure speculation on my part of course.
I often think I hear a harp playing in the distance, I suspect it's borrowers playing FS.
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adrian77
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Post by adrian77 on Aug 29, 2019 21:39:09 GMT
quiet possibly - also FS told us
but later
to me this is inconsistent - anything for a change!
"signing off" implies to me that exchange has occurred so we should not be in this mess as the contract should have penalty clauses
but the latter statement implies to me that no contract has been signed
goodness knows except we are still waiting for OUR money!
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susan
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Post by susan on Aug 30, 2019 10:56:39 GMT
Yes, totally fed up of these shenanigans too.
Fortunately I am in the first charge of this one - so I'm still hoping for a good recovery.
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r1200gs
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Post by r1200gs on Aug 30, 2019 13:32:25 GMT
Yes, totally fed up of these shenanigans too.
Fortunately I am in the first charge of this one - so I'm still hoping for a good recovery.
Incredibly, I am not 100 percent convinced even the first charge at an LTV of something like 17 percent is safe for all capital and interest. It also blows me away that if the first charge capital and interest are safe with a little left over the for the lower ranking loans, each day this drags on transfers their capital to our interest payment. Learning all the time, first ranking charges only. I was thinking this might actually complete today but thinking again, I suspect FS would have held off with the latest update if that was at all likely. So, another week goes by......
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