michaelc
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Post by michaelc on Apr 18, 2017 21:26:25 GMT
Thanks again for all the interesting and informative replies.
Thought I would take this opportunity to praise FS customer service. I asked them at 9.40pm if it wasn't too late to reduce my exposure to these loans. I got a reply within about 15 minutes saying it had been done ! Ok, you could argue maybe their website should allow you to "change your mind" up to the point of the loan being fulfilled but in lieu of that I thought their email response at this time of day excellent.
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Post by beepbeepimajeep on Apr 23, 2017 9:28:09 GMT
. I asked them at 9.40pm if it wasn't too late to reduce my exposure to these loans. I got a reply within about 15 minutes saying it had been done ! Ok, you could argue maybe their website should allow you to "change your mind" up to the point of the loan being fulfilled but in lieu of that I thought their email response at this time of day excellent. I also asked FS to cancel my exposure to this loan, which they promptly did do for me. However the email also sternly told me that investments are final after placing and they have made an exception this time but it would not be done for me again. Never have asked them before.
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michaelc
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Post by michaelc on Oct 25, 2017 19:17:32 GMT
They're up for renewal and I plan to full withdraw my toe.
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keith
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Post by keith on Oct 26, 2017 7:21:35 GMT
I think I will take the exit opportunity too.
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Post by slopsjon on Oct 26, 2017 7:31:07 GMT
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keith
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Post by keith on Oct 26, 2017 9:07:05 GMT
Phased withdrawal from a number of loans. Pocket the interest and leave. Laziness. Take your pick.
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rogerthat
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Post by rogerthat on Oct 26, 2017 10:56:50 GMT
Dell 1 & 2 This seems an extraordinary mess...Dell 1 is mothballed while the customer concentrates on another (unspecified project of which FS knows about but have no funds in )..no timespan..profit or loss?..who knows. Meanwhile Dell 1 is a cleared site which, according to the update 11/04 has agreed off plan sales..how many years are the purchasers prepared to wait ?...and Dell 2 is reliant on sales from Dell 1..sadly ive got some exposure in an additional loan on Dell 1 (which I see ranks behind this renewal)..no more from me until further information
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adrian77
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Post by adrian77 on Oct 26, 2017 11:23:12 GMT
How a developer can afford to borrow money at this high rate and leave a development on hold defeats me. If the plots rockets in value then "happy days" but if it doesn't....
Also I note the 39 properties have been pre-sold - not sure what "pre-sold" actually means here - deposit paid or contract of intent or what. I would be interested to know more details ss they are numerous permutations e.g. has the buyer a contract with a completion date and penalty clauses within it. At the moment all I can say is "Dell's Bells" and not on your Delly!
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r1200gs
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Post by r1200gs on Oct 26, 2017 11:42:05 GMT
How a developer can afford to borrow money at this high rate and leave a development on hold defeats me. If the plots rockets in value then "happy days" but if it doesn't.... Also I note the 39 properties have been pre-sold - not sure what "pre-sold" actually means here - deposit paid or contract of intent or what. I would be interested to know more details ss they are numerous permutations e.g. has the buyer a contract with a completion date and penalty clauses within it. At the moment all I can say is "Dell's Bells" and not on your Delly! I recently clicked an add for a "buy to let shop" (I won't name it)who are hard selling off-plan property with guarantees of rents and capital appreciation. I'm wondering if they are pre-selling property not yet built with peer to peer money. Been invited to a property seminar all completely free where I would no doubt suffer a hard sell. They did seem nice on the phone though, not too pushy though keen to find out if I had any cash to invest. So, I thought why not? I can resist any hard sell and would be quite happy to leave at any moment. But they blew it. How? By sending me a confirmation email that casually mentioned a £99 fee if I don't turn up, one not mentioned on the phone. Not very professional that, is it? So. let's see them collect this fee.
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blender
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Post by blender on Oct 26, 2017 11:57:32 GMT
How a developer can afford to borrow money at this high rate and leave a development on hold defeats me. If the plots rockets in value then "happy days" but if it doesn't.... Also I note the 39 properties have been pre-sold - not sure what "pre-sold" actually means here - deposit paid or contract of intent or what. I would be interested to know more details ss they are numerous permutations e.g. has the buyer a contract with a completion date and penalty clauses within it. At the moment all I can say is "Dell's Bells" and not on your Delly! I recently clicked an add for a "buy to let shop" (I won't name it)who are hard selling off-plan property with guarantees of rents and capital appreciation. I'm wondering if they are pre-selling property not yet built with peer to peer money. Been invited to a property seminar all completely free where I would no doubt suffer a hard sell. They did seem nice on the phone though, not too pushy though keen to find out if I had any cash to invest. So, I thought why not? I can resist any hard sell and would be quite happy to leave at any moment. But they blew it. How? By sending me a confirmation email that casually mentioned a £99 fee if I don't turn up, one not mentioned on the phone. Not very professional that, is it? So. let's see them collect this fee. I suppose that it is a way of getting time-wasters to cancel their place. If you do not cancel, having booked a placed and been informed of the no-show charge, they would have a right to send you an invoice if you do not show. It's rather like booking a hotel room - you will be made aware of the cancellation policy in the confirmation, but usually will need to give a credit card number to secure the booking.
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r1200gs
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Post by r1200gs on Oct 26, 2017 12:26:59 GMT
I recently clicked an add for a "buy to let shop" (I won't name it)who are hard selling off-plan property with guarantees of rents and capital appreciation. I'm wondering if they are pre-selling property not yet built with peer to peer money. Been invited to a property seminar all completely free where I would no doubt suffer a hard sell. They did seem nice on the phone though, not too pushy though keen to find out if I had any cash to invest. So, I thought why not? I can resist any hard sell and would be quite happy to leave at any moment. But they blew it. How? By sending me a confirmation email that casually mentioned a £99 fee if I don't turn up, one not mentioned on the phone. Not very professional that, is it? So. let's see them collect this fee. I suppose that it is a way of getting time-wasters to cancel their place. If you do not cancel, having booked a placed and been informed of the no-show charge, they would have a right to send you an invoice if you do not show. It's rather like booking a hotel room - you will be made aware of the cancellation policy in the confirmation, but usually will need to give a credit card number to secure the booking.
There is no mention of avoiding the charge by cancelling, only that the charge can only be avoided by attending a seminar. In other words, after making no mention of any potential charge on the phone, this is now a case of "attend one of our seminars or send us £99." At best, that's sharp practise right there and at worst, it's attempted theft. This seems to be a major player and much mention of off-plan purchasing with guaranteed rentals was made. It's a murky world out there and it seems to me that P2P is right in the thick of it.
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adrian77
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Post by adrian77 on Oct 26, 2017 12:27:43 GMT
outrageous -disgusting hard-sell nonsense which I suspect may be illegal - this is not the same as booking an hotel room
This action says it all and is the sort of thing I was concerned about - wonder if the pre-sold units have been "bought" by this company (which may be indirectly or directly related to the developer) ready to be sold on to unsuspecting investors...
I am very worried by this one and I only hope FS have done thorough DD....will I invest - will I Dell!
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bg
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Post by bg on Oct 26, 2017 12:48:44 GMT
I've invested. I take comfort that there is a loan ranking behind this and that the owner has paid the interest. If it wasn't a viable proposition then why pay the interest? Also if they have renewed this loan then they will surely pay the cash to renew the 2nd charge loan (or why not just default now?)
All in all I am sufficiently confident I will be able to sell on the SM down the line so am happy to invest.
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Post by bracknellboy on Oct 26, 2017 13:28:33 GMT
There is no mention of avoiding the charge by cancelling, only that the charge can only be avoided by attending a seminar. In other words, after making no mention of any potential charge on the phone, this is now a case of "attend one of our seminars or send us £99." At best, that's sharp practise right there and at worst, it's attempted theft. ...... I doubt it would develop into attempted theft, as I doubt they will make any attempt to collect. It looks more like bullying / scare tactics to get you along, where they hope their smooth talking sales charm will convince you to do business with them, regardless of your intuition telling you otherwise. Not a lawyer, but I strongly suggest that if you have not responded to their email confirming your attendance or even acknowledging receipt thereof, then absolutely no contract has been formed between the parties: therefore there are no grounds for them to claim any monies under any circumstances (attendance, non-attendance, pre-cancellation or otherwise). You can't be held to account to contract terms purely by virtue of a party sending you something saying that is the terms on which they will do business with you.
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ben
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Post by ben on Oct 26, 2017 14:57:42 GMT
All in all I am sufficiently confident I will be able to sell on the SM down the line so am happy to invest. Why not just go and place the money on red? at least you will find out straight away the result of your gamble.
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