pickles
Member of DD Central
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Post by pickles on May 17, 2017 20:25:11 GMT
What the heck???
How hard would it have been to find out if he owned the property he said he owned? This is far, far worse than a lack of DD, it's incompetence.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on May 17, 2017 20:44:38 GMT
It might be pertinent to ask FC what the application form stated about ownership as it would seem either FC d/d has failed or someone may have made a fraudulent application.
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blender
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Post by blender on May 17, 2017 22:25:39 GMT
FC imply that they were misled. Clearly they did not check. The guarantor has no assets and so there is no cash to be had from him. FC will probably just let it go. That's how they work - as long as the stats look ok.
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adrian77
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Post by adrian77 on May 21, 2017 16:23:15 GMT
-----17 May 2017 ... property we believed was jointly owned by the loan guarantor and his wife has been registered solely to his wife since 1999---
This is unbelievable - how many more of such loans are there!
Well how rare is it for a husband to borrow money and then fold he business whilst his wife owns the house- not very!
How on earth can any financial company advance money without checking the asset given as surety?
If FC have fallen for this simple ploy then I wonder what chance they have against professional
defrauders...
I was very concerned about the property loans fiasco but this is even more worrying - at least with the London farce it looks like there is, at least, an asset underpinning the loan. I accept as to how much this asset is actually worthy is a moot question
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 21, 2017 16:43:37 GMT
-----17 May 2017 ... property we believed was jointly owned by the loan guarantor and his wife has been registered solely to his wife since 1999--- This is unbelievable - how many more of such loans are there! Well how rare is it for a husband to borrow money and then fold he business whilst his wife owns the house- not very! How on earth can any financial company advance money without checking the asset given as surety? If FC have fallen for this simple ploy then I wonder what chance they have against professional defrauders...I was very concerned about the property loans fiasco but this is even more worrying - at least with the London farce it looks like there is, at least, an asset underpinning the loan. I accept as to how much this asset is actually worthy is a moot question I like to read the FC (and Lendy) postings from time to time for my ongoing amusement (sorry, yes, it IS schadenfreude) and I find this one particularly gobsmacking.PS: No schadenfreude with some of the FS postings though, because I'm in them!
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Post by spareapennyor2 on May 21, 2017 17:30:01 GMT
chalk up another one to FC "experienced property team"
will look really good on their CV`s
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pickles
Member of DD Central
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Post by pickles on May 21, 2017 17:39:55 GMT
I've only lost a few quid on this one so can't be bothered following it up. Gobsmacking sums it up: not only did they fail to pay the odd couple of pounds to LR to find out the ownership, they also failed to comprehend how telling it would be to actually admit that in a comment about the default!
I've still got a wodge in FC but I've finally worked out how to game it to make it one of the safest P2Ps I'm in. Once property dries up I'm out.
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pickles
Member of DD Central
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Post by pickles on May 21, 2017 17:41:13 GMT
I've only lost a few quid on this one so can't be bothered following it up. Gobsmacking sums it up: not only did they fail to pay the odd couple of pounds to LR to find out the ownership, they also failed to comprehend how telling it would be to actually admit that in a comment about the default!
I've still got a wodge in FC but I've finally worked out how to game it to make it one of the safest P2Ps I'm in. Once property dries up I'm out.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 21, 2017 17:51:18 GMT
I've only lost a few quid on this one so can't be bothered following it up. Gobsmacking sums it up: not only did they fail to pay the odd couple of pounds to LR to find out the ownership, they also failed to comprehend how telling it would be to actually admit that in a comment about the default! I've still got a wodge in FC but I've finally worked out how to game it to make it one of the safest P2Ps I'm in. Once property dries up I'm out. Perhaps they had no choice other than to divulge because it would have all probably come out in the long run, however, their honesty, in this instance, whilst no excuse, is better than them, well, lying and/or covering up?
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micky
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Post by micky on May 21, 2017 18:11:52 GMT
Would you mind sharing these ideas Pickles? -I've finally worked out how to game it to make it one of the safest P2Ps I'm in.
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pickles
Member of DD Central
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Post by pickles on May 29, 2017 9:14:58 GMT
Would you mind sharing these ideas Pickles? -I've finally worked out how to game it to make it one of the safest P2Ps I'm in. No, but I'm sure you can work it out from what I've posted. How is the interest paid on property development, and how does the SM work?
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blender
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Post by blender on May 29, 2017 10:40:29 GMT
Would you mind sharing these ideas Pickles? -I've finally worked out how to game it to make it one of the safest P2Ps I'm in. No, but I'm sure you can work it out from what I've posted. How is the interest paid on property development, and how does the SM work? So, let me see. From careful analysis of your posts it must have something to do with having property loans, and then not having property loans. Not much future in that, sadly.
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pickles
Member of DD Central
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Post by pickles on May 29, 2017 11:02:44 GMT
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james21
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Post by james21 on May 29, 2017 12:06:53 GMT
I dont have this one but have 3 defaults and 2 lates that will probably default (in 8 months), none of these are property based, I sold on the many other non property based loans they put me into, to the innocents. Now only hold property except the 5 noted above
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john12
New Member
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Post by john12 on Jun 4, 2017 17:48:02 GMT
Seems to me that FC mis-sold this loan to lenders due to the information being incorrect - an error which any lender operating correct due diligence would have identified.
Therefore FC should be obliged to refund all investors, as they have done on rare occasions in the past.
If they fail to do that then a complaint to the Ombudsman and the FCA would be appropriate in my view.
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