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Post by angrykittens on Jul 28, 2017 8:15:11 GMT
Details from the website:
This is a renewal of loan ref 7917529003. This means the borrower has paid the interest to-date to extend the loan for a further 6 months.
6 month loan against a collection of watches.
This is rather less detail than provided in the email sent out last night announcing the renewal - which mentioned the watches recently failed to sell at auction. I see this as a rather crucial detail to omit on the website. Why would anyone invest in an asset that has now been shown it will not reach the amount required to repay capital + interest - or if being optimistic, may repay fully only if auction conditions are favorable.
The more cynical may say this is a deliberate omission, but anyone who takes the time to read through the previous loan and it's updates should gather it has already failed at auction after over running for 4 months. Personally won't be touching this one...
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Post by bonfemme on Jul 28, 2017 8:27:05 GMT
Why would anyone invest in an asset that has now been shown it will not reach the amount required to repay capital + interest - or if being optimistic, may repay fully only if auction conditions are favorable. The more cynical may say this is a deliberate omission, but anyone who takes the time to read through the previous loan and it's updates should gather it has already failed at auction after over running for 4 months. Personally won't be touching this one... Thanks for posting this angrykittens. I'd not noticed the failure to sell and had renewal ticked on my £150 loan part.
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Post by zeverare on Jul 28, 2017 9:28:12 GMT
The more cynical may say this is a deliberate omission, but anyone who takes the time to read through the previous loan and it's updates should gather it has already failed at auction after over running for 4 months. Personally won't be touching this one... The failure is only mentioned in the email not yet in the updates on the original loan! BTW I decided to cancel the renewal button months ago
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mullet
Member of DD Central
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Post by mullet on Jul 28, 2017 9:56:33 GMT
Crazy thing is it seems like the borrower only decided to pay the interest and renew AFTER it failed to sell at auction ...surely that suggests you may be better of keeping the interest and writing off the watches
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rs
Member of DD Central
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Post by rs on Jul 28, 2017 10:00:59 GMT
Crazy thing is it seems like the borrower only decided to pay the interest and renew AFTER it failed to sell at auction ...surely that suggests you may be better of keeping the interest and writing off the watches I expect this loan to sell out quickly and borrower will pay interest again in 9 months time.
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Post by angrykittens on Jul 28, 2017 11:24:46 GMT
Glad to see the loan still has £8k to fill, over an hour after it went live. Not the normal FFF that jewelry loans are! Hope I saved some fellow forum members some pain here...
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Post by dan1 on Jul 28, 2017 11:42:43 GMT
Glad to see the loan still has £8k to fill, over an hour after it went live. Not the normal FFF that jewelry loans are! Hope I saved some fellow forum members some pain here... Discerning buyers. Interesting because it's paid (or will pay when the loan fills) the most interest per £25 loan part I've ever received on FS.
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jimbob
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Post by jimbob on Jul 28, 2017 13:59:07 GMT
Watches must have a sentimental value ! Anyway another £110 to the 'moving house' pot..  |
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jul 28, 2017 14:43:33 GMT
And fs have the cheek to offer a watch at 9% interest after this screw up. Oh dear! Shot 8n the foot.
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rs
Member of DD Central
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Post by rs on Jul 29, 2017 8:51:46 GMT
And fs have the cheek to offer a watch at 9% interest after this screw up. Oh dear! Shot 8n the foot. only 1k remaining so better lend before fully funded. Going quick.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
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Post by stub8535 on Jul 29, 2017 9:05:09 GMT
And fs have the cheek to offer a watch at 9% interest after this screw up. Oh dear! Shot 8n the foot. only 1k remaining so better lend before fully funded. Going quick. Think I might pass up this opportunity the same as all the others until the staff show evidence of an efficient recoveries process by asset class. Just 11k left to extract all late with bullxxit promises and excuses.
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