09dolphin
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Rebuilding Society
ITS Loan
Nov 30, 2016 22:03:53 GMT
Post by 09dolphin on Nov 30, 2016 22:03:53 GMT
Looks like yet another loan has problems.
Perhaps all investors should be glad they've at least made one payment!!!
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09dolphin
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Post by 09dolphin on Nov 30, 2016 21:41:39 GMT
Having experience of investing in the care home sector I would advise caution for anyone thinking of investing in this sector. Yes profits can be made but there are now huge risks IMHO because of issues with funding by local authorities who are looking to cut costs. There are relatively few "self funders" in the system which previously helped to make this sector profitable. The majority of clients are now funded by local authorities at a level that doesn't always cover costs.
However if the care home is to be converted to apartments this is a totally different proposition.
I will not invest because there now seem to be too many risks in the care home sector and I would not want to be associated with a company who may change the use of the building (to private apartments) and therefore basically evict people from the place they thought was their home until they died.
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09dolphin
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Post by 09dolphin on Nov 28, 2016 16:45:36 GMT
The poor communication has persuaded me not to invest further. Whilst my returns to date aren't too bad and I would consider investment/reinvestment if I knew what was happening - but those who appear to take repayment holidays whenever they feel they want to persuades me this site is not one for me.
In all honesty I want debts to me to be managed. On RbS they obviously aren't.
Out of interest how long do Forumites estimate this site will remain functional?
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09dolphin
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Post by 09dolphin on Nov 28, 2016 16:24:57 GMT
If RbS can't be bothered to tell investors what's happening to a loan where the payment is more than 2 months overdue I can't be bothered to invest. I refer to P........P.........
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09dolphin
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FundingSecure (FS) in Administration
Hampshire Land
Nov 25, 2016 8:30:02 GMT
fp likes this
Post by 09dolphin on Nov 25, 2016 8:30:02 GMT
James - I was referring to the numerous promises to pay interest starting in January 2016 rather than the value of the security. The loan I was using as an example is, sadly, only one that are several months behind the date they were due to be redeemed. FS seem to be more than happy to believe the borrower will pay interest as long as they keep in contact. I understand that a default has a cost and possibly implications for the reliability or reputation of the site but sometimes it's the kindest and most economically viable route for the borrower and lender.
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09dolphin
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Post by 09dolphin on Nov 25, 2016 7:34:45 GMT
Isn't it about time FS responded to this thread and provided a bit of information?
Does anyone know what the position is re the loan as my understanding is that the money from the insurance Co will be paid to FS as they have a 1st charge on the property?
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09dolphin
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FundingSecure (FS) in Administration
Hampshire Land
Nov 24, 2016 21:44:25 GMT
Post by 09dolphin on Nov 24, 2016 21:44:25 GMT
reminds me of the Scottish Boatyard.
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09dolphin
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Post by 09dolphin on Nov 22, 2016 18:49:34 GMT
The fact that other sites are equally inadequate is no excuse, If a site is not performing to an adequate standard the best action is to stop investing, withdraw money as and when you can and use sites that are competent.
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09dolphin
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Post by 09dolphin on Nov 22, 2016 18:39:45 GMT
As a new investor I can only say why on earth do people continue to invest. After only a few months investing on this site I can confidently say that, given the level of communication and the default rate, I value my money too much to give it away. RbS will be happy to know that I will not invest another penny and will withdraw as money becomes available.
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09dolphin
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Post by 09dolphin on Nov 22, 2016 18:27:05 GMT
Update for September after missing a payment was on 27/9 saying they were asking for a "payment holiday" and that on 5/10 they were away from the office. No information since and I therefore assume no action since. No update for October. Seriously doubt if RbS will bother to make an update for November as they didn't bother for October. They paid interest only in August. Payments due on 23rd of month.
Is it normal for RbS to provide this level of information to investors? And by this level I mean basically none.
As a small investor I am quite happy to take action myself as RbS appear disinterested.
When I became an investor in RbS I was prepared to invest in the order of £100K. Thank goodness I only invested <£1K if this is the level of competence I can expect.
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09dolphin
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Post by 09dolphin on Nov 22, 2016 17:51:40 GMT
Does anyone know why FS decided not to share the information re the fire damage before the renewal was triggered. FS obviously have problems in terms of communication as not everyone appears to has received an email about this renewal and that concerns me greatly. I know that I didn't.
It seems now would be a good time for FS to publish a statement regarding why reinvestors were not given the information about the fire damage prior to having to make a decision about reinvesting, why there seems to be a problem with their communication and what specific steps they are taking to remedy the problem.
I had a small investment and decided to renew. Renewal was a decision I would have made even with the knowledge re the fire I now have,
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09dolphin
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Post by 09dolphin on Nov 19, 2016 7:00:50 GMT
I can't recall seeing anything about the fire when I decided to renew. IMHO this is substantive information investors should have been given before making the decision to renew. I do tend to make my renewal decisions a few days before the loan is due to be repaid when I review all the information + updates provided at the time I make my decision to reinvest or not.
My feeling is that FS have been less than totally honest with all investors who renewed their loans. However I may have still invested if I had had the information I now have - but it does reduce my confidence in FS and indicates that I should be more cautious when making decisions about renewal of property loans on this site.
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09dolphin
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Post by 09dolphin on Nov 15, 2016 12:03:57 GMT
Only 10 months now past date should have been repaid!
FS's communication leaves a lot to be desired.
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09dolphin
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Post by 09dolphin on Nov 15, 2016 11:43:47 GMT
I only have 12 loans that are overdue and all are property. Seems to me that to suggest property loans are likely to redeemed in 6 months is disingenuous. Whilst some property loans are redeemed or renewed on time it is far from the norm and investors should be advised accordingly. FS frequently (and rightly) grant extensions but new investors should be advised of this as they may expect the claims made by FS that the loans are for 6 months is accurate. I think FS should say that loans, although made for 6 months, are more likely to be repaid within 9 months so investors are aware of the true state of the market - and that interest is paid for the whole period of the loan.
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09dolphin
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Post by 09dolphin on Nov 14, 2016 16:58:50 GMT
Why don't RbS post some sort of update when there is at a delay of over 1 month of a scheduled payment. Frankly the lack of updates persuades me I shouldn't invest in future loans as I do like to know why there is a delay of over a month in the monthly repayment and what corrective action is being taken. As there are no updates I can only assume no action is taking place or RbS are just hoping for a "good" outcome. Why oy on earth should I invest in any new loans?
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