r1200gs
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Post by r1200gs on Jun 28, 2017 11:50:10 GMT
I do recall that I had to upload my driving licence - didn't need anything certified. Been at the same address forever. That's what I have done with every platform, even from abroad. MT are the only one that have ever required any such thing. OK, fair enough from abroad if they can't verify the details, bit I'm here in the UK and on the radar of banks, credit card, electoral role....When I asked my overseas bank to do this, they wanted money. I don't know if that is the case here but if it is I would clearly rather not pay them. Any, now I know it's not standard I've mailed MT and asked them if they have noticed I'm now UK resident and on the electoral role, an electoral role. That reminds me, got to get a UK driving licence.....
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r1200gs
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Post by r1200gs on Jun 28, 2017 11:41:16 GMT
You beat me to it. As soon as I saw that 100 percent of the buildings had failed "the test" I wondered just what "the test actually was. I could apply my own test to anything you like and get a 100 percent failure rate. That's a challenge. How about "Test that a diamond can't be scratched by a piece of butter". I'll allow you to conduct the test at any temperature & pressure combination you can reasonably re-create. There's always one........ Anyway, I think we can be reasonably sure that the test required to certify the panels is not the same one being used now to fail 100 percent of them. I wonder if some panels were certified to be used in conjunction with other safety features of the building, such as a decent alarms, fire containment, ease of evacuation, sprinkler systems? I really haven't taken too much notice as there is too much hysteria around right now, but I will be. For now, it looks like they were in a building with no fire suppression worthy of note, no alarm systems, no sprinklers, lousy evacuation options and then they wrapped the building in flammable plastic for good measure. I also note that the residents had been complaining that the place was a fire hazard for years and if what I read is to be believed, the building managers had been warned only recently that it was a disaster waiting to happen and were asked why they were waiting for a disaster before anything was actually done. The enquiry will I'm sure get to the bottom of this in end I'm sure. I just hope those responsible for any negligence don't just get early retirement while some lacky afraid of losing his job carries the can.
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r1200gs
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Post by r1200gs on Jun 28, 2017 11:15:34 GMT
OK, thanks for that. I'm wondering though if they are going on the last thing they required from me rather than taking my new circumstances in to account. I'm now on the electoral register and have a credit rating, so I can't see the problem really. Anyway, now I know it's not standard, I'll ask them to take a look again before I have to start hassling the bank manager.
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r1200gs
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Post by r1200gs on Jun 28, 2017 11:11:17 GMT
What might be an issue is not the regulations or specifications, but rather that the testing regime may have tightened up in the time. Laboratories may have reviewed their test specifications and modified them, alternatively the sampling regime may have changed. So many variables, just like real life. On the BBC news yesterday, there was an interview where the interviewee complained that the Government test was different to that used when the panels were supplied and that was why the results were different to what was in the specification. The results had gone from Class 0 to Class 3 giving a fail. In another part of the news report, comment was made to the apparent lack of fire stops and fire doors, both of which are BR requirements. You beat me to it. As soon as I saw that 100 percent of the buildings had failed "the test" I wondered just what "the test actually was. I could apply my own test to anything you like and get a 100 percent failure rate.
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r1200gs
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Post by r1200gs on Jun 28, 2017 11:01:39 GMT
Did you need to provide certified ID and address? Anybody?
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r1200gs
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Post by r1200gs on Jun 28, 2017 10:46:29 GMT
I thought I was being asked for this when I first attempted to register because I was not in the UK. I deliberately didn't bother as I was going to be returning to the UK, and have. Is this standard, or am I still being treated as a furriner?
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r1200gs
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Post by r1200gs on Jun 28, 2017 9:26:03 GMT
Their lack of communcation on this loan speaks a thousand words,if that's possible Realistically what do you expect them to say? No doubt there has been a major cock up here, but if they say " sorry we gave the borrower £500k without bothering to check what was happening on site" then they would open themselves up to awkward questions and possible legal action (I assume). Better to keen quiet and hope all comes good in the end. You're right about one thing, better to keep quiet than keep doing this and I wish the hell they would! I expected the "sorry, we cocked up" type answer (in slightly different terms) when they first realised that the borrower was spinning them a yarn and FS realised we knew, but they CONTINUE to tell us that contractors are on site and works are continuing when they clearly are not, and they STILL are not checking what the borrower tells them. I can forgive them being fooled once and passing the borrowers nonsense on to us, but to be aware the borrower is doing this and to continue to provide updates that have nothing to do with reality is already opening FS up to the legal action you mention. Yes, say nothing, stop feeding us BS! Seriously, I'm waiting for the next cheery update saying works going well, and the next tranche release to pay for snagging, internal decoration and marketing followed by another picture of a half cleared building plot... This is beyond ridiculous and sadly, through my own bad management, I've just realised I had more than I thought in this loan on another account. Legal action you say? Well, should I lose money on this, I won't be taking it laying down.
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r1200gs
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Post by r1200gs on Jun 28, 2017 8:24:29 GMT
Late last week I was going to write a post asking what the site looked like now the contractor had been there a week, but then I stopped myself. FS didn't say he'd be there a week.
I then convinced myself that no way would FS do this to us again, they must have sought evidence that the borrower was actually getting work done. But still, a nagging doubt.
On Saturday I missed the update saying that work is continuing.
Now we have recent evidence that absolutely sweet FA has been done and that despite all FS know, they are STILL not monitoring this borrower and they are still passing misleading information if not flat out lies to their lenders.
We are still looking at nothing more than a partially cleared demolition site and a list of warm and fuzzy updates and tranches suggesting work is well underway.
FS....What does this borrower have to do, or not do, before you stop doing this? I'm embarrassed for you!
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r1200gs
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Post by r1200gs on Jun 26, 2017 10:43:27 GMT
r1200gs this is not a single loan it is a series of loans. Each loan had specific security listed. Fs won't tell lenders which asset (number) has been disposed of where the money sits in FS bank account rather than in the account of the assets loan holder. It's not rocket science but the platform seem to be over complicating matters. Like you r1200gs I have taken high 5 fig 90% out so far with more to extract on maturity in the next week. Not holdimg my breath on that one though! Where to move it??? Yes, I do see the issue. If I loaned money against model Train 0001 and model train 0001 has been sold, where is my money? Indeed, has my asset been sold? That FS can't tell you is disgraceful. I now have all loans that can be sold up for sale. All of them. The Whitehaven farce is a step too much, I have no faith in FS any more. Do let us know if you get your response before your 17:00 deadline.
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r1200gs
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Post by r1200gs on Jun 26, 2017 8:25:37 GMT
I'm waiting for the next tranche to be released. "Internal decoration and snagging" perhaps?
Yet again, I'm going back to my portfolio and thinning it out. This is beyond farcical and a disgrace, this is a whole new level. I probably shouldn't say what I believe it to be, the mods are keeping an eye on me......
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r1200gs
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Post by r1200gs on Jun 25, 2017 15:46:52 GMT
A friendly local Whitehaven blogger kindly took these photos this morning (Sun 25th June). fundingsecure , you are being lied to and, in turn, are lying to your lenders !!! This is shocking.
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r1200gs
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Post by r1200gs on Jun 24, 2017 10:21:29 GMT
Quite a lot of buying on the sm friday. Seems a punter likes 10k blocks of many. Perhaps J** has reassured a few. It has certainly levelled off - it peaked at £8m this month and is slowly falling to £7m. Still, needs a good repayment or an influx of new money, the latter seems improbable, as LY seems to have found their current saturation point. J** should do it, but if not it will take more than a single repayment of the other loans. Of course, seeing some DEF successfully resolved will help. I'm quietly optimistic. It seems to me that some loans must be very close to repaying and of course we have a close to 8 million loan close to repaying. The only thing I wonder about is how much pent up appetite for selling there might be. As in selling becomes possible, people will sell. And some people are still buying anything on the SM, including the castle on which the refinancing has just fallen through.
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r1200gs
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Post by r1200gs on Jun 23, 2017 11:25:22 GMT
Having asked for a list of asset numbers of items sold to cross reference against original collateral I have had the message from Stacie that"with 600+ railway items on the books I cannot suplly the answers you require? I would expect this type of answer from a platform with something to hide. Each loan had specific assets namef as the loan collkateral. No mention was ever made about each loans assets cross collateralising the other loans. If this has been retrospectively apllied then it is fraud. Anyone seen anything on the renewal loans or terms and conditions that said anything about cross collateralisation for a sigle borrower please? Yet another loan putting huge question marks over the business practises of FS. I'm happy to see my portfolio reduced again today.
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r1200gs
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Post by r1200gs on Jun 23, 2017 10:15:00 GMT
Well, it's been a week now since the contractors got back on site. I do wonder what it looks like now?
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r1200gs
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Post by r1200gs on Jun 20, 2017 11:50:17 GMT
Another LY bashing thread that may drive investors away, create doubts and nark off the platform staff. No good ever comes from negativity. I assume the LY bashers do not invest on the Platform in which case I don't understand why they take such an interest in the forum. It is possible to criticize and still invest. A bit like people who moan about the country but never leave. People are also entitled to say why they don't invest and take an interest in what goes on with platforms they don't invest in. Occasionally criticism does yield positive results as the criticized take the criticism on board. A bit like my local pub that I generally enjoy very much but does tend to not look after the beer as they should. Listening to my criticism would actually be good for their business, or they can tell me to take a hike and wonder why the place is so quiet. I really do NOT think people should shut up in case Lendy or some lenders don't like it. Edit: Yes, I think Lendy can be trusted, even if they need to improve in some aspects. Still waiting for a response to my support ticket from nearly a month ago.
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