rs
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Post by rs on Jul 3, 2017 22:22:21 GMT
The latest update from the parallel universe "Borrower met with contractor today onsite. Timber frames should be going up next week (w/c 10/7/17)." finally some development on the site happening. Let's hope the timbers are not matchsticks that can be blown over by some wind.
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rs
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Post by rs on Jun 27, 2017 11:56:38 GMT
I suppose the value of the dutch barge should be what the borrower paid for it to the other borrower. I'm not sure if we know this or not.
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rs
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Post by rs on Jun 26, 2017 18:54:31 GMT
I will soon have an ISA account and will continue with a non-ISA account for the time being. I suppose a good strategy going forward would be to put prime loans in the ISA, and riskier loans in the non-isa account so that any defaults can then be written off against taxable income. That is a good idea. I hadn't thought of that. Will start doing that but what happens if the loans don't default in non isa account. shame FS are not communicating properly with lenders on this loan. I think a few words with p2p review sites like will get some positive communications from FS.
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rs
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Post by rs on Jun 26, 2017 18:51:27 GMT
I will soon have an ISA account and will continue with a non-ISA account for the time being. I suppose a good strategy going forward would be to put prime loans in the ISA, and riskier loans in the non-isa account so that any defaults can then be written off against taxable income. That is a good idea. I hadn't thought of that. Will start doing that but what happens if the loans don't default in non isa account.
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rs
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Post by rs on Jun 26, 2017 18:46:48 GMT
Further to the below emails I can confirm that a detailed account of all sales will shortly be posted on each loan. Above came in at 14:21 today about the train loans. I hope FS explain fully to you but I think the assets are hard to sell so it will take a long time to sell all assets to pay off loan and interest. I just hope the assets are all genuine valuable train memorabilia so we can recover out capital. I expect this loan will take another year to pay off.
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rs
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Post by rs on Jun 25, 2017 19:12:22 GMT
There's a fundamental flaw in the P2P Model, which we are all aware of, and which the FCA must now address with some urgency. (Fat chance.) Investors put up the Funds and take the Risk, however we have no control whatsoever on how and when the Asset Security is seized and disposed. Not exactly ideal is it? The only saving grace is that FS do not get any fees until lenders capital & interest is paid. I suppose that is THE incentive for FS to make sure all loans are paid out to lenders.
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rs
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Post by rs on Jun 25, 2017 15:58:04 GMT
I think it's probably just the general lack of loans at the moment coupled with increased demand because of the IFISA's I don't know exactly when the '2 Bristol Properties' loan being renewed right now was repaid, but that would have put something like £800k back into the accounts of the investors who didn't opt to renew their investments. With few other investment opportunities, the New Brighton tower block development loan was bound to attract some of that money. anyone know how to find out how the development is progressing on new Brighton and if there is any suspect cladding being used on this development?
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rs
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Post by rs on Jun 25, 2017 15:47:02 GMT
Just to summarise recent information given by fundingsecure compared to our own photographic updates (upthread) dated 13 May and 25 June. fundingsecure Why do these differ? Should we trust your statements about builders' onsite activity? 24/06/2017 ... Work on the site is continuing. Nothing has happened
19/06/2017 Contractor now on site. There is no evidence of that; nothing has happened. In terms of the court case, the Judge proposed an adjournment on technical grounds until the 28th of June. This allows the defendant time to propose an out of court settlement to the borrower. 10/06/2017 We understand that the contractor is now on site. (From what evidence?) There is no evidence of that; nothing has happened. We will periodically report on progress of the build. 03/06/2017 In the meantime we understand the contractors are now on site. (What exactly do you understand? Who supplied that "understanding?) Have you verified that? There is no evidence; nothing has happened. Further updates will be provided as and when available. 20/05/2017 Borrower has been in regular contact this week and has promised to send the contractor's work schedule as soon as he receives it. Work is due to restart next week. Well it hasn't, has it?!!
It is not the problem that the borrower has encountered the delays. They happen. It is FS's continuous ridiculous and unsubstantiated mis-information of which the above is just a snapshot (I'm not allowed to use the b-s word) and the impact on the site's credibility, to which FS appears to be totally oblivious. I have just come back from hiding in moorland mid-Wales, and the latest three most recent thread posts are to Whitehaven, Powerboat, and Rishton, all of which show astonishing obfuscation into "reasons" why the borrower does not repay, and that FS does not have any way of dealing with monitoring overdue loans properly and in reasonable time.
Atleast the court case is progressing so hopefully we have a chance to recover some of our capital. Let's all pray that the court case is nothing to with the borrower taking the govt to court to claim brexit was unconstitutional. Hopefully FS have some knowledge of the legalities of that.
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rs
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Post by rs on Jun 25, 2017 8:33:24 GMT
Pictures from today (2017-06-11): These pictures paint a million words. Hi Ali Any chance ali can take a picture and put it on this website?
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rs
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LandlordInvest
New loan live
Jun 24, 2017 13:03:57 GMT
via mobile
Post by rs on Jun 24, 2017 13:03:57 GMT
Hi 11025. We're expecting to launch a new loan tomorrow, unless anything unforeseen occurs. Hi Filip the loan launched yesterday sold out yesterday. Impressive. Any plans on launching any other new loans soon again?
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rs
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Post by rs on Jun 24, 2017 13:01:19 GMT
The whole process seems unclear. It is almost as if FS regards a single borrower with multiple loans as something akin to a person with an overdraft. The T&Cs give the impression that from the lender's point of view, each loan is individualy secured by specific assets. Add to this that FS describe themselves as a "middleman" between borrower and lenders and it is starting to be clear as mud. The FCA have spent a lot of time authorising platforms seemingly without any thought of this type of problem ie loan agreements. Although it may not be a popular point of view, I do believe that FS are well-intentioned and are trying to work things through with the borrower, something I approve of in principal. However given the lack of clarity in this situation, coupled with the fact that FS have not communicated effectively with lenders, people arrive at some very bad conclusions. FS, should you still read this board, PLEASE clarify this situation. It cannot be in the best interests of the platform, borrowers or lenders if you do not do so. PS I am with STUB about wondering where to put money from FS, it seems to be getting harder to find good investment options in p2p Lets hope FS checked each asset carefully for any fake made in ko*** trains.
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rs
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Post by rs on Jun 24, 2017 12:59:02 GMT
What a farcical way to run a financial services platforms business. Cowboys peddling bs on most loans! atleast we'll have doubled our investment in 7 yrs time with interest accruing. Maybe we can sell our loans to someone else. Does anyone fancy starting a new p2p platform?
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rs
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Post by rs on Jun 23, 2017 22:23:05 GMT
Latest information: "The homes are due to be exhibited in June at a show targeted at both trade and retail customers. The combined retail value of the two homes is £470k. The borrower hopes to sell one of the homes which will repay loans, and secure orders for new builds." Today the first tranche for the construction of 5 new homes is open for funding. What happened? The potential customers at the show didn't like the 2 current models and want different showroom models? BTW the new ones are LTV 60% and 12% interest, the previous ones were 50%/13%... seems like a loan to poo on.
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rs
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Post by rs on Jun 23, 2017 22:21:25 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??? a formal complaint to FS should get the FS cooperating with lenders quickly as Regulator complaints will follow soon.
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rs
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MoneyThing (MT) in Administration
IFISA
Jun 17, 2017 10:42:00 GMT
via mobile
Post by rs on Jun 17, 2017 10:42:00 GMT
Indeed. It just seems a bit silly to have to use tricks to beat the system when it is the system that is wrong. Perhaps if we all wrote to our MPs? The rule exists for a good reason. They're not going to create an exception for the tiny proportion of ISA investments that can only be sold at par. You're probably the only person in your constituency who even knows this issue exists. when is MM IFISA going live?
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