rs
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Post by rs on Sept 30, 2019 14:29:04 GMT
It'd be nice to have an update on the progress of development as completion of development should have finished by now! If development not finished then I expect a long protracted negotiation with buyers.
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rs
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Post by rs on Sept 27, 2019 8:11:46 GMT
over to you FS. stop the speculation on here and give us your best open and honest update as to what the situation is here. Fat chance of that happening..... ever. “FS” and “open and honest” in the same sentence, wishful thinking. If the buyer doesn't complete the purchase of this for whatever reason, it's probably best the particular problems or problems are not publically disclosed by FS.
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rs
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Post by rs on Sept 23, 2019 16:27:58 GMT
When we do get some money, it'll be interesting to see if FS new management give an indepth analysis of what happened on this development compared to £4m valuation in March 2018.
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rs
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Post by rs on Sept 23, 2019 15:18:39 GMT
I have the same problem. I was told to login from google chrome which works.
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rs
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Post by rs on Sept 12, 2019 15:00:16 GMT
Some more info from FS website. Seems like an SM market that pays 5%. They really need to use learn spellchecker as well.
Normal Market Conditions
Under Normal Market Conditions investors are able to make withdrawals from the FS30 account as other lenders are willing and able to replace the funds in the FS30 account. FundingSecure has provisioned cash for the FS30 account to aid liquidity in normal market conditions. Abnormal market conditions arise if there was a large, sudden and extended demand to withdraw cash from the FS30 account. This could arise, for example, be due to a severe recession, a loss of faith in peer-to-peer lending or an underlying collapse in the property market or similar event.
If abnormal conditions were to continue for an extended period, investors in the FS30 account may have to wait for a withdrawal until new funds have been recieved from other lenders or until loans held within the FS30 were completed. The completion of loans should, continue to provide funds which, if paid back in full and on their due date, would be available for withdrawal by investors, regardless of market conditions. In any event investors funds would remain invested in multiple individual loans, all secured against property or other pledged assets.
All investors should therefore be aware that the 30 day access to funds cannot be guaranteed under abnormal conditions, should they occur.
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rs
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Post by rs on Sept 12, 2019 14:57:41 GMT
As per FS website. I'm not sure if the website describes what normal market conditions is! Brexit is normal market conditions isn't it?
*Interest is paid gross. Access times relate to the 30 day notice period and then to withdrawals in normal market conditions but cannot be guaranteed.
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rs
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Post by rs on Sept 12, 2019 14:48:25 GMT
From FS email, I've highlighted in bold red the words that should cause investors to consider their risks before investing in the FS30 day account. What does normal market conditions mean?
It will be possible to withdraw funds at any time by giving 30 days’ notice subject to normal market conditions and we encourage investors to read more about this opportunity on the FS30 section of the website.
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rs
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Post by rs on Sept 12, 2019 14:41:03 GMT
Seems odd. Investors put £1m of cash in the FS30 day account and this was all invested in FS loans. Then all the investors give 30 day notice to withdraw £1m from FS30 day account, do you think FS will give the £1m back straight away? I'd like FS to confirm this on their T&C's.
Their launch email was slightly misleading in my view.
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rs
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Post by rs on Sept 9, 2019 20:03:34 GMT
Was this loan set up FS new management?
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rs
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Post by rs on Sept 9, 2019 20:01:12 GMT
Funnily enough, I’ve just received a formal “Final Response” email from PP (from an Emma R*******, Legal & Compliance). They appear to have decided to treat my original email correspondence with the CEO as a formal complaint, despite him sending me another email 2 weeks ago asking whether I still planned to pursue a formal complaint (to which I replied Yes). The good news is that I can now take it straight to the FOS, rather than waiting 8 weeks from whenever I get around to sending them my formal complaint 😂 I got an email as well from legal & compliance from an Emma R. Funny how the email from legal & compliance did not refer to the terms and conditions of PP which was agreed by PP and investors.
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rs
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Post by rs on Aug 29, 2019 18:13:03 GMT
How do you know these new specialists are employed by FS? Surely FS can’t allocate the specialists time/cost to individual loan recoveries if these new specialists are employed by FS? Or can they? Would depend on old T&C.
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rs
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Post by rs on Aug 29, 2019 18:06:38 GMT
It seems to me like they already knew their various strategies and options before the change in fees. I’ll be continuing with my complaint though. I wonder if they can make further changes to the fee structure in 2 years time or will they be making redundancies? I urge everyone to raise a complaint.
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rs
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Post by rs on Aug 27, 2019 13:44:52 GMT
FS have certainly laid their road map out on this one. Mind you, with the collection in their control and an LTV of c 40%, I think they probably afford to feel 'comfortably aggressive' on this one. They may have laid out their road map, but they certainly aren't adhering to it. The £50K has not been received, and the loans have not been formally defaulted. FS are doing themselves no good by clearly stating they will do a thing, then not doing it - and worse still, keeping silent about it. Are these books in FS possession? or in borrower's possession?
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rs
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Post by rs on Aug 2, 2019 10:57:54 GMT
Bridgette from live chat tells me an update will be posted today. Can't wait for the pointless update. The saga will continue for another 6-9 months before we get any of our cash back.
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rs
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Post by rs on Jul 31, 2019 16:00:16 GMT
Latest FS update below. Misselling?
"This loan will be secured on a 2nd legal charge* basis for business cash-flow. The short term reflects the fact that the borrower has a business project in place which is due to release funds in 3-4 months time. The existing charge is for £108,000, giving an overall LTV of 54.49%.
* NOTE: Although the existing charge does amount to £108,000 it is split into two separate charges - making our charge a third legal charge. Apologies for the incorrect information, however it does not affect the LTV of this loan, which remains at 54.49%."
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