kielbasa
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Post by kielbasa on Sept 4, 2018 9:42:15 GMT
If they are as "famous" as most of the "celebrities" appearing on various "reality" TV shows these days they are likely to get more for the postage and packaging charge than for the autograph itself.
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kielbasa
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Post by kielbasa on Sept 6, 2018 17:58:22 GMT
"The promise of payment has not materialised. We are once again threatening legal action." (from today's update).
I hope that if the money does not "materialise" within two weeks, that the next update says that the court claim has been submitted.
A tougher stance on delinquent borrowers from FS will boost confidence among investors and will send a message to other borrowers, some of whom I expect have viewed FS as a bit of a soft touch.
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adrian77
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Post by adrian77 on Sept 6, 2018 18:07:11 GMT
If this person has no money and is about to be made bust then I just don't see what FS can do - apart from admitting they should never have made this loan and recompense investors...
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bg
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Post by bg on Sept 6, 2018 18:15:39 GMT
If this person has no money and is about to be made bust then I just don't see what FS can do - apart from admitting they should never have made this loan and recompense investors... Why shouldn't they have made this loan? Because it was unsecured? From memory the fact that it was unsecured was fairly well flagged and compensated by a higher interest rate.
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kielbasa
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Post by kielbasa on Sept 6, 2018 18:40:30 GMT
If this person has no money and is about to be made bust then I just don't see what FS can do - apart from admitting they should never have made this loan and recompense investors... We don't know whether this person is about to be made bust. Sometimes you just have to bring the claim to court and see what happens. Let's say they are paying 18% (investor rate is 15%). They owe the £91k principal plus £14k interest. Any claim over £100k has to be a paper form (not online) and the court claim issue fee is 5% of claim amount. It's quite straightforward. If someone owed me six figures and was "well late", I would not hesitate to write a cheque for £5k for the court fee. They could do a statutory demand (which costs nothing, I think) and then after 21 days you can initiate bankruptcy proceedings. I've never done a statutory demand so I don't really know the procedure. Anyway, if this money does not "materialise" I would like to see some firm action and, very importantly, to be told what is going on in updates.
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Post by beepbeepimajeep on Sept 6, 2018 18:43:46 GMT
I hope the court claim form has been sent to the court. If this is a high profile individual, then they won't want a court claim for unpaid debt. Let's hope that they have sufficient assets. If they have, then a court claim form arriving on their doormat should concentrate the mind. I agree with this 100%. There can be no argument about compensation from investors imo, this loan was clearly flagged for what it is. However we can expect Funding Secure to use everything in their power to force repayment, and as an investor in this loan I expect that to start happening now.
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adrian77
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Post by adrian77 on Sept 6, 2018 18:46:05 GMT
I would say so allied with the fact we were told
The site is called Funding Secure Fair point it was flagged as unsecured such but I doubt that is much comfort to loan holders - maybe this one will go the way of the cinema....
I have googled celebrities with financial problems - never realised how many have gone bust...
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rogerthat
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Post by rogerthat on Sept 6, 2018 18:53:12 GMT
If this person has no money and is about to be made bust then I just don't see what FS can do - apart from admitting they should never have made this loan and recompense investors... Why shouldn't they have made this loan? Because it was unsecured? From memory the fact that it was unsecured was fairly well flagged and compensated by a higher interest rate. UNSECURED LOAN (1089233557) ... original loan headingThis is a standard 6 month unsecured loan paying 15% interest per annum. The loan is to a prominent high net worth individual who has signed heads of terms with a major brand to represent the brand as an ambassador. Payments under this contract are sufficient to repay the loan plus interest. Loan began 09/03/16 and had the following note attached " The loan has been fully underwritten and will start paying interest from today, March 9th. "
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rookey123
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Post by rookey123 on Sept 6, 2018 20:32:23 GMT
I have a few bad FS loans and clearly some of their recovery actions can be criticised but if you invested in this one with full knowledge it was unsecured then buyer beware. Of course FS should do everything they can (not a great deal will be achievable) to get repayment but any call for investor recompense is a little silly.
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Post by df on Sept 6, 2018 20:53:27 GMT
If this person has no money and is about to be made bust then I just don't see what FS can do - apart from admitting they should never have made this loan and recompense investors... Why shouldn't they have made this loan? Because it was unsecured? From memory the fact that it was unsecured was fairly well flagged and compensated by a higher interest rate. Yes indeed. UNSECURED LOAN was part of the loan title. I didn't go for it - that was far too risky for any advertised rate, but it stuck in my memory as one of the most peculiar FS loans.
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kielbasa
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Post by kielbasa on Sept 6, 2018 21:21:38 GMT
I have a few bad FS loans and clearly some of their recovery actions can be criticised but if you invested in this one with full knowledge it was unsecured then buyer beware. Of course FS should do everything they can ( not a great deal will be achievable) to get repayment but any call for investor recompense is a little silly. How do you know that not a great deal will be achievable? The loan details said that this was a high net worth individual. So, unless they meant a high negative net worth or this person has spent all of their money, surely legal action should result in full or partial recovery. Do you know more than the rest of us?
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Sept 6, 2018 21:39:43 GMT
I have a few bad FS loans and clearly some of their recovery actions can be criticised but if you invested in this one with full knowledge it was unsecured then buyer beware. Of course FS should do everything they can ( not a great deal will be achievable) to get repayment but any call for investor recompense is a little silly. How do you know that not a great deal will be achievable? The loan details said that this was a high net worth individual. So, unless they meant a high negative net worth or this person has spent all of their money, surely legal action should result in full or partial recovery. Do you know more than the rest of us? Every time he/she has renewed they have been late. This time is no different so I'd expect renewal in the near future and people will soon snap up parts as before.
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bg
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Post by bg on Sept 6, 2018 22:18:13 GMT
I would say so allied with the fact we were told The site is called Funding Secure Fair point it was flagged as unsecured such but I doubt that is much comfort to loan holders - maybe this one will go the way of the cinema.... So you are now saying that FS should reimburse investors because the loan was in fact unsecured, despite it clearly being stated as UNSECURED and everyone who invested being in full knowledge of this and actively choosing to invest in this particular loan? You think investors should receive 15% interest everytime the loan renewed but with zero risk...any losses (IF there does end up being a loss) being fully reimbursed by FS? I would absolutely love to invest in loans on those terms. Please let me know where you are actually investing as I would be delighted to join you.
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phil
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Post by phil on Sept 6, 2018 22:36:31 GMT
I have a few bad FS loans and clearly some of their recovery actions can be criticised but if you invested in this one with full knowledge it was unsecured then buyer beware. Of course FS should do everything they can ( not a great deal will be achievable) to get repayment but any call for investor recompense is a little silly. How do you know that not a great deal will be achievable? The loan details said that this was a high net worth individual. So, unless they meant a high negative net worth or this person has spent all of their money, surely legal action should result in full or partial recovery. Loan details on first and second loans said high net worth, on the third and current loan the VIP morphed/transitioned/evolved/blossomed into a high profile individual.
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adrian77
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Post by adrian77 on Sept 7, 2018 7:07:58 GMT
good point - my main point was that ,as far as I could see, there is now very little FS can do if this VIP has no money. Some interesting and informative replies above. I am not complaining that this loan was incorrectly advertised as it clearly stated it was unsecured but I do think the financial position of the individual may possibly have been a tad over-egged.
I am still in a state of happy shock that my cinema nibble has been returned with interest however I hope this indicates a more pro-active attitude by FS.
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