kielbasa
Member of DD Central
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Post by kielbasa on Sept 7, 2018 7:55:37 GMT
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. Yes, I see the previous loans are: 9.3.2016 £125k "High net worth individual" 2.9.2016 £91k renewal "High net worth individual" - Interest paid and £34k capital paid down. Good stuff. 6.3.17 £91k renewal. Now described as "high profile". Obviously paid the interest but no capital and this loan lasted for 234 days before renewing after some chasing. 26.10.2017 £91k renewal. Loan now running for 316 days. Chasing and borrower promised to pay some money. Promise broken. Threatened legal action has not yet resulted in any funds forthcoming. I wonder if the "high net worth" bit was properly verified at the time of the original loan and the first renewal. I suppose it's a moot point as those loans were repaid upon renewal. No capital repaid for two years. The latest six month loan now running for ten and a half months and the borrower apparently not responding to requests for payment. If the interest is paid and it is put up for renewal again, I would not be inclined to put money into it.
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mjc
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Post by mjc on Sept 7, 2018 8:07:36 GMT
The worrying thing is that we are not told if the borrower has any other loans from FS, and I would hope he/she will be blacklisted from any further loans - but I’m not convinced that will be the case, when next they apply.
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arby
Member of DD Central
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Post by arby on Sept 7, 2018 8:27:31 GMT
It was clearly stated it was unsecured. High net worth or not, unsecured is unsecured. I would hazard that bankruptcies among high net worth individuals are actually at a higher rate than for the mere commoner so we shouldn't put any weight on that anyway. If they eventually repay and try to renew, then FS may well reject it, but I don't care if they don't as long as all the information is there for us to make an informed decision.
The only time I'd be unhappy with FS on this point is if we invested money to the FS platform as a whole with our funds spread evenly among all loans- then we'd be within our rights to say that our money had been invested in an unsecured loan when the ethos of FS is secured loans. As that didn't happen, I think it's time to just let this one play out.
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Post by beepbeepimajeep on Sept 26, 2018 16:01:21 GMT
Renewal email received. Borrower has also paid down a chunk of the capital as well as the interest. Good stuff. Nothing mentioned on the actual website/loan updates as yet though.
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r00lish67
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Post by r00lish67 on Sept 26, 2018 16:10:21 GMT
Renewal email received. Borrower has also paid down a chunk of the capital as well as the interest. Good stuff. Nothing mentioned on the actual website/loan updates as yet though. Never a doubt...  Seriously though, FS are on fire at the moment, really good stuff. Be interesting to see how the September stats look.
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Post by beepbeepimajeep on Sept 26, 2018 16:26:29 GMT
Seriously though, FS are on fire at the moment, really good stuff. Agreed they seem to have turned a corner. I will be renewing this loan.
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p2pstephan
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Post by p2pstephan on Jun 10, 2019 10:31:35 GMT
All the doom mungers and naysayer missed out on 257 days at 15% and the borrower is getting even more on top of their loan, reduced from original £125K now down to £52K. Credit to these investors they have nerves of steel. Even with all these good signs it’s still too bold for me, and yes 15% does sound nice. Alas it seems I have joined the doom mungers and naysayer club and missing out on 15%.
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Post by beepbeepimajeep on Jun 10, 2019 20:02:23 GMT
All the doom mungers and naysayer missed out on 257 days at 15% and the borrower is getting even more on top of their loan, reduced from original £125K now down to £52K. Credit to these investors they have nerves of steel. Even with all these good signs it’s still too bold for me, and yes 15% does sound nice. Alas it seems I have joined the doom mungers and naysayer club and missing out on 15%. I have exited this loan because I am exiting funding secure, but it was a surprisingly good loan I held through multiple renewals.
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