mullet
Member of DD Central
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Post by mullet on Apr 8, 2019 17:45:15 GMT
I put my biggest investment into this one as I read Well it is not 6 months and final payout is going to be about 1 year late - considering I was planning on this money I am not impressed. Also we have 5 valuations 1) FS 2) adrian77 - basically a guess based on comparable research 3) opinion from somebody in the trade based on his experience 4) actual book value looked-up by author of 3) when at work 5) auction house estimate £22-28K You've missed out the underwriter - clearly they would have valued it similarly to FS or they wouldn't have underwritten it for the full amount plus unlimited interest ...unfortunately they turned out not to exist 
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Post by df on Apr 8, 2019 18:10:06 GMT
I put my biggest investment into this one as I read Well it is not 6 months and final payout is going to be about 1 year late - considering I was planning on this money I am not impressed. Also we have 5 valuations 1) FS 2) adrian77 - basically a guess based on comparable research 3) opinion from somebody in the trade based on his experience 4) actual book value looked-up by author of 3) when at work 5) auction house estimate £22-28K You've missed out the underwriter - clearly they would have valued it similarly to FS or they wouldn't have underwritten it for the full amount plus unlimited interest ...unfortunately they turned out not to exist You never know, the "underwriter" could be real, just happened to run out of cash when the car became available ...
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benaj
Member of DD Central
N/A
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Post by benaj on Apr 29, 2019 9:06:20 GMT
Auction tomorrow for this Landrover.
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Post by spareapennyor2 on Apr 29, 2019 9:40:38 GMT
lot 133
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adrian77
Member of DD Central
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Post by adrian77 on Apr 30, 2019 13:32:31 GMT
sold - auction hammer £30,500
adrian77 had this one at £35K so a bit out
forum member in the trade had this one at £28K - very close!
trade price 30,750 - spot on
and FS had this one at £50K vastly over the net realisation price - yet again!
so yet another wildly over-valued asset - if a forum member in the trade can call this one accurately then I wonder where this FS valuation actually came from!
However let us be grateful that FS are standing behind this one - as it would have been , say a £6K loss after expenses.
If the borrower bought this one back from the auction he would be quids in...
Well at least it sold - FS I look forward to my largest single investment being repaid very quickly - I thank you.
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Doc
Member of DD Central
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Post by Doc on Apr 30, 2019 14:09:53 GMT
Well at least it sold - FS I look forward to my largest single investment being repaid very quickly - I thank you. Good news
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mullet
Member of DD Central
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Post by mullet on Apr 30, 2019 15:20:13 GMT
If the borrower bought this one back from the auction he would be quids in... Not really - 35k loan, 6k interest paid to investors over the years plus various fees etc...
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p2ploser
Member of DD Central
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Post by p2ploser on Apr 30, 2019 19:18:27 GMT
Wonder how long fs can hang on to our money now. As they agreed to cover the loss plus interest they could have shown goodwill and repaid their long suffering lenders ages ago. I don’t go along with the view that we should be grateful they agreed to cover this as if they didn’t they’d be up for misselling this loan as being fully underwritten.
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Post by df on Apr 30, 2019 20:04:28 GMT
Wonder how long fs can hang on to our money now. As they agreed to cover the loss plus interest they could have shown goodwill and repaid their long suffering lenders ages ago. I don’t go along with the view that we should be grateful they agreed to cover this as if they didn’t they’d be up for misselling this loan as being fully underwritten. "Once the funds have been paid and released by the auction house the loan will be closed and investors repaid in full" - atm FS is not in possession of our 30.5k. Receiving cash from auction sale can take few weeks. Grateful or not, it's a very good news.
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arby
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Post by arby on Apr 30, 2019 20:07:22 GMT
Wonder how long fs can hang on to our money now. As they agreed to cover the loss plus interest they could have shown goodwill and repaid their long suffering lenders ages ago. I don’t go along with the view that we should be grateful they agreed to cover this as if they didn’t they’d be up for misselling this loan as being fully underwritten. : Care to comment? Of course you wont. Guilty as charged. For shame! I truly can't fathom how some people think. You are criticising FS because they are paying you 8% annual interest for longer than they could have otherwise done? "Guilty as charged? For shame!" laughable. Only if FS pay interest only for the original 6 month term would you have any cause for complaint.
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rookey123
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Post by rookey123 on May 1, 2019 7:45:35 GMT
There are a lot of complaints you can make about FS but on this one they have been entirely honourable. No wonder they rarely engage with the forum when they read comments like the above.
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adrian77
Member of DD Central
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Post by adrian77 on May 1, 2019 8:50:25 GMT
fair point- and I forgot buyer's premium at 10% but if this lender had a friend buy the vehicle and had invested the £35K he borrowed in FS earning 13%...my point is that I don't understand why the FS valuation was so much above the trade book price.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
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Post by ozboy on May 1, 2019 8:52:03 GMT
fair point- and I forgot buyer's premium at 10% but if this lender had a friend buy the vehicle and had invested the £35K he borrowed in FS earning 13%...my point is that I don't understand why the FS valuation was so much above the trade book price.I do.  
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song
Member of DD Central
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Post by song on May 1, 2019 13:14:43 GMT
fair point- and I forgot buyer's premium at 10% but if this lender had a friend buy the vehicle and had invested the £35K he borrowed in FS earning 13%...my point is that I don't understand why the FS valuation was so much above the trade book price.I do. So do i; sprat to catch a mackerel.
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arby
Member of DD Central
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Post by arby on May 1, 2019 15:53:39 GMT
Another complaining they are not getting rich quick. It is still a surprise that people don’t do basic research On P2P lending. Ie loans are rarely redeemed on the contracted dates. Also a guaranteed profit as in this case is almost unheard of. Then why not state the loans as open ended then there is no misapprehension. It's clearly stated when signing up that there is no guarantee that loans will be renewed or repaid at the end of the expected term. I understand that a typical punter won't necessarily pick up on this or accept it when the risk crystallises.
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