Godanubis
Member of DD Central
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 May 23, 2019 22:54:38 GMT
I asked and apparently waiting for funds to be released by the auction house. I have personally never experienced that kind of delay but it is FS so give it a couple of months! Would depend on terms of sale. If classed as property you can have up to 28 days usually. Anything else usually by end of sale. The 50p paid may have fallen down a drain and they will be sending in the recovery team. 
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mullet
Member of DD Central
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Post by mullet on May 30, 2019 11:32:42 GMT
Now 1 month since this sold at auction ...still no sign of the funds
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adrian77
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Post by adrian77 on May 30, 2019 12:14:54 GMT
hopefully within the next few days if the auction house takes 1 month to pay - what's the rush FS it is only 11 months late despite you telling us
I put my largest investment into this one and had plans for the money to be reinvested in a project- well that went for a Burton. True FS have stood behind this one and are paying the interest to settlement but ,personally, I really would have preferred my repayment as per above. As far as I am concerned this is a plain and simple breach of contract
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Post by gullible on Jun 6, 2019 2:39:32 GMT
Over a month now since the vehicle sold. What's going on?
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p2ploser
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Post by p2ploser on Jun 6, 2019 15:57:51 GMT
The way fs are handling this one is beyond weird even for them. They are such a great outfit they have promised to pay for any shortfall where the underwriter of the loan was too skint to cough up. The weird bit is that they are continually delaying for some reason meaning that they incur further interest charges. Unless I’m missing some thing it would surely have been better from a business perspective to pay lenders back when they agreed to underwrite the loan and save themselves paying 8% interest.
I'm sure someone here will want me to be grateful for getting the extra interest however as the collateral and Lendy experiences show, you’ve earned nothing until you have the cash.
be interested to hear what people think the reasons are for the delay given my “logic” above 😀
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adrian77
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Post by adrian77 on Jun 6, 2019 16:24:10 GMT
I think your logic is sound - either FS have not got the money from the auction house and/or not enough cash in the bank to cover this or maybe there is another legal snaggette with this one and the sale has been cancelled yet again - hopefully there is no dispute over ownership! This car was sold on 30th April so even if the auction house take a month to pay we should have had the money or at least a polite update by now...I am really annoyed by this one - it was bad enough that the valuation was rubbish but FS said this one was an underwritten 6 months loan so why are we still waiting nearly a year later!
If there is any more nonsense I am taking legal advice about taking FS to the small claims court.
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09dolphin
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Post by 09dolphin on Jun 6, 2019 17:18:23 GMT
I don't know of or have ever heard of any auction house taking 1 month to pay out on sold auction lots. Normally auction houses give you up to 3 working days to pay for goods bought using cleared funds and then take a maximum of 5 working days to transfer money (less commission + VAT) to the sellers account when the amount is less than a million. Perhaps the auction house is in financial difficulty but I suspect the problem is more likely to be with FS.
Whilst FS may have promised to make up any shortfalls can they afford to do this is the question that springs to my mind. If they can why is there a delay costing FS money?
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adrian77
Member of DD Central
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Post by adrian77 on Jun 6, 2019 19:17:56 GMT
Seems to be concern that FS is having cash flow problems - well that is very easy for them to disprove...
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Post by gullible on Jun 6, 2019 19:25:22 GMT
They're at the right place if they want a loan!
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sarahcount
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Post by sarahcount on Jun 6, 2019 19:32:27 GMT
They're at the right place if they want a loan! They already have a loan. From me! Two more if you include Burnley and Barnoldswick. FS really don't do themselves any favours sometimes. Leaving aside the legacy problem loans the new management inherited they could work towards mending their reputation just a tad more by getting this small loan paid back as promised.
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Post by df on Jun 7, 2019 9:37:52 GMT
Repaid as promised. "All investors receive the full amount of capital and interest - including additional interest for the extended period."
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pa
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Post by pa on Jun 7, 2019 9:39:03 GMT
Finally!!!
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jj
Member of DD Central
Jolly Jammy
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Post by jj on Jun 7, 2019 9:42:39 GMT
Did the money just come in from the Tesla car ?  |
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nyneil
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Post by nyneil on Jun 7, 2019 9:53:19 GMT
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p2pstephan
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Post by p2pstephan on Jun 7, 2019 9:54:30 GMT
Agreed! Well done FS, did the right thing. I guess some investors may still complain even though they got 100% capital and full interest over an extended period. We give FS enough flack, let’s acknowledge and appreciate the things they do right.
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