mullet
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Post by mullet on Jun 7, 2019 10:03:44 GMT
FS did the honourable thing, have left themselves out of pocket ...but have still managed to p*ss off all the investors in this loan - quite an achievement!!
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arby
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Post by arby on Jun 7, 2019 10:08:54 GMT
FS did the honourable thing, have left themselves out of pocket ...but have still managed to p*ss off all the investors in this loan - quite an achievement!! ALL investors? đŸ˜‚ No chance, most are very happy to have received a very good rate of return for longer than anticipated. Only a vociferous few are upset at such a result.
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benaj
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Post by benaj on Jun 7, 2019 10:16:49 GMT
Did the money just come in from the Tesla car ?  Given the long history of this bespoke vehicle, and the interest of 562 days, I don't think so. Tesla loan is only 30k, The Landrover is 35k plus FS interest.
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jonno
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nil satis nisi optimum
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Post by jonno on Jun 7, 2019 10:24:51 GMT
I'm relieved this has finally been paid.
But profusely thanking FS is like finding your safe has been raided but thanking the thieves for leaving a fiver on the floor 
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adrian77
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Post by adrian77 on Jun 7, 2019 11:20:09 GMT
yes credit due for FS standing behind this one- I have just withdrawn what was my biggest investment - next stop art loans?
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p2ploser
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Post by p2ploser on Jun 7, 2019 17:39:05 GMT
yes credit due for FS standing behind this one- I have just withdrawn what was my biggest investment - next stop art loans? That’s the one that’ll send them under.
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09dolphin
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Post by 09dolphin on Jun 8, 2019 1:42:58 GMT
yes credit due for FS standing behind this one- I have just withdrawn what was my biggest investment - next stop art loans? That’s the one that’ll send them under. Alas I have to agree. I am pleased that my investment will be repaid but the significant delay in repayment just confirms my doubts about this platform. The fact that FS have cost their business a significant amount by delaying redemption of this loan does suggest they have a problem with liquidity. Of course they could be awash with money so a delay in redeeming the loan may be unimportant to them.
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bg
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Post by bg on Jun 8, 2019 7:41:25 GMT
I'm not sure if its as easy as just repaying investors early.
I stand to be corrected but I have been thinking if a platform returns a lenders funds while a loan is still active then in effect they are buying the loan off the lender and then hold the loan themselves until it is repaid. My understanding is platforms are not allowed to lend their own money and so this could be a breach of FCA rules.
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arby
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Post by arby on Jun 8, 2019 7:59:19 GMT
I'm not sure if its as easy as just repaying investors early. I stand to be corrected but I have been thinking if a platform returns a lenders funds while a loan is still active then in effect they are buying the loan off the lender and then hold the loan themselves until it is repaid. My understanding is platforms are not allowed to lend their own money and so this could be a breach of FCA rules. Exactly, that's why FS stated they have paid the amount once they finally received cleared funds from the auction. Paying early would also mean FS would have to pay £40k while waiting to get the eventual £30k from the sale. The way it actually happened, FS only needed to fund the £10k shortfall. While FS did end up paying more due to the delay, liquidity and freeing up cash flow also has a cost which offsets it.
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09dolphin
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Post by 09dolphin on Jun 8, 2019 8:59:15 GMT
I'm just happy that FS are honouring their promises and I will withdraw my capital and interest ASAP. Shame that FS were stuck with paying excessive interest as the auction site were so very slow in repaying funds but perhaps that's associated with the auction sites unusual T&Cs.
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bg
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Post by bg on Jun 8, 2019 11:35:42 GMT
I'm just happy that FS are honouring their promises and I will withdraw my capital and interest ASAP. Shame that FS were stuck with paying excessive interest as the auction site were so very slow in repaying funds but perhaps that's associated with the auction sites unusual T&Cs. Yeah but a couple of weeks interest @ 8% is what £100? It's neither here nor there. FS have much bigger things to worry about.
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