rogerthat
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Post by rogerthat on Nov 21, 2017 17:59:20 GMT
Thought it was a couple of years ago. The Land Rover dealer in our village is doing a roaring trade.You're right www.bbc.com/autos/story/20160129-this-is-the-last-land-rover-defenderYears ago as a self employed haulage contractor I occasionally had to deliver to both Solihull & Longbridge...which were run by the unions (and not the management)..often spending half the day or more trying to get offloaded, or which was more usual, pulling off the site in despair. No wonder the UK car industry went t*ts up. My, how things have changed.
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Post by df on Nov 21, 2017 21:00:14 GMT
Iirc it is also underwritten in the event of default. If it remains underwritten then does that imply the underwriter is confident of the valuation? I also question the valuation not being reduced as time has passed, but if the underwriter still is willing to pay the loan amount plus six months' interest then perhaps it doesn't matter. I do note, however, that the loan being renewed is now more than seven months old. If the borrower hadn't come up with the interest to fund the renewal, what would have happened? Firstly, ISTM that the sale to the underwriter wouldn't have happened until the loan was about eight months old -- or older. If the agreed price is as stated on the loan's page, then the FS investors would receive only 75% of the interest accrued (6 months' worth out of 8) unless FS generously were to top that up out of their own pocket. Without that generosity, investors would have earned 6% p.a. on their investments. Perhaps fundingsecure would care to comment. It does sound like a fairly secure 6%-8% investment. Low rate, but I prefer this to 14% Wimbledon type.
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Post by snowdrop800 on Nov 22, 2017 9:13:49 GMT
good condition (in fact most) Defenders are appreciating in value now, since they stopped making them earlier in the year. ^^^^this.
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adrian77
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Post by adrian77 on Jul 18, 2018 18:39:28 GMT
whats the problem - as below we were told this was underwritten
this is now nearly 2 months late so where is my money - I expected this contract to be honoured...
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 18, 2018 19:10:26 GMT
This is FS we're dealing with adrian77, you of all people know that they're statements and Loan Descriptions are meaningless.
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mullet
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Post by mullet on Jul 18, 2018 19:40:01 GMT
I'm waiting for the "....committed buyer has dropped out..." update
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rs
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Post by rs on Jul 18, 2018 19:50:12 GMT
The loan was never underwritten hence why FS had to add committed buyer. I’m not in this loan but please ask FS and let us know if they give you a full complete answer about whether this was loan was underwritten or not.
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rogerthat
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Post by rogerthat on Jul 18, 2018 20:43:10 GMT
The loan was never underwritten hence why FS had to add committed buyer. I’m not in this loan but please ask FS and let us know if they give you a full complete answer about whether this was loan was underwritten or not. Maybe so but this was included "As this means this is effectively a guaranteed return of 8% for 6 months investment - the interest offered is lower than usual." Game, set and match ?
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adrian77
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Post by adrian77 on Jul 18, 2018 20:49:54 GMT
Sir - how very dare you say such a thing about FS - I would never indulge in such nefarious inexactitudes...I don't doubt FS will keep their word on this one.
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Post by df on Jul 24, 2018 21:28:14 GMT
The loan was never underwritten hence why FS had to add committed buyer. I’m not in this loan but please ask FS and let us know if they give you a full complete answer about whether this was loan was underwritten or not. Maybe so but this was included "As this means this is effectively a guaranteed return of 8% for 6 months investment - the interest offered is lower than usual." Game, set and match ? That was the only reason I invested in this loan @8%. Two months after it was due "We are working with the borrower to try to get this loan repaid". It must be very hard work. It's not clear from this update what this work entails, are they trying to help the borrower to find a job so he/she can afford to start repaying £1 a month? Why not dropping an e-mail or text to the "committed buyer" to say "Your vehicle is ready to collect" and if the buyer is no longer "committed" FS could explore other avenues. Selling a car is not a rocket science. I hope they got a spare key at the time of lending.
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rogerthat
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Post by rogerthat on Jul 24, 2018 22:36:32 GMT
Maybe so but this was included "As this means this is effectively a guaranteed return of 8% for 6 months investment - the interest offered is lower than usual." Game, set and match ? That was the only reason I invested in this loan @8%. Two months after it was due "We are working with the borrower to try to get this loan repaid". It must be very hard work. It's not clear from this update what this work entails, are they trying to help the borrower to find a job so he/she can afford to start repaying £1 a month? Why not dropping an e-mail or text to the "committed buyer" to say "Your vehicle is ready to collect" and if the buyer is no longer "committed" FS could explore other avenues. Selling a car is not a rocket science. I hope they got a spare key at the time of lending. Yep..as you know its typical of the malaise and apparent indifference across a great many loans currently on the platform and without doubt its present course is unsustainable. How much longer are the underwriters going to stump up to underpin the financial volcano welling up under the noses of HQ before someone says enough is enough ? The 1st Big Bang heralded the creation of the universe. On its present trajectory the second one's epicentre will almost certainly be on an industrial estate in Bucks. I hope im far enough away from the blast zone and subsequent fallout.
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adrian77
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Post by adrian77 on Jul 25, 2018 7:31:50 GMT
exactly - if this one is not settled soon I am taking legal advice about a claim in the small claims court and if we all do that then I wonder how FS will like that.
You can't just state a loan is guaranteed then pretend it is not !
Looks like misrepresentation to me but I am no solicitor...
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adrian77
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Post by adrian77 on Jul 25, 2018 8:47:54 GMT
sounds like you know this market - could you possibly give a rough idea what you think this vechile is worth? My internet research indicates £50K is high for a retail price let alone a distressed sale but I really am not a petrol head.
Thanks a lot
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aligibbs
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Post by aligibbs on Jul 25, 2018 8:57:40 GMT
I'm confused- looking at the Fundingsecure listing, this shows that it was repaid? (albeit a month late)
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Post by dan1 on Jul 25, 2018 9:05:11 GMT
I'm confused- looking at the Fundingsecure listing, this shows that it was repaid? (albeit a month late) That loan was renewed into the current active loan. I've just updated the thread title with the active loan number.
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