blender
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Post by blender on Jul 25, 2018 9:42:07 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... Clearly my clients were referring to an accrued return, which should have been clear to you - from their normal practice over several years.
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aligibbs
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Post by aligibbs on Jul 25, 2018 10:08:02 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. ah, thanks, makes much more sense now :-)
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adrian77
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Post by adrian77 on Jul 25, 2018 15:33:01 GMT
contacted on-line "help" - I don't blame the staff but a complete non answer - quel surprise!
All I got was the buyer is hoping to repay the loan so we get all monies returned - I asked 2 times about the committed buyer and was just ignored....these people really know how to annoy me. Sooner or later this outfit is going to face legal and/or a class action - bring it on!
As I said hopefully we can swamp FS with numerous claims in the small claims court...
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rs
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Post by rs on Jul 25, 2018 17:37:40 GMT
contacted on-line "help" - I don't blame the staff but a complete non answer - quel surprise! All I got was the buyer is hoping to repay the loan so we get all monies returned - I asked 2 times about the committed buyer and was just ignored....these people really know how to annoy me. Sooner or later this outfit is going to face legal and/or a class action - bring it on! As I said hopefully we can swamp FS with numerous claims in the small claims court... I wonder if the committed buyer was introduced to FS by the borrower! At least the borrower can be pursued by FS if capital & interest not fully paid up when vehicle sold at 70% of value. Lets hope borrower doesn't get caught up in bankruptcy proceedings whilst FS continue to discuss things with him.
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adrian77
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Post by adrian77 on Aug 1, 2018 17:41:41 GMT
Had a reply to my complaint over this - in essence pretty vacuous and they failed to state how long they will give the lender to come up with the readies before they sell to the buyer - at least they stated there was a buyer - I do hope so!
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mullet
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Post by mullet on Aug 1, 2018 19:24:54 GMT
Had a reply to my complaint over this - in essence pretty vacuous and they failed to state how long they will give the lender to come up with the readies before they sell to the buyer - at least they stated there was a buyer - I do hope so! I don't think this is acceptable. The loan states: "...effectively a guaranteed return of 8% for 6 months investment" - this implies the investment period is 6 months. In reality it is a guaranteed (I hope!) return of 6 months interest, but your capital may be tied up for years to get this. Personally I think this buyer is as likely to buy this as the 'committed' buyers that seem to disappear in all of the other FS loans. Does the fact the committed buyer is mentioned on the main loan description rather than on the updates tab make it any more likely to happen? ...not really
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adrian77
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Post by adrian77 on Aug 2, 2018 5:44:24 GMT
good point above - I will ask FS what does "committed" actually mean. Person with written legal undertaking or has expressed an interest? If (when?) this one goes to official default the typical buyer is going to make an opening offer...
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blender
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Post by blender on Aug 2, 2018 7:51:00 GMT
Sorry but I don't think that 'committed' means anything in this context. It's probably just a state of mind of the buyer, inferred by FS from the buyers deeds and words.
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mjc
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Post by mjc on Aug 2, 2018 8:27:49 GMT
Sorry but I don't think that 'committed' means anything in this context. It's probably just a state of mind of the buyer, inferred by FS from the buyers deeds and words. The OED state: 1. Pledged or bound to a certain course or policy; dedicated. 2. In or denoting a long-term emotional relationship. As I’m sure few here have a long-term emotional relationship with FS any longer (at least not in a positive way), if it does not mean bound to buying, then that sounds like a valid basis for complaint. more weasel words, we have come to know so well.
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 2, 2018 9:18:29 GMT
I think us lot putting hard earned into FS loans are the ones that should be committed!
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adrian77
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Post by adrian77 on Aug 2, 2018 10:00:34 GMT
The word "committed" was part (as I see it) as the legal description for this loan and you can't use woolly vague language when making financial offers. A committed house buyer is one who has signed a contract and not somebody simply interested in buying a house
...
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blender
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Post by blender on Aug 2, 2018 11:21:54 GMT
The word "committed" was part (as I see it) as the legal description for this loan and you can't use woolly vague language when making financial offers. A committed house buyer is one who has signed a contract and not somebody simply interested in buying a house ... 'When I use a word,' Mr Funding Secure said, in rather a scornful tone, 'it means just what I choose it to mean — neither more nor less.'
'The question is,' said Alice, 'whether you can make words mean so many different things.'
'The question is,' said Mr Funding Secure, 'which is to be master — that's all.'
(Through the Looking Glass).
Moral: if you use undefined words, you are in charge of their meaning, and others cannot know and rely on exactly what you mean.
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adrian77
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Post by adrian77 on Aug 2, 2018 12:57:20 GMT
Below is from a Guardian article
I have complained to FS about this and asked for clarification as to what they actually mean although to me they are in clear breach of contract as this loan is now over 7 months old....
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blender
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Post by blender on Aug 2, 2018 14:36:49 GMT
I am not defending them. Lenders are being encouraged to draw an inference that there was a legal commitment, when there may have been other type of commitment - say a statement of intent. Clearly oversold imo, rather than being presented neutrally, unless there really is a contract. Edit. Hair splitting remark removed, brightspark two posts on being right. Use of 'committed' seems misleading, whatever it means.
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rs
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Post by rs on Aug 2, 2018 14:50:00 GMT
There is no legal contract in place hence why FS have not clarified this despite people asking FS.
The person who committed to buy this would obviously walk away from the deal if this loan continues as interest keeps accruing and value of land rover might be depreciating soon.
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