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Post by brightspark on Aug 2, 2018 15:44:31 GMT
The problem with this situation as with so many others in the financial world is that the concept of my word is my bond can no longer be trusted to an ever increasing degree. Lenders are obliged from the outset to honour their side of the contract by producing the reddies but borrowers don't. In the absence of trust the only solution is to ask for lower loan to valuations so that if a contract is not honoured recourse can be obtained by seizing and selling the asset. Such was/is/should have been the situation here if FS had done its job sensibly regarding valuation etc. All this other hair-splitting going on is just that.
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adrian77
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Post by adrian77 on Aug 2, 2018 18:54:14 GMT
I'd appreciate a second opinion on that one - I have worked in the banking industry and there are strict rule regarding statements when it comes to lending money and describing conditions.
There is also the moral postion but clearly FS don't share our moral compass...
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adrian77
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Post by adrian77 on Sept 9, 2018 4:48:03 GMT
I have complained to FS but had no reply - anybody else had better luck ?
I have several nibbles in this one and not very happy.
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adrian77
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Post by adrian77 on Sept 13, 2018 11:07:23 GMT
update to my last email on this one
I politely complained that I had not received a reply to my prior complaint and was asking what the situation was as this one is now well over 3 months late and we were told it was underwritten. Well after a delay of over 15 mins (I have the email transcript) after I made contact I was told FS had no further information. Well that fills me with confidence and itching to ask FS to manage my funds I don't think!
I did not even get "there will shortly be an update" but that the operative would chase for an update to be done. Why should she need to do this?
I have more than a nibble in this one - I lost on the PH painting and fair enough but I am very annoyed by this one as we were told it was underwritten and hence the low rate.
As far as I am concerned FS should have paid out by now and if need be used their own funds whilst they sort things out with the borrower.
Absolutely not impressed.
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arby
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Post by arby on Sept 13, 2018 12:39:14 GMT
update to my last email on this one I politely complained that I had not received a reply to my prior complaint and was asking what the situation was as this one is now well over 3 months late and we were told it was underwritten. Well after a delay of over 15 mins (I have the email transcript) after I made contact I was told FS had no further information. Well that fills me with confidence and itching to ask FS to manage my funds I don't think! I did not even get "there will shortly be an update" but that the operative would chase for an update to be done. Why should she need to do this? I have more than a nibble in this one - I lost on the PH painting and fair enough but I am very annoyed by this one as we were told it was underwritten and hence the low rate. As far as I am concerned FS should have paid out by now and if need be used their own funds whilst they sort things out with the lender. Absolutely not impressed. I have very little sympathy for complaints when people lose money on the high-risk investments/borrowers that typical loans are made to, but this one is a clear exception; whether contractual or not, a clear guarantee of return after 6 months was given. So, for what it's worth (absolutely nothing), you have my sympathy and agree that FS should cover this one!
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adrian77
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Post by adrian77 on Sept 28, 2018 9:09:43 GMT
just spoken to FS - now they are stating they will sell the vehicle if need be- so what happened to "Specifically - if the loan were to default we have a committed buyer who would purchase the vehicle at a price equal to the capital plus 6 months interest".
And guess what - still no news of the promised mystical update
I know such Defenders are highly collectable but my research indicates it won't achieve the loan amount from a dealer - private buyer perhaps?
Sleeper alert - I have a fair bit in this one as I was intelligent enough to believe what FS said about it...am I annoyed with myself - answers on a digitial postcard
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09dolphin
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Post by 09dolphin on Sept 28, 2018 18:51:47 GMT
Whilst I don't have any money invested in this particular "investment opportunity" FS did state that there is someone who is eager and ready to purchase the vehicle (which would cover the investment + interest). I do feel this demonstrates graphically how little we can trust the information FS supply to investors. Smoke and mirrors comes to mind.
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Post by mark23 on Oct 23, 2018 9:45:57 GMT
Hi I would like to ask you guys, how many of you have funds"frozen" in this loan? I've asked them to provide update, as they didn't provide it since august
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susan
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Post by susan on Oct 23, 2018 10:10:44 GMT
I put money into this one, but not a lot, but I am beginning to get concerned. (late to the party??)
For about a year I have been 'recycling' my investments on FS, now I have over £500 idle for the first time. I do not feel tempted by any of the current available offers, so will just sit and wait..
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nyneil
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Post by nyneil on Oct 23, 2018 10:12:02 GMT
Hi I would like to ask you guys, how many of you have funds"frozen" in this loan? I've asked them to provide update, as they didn't provide it since august If you want to try and gather that information, maybe a 'vote' scenario could be set up; i'm not sure how that's done but Admin will. I don't know how much it would achieve, as i guess most 'investors' won't be members of the forum; even so, it would be interesting.....
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Post by dan1 on Oct 23, 2018 10:15:17 GMT
Hi I would like to ask you guys, how many of you have funds"frozen" in this loan? I've asked them to provide update, as they didn't provide it since august If you want to try and gather that information, maybe a 'vote' scenario could be set up; i'm not sure how that's done but Admin will. I don't know how much it would achieve, as i guess most 'investors' won't be members of the forum; even so, it would be interesting..... When you create a new thread (as distinct from replying in thread) you get the option to "Add Poll". Note that once polls are created they can't be edited.
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Forward
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Post by Forward on Oct 23, 2018 15:43:55 GMT
Hi I would like to ask you guys, how many of you have funds"frozen" in this loan? I've asked them to provide update, as they didn't provide it since august Total investors = 157 Top 15 = £20.3k of the total loan
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adrian77
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Post by adrian77 on Oct 23, 2018 19:13:20 GMT
I have complained twice about this one - FS told us
Well here we are over 2 months later with an 11 month loan and nothing repaid.
I am out of patience with this one and I feel cheated and I feel I have been lied to as I see no evidence whatsoever that supports the above FS statement.
Any idea of what action I/we can take - e.g. can we each launch a claim in the Small Claims Court for deception/breach of contract.
I thank you .
FS ever wondered why I set-up my FA league of predicted mega failures...
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Post by df on Oct 24, 2018 15:42:35 GMT
I have complained twice about this one - FS told us Well here we are over 2 months later with an 11 month loan and nothing repaid. I am out of patience with this one and I feel cheated and I feel I have been lied to as I see no evidence whatsoever that supports the above FS statement. Any idea of what action I/we can take - e.g. can we each launch a claim in the Small Claims Court for deception/breach of contract. I thank you . FS ever wondered why I set-up my FA league of predicted mega failures... Depending of how much you have in this loan, for me the cost of application for SCC would be too expensive for the outcome that I'm almost certain would be unsuccessful. I feel a bit cheated too, or being an idiot trusting FS statement. I invested in this loan because of "effectively a guaranteed return". It did cross my mind at the time that the word "effectively" meant that "a guaranteed return" is not really guaranteed, so I guess I have blame myself for being too adventurous. The lack of updates doesn't help. Makes me think, is this a similar scenario we recently had with a series of artwork loans? All sorts of speculations come to mind. Could be avoided if FS told us the truth even if it is very bad one.
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adrian77
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Post by adrian77 on Oct 24, 2018 16:14:07 GMT
I am sure we are not the only ones - well this must really be boosting the PR for FS - not!
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