rs
Member of DD Central
Posts: 467 
Likes: 254
|
Post by rs on Oct 24, 2018 16:14:24 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. Does anybody think the new FS Directors/shareholders will help with FS transparency? I hope it does.
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Oct 24, 2018 17:22:07 GMT
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. Does anybody think the new FS Directors/shareholders will help with FS transparency? I hope it does.
I Don’t personally have anything in this one but as a general principle why don’t we get a list of their directors and their personal emails and when we feel we have been aggrieved or have not been having sufficient updates we could email them personally all of us one at time asking the same question that would be a Legitimate thing to do. We could coordinate as to what director was chosen. That would perhaps frustrate them a little giving an indication of what we are feeling. Send and repeat until we get a response. Or choose a day and just all ask the same question from live chat. We are getting nowhere with some loans by being mr nice guy time to up the stakes.
|
|
trevor
Member of DD Central
Posts: 557
Likes: 381
|
Post by trevor on Oct 24, 2018 18:20:32 GMT
I'm not in this one, but if I was I would have written to the FCA by now. They gave a guarantee and haven't honoured it.
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Oct 24, 2018 18:41:30 GMT
|
|
|
|
Post by df on Oct 24, 2018 20:02:52 GMT
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. Does anybody think the new FS Directors/shareholders will help with FS transparency? I hope it does.
It has recently improved. I don't know how consistent it is, but we are now told if there are other FS loans to the same borrower. Updates are generally a little better and they have stopped (I think) giving multiple names to the same loan.
|
|
09dolphin
Member of DD Central
Posts: 638 
Likes: 866
|
Post by 09dolphin on Oct 24, 2018 20:39:36 GMT
Whilst I'm not in this loan I don't detect any improvement in the information about loans that are overdue or are defaulted. FS continue to treat investors with utter contempt in my view. At least all the loans I can sell have been sold and I now only have loans (9) that I have given up on expecting any repayment.
|
|
mullet
Member of DD Central
Posts: 126
Likes: 137
|
Post by mullet on Oct 24, 2018 20:49:01 GMT
Has anyone else noticed that the number plate on the photo on the assets tab has been blanked out, but the same photo on the main page still has the number plate showing ...I guess whoever posted this loan was too busy laughing at the description to notice they balls up the photos.
|
|
|
|
Post by df on Oct 24, 2018 21:51:30 GMT
Has anyone else noticed that the number plate on the photo on the assets tab has been blanked out, but the same photo on the main page still has the number plate showing ...I guess whoever posted this loan was too busy laughing at the description to notice they balls up the photos. Yes I did, but knowing the number plate isn't very significant. I suppose it is good to have the age of vehicle verified and interesting to find out that it's been off road for 4 years, but we don't know why it wasn't used and why FS can't sell it.
|
|
|
|
Post by mark23 on Oct 27, 2018 13:32:18 GMT
Customer Services <customerservices@fundingsecure.com>
Tue, Oct 23, 2:16 PM (4 days ago)
to me
Good afternoon,
Thank you for your email. We are in regular contact with the borrower of the LandRover Defender loan and we are working hard to gain progress. However I am unable to specify a date for an auction as we have not yet decided to default the loan and sell this asset. In addition to this, we also have an underwriting in place.
I have put an update request in for this loan, and as soon as we have final details put together an update can be added to the loan page.
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Oct 27, 2018 15:25:21 GMT
i.e. we have done NOTHING effective
well damn well invoke it!
well thanks for telling us that once FS have details they can add an update - talk about the blooming obvious!
In a nutshell this is pathetic and just regurgitating vacuous and meaningless twaddle that we have all heard before and I am a tad annoyed.
This is a 6 months loan which is now over 4 months late - pathetic!
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Nov 1, 2018 11:45:44 GMT
spoke to FS about this one - their reply was totally useless and left me very annoyed viz in essence "we are still waiting to hear that the client has the funds to clear the debt!" But don't worry they are in daily contact - yeah right!
Well I thought this one:
was underwritten
was expecting to be repaid in AUGUST
and now we get the above rubbish - well maybe the fact FS have been waiting 14 weeks for the borrower to prove he has the funds may just possibly indicate he hasn't!
This borrower is having a laugh at us/FS and I really don't like it!
I don't care if FS go bust because with this attitude that is exactly what they deserve and is likely to happen...
|
|
09dolphin
Member of DD Central
Posts: 638
Likes: 866
|
Post by 09dolphin on Nov 1, 2018 12:06:25 GMT
spoke to FS about this one - my reply was totally useless and left me very annoyed viz in essence "we are still waiting to hear that the client has the funds to clear the debt!" But don't worry they are in daily contact - yeah right! Well I thought this one: was underwritten was expecting to be repaid in AUGUST and now we get the above rubbish - well maybe the fact FS have been waiting 14 weeks for the borrower to prove he has the funds may just possibly indicate he hasn't! This borrower is having a laugh at us/FS and I really don't like it! I don't care if FS go bust because with this attitude that is exactly what they deserve and is likely to happen... Just wonder why anyone continues to speak to speak to FS as it's a complete waste of time My personal opinion is that not only is speaking to FS a waste of time as they never seem to be able to give any helpful information but it also increases investors stress levels. My personal opinion is based on all my contacts with FS.
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Nov 5, 2018 11:57:09 GMT
latest update
Well at least FS actually seem to be doing something - although I would have preferred this 5 months ago!
And there was I having numerous nibbles in this one and hoping to re-invest my funds....
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Nov 23, 2018 16:11:34 GMT
Congratulations to FS -as from tomorrow this 6 month loan will be 6 months in default.
I read
well what about 12 months interest?
I appreciate some loans will go bad but I am really annoyed about this one as we were told it was "underwritten" - who by Mr G! I planned on withdrawing my capital 6 months ago - fat chance!
If this borrower has borrowed at 20% p.a. then that is over £7K in interest alone which when added to the loan of £35K is £42K - the only thing I know about cars is that they are a pain in the proverbial but I can't see this one getting £42K trade so where is this mystery "underwriter"?
FS have got to realise that weasel words and meaningless updates some of which are possibly a tad disingenuous are driving people away from their business like no tomorrow. I no longer care about FS but I do care about my money which I am not convinced has been professionally managed.
Wonder what will happen at the end of the month - "slight delays, couple of weeks, whoops its Xmas, next month, whoops its New Year, next month. whoops Brexit is close, next month, whoops it's Brexit, month after, whoops the underwriter has pulled out, next month, its gone to auction ,next month, whoops it did not sell, next month, its now going back to auction.... I hope I am wrong but I have more confidence in John Prescott winning Miss World...
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Nov 23, 2018 16:37:55 GMT
Congratulations to FS -as from tomorrow this 6 month loan will be 6 months in default. I read well what about 12 months interest? I appreciate some loans will go bad but I am really annoyed about this one as we were told it was "underwritten" - who by Mr G! I planned on withdrawing my capital 6 months ago - fat chance! If this borrower has borrowed at 20% p.a. then that is over £7K in interest alone which when added to the loan of £35K is £42K - the only thing I know about cars is that they are a pain in the proverbial but I can't see this one getting £42K trade so where is this mystery "underwriter"? FS have got to realise that weasel words and meaningless updates some of which are possibly a tad disingenuous are driving people away from their business like no tomorrow. I no longer care about FS but I do care about my money which I am not convinced has been professionally managed. Wonder what will happen at the end of the month - "slight delays, couple of weeks, whoops its Xmas, next month, whoops its New Year, next month. whoops Brexit is close, next month, whoops it's Brexit, month after, whoops the underwriter has pulled out, next month, its gone to auction ,next month, whoops it did not sell, next month, its now going back to auction.... I hope I am wrong but I have more confidence in John Prescott winning Miss World... Stop picking on John Prescott.
|
|
