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Post by mark23 on Jan 3, 2019 15:13:12 GMT
The Fundingsecure in his generosity has informed us that we can offset against interest earned for income tax purposes.  As they were not able to recover debt by selling movable asset in this case car, in my opinion their competence in debt recovery is below zero.
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rookey123
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Post by rookey123 on Jan 3, 2019 15:19:39 GMT
I have quite a large bit of this and have been complaining for an update for several months. Looking online the car is 'probably' worth the loan amount. The underwriting was for the loan amount plus 6 mths interest. If FS try and screw me for the balance of the interest due to them not bothering to enforce the security for over a year I will be far from happy. I would expect them to make up the balance.
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dApps
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Post by dApps on Jan 3, 2019 15:29:28 GMT
The Fundingsecure in his generosity has informed us that we can offset against interest earned for income tax purposes. As they were not able to recover debt by selling movable asset in this case car, in my opinion their competence in debt recovery is below zero.
Where have FSsaid any of that? Current update is: "We have now decided to default this loan and are in the process of arranging with the underwriter for settlement of the debt" Previous update includes: "Interest continues to accrue and is underwritten to the date the loan is closed." FS are setting an expectation for full capital and interest repayment. Given their track record, FS would be very unwise to do this if they are in anyway uncertain as to the likelihood that this will happen. (ie, they'll quietly make up any shortfall to keep the peasants happy, as it is small change in the scheme of things)
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jonno
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nil satis nisi optimum
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Post by jonno on Jan 3, 2019 16:03:44 GMT
The Fundingsecure in his generosity has informed us that we can offset against interest earned for income tax purposes. As they were not able to recover debt by selling movable asset in this case car, in my opinion their competence in debt recovery is below zero.
Where have FSsaid any of that? Current update is: "We have now decided to default this loan and are in the process of arranging with the underwriter for settlement of the debt" Previous update includes: "Interest continues to accrue and is underwritten to the date the loan is closed." FS are setting an expectation for full capital and interest repayment. Given their track record, FS would be very unwise to do this if they are in anyway uncertain as to the likelihood that this will happen. (ie, they'll quietly make up any shortfall to keep the peasants happy, as it is small change in the scheme of things) It was contained in their Boiler Plate email that gets sent out when they default, oops sorry, un-redeem a loan.
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adrian77
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Post by adrian77 on Jan 3, 2019 16:46:20 GMT
Well I really hope they honour their contract...I have had a quick google and these custom cars can really go for a lot of money - would appreciate an opinion from somebody who knows this business but £35K (loan amount) seems about right for this car? Lots of extras but is 9 years old albeit with low mileage so I just don't know. At least this one can go to auction if need be and it will sell unlike the blocks of flats in Formby. I have a lot more than a nibble in this one and will be a tad annoyed if there is not 100% recovery plus interest!
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 4, 2019 2:18:25 GMT
Well I really hope they honour their contract...I have had a quick google and these custom cars can really go for a lot of money - would appreciate an opinion from somebody who knows this business but £35K (loan amount) seems about right for this car? Lots of extras but is 9 years old albeit with low mileage so I just don't know. At least this one can go to auction if need be and it will sell unlike the blocks of flats in Formby. I have a lot more than a nibble in this one and will be a tad annoyed if there is not 100% recovery plus interest! With stock markets not doing well and a few petrol heads I know would love this one I’ll buy it for loan amount it would avoid auction fees and I’d flip it for a few shekels
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adrian77
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Post by adrian77 on Jan 4, 2019 9:35:37 GMT
Please give FS your phone number !
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 4, 2019 11:30:50 GMT
Please give FS your phone number ! Think they might have a few if it were offered at loan value. Perhaps that could be a sideline for FS and eBay to sell bling and property with any extra profit for the investors Not in this but I think it will work out OK for investors. I do agree that this should have resolved with 3 months of redemption date. No real reason not to sell asset at that time.
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adrian77
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Post by adrian77 on Jan 4, 2019 11:52:45 GMT
I would put this the other way round - I have colleagues who are property investors/developers and sadly have a lot more money than I do (7 or 8 figure cash balances) but I pass details of FS property disasters to them so they can make cheeky offers - I think the buyer in Whitehaven got a fantastic deal - at the cost to FS investors. That is how they make money and not borrowing at 20% only to see increased costs and interest eat-up their investment...
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adrian77
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Post by adrian77 on Jan 21, 2019 12:10:02 GMT
This loan is now 13 8 months late.
I asked FS when we can expect this damn sale to actually go ahead - and what reply did I get
" this will be posted in the updates"
This must be the Oscar of non-replies for 2019 to date.
Either FS get back very quickly with a date or myself and others are going to wonder if this underwriter is a figment of their information - always a first time!
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bg
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Post by bg on Jan 21, 2019 12:29:41 GMT
This loan is now 13 months late. I asked FS when we can expect this damn sale to actually go ahead - and what reply did I get " this will be posted in the updates" This must be the Oscar of non-replies for 2019 to date. Either FS get back very quickly with a date or myself and others are going to wonder if this underwriter is a figment of their information - always a first time! The expected end date of this loan was 24 May 2018. Today is 21 Jan 2019. That is not 13 months, it's 8.
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song
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Post by song on Jan 21, 2019 13:37:07 GMT
Either FS get back very quickly with a date or myself and others are going to wonder if this underwriter is a figment of their information - always a first time! What committed buyer would want to pay an extra 8 months interest, the general information on this loan seems a total fabrication as are a lot of the valuations. Glad to have been an amused onlooker.
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bg
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Post by bg on Jan 21, 2019 14:09:42 GMT
Either FS get back very quickly with a date or myself and others are going to wonder if this underwriter is a figment of their information - always a first time! What committed buyer would want to pay an extra 8 months interest, the general information on this loan seems a total fabrication as are a lot of the valuations. Glad to have been an amused onlooker. They don't have to. They are committed to pay £36,400. Of course how firm that commitment is, only FS can say.
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adrian77
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Post by adrian77 on Jan 21, 2019 15:51:19 GMT
They are committed to pay £36,400
Hopefully this is the minimum but if this is the maximum then the longer this goes past 6 months then the less we earn (and yes I am in this one).
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arby
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Post by arby on Jan 21, 2019 16:30:48 GMT
They are committed to pay £36,400Hopefully this is the minimum but if this is the maximum then the longer this goes past 6 months then the less we earn (and yes I am in this one). FS have stated they'll cover any shortfall in both capital and interest, if any arises.
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