adrian77
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Post by adrian77 on Feb 22, 2019 12:07:44 GMT
Spoke to FS and asked why we were not told earlier and why this car was withdrawn- guess what - "no idea - will ask for an update" - don't these people have a common log so they can talk to each other!
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adrian77
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Post by adrian77 on Feb 23, 2019 13:43:52 GMT
The car is now classed as off road (SORN) and the mot has expired.
Please don't tell me there is a log book loan against this car. Anybody able to check this?
I note the number plate was probably changed which I hope is irrelevant.
If this car is sold in late April and we have to wait a month for the readies due to the auction house payment delay then this "underwritten loan" will be a year late! To me this is basis for a legal charge of deception - if FS were an honourable organisation they would have refunded all lenders months ago. As to whether they actually have the money to do this I have no idea...
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arby
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Post by arby on Feb 23, 2019 14:05:31 GMT
The car is now classed as off road (SORN) and the mot has expired. Please don't tell me there is a log book loan against this car. Anybody able to check this? I note the number plate was probably changed which I hope is irrelevant. If this car is sold in late April and we have to wait a month for the readies due to the auction house payment delay then this "underwritten loan" will be a year late! To me this is basis for a legal charge of deception - if FS were an honourable organisation they would have refunded all lenders months ago. As to whether they actually have the money to do this I have no idea... Are you intentionally obfuscating the facts? FS have explicitly said they will cover any shortfall. Therefore any extra delays are just risk free return, unless FS don't make good on their commitment, at which point everyone would be in agreement that they are not honourable.
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adrian77
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Post by adrian77 on Feb 23, 2019 14:15:33 GMT
Maybe you should address this question to FS rather then constantly trying (and dismally failing) to discredit me.
Firstly FS said
Well they have not got a committed buyer as they stated and then they said it was due for sale in auction in Feb and now they can't even state the current situation and are hiding behind a "update to be posted" excuse - well 6 months have long gone so just where are my facts incorrect?
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arby
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Post by arby on Feb 23, 2019 14:31:02 GMT
Always a Maybe you should address this question to FS rather then constantly trying (and dismally failing) to discredit me. Firstly FS said Well they have not got a committed buyer as they stated and then they said it was due for sale in auction in Feb and now they can't even state the current situation and are hiding behind a "update to be posted" excuse - well 6 months have long gone so just where are my facts incorrect? That's simple. They screwed up. They admitted it. They committed to repay all investors in full if there is an eventual shortfall. Only at the point where they don't do that can it be stated that they aren't acting honestly. I didn't say your facts were incorrect, I said that you are trying to hide the full picture by selectively quoting facts.
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Post by df on Feb 23, 2019 20:16:24 GMT
The car is now classed as off road (SORN) and the mot has expired. Please don't tell me there is a log book loan against this car. Anybody able to check this? I note the number plate was probably changed which I hope is irrelevant. If this car is sold in late April and we have to wait a month for the readies due to the auction house payment delay then this "underwritten loan" will be a year late! To me this is basis for a legal charge of deception - if FS were an honourable organisation they would have refunded all lenders months ago. As to whether they actually have the money to do this I have no idea... When I checked back in October it's been off road for 4 years. Interesting loan - "effectively underwritten", not repaid, when 8 months overdue "the underwriter" didn't have any money to buy it, car goes to auction and borrower requests it to be removed from the auction (cheeky, borrowed 35k, didn't repay it and stopping the process so lenders can't their money back)... I thought the car should belong to FS from June 2018? I wonder what is the legal issue and is it ever going to be sold?
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reinvestor
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Post by reinvestor on Feb 23, 2019 21:21:31 GMT
The car is now classed as off road (SORN) and the mot has expired. Please don't tell me there is a log book loan against this car. Anybody able to check this? I note the number plate was probably changed which I hope is irrelevant. If this car is sold in late April and we have to wait a month for the readies due to the auction house payment delay then this "underwritten loan" will be a year late! To me this is basis for a legal charge of deception - if FS were an honourable organisation they would have refunded all lenders months ago. As to whether they actually have the money to do this I have no idea... I can HPI the car if someone can send me the registration number. I saw it on the auction site but didn’t take a note of it. Due to the antiquated laws that surround log book loans (they were designed for horse and cart loans!) they sometimes don’t show up at hpi which can lead to a whole world of trouble.
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reinvestor
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Post by reinvestor on Feb 28, 2019 13:31:24 GMT
I have checked the car at HPI. The results are in DDC.
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Post by spareapennyor2 on Apr 4, 2019 13:49:37 GMT
update on site to be auctioned 30th April.
nice note
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Post by df on Apr 4, 2019 14:17:32 GMT
update on site to be auctioned 30th April. nice note Reassurance is always nice. Looking forward to it. Hope the borrower is not going to request removing it from auction again.
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rogerthat
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Post by rogerthat on Apr 4, 2019 14:23:05 GMT
update on site to be auctioned 30th April. nice note Be even nicer when it appears alongside the Art Loans 
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adrian77
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Post by adrian77 on Apr 6, 2019 13:50:46 GMT
Entered in auction on 30th April as per FS updates - guide price £22K-£28K. To be fair to FS I think this is on the low side although I think their estimate of £50K is far too high.
I have not got a clue what this one is worth although I would hope for about £35K which will not cover capital + interest + costs. However don't care as FS have stood behind this one.
Date for the electronic diary - please PM me if you want the auction details
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adrian77
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Post by adrian77 on Apr 8, 2019 9:24:18 GMT
I put my biggest investment into this one as I read
Well it is not 6 months and final payout is going to be about 1 year late - considering I was planning on this money I am not impressed. Also we have 5 valuations
1) FS
2) adrian77 - basically a guess based on comparable research
3) opinion from somebody in the trade based on his experience
4) actual book value looked-up by author of 3) when at work
5) auction house estimate £22-28K
I won't repeat the book value as the administrators may not like it
One end of the auction house range is very close to the book value - no surprise there!
the trade person was incredibly close to the book value
adrian77 was a bit off the book value
FS are miles off unless this one absolutely flies...
What I ask myself is why didn't FS quote the book price !
If this one goes for the book price is there anything to stop the borrower via a friend buying his own vehicle back. He would be a few grand up (at FS's expense) if he did this!
Silly you say - art works given away for £2.3m I say!
To be fair to FS - thank goodness they are standing behind this one.
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bg
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Post by bg on Apr 8, 2019 9:59:16 GMT
I put my biggest investment into this one as I read Well it is not 6 months and final payout is going to be about 1 year late - considering I was planning on this money I am not impressed. Also we have 5 valuations 1) FS 2) adrian77 - basically a guess based on comparable research 3) opinion from somebody in the trade based on his experience 4) actual book value looked-up by author of 3) when at work 5) auction house estimate £22-28K I won't repeat the book value as the administrators may not like it One end of the auction house range is very close to the book value - no surprise there! the trade person was incredibly close to the book value adrian77 was a bit off the book value FS are miles off unless this one absolutely flies... What I ask myself is why didn't FS quote the book price ! If this one goes for the book price is there anything to stop the borrower via a friend buying his own vehicle back. He would be a few grand up (at FS's expense) if he did this! Silly you say - art works given away for £2.3m I say! To be fair to FS - thank goodness they are standing behind this one. Honestly, who cares about this auction. FS have said they are making a full payout whatever happens so just hope the auction is done and dusted as soon as possible so they can repay investors and move on.
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adrian77
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Post by adrian77 on Apr 8, 2019 10:58:51 GMT
I do - besides I love auctions and miss the time I worked for a very big player. Granted this one is covered as I said but I am more interested in how valid this and other FS valuations are or rather, in many cases aren't.
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