applets
Member of DD Central
Posts: 125 
Likes: 227
|
Post by applets on Apr 12, 2018 5:35:00 GMT
Can I suggest you read clause 4.5 of the terms and conditions and clause 4.8 of the loan agreement that you agreed to enter into by "investing" in the loan. You will see that you agreed that the borrower would not be pursued for any shortfall where the proceeds are less than the amount owed.
Both the terms and conditions and the loan agreement can be viewed via the links at the bottom of each page of the FS website.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Apr 12, 2018 8:33:03 GMT
thegrumbler (I see why you chose that name now) why would FS initiate legal proceedings before they sold the security? The whole point of the security is that it can be sold in the event of default and to avoid any expensive and long winded legal proceedings altogether. Having said that, I agree that FS should make clear on the loan the distinction between pure pawn (where the borrower will not be pursued for shortfalls) and other types of loans (where the borrower will be pursued for shortfalls).
|
|
|
|
Post by polonius on Apr 12, 2018 9:48:03 GMT
I said and repeated that FS is required to pursue legally the matter of money recovery BEFORE attempting to sell any security and has been following, in other loans, this legal route ALSO after sale failed to complete to full satisfaction. This is what lenders expect them to do. Apparently they do it on some loans, but fail to do it on others (like this loan). You seem very sure of this, Grumbler. What law is it? Under English contract law both parties are bound by the set of T&Cs defined in the 'battle of the forms' which in practice will be those of FS, and as we have shown they don't agree with you at all. Sometimes FS have actually done what you suggest and have indeed paid lenders both capital and interest from their own pockets when recovery hasn't gone well. I have benefitted from this myself. However it seems to be done on a random basis so on the face of it is unfair to lenders. Why compensate me and not you? The FCA requires registered firms to treat customers fairly so you might be able to use this as the basis of a complaint to FS and ultimately the FCA. More chance of success than arguing FS should break their own terms
|
|
|
|
Post by beepbeepimajeep on Apr 12, 2018 11:23:18 GMT
I viewed this as a straight pawn loan when I put my money into it and in the event of a default thought the only recourse we have as lenders is the selling of the asset.
I don't blame funding secure particularly here - if the valuation of the painting advertised to us lenders had been completely out of line then we would rightfully be able to grumble but I took it as not unreasonable when I invested in the loan. It appears this was a fair assumption as others more knowledgeable than me on art have pointed out.
What I do find strange and frustrating is that although funding secure were extremely quick to sell this asset and take a very low price for it, crystallizing the loss they seen completely unwilling to do the same for other loans, for example the powerboats. This makes me think something very iffy is taking place on some of these other loans.
I also agree with the comments about the borrower and the update where we were told that he "wants the painting sold". Clearly we were scammed by the borrower here as he knew he got way more cash from us than the painting was worth from the outset. Nothing we have any recourse against down any avenue but lets be honest here if you invested in this loan then the borrower scammed you (I invested in this loan).
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on Apr 12, 2018 12:07:30 GMT
There's a pattern beepbeepimajeep of which you will be aware, FS "accommodates" Lenders only on small beer Loans.
Snowball chance in hell on the heftier stuff.
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Apr 12, 2018 13:00:34 GMT
Agree - as in several million pounds in property loans which are looking very dodgy to me.
Shame FS have asked for Whitehaven to be confidential as I was going to ask for somebody to PM me with their latest update - whatever it is the bottom line that counts and soooner or rather later we are all going to know just how much money FS have lost on that one...
As an FS investor I think I have a right to know how they handle such loans as it indicates how my property investments with them are likely to be dealt with
Oh well back to work now...
|
|
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 Apr 12, 2018 18:55:52 GMT
I'll buy it for £8000 without auction costs then get nice valuation and pawn it to some other nice P2P for £30000  |
|
