r00lish67
Member of DD Central
Posts: 2,692 
Likes: 4,048
|
Post by r00lish67 on Feb 19, 2018 9:40:52 GMT
fundingsecure ,given that it's apparently yet to sell (unless RM is out of date) and we've heard nary a word from you in the 2.5 weeks since the loan term ended, would you be so kind as to give us an update on the Shrewsbury loan please?
|
|
Steerpike
Member of DD Central
Posts: 1,978
Likes: 1,687
|
Post by Steerpike on Feb 20, 2018 17:11:34 GMT
It seems that FS have found a way to avoid criticism of their loan updates - don't issue any!
No updates for weeks on many loans, for example:
1213701687 Mixed Use Property, L*******l - Renewal 05/02/2018
4945807152 Power Boat 04/02/2018
4045698166 6 bedroom house in N*****k 04/02/2018
7928207063 Branch Road, L*********y 27/01/2018
2437319925 W******o Road Refinance 27/01/2018
3078439367 Business Centre in L*******l - Renewal 22/01/2018
1223006016 Property in K***********h 10/01/2018
3867743062 1422136493 3033120644
|
|
r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
|
Post by r00lish67 on Feb 20, 2018 17:30:14 GMT
It seems that FS have found a way to avoid criticism of their loan updates - don't issue any! No updates for weeks on many loans, for example: 1213701687 Mixed Use Property, L*******l - Renewal 05/02/2018 4945807152 Power Boat 04/02/2018 4045698166 6 bedroom house in N*****k 04/02/2018 7928207063 Branch Road, L*********y 27/01/2018 2437319925 W******o Road Refinance 27/01/2018 3078439367 Business Centre in L*******l - Renewal 22/01/2018 1223006016 Property in K***********h 10/01/2018 3867743062 1422136493 3033120644 Well, depending on the circumstances, I suppose a weekly update may not really be necessary? They do tend to get my blood pressure up, anyway! On a similar note, I counted the other day some £3m of loans that are overdue for renewal/redemption/default and have no comment. A mixture of almost certainly fine loans and questionable ones, so I don't read too much into that, except that they seem rather behind.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Feb 20, 2018 19:53:25 GMT
Add the caravans; got a bad feeling
|
|
mariner
Member of DD Central
Posts: 168
Likes: 338
|
Post by mariner on Feb 20, 2018 20:38:35 GMT
Or what about 1740709902, almost 900 days late!!!
Agree with all above
Updates from FS are pathetic & any updates we do get are normally the same old drivel from the previous ones
Personally I believe FS just do not have the staff nor capability to run such a business, they are way out of their depth & sadly for many investors including myself I foresee very large losses coming this year (hopefully I am wrong)
Time will tell
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Feb 20, 2018 20:54:12 GMT
sooner the better!
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Feb 20, 2018 21:23:53 GMT
One could think that the receiver was dragging it out to bolster his fees! They will be the first 1000 day loan, not good. Loan 2 is in a bad place.
|
|
09dolphin
Member of DD Central
Posts: 638 
Likes: 866
|
Post by 09dolphin on Feb 21, 2018 14:26:41 GMT
This is the typical FS total inaction and fake updates: * Loan 2442801065: 21/02/2018 We have been in regular touch with the borrower who expects to be in funds within the next 2 weeks to renew the loan 12/02/2018 Borrower is still hopeful of realising cash sufficient within the next week or two with which to renew the loan 22/01/2018 Borrower has advised that he should be in a position to settle interest and renew the loan within the next two weeks. Expect to read the same excuse for the next two months or more and FS still pretending to believe the borrower.... FS normally allow several months ( and occasionally well over a year) when the borrower states they expect to "be in funds" in the near future. Alas, in my experience the borrower normally is never "in funds" and the loan will probably default with a loss to investors.
Why shouldn't FS pretend to believe the borrower, after all what have FS to lose? And it does defer the time when they have to take expensive action to recover lenders money - so the longer they accept the excuses the better in terms of both their published default rates and their costs.
|
|
duck
Member of DD Central
Posts: 2,884
Likes: 6,979
|
Post by duck on Feb 21, 2018 16:52:52 GMT
..... Or the fine art, the paintings, the vases? ..... I would not be sweating over those, the borrower is a well known name in the art world with a good record. A sale that covers these loans has recently been made .... Oh the fun of DD 
|
|
jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
|
Post by jj on Feb 21, 2018 17:22:25 GMT
..... Or the fine art, the paintings, the vases? ..... I would not be sweating over those, the borrower is a well known name in the art world with a good record. A sale that covers these loans has recently been made .... Oh the fun of DD That maybe the case but The borrower is also well known in the P2P world as well, for attempting to get more than one loan on the same asset. 
|
|
duck
Member of DD Central
Posts: 2,884
Likes: 6,979
|
Post by duck on Feb 21, 2018 17:24:59 GMT
I would not be sweating over those, the borrower is a well known name in the art world with a good record. A sale that covers these loans has recently been made .... Oh the fun of DD That maybe the case but The borrower is also well knowing in the P2P world as well for attempting to get more than one loan on the same asset. Fair point!
|
|
mikeymike
Member of DD Central
Posts: 76
Likes: 77
|
Post by mikeymike on Feb 25, 2018 2:09:37 GMT
That maybe the case but The borrower is also well knowing in the P2P world as well for attempting to get more than one loan on the same asset. Fair point! Interesting but is there hard evidence for this? Surely the lenders check among themselves that they're not being played? If there were two different borrowers for the same item; would that mean each only had a 25% claim on the final value at term?
|
|
mariner
Member of DD Central
Posts: 168
Likes: 338
|
Post by mariner on Feb 25, 2018 11:54:21 GMT
It seems that FS have found a way to avoid criticism of their loan updates - don't issue any! No updates for weeks on many loans, for example: 1213701687 Mixed Use Property, L*******l - Renewal 05/02/2018 4945807152 Power Boat 04/02/2018 4045698166 6 bedroom house in N*****k 04/02/2018 7928207063 Branch Road, L*********y 27/01/2018 2437319925 W******o Road Refinance 27/01/2018 3078439367 Business Centre in L*******l - Renewal 22/01/2018 1223006016 Property in K***********h 10/01/2018 3867743062 1422136493 3033120644 FS very quiet on the updates lately, Power boat leaps out However as they say, no news is good news...........................aye right, not with FS unfortunately
|
|
sapphire
Member of DD Central
Posts: 490
Likes: 416
|
Post by sapphire on Feb 25, 2018 12:01:49 GMT
FS normally allow several months ( and occasionally well over a year) when the borrower states they expect to "be in funds" in the near future. Alas, in my experience the borrower normally is never "in funds" and the loan will probably default with a loss to investors.
Why shouldn't FS pretend to believe the borrower, after all what have FS to lose? And it does defer the time when they have to take expensive action to recover lenders money - so the longer they accept the excuses the better in terms of both their published default rates and their costs.
I would have expected that any additional costs incurred by FS in following up or pursuing the debt in the event of a delay or a default would be borne by the borrower rather than come out of FS's pockets. Is this not the case? (I haven't seen a copy of the borrower's T&C's).
|
|
7d7
Member of DD Central
Posts: 134
Likes: 205
|
Post by 7d7 on Feb 26, 2018 7:57:48 GMT
FS don't care because investors do. Once lenders stop caring i.e. throwing dosh at further rubbish loans, FS will be forced to act.
Until I see alterations in their business model, my investments will continue to head south.
|
|
