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Post by brightspark on Jul 5, 2018 19:37:38 GMT
This is another of those loans that FS keep kicking down the road so that the losses cannot be crystallised making it difficult to make a formal complaint. However patience is wearing thin and sooner or later a worm will turn.
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SteveT
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Post by SteveT on Jul 5, 2018 19:57:55 GMT
This is another of those loans that FS keep kicking down the road so that the losses cannot be crystallised making it difficult to make a formal complaint. However patience is wearing thin and sooner or later a worm will turn. What would be your grounds for complaint?
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kielbasa
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Post by kielbasa on Jul 6, 2018 11:28:59 GMT
The update in April said: "Awaiting formal valuation as well as formal offer which will be sufficient to significantly repay this loan."
The remaining loan is £610,000 plus £200,000 in interest, say.
The site was valued at £1.4m.
So, are we to assume that the land is not even worth £800k now?
What does "significantly" mean?
Is this hoped for "formal offer" likely to materialise any time soon?
Enquiring minds need to know.
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Steerpike
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Post by Steerpike on Jul 16, 2018 15:11:48 GMT
Chat 16-Jul-18
Please can you say what action is being taken to cause this loan to be repaid and when we can expect to see the results of that action?
"I have spoken to the person supervising this loan and we are expecting an update to go onto this loan page shortly. In the meantime, you are still accruing interest."
I hope to see this loan repay in my lifetime, but if not, perhaps you could continue to chase it up after I have gone?
"We are working hard to chase the borrower for this loan, as soon as further information is available then it can be posted onto the loan page."
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SteveT
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Post by SteveT on Jul 16, 2018 15:14:15 GMT
Which begs the question: After one has gone, does interest continue to accrue?
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rogerthat
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Post by rogerthat on Jul 16, 2018 15:41:45 GMT
Which begs the question: After one has gone, does interest continue to accrue? Good question and one that I have pondered on occasions recently..my entirely uneducated guess is...that if forms part of your estate and as such is 'inherited' by your beneficiaries. However, that guess is tempered by Premium Bonds which cannot be transferred (I think) so the assets would have to be realised instead. Complete twaddle I expect but id be very interested to know the answer
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Monetus
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Post by Monetus on Jul 16, 2018 16:37:51 GMT
Chat 16-Jul-18 Please can you say what action is being taken to cause this loan to be repaid and when we can expect to see the results of that action? "I have spoken to the person supervising this loan and we are expecting an update to go onto this loan page shortly. In the meantime, you are still accruing interest."
I hope to see this loan repay in my lifetime, but if not, perhaps you could continue to chase it up after I have gone? "We are working hard to chase the borrower for this loan, as soon as further information is available then it can be posted onto the loan page."The Live Chat is totally worthless lately - does anyone actually ever get a straight answer out of them? Those are the same copy and paste responses that they roll out for every single loan. Or alternatively - "the person in charge of this loan is out of the office/in a meeting today but we'll post an update on the loan as soon as we have more information". I'm of the opinion that Stacie and Eve are actually some kind of artificial intelligence cyber bots beamed back from the future designed to cause us pain, hardship and frustration.
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Steerpike
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Post by Steerpike on Jul 16, 2018 16:54:19 GMT
Please can you say what action is being taken to cause this loan to be repaid and when we can expect to see the results of that action? "I have spoken to the person supervising this loan and we are expecting an update to go onto this loan page shortly. In the meantime, you are still accruing interest."The Live Chat is totally worthless lately - does anyone actually ever get a straight answer out of them? Those are the same copy and paste responses that they roll out for every single loan. Or alternatively - "the person in charge of this loan is out of the office/in a meeting today but we'll post an update on the loan as soon as we have more information". I'm of the opinion that Stacie and Evie are actually some kind of artificial intelligence cyber bots beamed back from the future to cause us pain, hardship and frustration. I recall that you may have been one of the larger investors on this platform, have you had any success speaking on the phone with Nigel or Richard?
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adrian77
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Post by adrian77 on Jul 16, 2018 18:04:20 GMT
thanks for the question about the bots - sadly the bot denier is at a meeting so can't answer your question - please note we hope to provide an update to your question as soon as we hear back about the bot denier situation whenever that will be - anything else we can help you with!
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adrian77
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Post by adrian77 on Jul 29, 2018 13:56:07 GMT
latest update
What -why on earth wasn't the title examined before the loan was made!
FS aren't there to challenge the borrowers but to safeguard our investments - looks to me as if the current source of refinance is a complete non-starter and FS are trying to "spin" this fact...
clearly only a slim chance.....
Have read the excellent mrclondon DD - looks like this one will be going in my FA league next week!
Looks like yet another potential mega disaster to me - I don't believe it.
Gordon Bennett!
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Post by harryvederci on Jul 29, 2018 14:21:04 GMT
Gordon Craig!!
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kielbasa
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Post by kielbasa on Jul 29, 2018 14:38:35 GMT
At least investors got some (39%?) of their original money plus interest back some while ago.
This loan will pass the 1,000 day mark on 22 November.
Will there be a party (on the land) for all investors and their families?
Perhaps someone will make a film: "1,000 days of Rishton", to compete at the box office with "Woman in White (haven)".
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rogerthat
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Post by rogerthat on Jul 29, 2018 15:20:14 GMT
At least investors got some (39%?) of their original money plus interest back some while ago. This loan will pass the 1,000 day mark on 22 November. Will there be a party (on the land) for all investors and their families? Perhaps someone will make a film: "1,000 days of Rishton", to compete at the box office with "Woman in White (haven)". Or the Wombles (of Wimbledon) ?  www.youtube.com/watch?v=esd2gfuHAZU
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adrian77
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Post by adrian77 on Jul 29, 2018 17:19:00 GMT
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Post by brightspark on Jul 29, 2018 19:03:18 GMT
This is another of those loans that FS keep kicking down the road so that the losses cannot be crystallised making it difficult to make a formal complaint. However patience is wearing thin and sooner or later a worm will turn. What would be your grounds for complaint? The grounds for my complaint if I were to lodge one now (£305 plus interest so not a great deal) would basically be that FS has been grossly negligent to the interests of lenders in accepting assurances provided by the borrower, a substantial time (12-18 months?) after they had any credibility. I would support the complaint if it went to the Ombudsman with copies of all the loan updates previously provided. I would argue that FS should have put the matter into Administration when it became abundantly clear that the borrower was not able to honour their promises. I would seek compensation of all lost interest and return of a pro rata share of capital following a new independent valuation carried out on the same basis as the original valuation. I would support my argumentation by compiling a list of other loans similarly distressed to demonstrate that FS was kicking cans down roads in a systemic manner. Because the amount I have at risk is small I have up to now been leaving things to roll along. It is damaging to FS and therefore to the interests of lenders that posts such as this are put up but it does get to the point that the volume of complaints is so loud that a reasonable platform operator would act to stem the flow and they haven't.
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