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Post by gravitykillz on Jan 20, 2019 18:47:07 GMT
Where is my twenty bucks + interest. I want to deposit it in welendus. This Liverpool fiasco has been going on since 2016. One of the reasons i pulled out of octopus choice and their property portfolio backed lending.
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p2p2p
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Post by p2p2p on Feb 1, 2019 0:45:43 GMT
I put £300 into this loan (it ends in 2, so tranche 2?). As a fair few plots have sold, and apparently the money returned to lenders, why does it still show in my Loan Parts as the full £300 of bad debt? My loan is shown as first charge, and the comments say money was distributed across all tranches. I'd much rather know how much money I still have committed there.
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Post by GSV3MIaC on Feb 1, 2019 8:41:16 GMT
Because that's the way FC choose to display bad debts. Always has been .. been discussed more than once over the years, but never changed. You need to add up all your transaction reports if you want to see outstanding debts on a per loan basis.
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rogerthat
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Post by rogerthat on Feb 1, 2019 10:28:11 GMT
Because that's the way FC choose to display bad debts. Always has been .. been discussed more than once over the years, but never changed. You need to add up all your transaction reports if you want to see outstanding debts on a per loan basis. Agreed..unless one used spreadsheets from the off and crucially had the time to update then its impossible to know..I did try an experiment recently of printing off one months TS but when I saw the forest of paper required realised that to go back several years would require a warehouse to store it. Which begs the question, why did FC choose to use a reducing balance for Loan 1812 Profits U C*n B*nk O* ?..what was so special about that one ? At one time I had ~1500 loans and for me, its the only loan they ever used that method on. I still have around 150 loans, 95% of which are RIP and 5% which are on life support and repaying in dribs and drabs. As you know they used to include the Loan Number which was relatively easy but then only the Part No which was more difficult. As regards Liverpool my scrap of foolscap paper suggests that to date, there have been 3 Principal repayments and one interest payment starting from around Sept 18..but whether ive lost track im not sure. Not for the 1st time I recently had to point out that a payment from 1812 hadn't been noted on the repayment tab, so maybe its all down to trust..or not. Im still attempting to keep track of 1812...the P*****s S***** Hotel and of course the saga that is/was/still is the London/Shoreditch/Eastbourne hotel fiasco..a combined total of c £2K so not to be sneezed at.
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Post by gravitykillz on Mar 1, 2019 13:14:02 GMT
Not sure why this loan has been delayed for so long. Didnt it have a ltv of 52%. Rates A+ . Unless the valuation was wrong to begin with. Surely all they needs to do was sell to realise the additional 48% capital.
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rogerthat
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Post by rogerthat on May 6, 2019 17:21:03 GMT
I note that the same update has appeared almost verbatim for 5 months on the trot now and as each month elapses it's ever more likely that the only people who are going to be 'recovering' anything from this black hole will be the receivers. This remember, was a development where all 35 flats had been 'pre-sold' and was marketed as such. Soul destroying.
Edit: This development also had 2 commercial retail units on the ground floor
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mikeb
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Post by mikeb on May 12, 2019 16:43:16 GMT
I note that the same update has appeared almost verbatim for 5 months on the trot now "We can confirm that the thin-walled steel, stannic surfaced container has completed its near-parabolic course, and having come to rest in a favourable position, has been kinetically impacted by the recoveries team in an upward direction once more. We will update lenders in due course".
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iRobot
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Post by iRobot on May 12, 2019 19:55:07 GMT
I note that the same update has appeared almost verbatim for 5 months on the trot now "We can confirm that the thin-walled steel, stannic surfaced container has completed its near-parabolic course, and having come to rest in a favourable position, has been kinetically impacted by the recoveries team in an upward direction once more. We will update lenders in due course". Stannic - new word learnt. Nice.
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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 May 12, 2019 22:38:25 GMT
"We can confirm that the thin-walled steel, stannic surfaced container has completed its near-parabolic course, and having come to rest in a favourable position, has been kinetically impacted by the recoveries team in an upward direction once more. We will update lenders in due course". Stannic - new word learnt. Nice. With the price of this loan it should be "Electrum"
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Post by gravitykillz on May 13, 2019 1:39:03 GMT
Don't understand why this loan is taking so long ? The ltv was something like 60% why didn't they just sell the asset and return investors funds. Think I invested the minimum in this loan in 2016.
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aj
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Post by aj on May 13, 2019 7:11:08 GMT
Edit:
All flats have been 'pre sold' with a deposit taken. I assume this is why nothing is being marketed on the major property sites.
I don't understand why there has been such a delay in completion of the sales, some clarity from FC on this would be useful. The option of finding new buyers for the remaining flats should perhaps be explored.
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rogerthat
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Post by rogerthat on May 15, 2019 18:53:53 GMT
I mailed FC on the points raised with regard to marketing and any news of progress on Monday the 9th so hopefully will get a response fairly soon
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Post by roberti on May 15, 2019 20:55:55 GMT
Many Thanks Rogerthat!
Like many who have invested in this property, I think FC need to 'UP' their game / response..... perhaps they think we have gone away?
5 x same copy / paste responses is not acceptable...
COME ON FC!!
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Post by gravitykillz on May 17, 2019 9:17:38 GMT
Many Thanks Rogerthat! Like many who have invested in this property, I think FC need to 'UP' their game / response..... perhaps they think we have gone away? 5 x same copy / paste responses is not acceptable... COME ON FC!! One of many reasons I no longer invest with FC.
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rogerthat
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Post by rogerthat on May 17, 2019 10:31:36 GMT
Received the automated "unable to reply due to too many emails" at 10.00am today in response to the e.mail I sent on the 13th but rest assured they're working on it
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