rogerthat
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Post by rogerthat on May 11, 2018 8:59:43 GMT
Microsculptures 273 days Lowry 290 " Picasso 291 " Auerbach 320 " Chagall 338 " And counting...talking of which a little 'artistic' licence required here:- Barnoldswick 338 " 30/04/2018 'Borrower is meeting his solicitor today to sign loan documents. We are therefore expecting repayment in the next day or so'..meanwhile, back on Planet Earth 3 weeks later...…imagine sound of pin dropping  Art for arts sake Money for Gods sake Art for Arts sake Money for Gods sake Gimme the readys Gimme the cash www.youtube.com/watch?v=wGB59HuKu-I |
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debaura
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Post by debaura on May 11, 2018 10:19:35 GMT
I am with you here. I have a small fortune in these and am not happy.
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adrian77
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Post by adrian77 on May 11, 2018 10:29:35 GMT
If it is the same borrower then hopefully we can talk about a class action against FS as I too have a fair few quid in these. Why can't FS simply repossess one painting to show they mean business rather than be seen as a soft touch who seem frightened to ask the borrowers what time of day it is!
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Post by charliebrown on May 11, 2018 13:50:20 GMT
If it is the same borrower then hopefully we can talk about a class action against FS as I too have a fair few quid in these. Why can't FS simply repossess one painting to show they mean business rather than be seen as a soft touch who seem frightened to ask the borrowers what time of day it is! Maybe FS have the paintings hanging in their office and have grown attached to them. Joking aside these loans are an insult to the lenders who are invested (yes, I have a sizeable sum in these). Enough is enough 
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debaura
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Post by debaura on May 12, 2018 6:27:40 GMT
How do we make a formal complaint about this? Either to the FCA or other?
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debaura
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Post by debaura on May 12, 2018 6:56:26 GMT
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rogerthat
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Post by rogerthat on May 12, 2018 9:10:23 GMT
Good luck..suffice to say ive sent emails and had several LC's and verbal conversations to the point of harrassment..without obtaining anything definitive except the wishy washy party line that they trot out ad infinitum. Irrespective of the eventual outcome FS IMHO have already let this drift way too far and made a mockery of their own T & C's yet seem readily forthcoming if a lender doesn't observe due process. Sooner or later, this is going to come back and bite them but as others have said, whilst loans continue to fill, the can will keep being kicked down the road. This isn't just about the arty loans as anyone who would soon discover reading the forum, as there are horror stories everywhere. FS urgently need to look at the way they manage loans post issue or else I can see a mushroom cloud coming to a platform near you very shortly and it definitely wont have a silver lining
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Post by charliebrown on May 13, 2018 9:20:33 GMT
Good luck..suffice to say ive sent emails and had several LC's and verbal conversations to the point of harrassment..without obtaining anything definitive except the wishy washy party line that they trot out ad infinitum. Irrespective of the eventual outcome FS IMHO have already let this drift way too far and made a mockery of their own T & C's yet seem readily forthcoming if a lender doesn't observe due process. Sooner or later, this is going to come back and bite them but as others have said, whilst loans continue to fill, the can will keep being kicked down the road. This isn't just about the arty loans as anyone who would soon discover reading the forum, as there are horror stories everywhere. FS urgently need to look at the way they manage loans post issue or else I can see a mushroom cloud coming to a platform near you very shortly and it definitely wont have a silver lining Lendy’s poor loan performance and total apathy for lenders seemed to catch up with them pretty quickly once it all started to unravel. I’m sure FS treating lenders like fools will catch up with them. The sad thing is when the chickens come home to roost it’s always the Lenders, and only the lenders, that are left high and dry. The updates on the art loans have been blatant lies for months. Lie after lie and never an apology for the lies, just a cover up with even more lies. Following the lies we are now almost 2 months without an update at all. I’m not sure what’s worse, lies or silence. If the FCA had any bite they’d shut FS down, it’s a disgrace.
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rogerthat
Member of DD Central
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Post by rogerthat on May 13, 2018 9:50:02 GMT
Good luck..suffice to say ive sent emails and had several LC's and verbal conversations to the point of harrassment..without obtaining anything definitive except the wishy washy party line that they trot out ad infinitum. Irrespective of the eventual outcome FS IMHO have already let this drift way too far and made a mockery of their own T & C's yet seem readily forthcoming if a lender doesn't observe due process. Sooner or later, this is going to come back and bite them but as others have said, whilst loans continue to fill, the can will keep being kicked down the road. This isn't just about the arty loans as anyone who would soon discover reading the forum, as there are horror stories everywhere. FS urgently need to look at the way they manage loans post issue or else I can see a mushroom cloud coming to a platform near you very shortly and it definitely wont have a silver lining Lendy’s poor loan performance and total apathy for lenders seemed to catch up with them pretty quickly once it all started to unravel. I’m sure FS treating lenders like fools will catch up with them. The sad thing is when the chickens come home to roost it’s always the Lenders, and only the lenders, that are left high and dry. The updates on the art loans have been blatant lies for months. Lie after lie and never an apology for the lies, just a cover up with even more lies. Following the lies we are now almost 2 months without an update at all. I’m not sure what’s worse, lies or silence. If the FCA had any bite they’d shut FS down, it’s a disgrace. Indeed, I stopped putting any new money into FS a while ago as its apparent this current situation cannot possibly continue on its present course..its a train crash in the making and the buffers are looming larger as each day passes. Someone at FS needs to apply the dead man's brake before either derailment or an immovable object signals the end of the line. Unfortunately, we all seem to have bought a one way ticket. Where the hell is the Fat Controller when you want him ?
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adrian77
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Post by adrian77 on May 13, 2018 10:36:42 GMT
Have checked the history of this one and I can't believe we were told the interest would be paid in 2017! Somebody is not being exactly honest here.
Yeah right and Lord "I will abolish the House of Lords" Kinn*ch also said he would be PM - didn't happen. What I what to happen is for FS to stop treating us all as complete idiots and do something to get us our money back. They have had over 4 months to do this!
I presume FS have the security in a secure site so what is so difficult about taking the damn items to auction!
I am now going to politely complain to FS
Gordon Bennet!!
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Post by charliebrown on May 13, 2018 14:02:12 GMT
Have checked the history of this one and I can't believe we were told the interest would be paid in 2017! Somebody is not being exactly honest here. Yeah right and Lord "I will abolish the House of Lords" Kinn*ch also said he would be PM - didn't happen. What I what to happen is for FS to stop treating us all as complete idiots and do something to get us our money back. They have had over 4 months to do this! I presume FS have the security in a secure site so what is so difficult about taking the damn items to auction! I am now going to politely complain to FS Gordon Bennet!! All I can say is I smell a rat. For what it’s worth I’m also about to send a formal complaint to FS. It makes me extremely nervous that the incompetants at FS are running a major financial institution.
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Post by charliebrown on May 18, 2018 10:29:22 GMT
Still no update and no response to my formal complaint. FS sucks!
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debaura
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Post by debaura on May 18, 2018 19:01:59 GMT
I requested an update yesterday, and was told in a meeting would hear back later, of course.......
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adrian77
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Post by adrian77 on May 19, 2018 5:32:52 GMT
This sort of facile excuse really annoys me. All FS have to do is have is create and update a case file for each loan which is not exactly rocket science. I am not even convinced they know what is going on and I believe they trot out these feeble reasons as an excuse to play for time.
I complained to FS last week about the appalling way these art loans were being handled - have I had a reply as promised - answers on a digitial postcard...
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Post by charliebrown on May 20, 2018 1:32:08 GMT
This sot of facile excuse really annoys me. All FS have to do is have is create and update a case file for each loan which is not exactly rocket science. I am not even convinced they know what is going on and I believe they trot out these feeble reasons as an excuse to play for time. I complained to FS last week about the appalling way these art loans were being handled - have I had a reply as promised - answers on a digitial postcard... I made a formal complaint about these loans too. Heard nothing at all. Outrageous.
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