Oh.almost forgot..im owed just shy of £3K in interest alone for the above (im too embarrassed to display the capital amount) as well as being extremely uneasy as to where this is all going ..I hope FS realise that their continued silence over these loans above is eroding what little confidence is left with those lenders unfortunate to have lent in any or in my case, all of the above..It seems that FS are unable to operate within their own guidelines, let alone ensure that lenders, who are their lifeblood and therefore of utmost priority for their very existence, are kept informed. Why they have allowed borrowers to blatantly ignore their T & C's is beyond me but whatever the eventual outcome, this has been a bitter experience and one that I will not repeat.
I am a small investor in FS and a very small investor in the Chagall painting and the Microsculptures.
I have made a formal complaint this morning about their handling of the Chagall loan in particular and, more generally, updates and the apparent non-handling of overdue loans.
I had previously reduced my FS investment by 50% but have now lost all confidence in the platform and have listed all of my loans on the secondary market. I have had enough of being kept in the dark and treated like an idiot. I wonder how FS will cope with an economic downturn. I fear that it will be carnage.
Lowry: The painting has been sold? 21/02/2018 - Borrower is still waiting for the proceeds of the sale of the painting. The sale has been confirmed with completion on March 6. AND YET ON: 02/03/2018 - We have seen further evidence of the pending (?) sale proceeds.
Picasso: Who is holding this asset? Auerbach: Who is holding this asset? Chagall: Who is holding this asset?
"We apologise for the infrequency of updates on this loan. We are currently working with the borrower’s lawyers to repay this and all other loans as soon as possible. At the moment we expect all loans to be fully repaid within the next 3 months with some partial repayments starting next month."
'Repay this and all other loans' ...I think its long overdue fundingsecure came clean about this mess, ceased the subterfuge and issued a factual update informing lenders just exactly what the situation is. I doubt we'll ever get to the bottom of why we are where we are but at least they have a chance, to look as though they have a clue as to what is going on. Seems to me that 'the suits' need to start earning their corn before the companys image is sullied beyond repair. This has dragged on for the best part of a year to get to this point and the lenders, without whom they would not exist, deserve better.
Also appeared against the Fine Art and the Collection of Vases (all overdue since December ! ) - ANOTHER £600k . . .
One has to assume that with the collusion of 'the lawyers' our borrower is no longer able to communicate with FS himself.
One wonders if he/she is seriously ill in hospital? Facing a painful and expensive divorce? Already fighting the bailiffs? Or maybe he/she has had to leave the country and is having difficulty renewing his visa . . . !?
Either way, surely any 'partial repayments' should be funnelled to clear the ghastly back-log of outstanding interest payments, which might buy a little more time before a suitable buyer/auction comes up for said items ??
(As I have outstanding Formal Complaints with FS I can't possibly suggest this myself.)
*PS Total O/S now in excess of £1,180,000 (with lender interest) !!
A couple of formal complaints and, all of a sudden, a flurry of updates. I’m sure the two are unrelated.
I do not understand why we are still discussing 6 month loans which are now 5 months overdue. We are now being told repayment will be a further 3 months. In December we were told that we would receive interest within a week. In that context how long is 3 months?
Why have the paintings not been sold? Why cannot they be sold now. What happens when the loans are not repaid in 3 months?
I think FS forget that it is our money at risk and I cannot understand why people are still investing.
I submitted a formal complaint regarding the Vases loan yesterday - 1179005019
I intend to follow their full complaint procedure to MD level and beyond to the ombudsman unless it is repaid or the item sent to auction. I don't think the complaint will get me anywhere but it will make me feel better at least!
I complained about the Chag*ll loan. I was told to expect a reply within 5 days and 10 days later it arrived.This was a non-reply in my opinion and simply stated FS do not foreclose as an initial option and that for Chag*ll there was no update due to the personal situation of the borrower - not that FS could have told us this!
As to my general point regarding constant lack of updates it was just ignored
When that was a complete waste of time! I am just winding down my holding in FS and the sooner it is zero the better.
Post by beepbeepimajeep on May 24, 2018 23:42:21 GMT
Also in all of these loans and dismayed at what is happening. Funding Secure are to me now completely untrustworthy. That means no more deposits and withdrawing all repayments.
Glad to read some are taking this down the formal complaint route. I plan on doing the same, although via either my investment in Whitehaven or in the powerboat. I say investment I should really say donation to the borrowers hookers+blow funds.
I said previously that I would report the result of my formal complaint regarding the Chagall painting. The response from FS is as follows:
'In terms of the lack of recovery procedures, so long as we believe we have a reasonable chance of a loan repaying in full, then we will not formally default a loan. Forcing the sale of an asset, and appointing receivers, is an expensive business and immediately puts capital recovery at risk. That is the case here where the buyer’s premium at auction is generally around 20%.
As a general rule, so long as borrowers are engaged with us and that we believe what we are being told, we will avoid defaulting loans for the above reason. Once we become aware that a borrower is no longer engaged, or that start to doubt what we are being told, we will start default procedures. '
I have replied as follows:
'I do not intend to take this complaint further. I only have a small amount invested and I have now 'voted with my feet' and sold the majority of my loans on the secondary market.
I do understand that forcing the sale of an asset may put capital recovery at risk however, how many times can you believe a borrower telling you that payment will be made in the next week.
I think that the Chagall painting was due to be auctioned in early March but was withdrawn from the sale. Surely this is the sort of information that you should be passing on to lenders but there was no mention in the updates.
I was intending to make major investments through your platform later in the year but you are so reluctant to provide timely and accurate information that I cannot now do so. Should your practices change I will reconsider, but in the meantime I will invest elsewhere,where lenders are kept updated and appear to be valued.'