rogerthat
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Post by rogerthat on Aug 3, 2018 13:57:23 GMT
After consulting my Crystal Ball I prophesy an update on at least some of the art loans this afternoon. I hope the condition is not terminal but if true, where can I buy one ?
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coop
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Post by coop on Aug 3, 2018 14:13:18 GMT
Just ask your local Snake Oil salesman. If you don't have one I'm sure Funding Secure could put you in touch with someone suitably unscrupulous!
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gareot
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Post by gareot on Aug 3, 2018 15:38:43 GMT
Oh jolly good ,we are still wondering about the Chagall. I thought I was alone . Reckon that the valuation was subjective and they can' t recoup so are holding on till the market is favourable. Looks as though FS are getting tough on this one.Latest update sound promising-or is it just my wishful thinking......
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debaura
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Post by debaura on Aug 3, 2018 15:52:29 GMT
BOOM frozen assets! Let's hope this loan can be fully recovered and the borrower feels the wrath. FS perhaps bringing their A game, let's hope so....... Or it will be goodnight from me - I will take my money elsewhere.
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jj
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Jolly Jammy
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Post by jj on Aug 3, 2018 15:52:49 GMT
The borrower is dishonorable in trying to avoid the assets being sold off. Even after all the time given to pay up.
I received my acknowledgement letter from the FOS to my complain. However I have to wait a further two weeks yet until they have investigated further.
In hindsight I should have went straight to the FCA with my complaint as it would have been quickier. It would still be favourable if someone else on here could complain to the FCA.
After all attempted fraud is a crime.
I have come across one instant where a borrower has used the same security to gain credit. The borrower ended up in jail. Ironically in that instant the borrower came out with a profit on the project.
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Post by beepbeepimajeep on Aug 3, 2018 16:57:22 GMT
Funding Secure should never ever be in a position where they "are currently not in a position to dispose of the assets". The loan was advertised as secured on these assets! Whatever happened there?
However if they do make a full recovery+interest then fair play I will be impressed.
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rogerthat
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Post by rogerthat on Aug 3, 2018 17:03:59 GMT
"The borrower's lawyers, whilst not disputing the validity of the debt, have raised issues relating to the security, which mean we are currently not in a position to dispose of the assets. The contract with the borrower is structured in a way to enable us to recover the debt in full, if necessary from the sale of other assets. Therefore, as a precautionary measure and at the recommendation of our lawyers, we have applied for and been granted an injunction which freezes all assets of the borrower and requires the borrower to produce a full schedule of their assets"
Whilst I am encouraged to read the update, im also concerned by the italicised above and what those few words actually mean. The borrowers lawyers don't dispute the debt..well that's a good start but does "security" mean the whereabouts of the assets ?. If nothing else, the updates on P, L, C & A at least add weight to our understanding that all four loans are indeed to the same borrower and that as ive said before, one presumes that a single borrower having the clout to 'own' all these assets is likely to have enough net worth in other assets, should the need arise which is why FS have taken the action, albeit belatedly, that they have.
"Our lawyers are confident that the legal actions we have taken will prompt the borrower to settle the debt. Further updates will be added as information becomes available"
I do so hope that turns out to be the case but why has it taken all this time to get this point without settlement already having been made ? im more optimistic but until I hear the fat lady singing, I will remain cautious.
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adrian77
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Post by adrian77 on Aug 3, 2018 17:38:55 GMT
you what !
FS have a legal obligation to ensure this does not happen and it strikes me that yet again they have possibly been incredibly negligent. It is not rocket science to determine who owns an asset! Are they too stupid or incompetent or what not to validate ownership before parting with large sums of OUR money. I thought with a pawn loan if the lender defaults then ownership passes to the broker within I think 14 days? If this person (I think I know who it is) has taken steps to protect any other assets then any legal action by FS will be a waste of time. Maybe these artworks were bequeathed to a trust and FS never checked? I am not saying this is what happened but clearly something is grossly amiss here. Whatever it is a fact that somebody owns this art and what happens if they want it back! Maybe they could sue FS if it is not returned - what an almighty horlicks all round! Granted this person may be pulling a fast one or simply desperate as he or she is out of money - either way this one is not looking good... Also doubly annoyed as I am in several of these loans and was not told they were related.
When I lent on one of these items I asked FS about what would happen if they loaned against a forgery (not saying these are forgeries because of the provenance) and they assured me (in a very patronsing way) that they did thorough checks to ensure there were no issues with their pawn items - well looks like it now I don't think! Didn't lending over £2m allied with renewals to cover non repayment on time ring any bells... are some of these artists hot - very! Are other valuations on the optimistic side - answers on a digital postcard. Also the art world will know these ones are distressed assets and act accordingly.
And how many of us got assets worth over £2m + mega interest + legal fees etc
This one is going in my next FA league update.
Gordon Bennett!
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rogerthat
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Post by rogerthat on Aug 3, 2018 17:59:56 GMT
you what ! FS have a legal obligation to ensure this does not happen and it strikes me that yet again they have possibly been incredibly negligent. It is not rocket science to determine who owns an asset! Are they too stupid or incompetent or what not to validate ownership before parting with large sums of OUR money. If this person (I think I know who it is) has taken steps to protect any other assets then any legal action by FS will be a waste of time. Maybe these artworks were bequeathed to a trust ? Whatever it is a fact that somebody owns this art and what happens if they want it back! Maybe they could sue FS if it is not returned - what an almighty horlicks all round! Granted this person may be pulling a fast one or simply desperate as he or she is out of money - either way this one is not looking good...
Also doubly annoyed as I am in several of these loans and was not told they were related. Erm..the update specifically says that FS have obtained an injuction and therefore the freezing of all assets (their words not mine) and remember the borrowers lawyers are not disputing the validity of the debt..I just wonder if some, if not all the assets have been 'sold' (with or without their lawyers knowledge) and the borrower hasn't been paid..what goes around comes around ?..irony..much
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adrian77
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Post by adrian77 on Aug 3, 2018 18:12:13 GMT
possible but I thought FS had these in secure storage - my guess (I stress "guess" is that they were passed to a family or trust upon the owners death and either the family and/or trust are disputing the borrower had the right to pawn these damn items. Why on earth do we have to speculate - we pay FS (indirectly) to manage these assets on which they make money and yet again we are getting "spin" and incomplete explanations as to what is actually happening. Sooner or later these clowns are going to end-up in the media.
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rogerthat
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Post by rogerthat on Aug 3, 2018 18:24:38 GMT
rogerthat 's fanciful scenario..Borrower has sold or attempted to sell secured asset/s (illegal?) in order to get FS off 'his' back and has not been paid. FS have run out of patience (at long last) and been told by borrowers lawyers that not all the secured assets remain. If they don't dispute the debt why else are they involved ?
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michaelc
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Post by michaelc on Aug 3, 2018 22:25:24 GMT
Injunctions are often, I think, public. Does anyone know how to verify this one?
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7d7
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Post by 7d7 on Aug 3, 2018 22:30:54 GMT
Also doubly annoyed as I am in several of these loans and was not told they were related. Not just you! How many times have I discovered loans are related via their late update? Have FS deliberately withheld such information to ensure such loans filled rapidly? I wonder how many more are in the same boat.
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TheDriver
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Slightly bonkers
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Post by TheDriver on Aug 4, 2018 2:45:25 GMT
Funding Secure should never ever be in a position where they "are currently not in a position to dispose of the assets". The loan was advertised as secured on these assets! Whatever happened there? However if they do make a full recovery+interest then fair play I will be impressed. Agree with the first para, but I invested on the grounds that the security was validated and available. It's beginning to sound as if recovery will be more down to luck than judgment, involving a significant amount of effort (and cost?) which should have been avoided. This would appear to be within FS's core experience of straight pawn, so if that's flakey what hope is there?
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debaura
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Post by debaura on Aug 4, 2018 11:33:00 GMT
Funding Secure should never ever be in a position where they "are currently not in a position to dispose of the assets". The loan was advertised as secured on these assets! Whatever happened there? However if they do make a full recovery+interest then fair play I will be impressed. Agree with the first para, but I invested on the grounds that the security was validated and available. It's beginning to sound as if recovery will be more down to luck than judgment, involving a significant amount of effort (and cost?) which should have been avoided. This would appear to be within FS's core experience of straight pawn, so if that's flakey what hope is there? If there is not a full recovery and interest I will be straight to the Ombudsman.
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