Steerpike
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Post by Steerpike on Jun 8, 2018 15:33:04 GMT
Chat 16:30 8-Jun-18
"Hello, I see that completion is today, will funds be available for withdrawal today or will I have to wait until Monday?"
"Hi, it is unlikely to complete today however we have spoken to the purchasers and they are pushing through as quick as they can, we will update the loan once this has been completed."
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rogerthat
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Post by rogerthat on Jun 8, 2018 15:36:47 GMT
Chat 16:30 8-Jun-18 "Hello, I see that completion is today, will funds be available for withdrawal today or will I have to wait until Monday?" "Hi, it is unlikely to complete today however we have spoken to the purchasers and they are pushing through as quick as they can, we will update the loan once this has been completed."   
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adrian77
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Post by adrian77 on Jun 8, 2018 16:39:35 GMT
I expect a company that spends millions of Pounds of our money to have an elementary grasp of the English language...some hope!
The above is gibberish both grammatically and semantically - I have never seen a purchaser "pushing through"! However the bottom line seems to be that yet again another glib statement given by the borrower and or FS has proven to be incorrect. We were told one thing viz "all systems go and would complete on the 8th" and it just did not happen. I am buying another house on Monday - the exchange happened when agreed and my solicitor gave me a completion date for Monday and we will complete then as he already has the cash in his bank account. I just don't buy this twaddle about the purchasers "pushing through". About a week ago FS told me that exchange had not taken place despite us being told
I would wager these purchasers can't raise the money as they can't find anybody stupid enough to lend such as vast sum on this site and I doubt if there is any creditable purchaser at the moment. This chap is now accruing overdue interest on £2m at 2.4% per month - well that is £48K a month which is a tad more than the £983 cash in his business account!
I also note FS lent this chap £250K :
Well I wonder if FS have a charge on this property - somehow I doubt it! (Can't see any trace of it at Companies House).
Wonder if FS make this chap bankrupt whether he won't be the first one to laugh all the way to the bank and this £250K is yet another potential 100% loss.
All this is making me dizzy - I could do with a holiday - maybe book an hotel room in Seven Sister Tottenham!
If anybody else agrees I will do another poll for when we can expect this one to complete : 1 week, 1 month, 3 months, 6 months, over 9 months. My money is on this one being a total horlicks and FS having to repossess it and the lenders taking yet another massive hit.
I have said my bit - thanks for listening!
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adrian77
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Post by adrian77 on Jun 8, 2018 19:22:32 GMT
I got this from the FS web site - it seems to be updated now with Representative APR: 46.5%!
Although for property loans it quotes from 1.5% pm which is still a fair few quid and 19.56% compound per year if my maths are correct. Maybe I am missing something but I just can't see how this one is going to be repaid !
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