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Post by munchydave on Jul 9, 2018 10:12:53 GMT
New loans posted: Like about 19 in April, 8 in May and ONE in June, with none in July. Have they dissed this forum, or are they miffed by our concerns at lack of chasing recalcitrant borrowers? Is FS singled out for more critical concern than any other platform?Who knows, who cares and if so, perhaps they ought to ask themselves why. Like all platforms, without investors, they are nothing..they don't exist..they cease to be...In fact they become an ex platform. A year or so ago I had a largish holding with FS and made an overall negative return. Well diversified but losses still exceeded returns due to bat debts. I sold what I could and some loans finished. I am now left with 52 loans all of which with a single exception are NOT available on the secondary market and are all late. Some will never pay. Will review the situation if FS manage to get it together but at the moment I am getting out ASAP.
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adrian77
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Post by adrian77 on Jul 9, 2018 11:49:11 GMT
I am right behind you - so far had a good return with only one showing a crystallised loss - PH painting. I now have about 48 loans of which some e.g. Cinema are going to show mega losses so at the end of the day I am going to be lucky to break even. I least I only have small nibbles (apart from the "underwritten" landrover") - there are going to be some mega angry people when other loans such as Whitehaven etc crystallise their losses.
I came to FS from FC without checking them enough - as we say in French Quel Pilloque!
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adrian77
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Post by adrian77 on Mar 13, 2019 9:22:30 GMT
Recent update above
This one is now over 18 months late...have looked at the legal "documents" - well to me as a non-lawyer they don't look like proper documents at all. There is no reference to what happens if the building is not sold and only an intention to sell and settle within 12 months. The "long stop" position does not make logical yet alone legal sense to me. I can't find this one for sale and bit puzzled if we are talking about 1 or 2 properties (No and NoA) or whether the property has since been divided - it is very easy to find the property number. Wonder if the trust members are having a ding-dong...
If I did not need the money would I sell in this market - hell no!
So this looks another potential mess to me with FS not having a charge on the property - ring any bells ? Answers on a digital postcard - first prize is a Picasso which I will post the next time I go to Dubai...
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adrian77
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Post by adrian77 on Jun 3, 2019 18:48:16 GMT
"Remains the same" - i.e. nothing has happened
Sounds to me FS have no security (heard that one before) why "push for action" and "not enforce action" QED
Another one that is approaching being 2 years late...
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james21
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Post by james21 on Jun 3, 2019 19:11:45 GMT
looks to me like the FS loan is a second charge but they dont mention it as such
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Post by df on Jun 3, 2019 19:16:24 GMT
"Remains the same" - i.e. nothing has happened Sounds to me FS have no security (heard that one before) why "push for action" and "not enforce action" QED Another one that is approaching being 2 years late... Yes, sounds like we'll be celebrating 2nd "expected end" anniversary in August and accrued interest will keep growing for unforeseen period of time... Good to have an update and apologies for the delay though - much better than traditional silence
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adrian77
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Post by adrian77 on Aug 5, 2019 18:49:10 GMT
i.e. NOTHING has changed - brilliant but I am not moaning as I am just incredulous! Solicitors don't push they serve writs!
Looks to me like another disaster and this one can't be enforced i.e. a trust member used the trust to get the readies but the trust conditions don't allow this - nice one!
This one is a tad under 2 years late - if this one was enforceable then surely it would have been done by now?
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KoR_Wraith
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Post by KoR_Wraith on Aug 5, 2019 19:27:08 GMT
My thoughts exactly
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Post by brightspark on Aug 5, 2019 19:51:45 GMT
Who knows, who cares and if so, perhaps they ought to ask themselves why. Like all platforms, without investors, they are nothing..they don't exist..they cease to be...In fact they become an ex platform. A year or so ago I had a largish holding with FS and made an overall negative return. Well diversified but losses still exceeded returns due to bat debts. I sold what I could and some loans finished. I am now left with 52 loans all of which with a single exception are NOT available on the secondary market and are all late. Some will never pay. Will review the situation if FS manage to get it together but at the moment I am getting out ASAP. Perhaps you could give us an update on the 52 overdues if it is not too painful.
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Post by df on Aug 5, 2019 21:30:13 GMT
A year or so ago I had a largish holding with FS and made an overall negative return. Well diversified but losses still exceeded returns due to bat debts. I sold what I could and some loans finished. I am now left with 52 loans all of which with a single exception are NOT available on the secondary market and are all late. Some will never pay. Will review the situation if FS manage to get it together but at the moment I am getting out ASAP. Perhaps you could give us an update on the 52 overdues if it is not too painful. If it was a well diversified portfolio we can probably have a good guess of the content.
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Post by mrclondon on Nov 12, 2019 16:35:51 GMT
Loan has been defaulted on the website.
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shimself
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Post by shimself on May 19, 2020 13:29:57 GMT
Update 19 May 2020 The solicitors have received correspondence from the borrowers solicitor which advises that the borrower is unable to make payment of the sums owed at this time. The solicitors have written to the borrower to request proposals for repayment. We will provide a further update in due course.
31/03/2020 Solicitors have served a statutory demand on the borrower. We will provide a further update upon its expiry.
Reminds self yet again, never trust a nob So it feels like some aristo wastrel, septum barely extant, who has no intention whatsoever of moving out of their flash pad, just telling the lawyer to write and tell those tiresome little people to go away. Might even be someone Liam met in the gentlemen's club
Trouble is, if they can make this run forever, and I suspect they can, then RSM will just have to get shot of it for peanuts when the administration is getting to the end.
And, do i gather correctly, that they are no longer paying interest?
I wish we had BC on the case.
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adrian77
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Post by adrian77 on May 19, 2020 14:44:04 GMT
sounds to me as if they have zero control of any assets - what property professionals FS were....unbelievable!
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adrian77
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Post by adrian77 on May 19, 2020 20:25:24 GMT
very good - had to think about that - this could well be the case but let's not be "classist" - FS should never have advanced this money without vastly more DD - we all know that trusts etc are a legal minefield. We sadly have had a very bad experience with a crook who was a "toff" and into drugs and is "psychologically ill" both are clearly laughing at FS - only difference is that the latter one has the FBI on his heels and is being pursued by specialist recovery agents - whilst, as I see it, this chap has absolutely nothing whatsover to worry about "hello FS £200K at zero interest with no repayment nor threat of criminal legal action - I'll take that - thank you and goodnight"!
I really can't see a statutory demand getting anywhere even if this chap declares himself bankrupt himself I am anything but convinced the auditors can get their hands on the trust.
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kielbasa
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Post by kielbasa on May 25, 2020 13:04:40 GMT
Update 19 May 2020 The solicitors have received correspondence from the borrowers solicitor which advises that the borrower is unable to make payment of the sums owed at this time. The solicitors have written to the borrower to request proposals for repayment. We will provide a further update in due course.
31/03/2020 Solicitors have served a statutory demand on the borrower. We will provide a further update upon its expiry.
Reminds self yet again, never trust a nob So it feels like some aristo wastrel, septum barely extant, who has no intention whatsoever of moving out of their flash pad, just telling the lawyer to write and tell those tiresome little people to go away. Might even be someone Liam met in the gentlemen's club
Trouble is, if they can make this run forever, and I suspect they can, then RSM will just have to get shot of it for peanuts when the administration is getting to the end.
And, do i gather correctly, that they are no longer paying interest?
I wish we had BC on the case.
RSM??
This is an FS loan so CG are dealing with it.
Do they mean they will get shot of the debt for pennies in the pound, since there is no security for this loan?
Who is BC?
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