rogerthat
Member of DD Central
Posts: 2,048 
Likes: 1,994
|
Post by rogerthat on Jul 11, 2018 9:43:50 GMT
Another one bites the dust  Investment update Loan Reference: 3046618699 - Collection of Rings - Renewal The status on one of your investments has been changed to "Unredeemed" |
|
|
|
Post by angrykittens on Jul 11, 2018 9:48:50 GMT
As has: 2127087124 Diamond Earrings
Has FS Woken up, I notice this update on: 4757132991 Austin Healey Classic Car
"As borrower has not repaid the loan we are investigating options for sale after the statutory 14 day period."
Are they actually trying to look after lenders? Might be hard to believe I know.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jul 11, 2018 10:04:29 GMT
As has: 2127087124 Diamond Earrings Has FS Woken up, I notice this update on: 4757132991 Austin Healey Classic Car "As borrower has not repaid the loan we are investigating options for sale after the statutory 14 day period." Are they actually trying to look after lenders? Might be hard to believe I know. This is on the Austin Healey loan "The client is a classic car dealer who is a regular client of ours and who has redeemed all previously loans."....until now...naturally !
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Jul 11, 2018 10:24:41 GMT
damn had a nibble in this one - I would say to FS " get on the phone to UK and USA dealers TODAY and get a price equal to the loan value and get shot of the damn thing in 14 days time".
A phone call is a lot cheaper than 20% or whatever auction fees!
I think these cars are very popular in America and with the Pound being weak against the dollar it should easily sell to the US market?
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jul 11, 2018 10:31:10 GMT
damn had a nibble in this one - I would say to FS " get on the phone to UK and USA dealers TODAY and get a price equal to the loan value and get shot of the damn thing in 14 days time". A phone call is a lot cheaper than 20% or whatever auction fees! I think these cars are very popular in America and with the Pound being weak against the dollar it should easily sell to the US market? Wouldn't mind it myself...£5K should convince FS..I doubt they'll get close to the valuation though..classic car or not...wonder whats coming out of FS's woodwork next
|
|
|
|
Post by mrclondon on Oct 22, 2018 10:47:17 GMT
Collection of Rings - Renewal (3046618699) closed today with a 60% recovery
Diamond Earrings - Renewal (2127087124) closed today with a 87% recovery
Yet bling loans still change hands on the SM at a hefty premium, and sell within an hour of being listed. Hmm ....
|
|
bfish
Member of DD Central
Posts: 106
Likes: 131
|
Post by bfish on Oct 22, 2018 10:56:40 GMT
I wonder if it ever occurred to FS to offer these items to the very investors who have now lost out handsomely (hum... 'disgracefully') !!? If only they had a website that could handle such things . . . !?  |
|
susan
Member of DD Central
Posts: 54 
Likes: 64
|
Post by susan on Oct 22, 2018 11:01:02 GMT
Well, there were 88 rings and the total returned to investors was £4,774.66 - which means an average of £54 per ring. So, given that they were all gold (18K and 9K) or platinum - someone got a bargain.
"The rings are a mixture of 9 and 18ct gold and platinum.
Rings include plain bands together with many different gems including tormalines, sapphires, opals, diamonds etc.
In addition there are several individual stones mounted in gem holders"
|
|
mullet
Member of DD Central
Posts: 126
Likes: 137
|
Post by mullet on Oct 22, 2018 11:21:17 GMT
Well, there were 88 rings and the total returned to investors was £4,774.66 - which means an average of £54 per ring. So, given that they were all gold (18K and 9K) or platinum - someone got a bargain.
"The rings are a mixture of 9 and 18ct gold and platinum.
Rings include plain bands together with many different gems including tormalines, sapphires, opals, diamonds etc.
In addition there are several individual stones mounted in gem holders"
Why didn't they offer it to us investors!! - I would have paid more than they got if the descriptions are accurate.
|
|
|
|
Post by angrykittens on Oct 22, 2018 11:59:56 GMT
This is officially my first loss on FS (although I'm also in some questionable pending loans), I'd always thought bling safe by P2P standards but I find the level of recovery on the rings quite shocking given the valuation. No comeback on the valuer etc? (Ye right, I'll see myself out)
Pretty poor given the only thing we can base an investment on in pawn loans is the valuation and item(s). Maybe time to abandon even pawn on FS...
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Oct 22, 2018 12:02:52 GMT
totally agree - such items carry a standard value based on the metal price etc so don't really see why the recovery is so poor.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on Oct 22, 2018 15:26:34 GMT
Says all you need to know about FS.
Even when they stick to what's supposed to be their knitting they still manage to drop a stitch.
|
|
|
|
Post by bracknellboy on Oct 22, 2018 15:44:44 GMT
...Collection of Rings - Renewal (3046618699) closed today with a 60% recovery ... Even when they stick to what's supposed to be their knitting they still manage to drop a stitch.
dropping 40 stitches in every 100 leaves the piece a little threadbare I'd reckon.
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Oct 22, 2018 15:45:47 GMT
2127087124 (Diamond Earrings) "recovered" today. If you can only manage to recover 87% on a jewellery item on a LTV of supposedly 60% there is a problem. I fully understand that gold prices and diamond prices can fluctuate. I also understand auction fees can take 20 to 25% of the value of the item on sale. Even allowing for this the initial valuation must have been somewhat out to say the least. fundingsecure could you please comment on the valuation of this piece? To achieve a recovery of less that 60% of what I assumed was the trade value is quite frankly dreadful. May I express the hope that you have valued all items at trade price rather than retail or insurance value. |
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Oct 22, 2018 16:34:05 GMT
Perhaps I should say thanks to this thread. I was hanging on to some bling loans and letting them run their course. Not any more all sold up on the SM. FS has been profitable over the years and all my capital plus some profit has been withdrawn. It is a sad thing to say that I have now arrived at the point where I trust neither the valuations or the recovery procedures of FS.
|
|
