rogerthat
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Post by rogerthat on Jul 17, 2018 15:51:57 GMT
1014724862 So..another one bites the dust or in this case maybe sinks without trace  and in my loan book only 179 Days  how is that possible ?..Pity other loans aren't (mis) managed using the same yardstick..seems several investors are going to be far more disappointed than me which isn't much of a consolation nor the fact that its in my IFISA |
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adrian77
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Post by adrian77 on Jul 17, 2018 16:11:41 GMT
I am in this one but it is not showing as defaulted and I have had no email from FS so has it definitively defaulted. Hope not because FS has not got a very reputation concerning boat valuations...
Had a quick internet shufy and it we take distressed sale value of 2/3 then this boat is worth about £100K - FS state £199-225K I don't think so and she is 16 years old.
I had all my loans up for sale but this one and others timed-out - damn!
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rogerthat
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Post by rogerthat on Jul 17, 2018 16:14:46 GMT
I am in this one but it is not showing as defaulted and I have had no email from FS so has it definitively defaulted. Hope not because FS has not got a very reputation concerning boat valuations... Investment update Loan Reference: 1014724862 - 52ft Sports Cruiser - Renewal The status on one of your investments has been changed to "Unredeemed", meaning it has been formally defaulted as we have determined the loan to be "irrecoverable" in accordance with SAIM 12050. This means that it is eligible to be offset against interest earned for income tax purposes. Received 16.37 today..but strangely found it in my spam box
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sjg
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Post by sjg on Jul 17, 2018 16:23:47 GMT
Mmm deemed to be irrecoverable. So no boat to possibly sell? Has it sailed off into the sunset never to be seen again? Or am I just being pessimistic  |
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rogerthat
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Post by rogerthat on Jul 17, 2018 16:34:09 GMT
Mmm deemed to be irrecoverable. So no boat to possibly sell? Has it sailed off into the sunset never to be seen again? Or am I just being pessimistic "Boat is secured by a marine mortgage registered against the vessel, lodged at the ships registry. Boat is restricted to movements only within British waters, monitored through MSSI/AIS. It is fully insured for £211,000 (plus appropriate third party liability). FundingSecure has been added as an interested party on the insurance policy." Whether that guarantees a full recovery, I cant say but one assumes there is something to sell
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r00lish67
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Post by r00lish67 on Jul 17, 2018 16:35:43 GMT
I'm not in this, but can see no reference on the site to it being unredeemed, and its current status is "loan active" for me. Weird.
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rogerthat
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Post by rogerthat on Jul 17, 2018 16:43:00 GMT
I'm not in this, but can see no reference on the site to it being unredeemed, and its current status is "loan active" for me. Weird. 3 anomalies for me Roolers..1..Mail was in my spam..and according to my LB..had only reached 179 days...FS defaulting loans in anticipation ? and 3...just taken this off my loanbook 1014724862 52ft Sports Cruiser - Renewal - 12% £100.00 179 21/07/18 £5.88 Loan Active Curious and curiouser what
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r00lish67
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Post by r00lish67 on Jul 17, 2018 16:48:34 GMT
I assume the FS Langoliers will be along shortly to continue their relentless consumption of the hopes and dreams of their investors.
Where did that come from? I need a beer.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jul 17, 2018 17:02:18 GMT
This was originally valued before the EU Referendum. Since then Sterling has fallen so this should be an easy sell to a wealthy European.
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sjg
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Post by sjg on Jul 17, 2018 17:04:07 GMT
Mmm deemed to be irrecoverable. So no boat to possibly sell? Has it sailed off into the sunset never to be seen again? Or am I just being pessimistic "Boat is secured by a marine mortgage registered against the vessel, lodged at the ships registry. Boat is restricted to movements only within British waters, monitored through MSSI/AIS. It is fully insured for £211,000 (plus appropriate third party liability). FundingSecure has been added as an interested party on the insurance policy." Whether that guarantees a full recovery, I cant say but one assumes there is something to sell Then again I'm in one of the classic car loans and they FS defaulted that pretty quickly as well this month. Hopefully its to try and get the borrowers to pull there fingers out with regards paying up!
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rogerthat
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Post by rogerthat on Jul 17, 2018 17:15:12 GMT
"Boat is secured by a marine mortgage registered against the vessel, lodged at the ships registry. Boat is restricted to movements only within British waters, monitored through MSSI/AIS. It is fully insured for £211,000 (plus appropriate third party liability). FundingSecure has been added as an interested party on the insurance policy." Whether that guarantees a full recovery, I cant say but one assumes there is something to sell Then again I'm in one of the classic car loans and they FS defaulted that pretty quickly as well this month. Hopefully its to try and get the borrowers to pull there fingers out with regards paying up! Im resisting the incredible urge to suggest who really needs to pull their fingers out but defaulting a loan 4 days before its actually due for renewal or repayment, seems to me to be somewhat optimistic based on recent FS managerial evidence. Maybe it was too close to 5pm and we'll get a fuller explanation tomorrow. As r00lish67 has mentioned, the loan still appears as active (well in my LB it does)
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Post by beepbeepimajeep on Jul 17, 2018 17:41:00 GMT
I also am in this and received the email to say it the status of this loan had changed to "Unredeemed". However upon logging in and actually going to read the loan on the site it shows everything as normal, the status as "Loan Active" and indeed it still has a couple of days to run before becoming late. Whats going on fundingsecure ? |
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adrian77
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Post by adrian77 on Jul 17, 2018 17:43:04 GMT
I don't know anything about marine mortgages but I guess neither do FS. According to FS this boat was up for sale..
I have re-read the original loan details and there is no mention of how much this mortgage is for - I may well be wrong but I thought FS had in effect the first charge and now I am not so sure!
I tell you what worries me - the mortage holders have forclosed and the money is all gone...if so I regard the FS description as tantamount to fraud and I want my money back 100%.
Given we have the name of the boat (see valuation) is it possible to see what's what with the marine mortgage
I thank you and don't ask me what I think of FS!
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Post by beepbeepimajeep on Jul 17, 2018 17:49:43 GMT
Just received an email to say it has not changed to "Unredeemed" and the earlier email was a mistake. Loan still active and borrower has confirmed they will be paying interest and renewing. Hope they don't behave like other boat owners!
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rogerthat
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Post by rogerthat on Jul 17, 2018 18:03:00 GMT
Just received an email to say it has not changed to "Unredeemed" and the earlier email was a mistake. Loan still active and borrower has confirmed they will be paying interest and renewing. Hope they don't behave like other boat owners! God Almighty...what on earth is going on at Stokenchurch ?
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and in my loan book only 179 Days 
how is that possible ?..Pity other loans aren't (mis) managed using the same yardstick..seems several investors are going to be far more disappointed than me which isn't much of a consolation nor the fact that its in my IFISA
