james21
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Post by james21 on Jul 27, 2018 14:58:18 GMT
I am seeing more updates this week than for quite a while, this is a good thing
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greenslime
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Post by greenslime on Jul 27, 2018 15:23:59 GMT
I am seeing more updates this week than for quite a while, this is a good thing But have they paid you any money ?
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Post by brightspark on Jul 27, 2018 15:27:09 GMT
I am seeing more updates this week than for quite a while, this is a good thing I have updates coming out of my ears. Repayments not so.
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rogerthat
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Post by rogerthat on Jul 27, 2018 15:27:54 GMT
I am seeing more updates this week than for quite a while, this is a good thing But have they paid you any money ? Indeed ! or addressed any of the grossly overdue loans ?...I will look again but it seems to me that many of the updates (on mine) are actually against loans that haven't yet over run..close but no cigar
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james21
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Post by james21 on Jul 27, 2018 15:43:47 GMT
But have they paid you any money ? Indeed ! or addressed any of the grossly overdue loans ?...I will look again but it seems to me that many of the updates (on mine) are actually against loans that haven't yet over run..close but no cigar They need to be updating loans that have not overun AND MANAGE THEM, as well as the same for over run loans. Also the grammar and spelling is improved; looks like they have someone different doing the updates
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aligibbs
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Post by aligibbs on Jul 27, 2018 18:06:02 GMT
I'm pretty happy- most of my updates are for loans that are due in the next month or so, but that's a good thing- reminding lenders they need to start planning for paying off, rather than waiting for the actual due date to come up.
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Post by thegrumbler on Jul 27, 2018 21:05:54 GMT
I am seeing more updates this week than for quite a while, this is a good thing I pretty much prefer zero updates and lots of legal action against borrowers. Problem is that we usually don't get either!
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adrian77
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Post by adrian77 on Jul 28, 2018 0:44:43 GMT
updates are cheap - it is the cash repayment that talks...
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ding
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Post by ding on Jul 28, 2018 9:36:51 GMT
2530766843:
23/07/2018 - As the property sold at auction on 16th July interest will stop at that point. As soon as funds are received they will be distributed to all investors. 12 days on - no money. A new way of FS getting out of paying interest!
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adrian77
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Post by adrian77 on Jul 28, 2018 9:53:20 GMT
sneaky ! Some auction houses don't release funds until 30 days. I don't see why interest can't be deducted until funds are received. I wonder if FS charge the borrower until auction date or until funds received date? Answers on a digitial postcard....
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bg
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Post by bg on Jul 28, 2018 10:02:23 GMT
sneaky ! Some auction houses don't release funds until 30 days. I don't see why interest can't be deducted until funds are received. I wonder if FS charge the borrower until auction date or until funds received date? Answers on a digitial postcard.... Because in FS's T&C's it says:- 6.2.7 Any amount due back to Investors will only be settled once cleared funds have been received from the auction house or the private buyer. Interest will not accrue between the date of the auction and the settlement date. FS are not making any money out of this as the borrower is only charged up until the asset is sold:- 6.2.1 ......Interest will continue to be charged up until the point at which the Assets are sold by FundingSecure (either at auction or otherwise).
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adrian77
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Post by adrian77 on Jul 28, 2018 10:13:48 GMT
fair point thanks - on another plus side it looks as if this auction which raised £360K before expenses is going to give FS a full recovery although if we take expenses at £10K (not sure what this actual auction house charges) that is £350K ex auction but before receiver costs. Given the FS valuation was £450K that is an overvaluation of about 30%.
Well at least this one faired better than Whitehaven!
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reinvestor
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Post by reinvestor on Jul 28, 2018 11:06:25 GMT
Completion time for properties sold at auction is typically 30 days after the day of the sale so don’t expect any money yet!
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xpubman1
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Post by xpubman1 on Jul 28, 2018 13:06:41 GMT
I am trying to accurately calculate which platform on this forum has the most whiners very close at the moment between Lendy and Funding Secure.....
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micky
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Post by micky on Jul 28, 2018 13:23:20 GMT
OK. It doesn't take a brain surgeon to work out why!!! Sounds like you're trying to mock people who have legitimate concerns about the state of their investments.
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