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Post by richardthe4th on Aug 2, 2018 18:15:13 GMT
One of my loans is just overdue. Let me rephrase that ...I've got loads of loans that are overdue but the one to which i refer is just a few days late.
The latest comment is that the borrower hopes to renew in a few weeks.
It crosses my mind that if FS had contacted the borrower a month earlier then the 'few weeks' in which the borrower plans to renew would be now, and co-incide with the date that it's actually due.
Just a thought....
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james21
Member of DD Central
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Post by james21 on Aug 2, 2018 18:31:28 GMT
One of my loans is just overdue. Let me rephrase that ...I've got loads of loans that are overdue but the one to which i refer is just a few days late. The latest comment is that the borrower hopes to renew in a few weeks. It crosses my mind that if FS had contacted the borrower a month earlier then the 'few weeks' in which the borrower plans to renew would be now, and co-incide with the date that it's actually due. Just a thought.... This is precisely the point we lenders make time and again, the loan book is not pro-actively managed, does not seem that difficult to me
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adrian77
Member of DD Central
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Post by adrian77 on Aug 2, 2018 18:56:05 GMT
not for we lenders anyway!
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rogerthat
Member of DD Central
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Post by rogerthat on Aug 2, 2018 19:13:27 GMT
Perhaps FS could introduce a card index file where every loan has its own card and as the calendar evolves provoke a reminder as it progresses towards maturity..but on second thoughts that's probably a bit too technical for the whizz kids at HO...Jesus H I despair  |
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trevor
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Post by trevor on Aug 2, 2018 21:10:56 GMT
Never hurts to state the bleeding obvious but even that doesn't seem to be enough for FS. Lack of people I suspect.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Aug 2, 2018 21:32:31 GMT
Perhaps FS could introduce a card index file where every loan has its own card and as the calendar evolves provoke a reminder as it progresses towards maturity..but on second thoughts that's probably a bit too technical for the whizz kids at HO...Jesus H I despair Now Now you don’t want to upset the eco warriors using all those trees to make the cards 
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Monetus
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Post by Monetus on Aug 2, 2018 21:50:45 GMT
I have to admit that I always thought a loan was due for repayment on the day of its exact renewal and not some vague date a few weeks later. Clearly not in the world of fundingsecure! |
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goofy115
Member of DD Central
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Post by goofy115 on Aug 2, 2018 21:54:10 GMT
I have to admit that I always thought a loan was due for repayment on the day of its exact renewal and not some vague date a few weeks later. Clearly not in the world of fundingsecure! Weeks? If only....
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mjc
Member of DD Central
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Post by mjc on Aug 3, 2018 3:11:42 GMT
I have to admit that I always thought a loan was due for repayment on the day of its exact renewal and not some vague date a few weeks later. Clearly not in the world of fundingsecure ! That is why I have quickly become so disillusioned with fundingsecure. Don’t they have any T&Cs for borrowers? They are the ones who should be making the contact. Get them to ask if they need a few extra days to complete, or pay the interest due, show they are still viable, person of substance, and apply to renew. They can still terminate early. fs are making a rod for their own back, creating extra work. Give the impression of absolute chaos. Lose investors trust, confidence and ultimately customers. FS really do need to make it clear if their very high risk borrowers don’t renew on time they risk paying for aborted (?) recovery proceedings. What baffles me is how many developers have supposedly put up 30%+ of their own money (the 70% max LTV), yet go into such high risk gambles. Why not start on projects within their capabilities and much lower borrowings? Greed? “Neither a borrower nor a lender be; / For loan oft loses both itself and friend.” I was told when knee high to grasshopper. (Polonius in Hamlet)
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Post by portlandbill on Aug 3, 2018 8:48:54 GMT
One of my loans is just overdue. Let me rephrase that ...I've got loads of loans that are overdue but the one to which i refer is just a few days late. The latest comment is that the borrower hopes to renew in a few weeks. It crosses my mind that if FS had contacted the borrower a month earlier then the 'few weeks' in which the borrower plans to renew would be now, and co-incide with the date that it's actually due. Just a thought....
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Imothep
Member of DD Central
Posts: 106
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Post by Imothep on Aug 3, 2018 9:08:11 GMT
Perhaps FS could introduce a card index file where every loan has its own card and as the calendar evolves provoke a reminder as it progresses towards maturity..but on second thoughts that's probably a bit too technical for the whizz kids at HO...Jesus H I despair FS send out a statement , 3 months , 2 month and 4 weeks before the loan is due , it is very clear on the statement that interest or interst and capital must be paid or you are in default and will incur additional charges ...
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Imothep
Member of DD Central
Posts: 106
Likes: 72
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Post by Imothep on Aug 3, 2018 9:09:09 GMT
I have to admit that I always thought a loan was due for repayment on the day of its exact renewal and not some vague date a few weeks later. Clearly not in the world of fundingsecure ! That is why I have quickly become so disillusioned with fundingsecure. Don’t they have any T&Cs for borrowers? They are the ones who should be making the contact. Get them to ask if they need a few extra days to complete, or pay the interest due, show they are still viable, person of substance, and apply to renew. They can still terminate early. fs are making a rod for their own back, creating extra work. Give the impression of absolute chaos. Lose investors trust, confidence and ultimately customers. FS really do need to make it clear if their very high risk borrowers don’t renew on time they risk paying for aborted (?) recovery proceedings. What baffles me is how many developers have supposedly put up 30%+ of their own money (the 70% max LTV), yet go into such high risk gambles. Why not start on projects within their capabilities and much lower borrowings? Greed? “Neither a borrower nor a lender be; / For loan oft loses both itself and friend.” I was told when knee high to grasshopper. (Polonius in Hamlet) see above , they do exactly that ...
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Post by portlandbill on Aug 3, 2018 9:17:56 GMT
That is why I have quickly become so disillusioned with fundingsecure. Don’t they have any T&Cs for borrowers? They are the ones who should be making the contact. Get them to ask if they need a few extra days to complete, or pay the interest due, show they are still viable, person of substance, and apply to renew. They can still terminate early. fs are making a rod for their own back, creating extra work. Give the impression of absolute chaos. Lose investors trust, confidence and ultimately customers. FS really do need to make it clear if their very high risk borrowers don’t renew on time they risk paying for aborted (?) recovery proceedings. What baffles me is how many developers have supposedly put up 30%+ of their own money (the 70% max LTV), yet go into such high risk gambles. Why not start on projects within their capabilities and much lower borrowings? Greed? “Neither a borrower nor a lender be; / For loan oft loses both itself and friend.” I was told when knee high to grasshopper. (Polonius in Hamlet) see above , they do exactly that ... Maybe they do, but the consequence of not getting a full repayment or the loan renewed on the 6 months anniversary means that the loan is automatically defaulted. This is not happening and is in breach of FS's Ts&Cs
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r1200gs
Member of DD Central
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Post by r1200gs on Aug 3, 2018 9:29:58 GMT
Now over two months since we were told a certain ex-local authority tower block would be getting renewed "shortly".
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rogerthat
Member of DD Central
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Post by rogerthat on Aug 3, 2018 11:18:47 GMT
Perhaps FS could introduce a card index file where every loan has its own card and as the calendar evolves provoke a reminder as it progresses towards maturity..but on second thoughts that's probably a bit too technical for the whizz kids at HO...Jesus H I despair FS send out a statement , 3 months , 2 month and 4 weeks before the loan is due , it is very clear on the statement that interest or interst and capital must be paid or you are in default and will incur additional charges ... Thanks for that though you're the 1st investor ever in my time on FS to allude to that..and if true goes a long way to explain the appalling state of affairs. I wonder where your intel came from ? It makes the current situation more plausible, albeit unacceptable but by default, FS's amateurish administration toothless and not fit for purpose. Investors have every right to vent their spleens in such circumstance and explains why there is so much angst, frustration and no little sarcasm directed at FS. Comparisons with a whelk stall are inevitable.
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