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Post by brightspark on Nov 29, 2018 14:23:07 GMT
I have been owed £5.54 on this loan for god knows how long. I do wish FS would pull their finger out so that I can sleep better at night.
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james21
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Post by james21 on Nov 29, 2018 15:42:52 GMT
Multiple loans with FS not doing so well; selling the flats probably wont make any difference to ending this loan Surely when the flats are sold then the loan will be paid off to discharge the legal charge.
I'm not sure I'd get very far selling my house but telling my mortgage provider that I had to pay off my credit card first.
yes but it buys this fellow some time
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09dolphin
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Post by 09dolphin on Nov 29, 2018 17:35:55 GMT
Surely when the flats are sold then the loan will be paid off to discharge the legal charge.
I'm not sure I'd get very far selling my house but telling my mortgage provider that I had to pay off my credit card first.
yes but it buys this fellow some time Can we be sure that FS are competent enough to have a legal charge. If all the flats have been sold it would seem they haven't.
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Post by beepbeepimajeep on Nov 29, 2018 17:54:03 GMT
Can we be sure that FS are competent enough to have a legal charge. Being in all those linked art loans, I can confirm the answer to this question is no.
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09dolphin
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Post by 09dolphin on Dec 20, 2018 17:07:58 GMT
At long last FS have appointed receivers to recover the relatively small amount owing. I have only a bit more than £500 left in this loan as it's been paid down over time.
With 2 apartments still to be sold I expect a full recovery of capital AND interest despite fees for the receivers.
I almost feel sorry for the borrower as FS haven't taken this sort of action in the past and it's perhaps (for the borrower) unexpected.
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Post by brightspark on Dec 20, 2018 18:14:01 GMT
I don't feel in the least bit sorry for the borrower. I empathise with lenders who now have to wait a further period before making some sort of recovery. I just wish FS would to the same with the Rishton, Formby and power boat loans. That really would make my day.
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micky
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Post by micky on Dec 21, 2018 0:01:18 GMT
At long last FS have appointed receivers to recover the relatively small amount owing. I have only a bit more than £500 left in this loan as it's been paid down over time.
With 2 apartments still to be sold I expect a full recovery of capital AND interest despite fees for the receivers.
I almost feel sorry for the borrower as FS haven't taken this sort of action in the past and it's perhaps (for the borrower) unexpected. Also, the Freehold, what is the borrower playing at?
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rogerthat
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Post by rogerthat on Dec 31, 2018 15:55:34 GMT
E.mail @ 15.26 31/12/18 (1 of 3 ..so far)....UNREDEEMED
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adrian77
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Post by adrian77 on Jan 1, 2019 9:44:40 GMT
had a quick google - seems to be a huge number for sale in the town with some bespoke units vastly cheaper
Can't see these remaining ones covering the outstanding loan - will add to my mega list but I would be surprised if the recovery is above 70%...
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bg
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Post by bg on Jan 1, 2019 10:13:04 GMT
had a quick google - seems to be a huge number for sale in the town with some bespoke units vastly cheaper Can't see these remaining ones covering the outstanding loan - will add to my mega list but I would be surprised if the recovery is above 70%... Recovery is already at 68% so I think you are likely to be surprised.
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adrian77
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Post by adrian77 on Jan 1, 2019 12:30:50 GMT
fair point - I was referring to 70% of the remaining £450,001.28 overall I have this one down at 10% loss - not ideal but I guess I can't complain about that when compared to some of my other FS loans...
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micky
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Post by micky on Jan 1, 2019 20:14:16 GMT
No problem though..FS General Info says ..'This is a six month loan secured on a freehold Hotel in Llandudno. In addition to the charge on the property we also have a personal guarantee supporting the loan with assets and liability net value of £383k.'
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Post by charliebrown on Jan 1, 2019 23:49:33 GMT
No problem though..FS General Info says ..'This is a six month loan secured on a freehold Hotel in Llandudno. In addition to the charge on the property we also have a personal guarantee supporting the loan with assets and liability net value of £383k.' I bet that 383k has since disappeared 😁 or never existed; do you think FS will have bothered to check.
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adrian77
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Post by adrian77 on Mar 10, 2019 22:20:24 GMT
below is my post which I put to the wrong Llandudno hotel - never realised there were 2 as the loan number was not in the thread title, however:
Recent update - Saturday evening
Shame I am not in the area as I am in the market for internal fittings - assuming they are not classed as stolen. I wonder if they include kitchens and bathrooms? Any guesses as to who
removed them! Easy to say but surely the assets should have been protected - maybe the lender signed a contractual obligation?
I note we have known valuers who valued this one - not very confident about 100% capital recovery here as the valuation seems high and not sure just how many fittings have been removed...
I need a drink...
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morris
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Post by morris on Mar 11, 2019 7:40:08 GMT
The update on 20/12/18 said that receivers had visited the site and secured the property. Well they didn't make it very secure. Are they responsible for this loss?
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