adrian77
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Post by adrian77 on Jun 12, 2019 7:18:33 GMT
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adrian77
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Post by adrian77 on Jun 30, 2019 18:36:13 GMT
well it's a long 2 weeks...
currently wading through my top 40 apart from couple of exceptions this is all very depressing
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jcb208
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Post by jcb208 on Jul 1, 2019 4:20:12 GMT
well it's a long 2 weeks... currently wading through my top 40 apart from couple of exceptions this is all very depressing Funny you should mention that I said o to FS in chat last week that over 2 weeks have passed and no update and for the second time the reply was "the loan manager was out the office and we will get back to you" ,I'm still waiting .So from the lack of commitment to say any thing I have taken this as it is going to be another Fundingsecure disaster
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Post by mrclondon on Jul 21, 2019 15:19:09 GMT
Expected end 30/12/2017, not a single renewal, so not a penny ever paid in interest. £195k loan, plus c. £51k interest due to lenders as at July 2019, plus FS fees. Accrued interest & fees will probably have tipped this over 100% LTV, and yet it hasn't been defaulted.
This may be another of the loans that FS didn't bother registering charges for when the loan drew down, as the LR title document shows the charge was registered in Jan 2019 ... during the period my formal complaint on missing charges (e.g. Burnley/Barnoldswick) was being investigated.
I've now added details of this loan to DDC for the first time.
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michaelc
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Post by michaelc on Jul 21, 2019 22:10:05 GMT
I have a fair amount in this.
Who is the borrower I wonder? I certainly hope its nobody connected to FS.
This is such a murky world. I hope the FCA continue to clamp down hard.
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rogerthat
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Post by rogerthat on Jul 21, 2019 22:13:48 GMT
I have a fair amount in this. Who is the borrower I wonder? I certainly hope its nobody connected to FS. This is such a murky world. I hope the FCA continue to clamp down hard. Not sure if your comment is in jest (ive taken the bait) but as ive only just missed you, I suggest you look at FSDD
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coop
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Post by coop on Jul 22, 2019 8:46:16 GMT
Expected end 30/12/2017, not a single renewal, so not a penny ever paid in interest. £195k loan, plus c. £51k interest due to lenders as at July 2019, plus FS fees. Accrued interest & fees will probably have tipped this over 100% LTV, and yet it hasn't been defaulted.
This may be another of the loans that FS didn't bother registering charges for when the loan drew down, as the LR title document shows the charge was registered in Jan 2019 ... during the period my formal complaint on missing charges (e.g. Burnley/Barnoldswick) was being investigated.
I've now added details of this loan to DDC for the first time.
You were probably far too kind withholding this information for so long... They have now acknowledged who the borrower is on the website...
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adrian77
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Post by adrian77 on Jul 22, 2019 8:58:23 GMT
How ironic - maybe this chap won't appreciate being made homeless and will put the boot into FS! I am sure he has some interesting facts about this company which will interest the press - purely positive of course!
Not sure I buy "connected to" but whether he or the wife I do wonder if there is a conflict of interests here and what are learned friends would say.
Clearly there are also questions about an expensive flat in London - I stress ,at this stage, only questions.
Whilst I am here I am also interested in one of the current director's LinkedIN account which refers to the nature of his income.
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Post by dan1 on Jul 22, 2019 20:40:00 GMT
Expected end 30/12/2017, not a single renewal, so not a penny ever paid in interest. £195k loan, plus c. £51k interest due to lenders as at July 2019, plus FS fees. Accrued interest & fees will probably have tipped this over 100% LTV, and yet it hasn't been defaulted.
This may be another of the loans that FS didn't bother registering charges for when the loan drew down, as the LR title document shows the charge was registered in Jan 2019 ... during the period my formal complaint on missing charges (e.g. Burnley/Barnoldswick) was being investigated.
I've now added details of this loan to DDC for the first time.
You were probably far too kind withholding this information for so long... They have now acknowledged who the borrower is on the website... Time to let it go
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jcb208
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Post by jcb208 on Jul 23, 2019 7:05:52 GMT
Now we know why Fundingsecure were reluctant to default the Loan .I hope they are going to cover any short fall of interest and capital to lenders having let this loan go unpaid for so long
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adrian77
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Post by adrian77 on Jul 23, 2019 9:02:38 GMT
I think they should and that this was a material fact which should ,at best, have been made clear. So if the L* family are living in one flat then how is the £18,000 rent explained unless the other flat is rented for £1500 pcm. Even if FS applied for repossession today it could easily be 6 months before they get it and then the delay with selling it...
Would a judge give possession to the other flat - I have no idea but I guess the tenant could advance an argument against FS and claim it is their fault he finds himself in the unenviable position of having his home repossessed.
Clearly each month some defaulted loans are getting settled but others arrive - I may be wrong but it strikes me there are more bad loans coming in than going out and however much time and money is this costing FS ?
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Post by spareapennyor2 on Jul 23, 2019 9:24:53 GMT
This loan was made to a person connected to an ex-director of FundingSecure. (R***d L****re)
If the loan is not repaid by the end of this week it will be formally defaulted and recovery action taken.
no way is this going to be paid by end of this week / just how many problemactic loans are connected to an ex-director of FundingSecure
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Post by mrclondon on Jul 23, 2019 10:52:47 GMT
Now we know why Fundingsecure were reluctant to default the Loan .I hope they are going to cover any short fall of interest and capital to lenders having let this loan go unpaid for so long Indeed so.
I think though, it is important to recognise that the money may have been invested into Fundingsecure in some shape or form, and may not have benefited the L. family directly.
It would be sensible for FS to put out a full statement as to the background here before the media pickup on this story.
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coop
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Post by coop on Jul 23, 2019 11:17:32 GMT
Now we know why Fundingsecure were reluctant to default the Loan .I hope they are going to cover any short fall of interest and capital to lenders having let this loan go unpaid for so long Indeed so.
I think though, it is important to recognise that the money may have been invested into Fundingsecure in some shape or form, and may not have benefited the L. family directly.
It would be sensible for FS to put out a full statement as to the background here before the media pickup on this story.
shooting themselves in the foot if they don't. "P2P lender lends to founder, defaults loan for non payment" is an incredibly media-friendly story
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adrian77
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Post by adrian77 on Jul 23, 2019 15:42:11 GMT
That is a fair point - but I wonder if this would be in very dodgy legal/accounting territory and possibly an "undeclared director's loan"?
I was not impressed when I heard about this - well spotted that man.
As said above are there any other such loans?
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