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Post by baronhardup on Jan 14, 2019 13:27:11 GMT
Sorry if this has been covered before ....
When a loan is offered against physical items that are eminently portable, such as this - who holds the items. Is it FS or does the borrower retain possession?
Thanks in advance.
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Post by dan1 on Jan 14, 2019 13:56:52 GMT
Sorry if this has been covered before .... When a loan is offered against physical items that are eminently portable, such as this - who holds the items. Is it FS or does the borrower retain possession?
Thanks in advance. Good question! I understood it was meant to reside with FS unless stated otherwise. Anyway, LTV equates to a value of £103,093 for the scrap value of the Gold. According to www.hattongardenmetals.com the "cash" price offered is £99,270 or £105,226 on a Love2Shop card (don't know why I just wrote that but hey!). I assume FS would get a better price than retail being in the trade and all that so it looks consistent to me.
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rogerthat
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Post by rogerthat on Jan 14, 2019 13:58:07 GMT
Sorry if this has been covered before .... When a loan is offered against physical items that are eminently portable, such as this - who holds the items. Is it FS or does the borrower retain possession? Thanks in advance. "This is a six month loan secured against a collection of loose full sovereigns and 22ct weddings bands." fundingsecure ..is this your best effort...seriously ?
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mjc
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Post by mjc on Jan 14, 2019 14:30:57 GMT
After the Art works scandal, I would have expected FS to have said these WERE in their possession, or in a safe depository solely under their control. But they are silent. fundingsecure could we have confirmation either way please. (As you don’t admit to reading these pages, a simple update on the loan page would suffice 😜) i had looked at the price of gold today and the figure seemed to be a tad under £97k, but not far off valuation. |
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michaelc
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Post by michaelc on Jan 14, 2019 14:40:31 GMT
Under normal circumstances I would have tried to have obtained a full allocation of this but I had a fair bit in a few of the paintings and I am now twice shy.
No doubt it will be gone within 5 minutes. Lets see.....
@rt: I didn't understand what you mean about their "best effort"? DO you mean the quality (or lack thereof) of their loan description?
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Post by investor1925 on Jan 14, 2019 14:54:16 GMT
I checked the value & it looks OK. What always intrigues me is that if I needed £70k for some purpose & owned almost £100k worth of gold, I'd just sell £70k's worth, & use it for the purpose I had in mind. If it was for some project that was going to make me more cash, I'd just buy gold back with the profit. Simples What I wouldn't do is pay over £3.5k in interest over 6 months just for the privilege. What did my old mum used to say "there's nowt so queer as folk"  |
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dApps
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Post by dApps on Jan 14, 2019 15:06:29 GMT
Any reason why the loan ref no. needs ***s? Would make it easier to find on FS' site if full loan ID can be used, please.
I'm struggling to find a loan ending in 360 relating to 'coins etc' but there is a "Collection of Full Sovereign Coins and 22ct Wedding Rings (3247860709)" (now filled) which states: "The assets are held in a secure vault in FundingSecures prosession for the whole loan term" although that may have been added since the OP.
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rogerthat
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Post by rogerthat on Jan 14, 2019 15:09:35 GMT
Any reason why the loan ref no. needs ***s? Would make it easier to find on FS' site if full loan ID can be used, please. I'm struggling to find a loan ending in 360 relating to 'coins etc' but there is a "Collection of Full Sovereign Coins and 22ct Wedding Rings (3247860709)" (now filled) which states: "The assets are held in a secure vault in FundingSecures prosession for the whole loan term" although that may have been added since the OP. The reason you're struggling to find anything ending 360 could likely be there isn't one..yet. The Loan hasn't gone live..yet.
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dApps
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Post by dApps on Jan 14, 2019 15:14:46 GMT
Any reason why the loan ref no. needs ***s? Would make it easier to find on FS' site if full loan ID can be used, please. I'm struggling to find a loan ending in 360 relating to 'coins etc' but there is a "Collection of Full Sovereign Coins and 22ct Wedding Rings (3247860709)" (now filled) which states: "The assets are held in a secure vault in FundingSecures prosession for the whole loan term" although that may have been added since the OP. The reason you're struggling to find anything ending 360 could likely be there isn't one..yet. The Loan hasn't got live..yet. Wouldn't it be (or have been) in 'coming soon'? How was the OP able to reference it?
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rogerthat
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Post by rogerthat on Jan 14, 2019 15:26:29 GMT
The reason you're struggling to find anything ending 360 could likely be there isn't one..yet. The Loan hasn't got live..yet. Wouldn't it be (or have been) in 'coming soon'? How was the OP able to reference it? It was probably listed in "Investment Opportunities Coming Soon" ..tbh I didn't check. However, I received an email at 12.59 today informing me of the impending loan and was able to view the 'voluminous' details accompanying it. If you didn't receive an email I'd suggest you look at your profile (My Account) and adjust your email preferences.
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mjc
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Post by mjc on Jan 14, 2019 15:30:26 GMT
After the Art works scandal, I would have expected FS to have said these WERE in their possession, or in a safe depository solely under their control. But they are silent. fundingsecure could we have confirmation either way please. (As you don’t admit to reading these pages, a simple update on the loan page would suffice 😜) i had looked at the price of gold today and the figure seemed to be a tad under £97k, but not far off valuation. Thanks FS for updating the info as requested, “The assets are held in a secure vault in FundingSecures prosession for the whole loan term.“ Glad you do read the posts! Because the OP received the email just after 13.00 as I did. Went live at 15.00 gone by 15.20. Reasonable LTVs & security do still sell fast! i very much agree invester1925, why would one pay so much interest and indeed why hold onto so many rings, when the buy/sell price difference is so small, but I’m sure there is a good reason, just be nice to understand the human stories why such a course of action is taken.
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dApps
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Post by dApps on Jan 14, 2019 15:46:53 GMT
Wouldn't it be (or have been) in 'coming soon'? How was the OP able to reference it? It was probably listed in "Investment Opportunities Coming Soon" ..tbh I didn't check. However, I received an email at 12.59 today informing me of the impending loan and was able to view the 'voluminous' details accompanying it. If you didn't receive an email I'd suggest you look at your profile (My Account) and adjust your email preferences. Have done. First two ticked, third not. Have always received in the past and don't recall making changes. Will take that up with FS. Back to this loan's ID: What was the ref no in your email?
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rogerthat
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Post by rogerthat on Jan 14, 2019 15:52:46 GMT
Under normal circumstances I would have tried to have obtained a full allocation of this but I had a fair bit in a few of the paintings and I am now twice shy. No doubt it will be gone within 5 minutes. Lets see..... @rt: I didn't understand what you mean about their "best effort"? DO you mean the quality (or lack thereof) of their loan description? Michael..as you have probably been witness to many of the various calamaties on here (too many to list but getting larger by the day) don't you think that FS could..nay should have come up with more than a one liner ? for e.g:- 1. Who holds the assets ? 2. Where are the assets ? 3. Who valued them (yes we can all get a rough idea but who valued them) ? 4. Are they an accredited assayer ? (if so wouldn't it have been easier to say so with a short VR on the asset tab ?) 5. Is the borrower known to FS ? 6. Have they any existing loans ? I seem to recall recently that there have been some raids in the Birmingham area of jewellers hallmarking substandard dross with marks way above their content Pedantic ?..perhaps but FS's record to date isn't exactly blemish free
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Godanubis
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Post by Godanubis on Jan 14, 2019 15:58:32 GMT
Sorry if this has been covered before .... When a loan is offered against physical items that are eminently portable, such as this - who holds the items. Is it FS or does the borrower retain possession? Thanks in advance. "This is a six month loan secured against a collection of loose full sovereigns and 22ct weddings bands." fundingsecure ..is this your best effort...seriously ? It may not be their best effort but if it can give the results promised I’d happily take a hundred of those type of loans. What more do you want ? To mention criminal activity in an unrelated fraud case and try to link it to FS is not pedantic it is unarguably bias.
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rogerthat
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Post by rogerthat on Jan 14, 2019 15:59:22 GMT
It was probably listed in "Investment Opportunities Coming Soon" ..tbh I didn't check. However, I received an email at 12.59 today informing me of the impending loan and was able to view the 'voluminous' details accompanying it. If you didn't receive an email I'd suggest you look at your profile (My Account) and adjust your email preferences. Have done. First two ticked, third not. Have always received in the past and don't recall making changes. Will take that up with FS. Back to this loan's ID: What was the ref no in your email? The Reference number (not surprisingly) was 3247860709 which of course will be the loan number, when it goes live.
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