09dolphin
Member of DD Central
Posts: 638 
Likes: 866
|
Post by 09dolphin on Mar 6, 2019 19:54:55 GMT
This seems to relate to the Whitehaven loan where there was, in my opinion, fraud. Specifically loans for work that the developer claimed had been carried out but hadn't and the purchase of materials ie A Frames which were a figment of the borrowers and FS's imagination. If I am wrong I apologise in advance. I have tried to locate the original thread without success - as I assume the original poster of this thread did. Such a shame that the whole sorry history of this loan appears to have been lost.
What I would like to post about is what is FS's responsibility for promoting the further advances made which has thus diluted the initial LTV and was based on lies and were accepted without any sort of proof by FS, These fraudulent loans have diluted the return on the original lenders investments. I do wonder why I should have to bear the costs, not only of the wildly inaccurate LTV that FD commissioned, but the further loans FS made based on lies from the borrower that FS didn't bother check and which I had no control over.
Thoughts, opinions and comments would be very welcome.
|
|
|
|
Post by bracknellboy on Mar 6, 2019 19:58:55 GMT
This seems to relate to the Whitehaven loan where there was, in my opinion, fraud. Specifically loans for work that the developer claimed had been carried out but hadn't and the purchase of materials ie A Frames which were a figment of the borrowers and FS's imagination. If I am wrong I apologise in advance. I have tried to locate the original thread without success - as I assume the original poster of this thread did. Such a shame that the whole sorry history of this loan appears to have been lost.
What I would like to post about is what is FS's responsibility for promoting the further advances made which has thus diluted the initial LTV and was based on lies and were accepted without any sort of proof by FS, These fraudulent loans have diluted the return on the original lenders investments. I do wonder why I should have to bear the costs, not only of the wildly inaccurate LTV that FD commissioned, but the further loans FS made based on lies from the borrower that FS didn't bother check and which I had no control over.
Thoughts, opinions and comments would be very welcome. bit bemused but i assume you mean the history of the other (or is it the same ?) whitehaven loan thread:
|
|
|
|
Post by beepbeepimajeep on Mar 6, 2019 20:24:41 GMT
This seems to relate to the Whitehaven loan where there was, in my opinion, fraud. I don't think it does in reality....I am in both the (imo) fraudulent Whitehaven loan and this one. This one quite clearly states in the description it is not related to any other loan that FS have in Whitehaven. Wonder why they felt the need to put that there 
|
|
nyneil
Member of DD Central
Posts: 349
Likes: 438
|
Post by nyneil on Mar 6, 2019 20:35:21 GMT
I don't see why fundingsecure / receivers can't use one of the house buying agencies, who offer 80%+ of the market valuation. No fees, no commission, no uncertainty. Any offer doesn't have to be accepted. |
|
|
|
Post by shyinvestor on Mar 6, 2019 20:49:05 GMT
Not a happy one, this. I wonder if the borrower actually did any of the refurbishment that was supposed to be carried out. If not, it does seem to be likely that the loan was taken out in bad faith. I too do not see much chance of any further joy from the borrower. Is it possible that anything can be screwed out of the valuation surveyors H***** B****, or their insurers?
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Mar 7, 2019 2:14:46 GMT
I don't see why fundingsecure / receivers can't use one of the house buying agencies, who offer 80%+ of the market valuation. No fees, no commission, no uncertainty. Any offer doesn't have to be accepted. Two big issues, the market valuation from years ago can't be relied on so it might only be 80% of 60% that you get back. Secondly, receivers are legally required to demonstrably gain the best price possible in the sale- using such a service to sell the asset would seem to go against that requirement.
|
|
vader
New Member
Posts: 1
Likes: 5
|
Post by vader on Mar 13, 2019 15:15:59 GMT
I contacted funding secure about this loan to request info on what happened with the PG and claim against the valuation surveyor.
I received a generic response which could of applied to any loan they have and made no response to if they are still pursuing the money.
It appears they have closed the loan and so are not chasing the debts. I can only assume they do not class it as there own money they have lent and so happy to wipe it off.
Complete lack of information has made me lose any faith in this company and I am selling off my other loans and switching to a different P2P company.
|
|
rogerthat
Member of DD Central
Posts: 2,048 
Likes: 1,994
|
Post by rogerthat on Mar 13, 2019 19:48:04 GMT
"1 hour ago (16.43) 13/03/19
In response to a couple of questions received we can confirm that whilst we are still investigating any possible claim regarding the valuation of the property this is a complex matter that will take time to gain full advice on.
In the meantime we have been unable to trace any assets to support the PG and so we took the decision to close the loan and return the monies recovered to date.
We have a record of all investors in this loan and if we are able to recover any further funds these will be distributed proportionately.
Apologies that this was not explained at the time that the loan was closed."
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Mar 13, 2019 20:32:34 GMT
some would say kippered good and proper but I could not possibly comment...
|
|
mjc
Member of DD Central
Posts: 342
Likes: 425
|
Post by mjc on Mar 14, 2019 0:02:15 GMT
What a farce this company is.
FarceSecure ?
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
|
Post by sqh on May 2, 2019 10:12:08 GMT
This property was on Homes under the Hammer series 23 episode 10/30 today 2nd May 2019. Should be available on BBC iPlayer shortly.
EDIT: Now available for 29 days.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on May 3, 2019 6:00:51 GMT
This property was on Homes under the Hammer series 23 episode 10/30 today 2nd May 2019. Should be available on BBC iPlayer shortly. EDIT: Now available for 29 days. Not planning to watch but what did it cost to buy/was spent on it/final valuation? Thanks
|
|
|
|
Post by spareapennyor2 on May 3, 2019 6:51:42 GMT
just watched 47.5 K
3K spent to get shop rented/open roof fix
flat still waiting to be done
very straight forward refeb by buyer
|
|
09dolphin
Member of DD Central
Posts: 638
Likes: 866
|
Post by 09dolphin on May 3, 2019 7:11:24 GMT
just watched 47.5 K 3K spent to get shop rented/open roof fix flat still waiting to be done very straight forward refeb by buyer Shop rental £500 pcm. Flat £500 pcm following refurbishment estimated by estate agent. . If anyone else wants to watch it's the 3rd property shown on the programme + the auction house had a guide price of £68K but there were no bids.
|
|
