criston
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Post by criston on May 16, 2020 11:39:14 GMT
Due to be paid back 8 days. One of the best, if not the best ever LTVs on any platform, but have we been screwed like many other FS loans. Wonder how the Administrators / FS will play this. On the assumption it doesn't pay back before the 25/05, will they immediately slap on the 'Default' sticker so they can claim their 5%? Or will they refrain from defaulting in light of the Gov't 'instruction' to show forbearance toward borrowers?? Under normal circumstances there would have been conversation with the borrower, but the Administrators may avoid doing that just to ensure they get their 5%. If this loan is all above board, at least there should be over 90% of the farm value to play with, in the event of default. We shall see.
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Post by overthehill on May 16, 2020 12:47:15 GMT
I haven't seen any comments in any thead to refute the fact that the 3% inc VAT administrators fee and 5% Fundingsecure charge will be / has been taken from every loan closed since the administrators took over i.e. every loan is 'recovered'. Though, for a full recovery with ample security the FS charge shouldn't come from the investors capital/interest repayment, I'm guessing the administrators fee has to.
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criston
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Post by criston on May 16, 2020 13:10:49 GMT
I haven't seen any comments in any thead to refute the fact that the 3% inc VAT administrators fee and 5% Fundingsecure charge will be / has been taken from every loan closed since the administrators took over i.e. every loan is 'recovered'. Though, for a full recovery with ample security the FS charge shouldn't come from the investors capital/interest repayment, I'm guessing the administrators fee has to.
I had loan 2223857946 paid back on 2/12/19 which started on 30/4/19, with what appears to be full interest, without any charges whatsoever. That's what the account information shows. I assume if there were charges that's where I would see them.
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Post by overthehill on May 17, 2020 12:34:12 GMT
If the interest due to FS is collected by the loan being repaid or recovered then it means there is no need or right to take another 5%.
WG road, birmingham was repaid shortly after administration with full interest, maybe CG&Co took their cut from the FS interest or took no cut, don't know. Accrington was repaid in Feb and about 6% of my due interest was withheld. Neither loan had an update with the financial breakdown, is this non-transparency common practice for administrators. More recent loans have had more details, no consistency.
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registerme
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Post by registerme on May 18, 2020 11:48:47 GMT
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jj
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Jolly Jammy
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Post by jj on May 18, 2020 12:32:56 GMT
I ticked the box to renew this loan. And it's now green.
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rogerthat
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Post by rogerthat on May 18, 2020 14:03:54 GMT
If the interest due to FS is collected by the loan being repaid or recovered then it means there is no need or right to take another 5%.
WG road, birmingham was repaid shortly after administration with full interest, maybe CG&Co took their cut from the FS interest or took no cut, don't know. Accrington was repaid in Feb and about 6% of my due interest was withheld. Neither loan had an update with the financial breakdown, is this non-transparency common practice for administrators. More recent loans have had more details, no consistency.
I did point out that anomaly with regard to Accrington Stanley (and the Welsh church) to FSAG on the 5% thread, so hopefully that will looked at when this particular scam is adjudicated. But at the risk of repeating myself of repeating myself, ive only seen the one itemisation of "costs" to date, to wit the Gainsborough fiasco, a bellwether of how this administration seems to be progressing. Nice work if you can get it !
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morris
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Post by morris on May 29, 2020 18:32:24 GMT
Loan due to end on 25 May 2020. Now marked as defaulted. No updates ever posted for this loan. 8.81% LTV
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criston
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Post by criston on May 31, 2020 8:16:49 GMT
I have a reasonable steak in this loan, but it appears most FS borrowers join the herd & try & milk the system.
Makes you wonder if borrowers thought they would be let off the hook, when FS went into administration.
Could do with an update.
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rogerthat
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Post by rogerthat on May 31, 2020 9:14:07 GMT
I have a reasonable steak in this loan, but it appears most FS borrowers join the herd & try & milk the system. Makes you wonder if borrowers thought they would be let off the hook, when FS went into administration. Could do with an update.
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Post by overthehill on May 31, 2020 13:49:33 GMT
Everyone is having a field day except the lenders. Wouldn't be the first cock and bull story and won't be the last. I think this one will be ok and the cows will come home.
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criston
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Post by criston on Jun 2, 2020 16:10:33 GMT
I suppose we have to expect FS gets something wrong with most of the loans, if it is down to them, so make of what you will, from the reply I received from the receivers as follows -
'On reviewing this loan further, it appears that the repayment date for the facility is 30 June 2020. We are looking into this further however, based on current information, we will not be able to pursue the sum due until the facility has expired.
The usual process in respect of notifying the borrower of the impending repayment date will be followed, and when an update is available, this will be posted to the platform accordingly.'
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arby
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Post by arby on Jun 2, 2020 16:18:26 GMT
I suppose we have to expect FS gets something wrong with most of the loans, if it is down to them, so make of what you will, from the reply I received from the receivers as follows - 'On reviewing this loan further, it appears that the repayment date for the facility is 30 June 2020. We are looking into this further however, based on current information, we will not be able to pursue the sum due until the facility has expired.
The usual process in respect of notifying the borrower of the impending repayment date will be followed, and when an update is available, this will be posted to the platform accordingly.'So a few more weeks till the 7.5% of additional fees can be charged?
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criston
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Post by criston on Jun 26, 2020 15:20:49 GMT
Four more days, after which they should take the bull by the horns & round up the cows for repossession.
With the amazing LTV on this loan, udder no circumstances should any delay be tolerated.
The joke could be on me if something is substantially wrong with this loan, as nothing should be ruled out with FS.
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iRobot
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Post by iRobot on Jun 26, 2020 15:45:29 GMT
Four more days, after which they should take the bull by the horns & round up the cows for repossession. With the amazing LTV on this loan, udder no circumstances should any delay be tolerated. The joke could be on me if something is substantially wrong with this loan, as nothing should be ruled out with FS. Question for those in it and with access to the documents, etc: Are the livestock part of the security or is it just the farm land and/or machinery and/or ... ?
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