taffy
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Post by taffy on Feb 18, 2020 14:02:03 GMT
Quoted on F/S Website re cars as security.
1. we lend up to 50% of the trade value based on the Glass guide. All values are subject to a physical inspection to ensure that the vehicle is of a good condition.
2. We have a number of storage centres across the UK. Simply drive your vehicle to one of our storage providers. Note that we must hold the vehicle at our storage location for a period of 48 hours before issuing a loan.
3. All vehicles are covered and stored carefully under 24/7 CCTV. All vehicles are fully insured up to their appraisal value whilst held with us.
I feel very reassured about recovery having read the above.
I could not help noticing the F/S website is designed by The Wonky Agency.
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pfffill
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Post by pfffill on Feb 18, 2020 14:18:15 GMT
Quoted on F/S Website re cars as security. 1. we lend up to 50% of the trade value based on the Glass guide. All values are subject to a physical inspection to ensure that the vehicle is of a good condition. 2. We have a number of storage centres across the UK. Simply drive your vehicle to one of our storage providers. Note that we must hold the vehicle at our storage location for a period of 48 hours before issuing a loan. 3. All vehicles are covered and stored carefully under 24/7 CCTV. All vehicles are fully insured up to their appraisal value whilst held with us. I feel very reassured about recovery having read the above. I could not help noticing the F/S website is designed by The Wonky Agency. God loves an optimist.
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Post by peer2fear on Feb 18, 2020 18:17:20 GMT
I had about 30% of my portfolio in FS across all of these loans in part because I had no idea they were linked. The latest from the administrators: ""...based on the Estimate Outcome Statement, it is looking increasingly unlikely that there will be a return to investors". So no, not 10% return but no return at all...
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adrian77
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Post by adrian77 on Feb 18, 2020 20:04:11 GMT
Brilliant FS absolutely bloody brilliant - so this could be the first 100% primary loss ..
just looked at FS DD (love this forum) and it appears there is a possible snagette with double financing - well excuse me why wasn't this checked - I think it is very easy to do?
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taffy
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Post by taffy on Feb 19, 2020 9:04:10 GMT
Brilliant FS absolutely bloody brilliant - so this could be the first 100% primary loss .. just looked at FS DD (love this forum) and it appears there is a possible snagette with double financing - well excuse me why wasn't this checked - I think it is very easy to do? I agree, BRILLIANT due diligence and management continues. Just checked the Feb 18 update for these loans. "it is likely that fraud has been committed. Matters have been reported to the Police. None of the vehicles are DVLA registered or have HPI listed. The Joint Administrators valuer has been unable to locate the vehicles by VIN number." As I have a few thousand "invested", perhaps we can get a Police Report File Number to keep up to date n proceedings?
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adrian77
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Post by adrian77 on Feb 19, 2020 11:08:24 GMT
you what - these checks are very simple to do - didn't they even think to do this in order to verify somebody hadn't been playing silly buggers with the documentation!
I make the total to be £179.5K ( including the 17K BMW loan) hardly worth spending telling the borrower to pay under £20 per car to get a full check done...
As I see it there is zero chance of any recovery here - in fact if FS had these in storage then who is going to pay for that - we lenders or the storage company?
So we have already had numerous mega c*ck-ups: art, Whitehaven, Park Homes, Tower Block all IMHO due to crass incompetence (at best) so what the hell is coming further down the line!
Depressing or what?
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Post by overthehill on Feb 19, 2020 11:43:55 GMT
I can't see any of the info on these loans any longer so I don't know what's happened but if they were track only cars I'm not sure VIN and DVLA lookups would return anything. Hopefully it might not be as bleak as it looks. If they weren't road legal , FS probably didn't divulge this info in order to bolster the LTV.
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Post by peer2fear on Mar 3, 2020 12:26:39 GMT
The most recent update on all of these cars (27/02/20):
"The recent Administrators report confirms that there will be no realisation for FundingSecure."
That's the final straw for me for P2P. Having lost £1700 in a IFISA (no tax relief) across these multiple car loans which I had no idea were connected to the same borrower. It's the unknown unknowns that have been instrumental in this decision. I never for a moment considered that there actually might not be a car there or that they may not actually have a charge over it.
Not being able to know the risks you're taking does not constitute an investment - it doesn't even really constitute gambling. For that reason I'm winding down all my P2P and putting what's left of the proceeds elsewhere.
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adrian77
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Post by adrian77 on Mar 3, 2020 13:02:56 GMT
bloody brilliant - absolutely bloody brilliant!
What about all investors suing these muppets in the small claims court - looks like total breach of contract to me...
have added this to my list of 100% losses - I have wimbledon, knaresborough, Park Homes, South Wales hotel - yes I know not all of these were first charges- don't care they were supposed to be asset backed with LTV below valuation. Have I missed any?
don't forget- "Organic growth - it's a process" well I wish I was this skilled in business!
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Godanubis
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Post by Godanubis on Mar 3, 2020 13:18:31 GMT
The most recent update on all of these cars (27/02/20): "The recent Administrators report confirms that there will be no realisation for FundingSecure." That's the final straw for me for P2P. Having lost £1700 in a IFISA (no tax relief) across these multiple car loans which I had no idea were connected to the same borrower. It's the unknown unknowns that have been instrumental in this decision. I never for a moment considered that there actually might not be a car there or that they may not actually have a charge over it. Not being able to know the risks you're taking does not constitute an investment - it doesn't even really constitute gambling. For that reason I'm winding down all my P2P and putting what's left or the proceeds elsewhere. Not a very good outcome and tail of incompetence.
Do you actually have £6800 in interest that you paid tax on in P2P that you could claim back for your capital loss as a lot here say nothing is paying interest ??
So nobody will be able to claim anything in losses as they say nobody is making profit. The offset can only be applied to P2P earnings.
You can't have it both ways. If you have the interest and paid the tax then you will have more than covered you capital loss on this occasion.
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adrian77
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Post by adrian77 on Mar 3, 2020 13:42:59 GMT
not very good - a 1% interest gain is not very good - this is totally and utterly appalling - not only are decent people in these loans being completely shafted but we all are as we are going to have to pay for the administrators
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jj
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Post by jj on Mar 3, 2020 13:50:02 GMT
I thought these things were insured, even in the event of being stolen.
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Post by df on Mar 3, 2020 14:45:13 GMT
The most recent update on all of these cars (27/02/20): "The recent Administrators report confirms that there will be no realisation for FundingSecure." That's the final straw for me for P2P. Having lost £1700 in a IFISA (no tax relief) across these multiple car loans which I had no idea were connected to the same borrower. It's the unknown unknowns that have been instrumental in this decision. I never for a moment considered that there actually might not be a car there or that they may not actually have a charge over it. Not being able to know the risks you're taking does not constitute an investment - it doesn't even really constitute gambling. For that reason I'm winding down all my P2P and putting what's left or the proceeds elsewhere. This was clear from MT update 2 months ago. "The recovery based on the physical assets to be lower than the costs of administration, storage and legal fees". There might be some recovery for MT loans because of the additional floating security and personal guarantees, but I don't think FS has these avenues. I have less of FS portion than MT, but all together the "racing cars" are 1.6% of my current p2p funds. Not a pleasant situation to be in. I wish I was more careful with diversification at the time, but I had no idea that FS's cars were to the same borrower as MT's.
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benaj
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Post by benaj on Mar 3, 2020 14:47:06 GMT
I thought these things were insured, even in the event of being stolen.
So, who's the policy holder of this insurance I wonder? The policy would be invalid in the event of a claim if details are incorrect.
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spareapennyor2
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Post by spareapennyor2 on Mar 3, 2020 14:51:45 GMT
you do know this is also a MT default loan also
so done twice as nice
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