taffy
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Post by taffy on Sept 18, 2020 9:04:41 GMT
The collection very conservatively valued at £20,000:
£8,500.00 loan (42.5% LTV) made.
sold at auction for £3,600
. Oh dear!
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Post by overthehill on Sept 18, 2020 9:29:31 GMT
That loan went active on the 18jun2019, they had no intentions of putting things right even near the end. No doubt the valuation came via the borrower's channels , just surmising. What are the chances of an honest valuer getting it so wrong, first thing he does is look at recent sales. Medals are highly sought after, I'm an antiques roadshow expert watcher ! If it sold for that , that is what they are worth. Still another nice profit for FS, as long as the thing sells for more than their 5%.
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adrian77
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Post by adrian77 on Sept 18, 2020 16:09:23 GMT
I used to work for a top London house that specialised in medals via the world famous company it owned next door - being in IT I used to write reports
that assesed how accurate the valuers were and believe me overall they were incredibly accurate - medals are ever popular and they all have a
market value - only exception is that some very desirable ones go for crazy prices and and above but not below expectation - I never, ever, ever came across a "valuation" that underestimated the sales value by this amount/percentage - not even close to this. Considering the valuation was a conservative £20K I just wonder what happened here as this should never have happened. Looks like FS totally and utterly screwed up yet again - I have several theories as to what may have happened but not fair to speculate here
I presume FS took 5% of £20,000 so after screwing up the investors pay them £1000 for the privilege - good business if you can get it!
Would be interested to see how much was actually realised - sorry for the investors and believe me chaps and chappesses you have been had!
I thank you,
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adrian77
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Post by adrian77 on Sept 19, 2020 8:23:18 GMT
What are the chances of an honest valuer getting it so wrong - ZERO!
first thing he does is look at recent sales. correct in addition there are specialist trade journals that track such items and anything "worth" £20K would certainly be tracked
Medals are highly sought after, - sure are - and interest is continually going up unlike some other collectibles
If it sold for that , that is what they are worth. - I would say absolutely but that is assuming this was a fair sale - i.e. not a rigged sale within the trade or the medals presented for sale were not the same ones in the valuation
This one is still bugging me - there is something very badly wrong here and I am not convinced it is exactly legal.
We had the custom landrover for sale (I was in it) we had he FS valuation and we had a chap from within the trade who came up with a valuation which was very close for what it sold for (from memory this one just about came good but the FS valuation was too high? - doubtless somebody will correct me if I am wrong)
Just as we don't have classic cars selling for 18% of valuation we don't have medals selling for such low values - it just doesn't happen.
Be interesting to see what sort of final realisation this one makes - I guess under 25% - well done FS another total horlicks
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bingo21
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Post by bingo21 on Sept 19, 2020 8:45:55 GMT
What are the chances of an honest valuer getting it so wrong - ZERO!
first thing he does is look at recent sales. correct in addition there are specialist trade journals that track such items and anything "worth" £20K would certainly be trackedMedals are highly sought after, - sure are - and interest is continually going up unlike some other collectiblesIf it sold for that , that is what they are worth. - I would say absolutely but that is assuming this was a fair sale - i.e. not a rigged sale within the trade or the medals presented for sale were3 not the same ones in the valuation
This one is still bugging me - there is something very badly wrong here and I am not convinced it is exactly legal. We had the custom landrover for sale (I was in in it) we had he FS valuation and we had a chap from within the trade who came up with a valuation which was very close for what it sold for (from memory this one just about came good but the FS valuation was too high? - doubtless somebody will correct me if I am wrong) Just as we don't have classic cars selling for 18% of valuation we don't have medals selling for such low values - it just doesn't happen. Be interesting to see what sort of final realisation this one makes - I guess under 25% - well done FS another total horlicks I trust you have had this proof read Adrian77
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greenslime
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Post by greenslime on Oct 7, 2020 17:01:57 GMT
Was this the Royal Engineers group of which I wrote at the time -
'I'm not a medal dealer or a collector, but the valuation seems high. GSM with NI clasp and SAM awarded to a Royal Marine went for £860 at auction last year - even allowing for the fact fewer RE than RM were awarded the SAM, making it a bit rarer, I don't see how the addition of a Military MBE and the ephemera makes this group worth £6,550, let alone £20K.
But then I don't understand the whole collecting thing ...'
Just asking so that if it is I can sit here being a smug ****
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adrian77
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Post by adrian77 on Oct 7, 2020 17:11:52 GMT
not sure would be interested to know - I did reseach on some medals that were awarded during the Falklands conflict but not sure if they were
FS or *unding *ircle. Felt sad having to do this as if money can relate to what these brave soldiers have gone through but I guess money makes the world go around -
certainly does for FS because if they get 10% of £80m that is £8m and we have homeless veterans on the street- I really hope we can sue the selfish FS muppets.
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