sundown
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Post by sundown on Jan 29, 2021 11:25:29 GMT
This will be interesting!
FS email today: "The first quarterly updates on all live loans will be posted to the platform today."
Many loans have not been updated for many months. So will there be anything meaningful?
Don't hold your breath!
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james100
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Post by james100 on Jan 29, 2021 11:47:21 GMT
This will be interesting! FS email today: "The first quarterly updates on all live loans will be posted to the platform today." Many loans have not been updated for many months. So will there be anything meaningful? Don't hold your breath! Well Glen****** is a shower of sh*t. In a sh*ck to absolutely no-one.
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sundown
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Post by sundown on Jan 29, 2021 11:56:26 GMT
First update on one of my loans: "The position remains as per the previous update."
I predict there'll be a lot more like that!
What are the administrators actually doing?
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r1200gs
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Post by r1200gs on Jan 29, 2021 12:12:59 GMT
First update on one of my loans: "The position remains as per the previous update." I predict there'll be a lot more like that! What are the administrators actually doing? Working out how to keep as much money as possible.
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tony9239
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Post by tony9239 on Jan 29, 2021 12:24:22 GMT
This will be interesting! FS email today: "The first quarterly updates on all live loans will be posted to the platform today." Many loans have not been updated for many months. So will there be anything meaningful? Don't hold your breath! Well Glen****** is a shower of sh*t. In a sh*ck to absolutely no-one. If I may paraphrase the Glen****** update: "The solicitor appointed by FS claimed they did something - issued some notice or other (no doubt to justify their fees) - but it seems there is no official record of it, so it will have to be done again. The incompetance of those solicitors has cost lenders significant delays and funds, but the Administrator (who was appointed 14 months ago) has only just noticed. Their solution is to appoint another solicitor who will now take ages to review the case and rack up yet more fees." Nice one CG&**
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aj
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Post by aj on Jan 29, 2021 12:42:11 GMT
Quarterly updates on all live loans does sound brilliant compared to what we've been getting.
What's happened for the administrators to suddenly promise such an improvement of service? I mean I don't expect we'll receive it, but why get our hopes up like that?
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adrian77
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Post by adrian77 on Jan 29, 2021 13:29:56 GMT
Here is one of my updates - brilliant
I have zero confidence in this borrower's guarantee - beside it is peanuts compared to the £6+m loan total - so glad to hear the administrators are going to be coining it in for at least another year...
well I guess the above update is better than nothing but not a lot...
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taffy
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Post by taffy on Jan 29, 2021 14:19:52 GMT
This will be interesting! FS email today: "The first quarterly updates on all live loans will be posted to the platform today." Many loans have not been updated for many months. So will there be anything meaningful? Don't hold your breath! Wow, one of the updates states "there appears to be flaws in the initial valuations obtained by FS prior to lending".Who would have though? I would be more surprised if a valuation was not flawed and inflated. Still, the quarterly updates are a step forward in the right direction - better than nothing.
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adrian77
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Post by adrian77 on Jan 29, 2021 14:34:54 GMT
surely not - this must be a mistake as FS was run by property professionals - don't forget - "organic grqwth - it's a process".
FS were totally professional highly moral and very skilled in what they did! I think this is fake news and I blame the Russians for hacking into their
system...tempted to blame the EU but that might be pushing it!
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sundown
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Post by sundown on Jan 29, 2021 15:11:30 GMT
Quarterly updates on all live loans does sound brilliant compared to what we've been getting. What's happened for the administrators to suddenly promise such an improvement of service? I mean I don't expect we'll receive it, but why get our hopes up like that? Yes, I wonder why the administrators are suddenly, and unexpectedly, promising quarterly updates on all "live" loans? They've had the information to update most of these loans a long time ago, but chose not to - why? Just what are we paying them for?
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Post by timsykes on Jan 29, 2021 15:30:08 GMT
Certainly looks like they're going to update ALL loans in one hit today.
The last one I read was a shocker: borrower was lent £938,000, but is hoping this will all go away by making a full and final offer of ... wait for it ... *£2,500*!
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Post by blackdog on Jan 29, 2021 16:05:08 GMT
This is beyond a joke, out of approximately 20 "loans" outstanding, only 1 has any intention of actually paying a normal amount back, as this is amounting to what i can pretty reasonably claim to be criminal activity, so i shall resort to doing what i do best, bugger the consequences and i shall expect a knock on my door from boys in blue.
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Mousey
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Post by Mousey on Jan 29, 2021 17:09:33 GMT
This was the Lendy way of doing updates - release them all at once so the bad news gets quickly buried and it enables them to bat off any investor query "wait until next quarter"
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Post by multiaccountmanager on Jan 30, 2021 16:16:06 GMT
This is beyond a joke, out of approximately 20 "loans" outstanding, only 1 has any intention of actually paying a normal amount back, as this is amounting to what i can pretty reasonably claim to be criminal activity, so i shall resort to doing what i do best, bugger the consequences and i shall expect a knock on my door from boys in blue. Do you have any tips for us?
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adrian77
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Post by adrian77 on Jan 30, 2021 17:56:05 GMT
I share this sentiment but please be careful and here's why - we are not exactly convinced FS have acted legally here - if it goes to court their snidy lawyers will try every cheap trick in the book to try and show them as victims of unwarranted threats - yes I know it is ridicilous but have you ever been to court?
I am in dispute over a broken contract and they claimed I intimidated them ! I am far too nice, far too old and far too intelligent and luckiiy the judge threw this out but he did not have to do this - you take my point.
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