shimself
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Post by shimself on Oct 14, 2019 12:01:53 GMT
The site now says the whole loan was just for the 19K (ie the amount that was so far realised), so when we come to tax time it looks like this loss won't be declared. I've written to FS
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paulb
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Post by paulb on Oct 14, 2019 12:23:39 GMT
The site now says the whole loan was just for the 19K (ie the amount that was so far realised), so when we come to tax time it looks like this loss won't be declared. I've written to FS The loan has been split into two parts, one for the two sold yachts (where a 'B' has been added to the loan number, and you can see the 19k), and one for the remaining. In the unlikely(?) event FS fail to make a full recovery, the loss should be declared on the original loan which you can then claim as a tax loss. This does seem to be how FS do it - including in cases where the borrower redeems part of the loans - one I'm in is up to J at the end of the loan number.
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shimself
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Post by shimself on Oct 14, 2019 13:41:18 GMT
The site now says the whole loan was just for the 19K (ie the amount that was so far realised), so when we come to tax time it looks like this loss won't be declared. I've written to FS The loan has been split into two parts, one for the two sold yachts (where a 'B' has been added to the loan number, and you can see the 19k), and one for the remaining. In the unlikely(?) event FS fail to make a full recovery, the loss should be declared on the original loan which you can then claim as a tax loss. This does seem to be how FS do it - including in cases where the borrower redeems part of the loans - one I'm in is up to J at the end of the loan number. Got it thanks Just to thrash it to bits, why doesn't it appear on www.fundingsecure.com/myaccount/secondary-sell-add ?
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locutus
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Post by locutus on Oct 14, 2019 15:38:46 GMT
The loan has been split into two parts, one for the two sold yachts (where a 'B' has been added to the loan number, and you can see the 19k), and one for the remaining. In the unlikely(?) event FS fail to make a full recovery, the loss should be declared on the original loan which you can then claim as a tax loss. This does seem to be how FS do it - including in cases where the borrower redeems part of the loans - one I'm in is up to J at the end of the loan number. Got it thanks Just to thrash it to bits, why doesn't it appear on www.fundingsecure.com/myaccount/secondary-sell-add ?
Email support with the suggestion.
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shimself
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Post by shimself on Oct 15, 2019 11:53:29 GMT
Email support with the suggestion.
Done so. The logic is that all the other unsellable loans are not actually defaulted (and in truth I have hopes for practically all of them)
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Post by daveshaw on Oct 30, 2019 11:02:16 GMT
Both this loan and the Elena <redacted> loan are to the same person. FS renewed the Elena loan after the the Person had been declared bankrupt and his company dissolved.
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adrian77
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Post by adrian77 on Oct 30, 2019 13:33:42 GMT
fantastic - I think this boat is still unfinished and the buyer hasn't got the readies - hopefully they will be a reasonable capital return although I have no idea how much such boats are worth although I guess more than the damn speed boats or boat which may or may not have an engine!
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squid
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Post by squid on Feb 20, 2020 11:51:30 GMT
Recent update on website. The 6 yachts were originally valued at a total of £275,000. Three were sold a while ago returning £37k to investors, the remaining three have now been sold for a total of £25k...
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adrian77
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Post by adrian77 on Feb 20, 2020 12:13:31 GMT
well done FS another fantastic return -can I ask if the £25K is net or gross as this one was in my top 40 - thanks
Thinking about it this one could have been even worse and is better than some others...
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Post by defaultinator5000 on Feb 20, 2020 16:46:48 GMT
Recent update on website. The 6 yachts were originally valued at a total of £275,000. Three were sold a while ago returning £37k to investors, the remaining three have now been sold for a total of £25k... I am no expert on marine vehicles, but £10,000 seems very low for a yacht. Then multiply that times six and my gut feeling says something's not quite right. On the other hand, at least the investors got a return. Those invested in the racing cars (myself included) will be wiped out on first charge loans.
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adrian77
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Post by adrian77 on Mar 4, 2020 14:09:50 GMT
I had this one in my top 40 - being interested I did a Quick Company search on this director and I note he is retired after a long career which does not exactly pay badly (rip-off B****ds more like). He has over 140 companies - first one I looked at had well over £1m in the P&L That said numerous others including boat builders have gone bust! So what DD did FS do - exactly! And why did they not take additional security ?
It looks like this chap is still practising (I am sure it is the same chap - right age, location etc)
if I were a betting man I would say this lender (highly qualified ex Oxford) knew exactly what he was doing and took FS for a ride - hard to believe I know...
This is redacted from his CV
here is what Warren Buffet said
Well both this one and FS are leaking boats - abandon ship baby!
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Mar 4, 2020 14:46:47 GMT
I had this one in my top 40 - being interested I did a Quick Company search on this director and I note he is retired after a long career which does not exactly pay badly (rip-off B****ds more like). He has over 140 companies - first one I looked at had well over £1m in the P&L That said numerous others including boat builders have gone bust! So what DD did FS do - exactly! And why did they not take additional security ? It looks like this chap is still practising (I am sure it is the same chap - right age, location etc) if I were a betting man I would say this lender (highly qualified ex Oxford) knew exactly what he was doing and took FS for a ride - hard to believe I know... This is redacted from his CV here is what Warren Buffet said Well both this one and FS are leaking boats - abandon ship baby! Don't worry; that's why we've got the leak-proof FCA life jacket which..glug...........glug................glug...........................glug 
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easynow
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Popcorn anyone?
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Post by easynow on Mar 4, 2020 15:04:18 GMT
I had this one in my top 40 - being interested I did a Quick Company search on this director and I note he is retired after a long career which does not exactly pay badly (rip-off B****ds more like). He has over 140 companies - first one I looked at had well over £1m in the P&L That said numerous others including boat builders have gone bust! So what DD did FS do - exactly! And why did they not take additional security ? It looks like this chap is still practising (I am sure it is the same chap - right age, location etc) if I were a betting man I would say this lender (highly qualified ex Oxford) knew exactly what he was doing and took FS for a ride - hard to believe I know... This is redacted from his CV here is what Warren Buffet said Well both this one and FS are leaking boats - abandon ship baby! Possibly the same one who owned a certain Scottish boat yard, and another boat recently discussed which looks like it is capable of nothing other than taking on water 
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shimself
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Post by shimself on Mar 4, 2020 15:12:02 GMT
I thought I had looked these up at the time and the valuations seemed to be in the right ballpark, and I did again just now (yacht type SK22) and prices run from 15,000-50,000
I think they must have been in terrible condition. Has anyone found the sale particulars for our actual yachts?
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adrian77
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Post by adrian77 on Mar 4, 2020 16:23:07 GMT
I did find them but have lost the source - from memory most were very old i.e. up to 80 years old - I know nothing about boats but I think the main problem is that they were made of wood and if not kept and maintained properly nasty things occur - I did find that price can vary hugely depending upon condition. On Pawn Stars the owner frequently told his staff not to touch boats as they were money pits - sound advice!
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