ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Jan 13, 2014 17:09:16 GMT
My oldest loan still has 13 days to go - I'm a little further behind the curve than some of you (  ) so I'll be watching with interest. On another tangent - even the ever patient Rose is getting a bit fed-up by the no-show of the 'New Year' opportunities here. And the big fine art loan from before Christmas still hasn't been activated - surely the storage facility can't still be closed for the holidays can it? The year is over 3.5% gone already - no longer 'New' from my perspective. |
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mikes1531
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Post by mikes1531 on Jan 13, 2014 22:15:34 GMT
My oldest loan still has 13 days to go - I'm a little further behind the curve than some of you ( ) so I'll be watching with interest. On another tangent - even the ever patient Rose is getting a bit fed-up by the no-show of the 'New Year' opportunities here. And the big fine art loan from before Christmas still hasn't been activated - surely the storage facility can't still be closed for the holidays can it? The year is over 3.5% gone already - no longer 'New' from my perspective. Me too! Perhaps the mention here will prompt an update from FS. I realise that we shouldn't care about this delay because FS have said they'll make a payment to replace the interest that would have been earned between 27/Dec and the day they actually activate the loan, but it would be nice to know what's going on. And the borrower must be getting concerned as well, since they're presumably still waiting for their money, and their collection is not in the art storage facility where it should be.
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mikes1531
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Post by mikes1531 on Jan 13, 2014 22:18:04 GMT
Fourteen days till the first loan reaches its term. Wonder whether the borrower will redeem or the goods will be sold...  I suppose we're due for an update here too, since more than 14 days have passed.
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bugs4me
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Post by bugs4me on Jan 13, 2014 22:43:01 GMT
Fourteen days till the first loan reaches its term. Wonder whether the borrower will redeem or the goods will be sold... I suppose we're due for an update here too, since more than 14 days have passed. And there lies the fundamental problem with FS. The terms may be attractive but you need something else to roll into otherwise those terms are no longer attractive. I'm sure FS are frantically working on this but lender/investor patience may soon start wearing a bit thin.
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andy2001
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Post by andy2001 on Jan 13, 2014 22:54:02 GMT
Fourteen days till the first loan reaches its term. Wonder whether the borrower will redeem or the goods will be sold... I suppose we're due for an update here too, since more than 14 days have passed. That one did get paid back.
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mikes1531
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Post by mikes1531 on Jan 14, 2014 2:44:21 GMT
I suppose we're due for an update here too, since more than 14 days have passed. That one did get paid back. Thanks for the update. So now the dilemma... Do you leave the money in FS and hope there'll be an opportunity to reinvest it? Or do you take it out because there's been so little activity? (If I'm reading elljay's charts correctly, it looks like it's been over three weeks since there was a loan to invest in).
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andy2001
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Post by andy2001 on Jan 20, 2014 0:47:33 GMT
Loan 062486832 now seems like it's due to be in default. I was showing 0 days now it's saying 1 day left but with payment due on 19th.
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mikes1531
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Post by mikes1531 on Jan 20, 2014 4:15:15 GMT
Loan 062486832 now seems like it's due to be in default. I was showing 0 days now it's saying 1 day left but with payment due on 19th. It might be a programming error, whereby the current date is subtracted from the due date to calculate the days left and the programmer didn't consider the sign (+/-) of the result because they didn't consider the possibility that the current date could be after the due date. If it isn't fixed during Monday, watch it after midnight and see if it changes on Tuesday from 1 day left to two days left. The fact, however, is that it's overdue. Hopefully you'll hear from FS very shortly whether the borrower is wanting to try to extend the loan or whether it looks like they (FS) are going to have to sell the security in order to recover lenders' -- and their own -- money. If the latter, a lot of people will be watching the process with high interest.
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andy2001
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Post by andy2001 on Jan 20, 2014 16:11:54 GMT
Well that one has just been paid. I have 2 more about to be due.
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Post by fundingsecure on Jan 20, 2014 17:46:47 GMT
Loan 062486832 was repaid today. In our terms and conditions, we give the borrower 7 days leeway before starting default procedures. That, together with the fact that the loan sometimes falls due at the weekend, means that its not necessarily the case that, once the days due hits zero, we will immediately enforce procedures.
We attempt to contact the borrower three weeks before the due date to understand their intentions so we have a fair idea as to whether we will place the loan in default. It looks like we will have some renewals coming up in the next 7 days.
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) so I'll be watching with interest.
