Jaydee
Member of DD Central
Posts: 417
Likes: 791
|
Post by Jaydee on Apr 1, 2015 8:49:18 GMT
Another Loan where discussions are ongoing regarding repayment. Now 2 loans not repaid in as many days. Hope this has a happy ending. Not sure how quickly these paintings would sell on the open market.
|
|
hendragon
Member of DD Central
Posts: 631 
Likes: 619
|
Post by hendragon on Apr 1, 2015 9:09:47 GMT
I seem to recall this loan was listed as comming up for renewal. It now seems to have vanished from the list.
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,806
Likes: 3,237
|
Post by jonno on Apr 1, 2015 10:10:01 GMT
Were these paintings copies or aboriginals?...................................Oh shut up  |
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Apr 1, 2015 11:33:23 GMT
I seem to recall this loan was listed as comming up for renewal. It now seems to have vanished from the list. It has indeed. Interesting. The old loan still has the note "In Discussion with borrower regarding renewal - to be updated at "7 day grace period" if funds not transferred", but perhaps fundingsecure just have not updated that page yet. Stay tuned for further developments.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Apr 1, 2015 11:42:45 GMT
Were these paintings copies or aboriginals?...................................Oh shut up Oh, dear!  Losing the will to live! I need sustenance!  Oooooh!
|
|
Jaydee
Member of DD Central
Posts: 417
Likes: 791
|
Post by Jaydee on Apr 11, 2015 10:16:42 GMT
I seem to recall this loan was listed as comming up for renewal. It now seems to have vanished from the list. It has indeed. Interesting. The old loan still has the note "In Discussion with borrower regarding renewal - to be updated at "7 day grace period" if funds not transferred", but perhaps fundingsecure just have not updated that page yet. Stay tuned for further developments. Funding secure update " 10/4/15 UPDATE
Whilst the borrower is still hopeful that they can pay the interest, we have nonetheless issued a default notice and booked the items into auction on 8 May."
|
|
ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Apr 11, 2015 15:07:23 GMT
It has indeed. Interesting. The old loan still has the note "In Discussion with borrower regarding renewal - to be updated at "7 day grace period" if funds not transferred", but perhaps fundingsecure just have not updated that page yet. Stay tuned for further developments. Funding secure update " 10/4/15 UPDATE
Whilst the borrower is still hopeful that they can pay the interest, we have nonetheless issued a default notice and booked the items into auction on 8 May." Thanks for drawing this to our attention jd. That should concentrate the borrower's 'hopeful' mind a bit anyway. And I'm glad it isn't a 3 month wait for auction like has been inexplicably necessary for a few trinkets of jewellery in the past.
|
|
|
|
Post by mrclondon on May 4, 2015 10:29:07 GMT
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
|
Post by sqh on May 4, 2015 11:15:54 GMT
When presented to lenders it was described as, "A collection of 8 stunning pieces of native Australian art" If this one goes wrong, perhaps we need to refer to the Trades Descriptions Act.
|
|
|
|
Post by mrclondon on May 4, 2015 11:33:53 GMT
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on May 4, 2015 12:25:32 GMT
I wonder who, in FS, is responsible for accepting valuations for art works. We may be surprised, though I am surprised at the auctioneer's lowly estimate for starting prices, and FS accepting those estimates.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
|
Post by sqh on May 4, 2015 14:09:57 GMT
I think it's time that FundingSecure got all new items valued by named auction houses, rather than unaccountable clandestine fairytale valuers.
|
|
|
|
Post by tybalt on May 4, 2015 16:08:34 GMT
|
|
|
|
Post by mrclondon on May 4, 2015 22:59:32 GMT
It gets worse, at least 3, and possibly 4 of the 8 paintings have typos in the artist's names on the online catalogue. The correct spellings, as far as I can tell, for these following lot no. artists are: 1054 Alice Napangardi 1055 Colin Dixon Tjapanangka 1059 Leslie Tjampitjinpa 1053 Inkamala ?? This raises a few very serious questions: a. why is the auctioneer not able to get the artists names correct ? b. has the auctioneer actually verified the providence provenance of these paintings ? c. why do only 2 of the lots have associated images ? d. why haven't fundingsecure picked up these issues themselves ? I'm not convinced this auctioneer is working in our best interest, by providing incorrect/incomplete details in the online catalogue Whilst I haven't done an exhaustive online search, I have found no data that would assist with verifying the providence provenance of any of these paintings.
|
|
|
|
Post by bracknellboy on May 5, 2015 8:04:24 GMT
mrclondon: One would hope that the auctioneer is not relying on providence but could benefit from determining the provenance....
|
|
