Jaydee
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Post by Jaydee on Apr 3, 2015 9:58:37 GMT
The April payment has been shown as "Processing" for 36 hours now. Any guesses why?
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SteveT
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Post by SteveT on Apr 3, 2015 10:03:03 GMT
Happy Easter!!
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blender
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Post by blender on Apr 3, 2015 10:29:34 GMT
More complicated than that I fear. The final payment including the 220k of principal was due on 2nd and is now on retry. That loan is RBR due to a delay in the project. FC/Borrower cannot make the final payment so it will go late until it is paid. That is until sufficient funds are available from the project to pay this first tranche. Interest continues to accumulate according to the T&Cs, but I think they may have to find a way of paying that which does not involve altering the last scheduled payment.
Nothing unexpected here, just a wait.
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Jaydee
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Post by Jaydee on Apr 3, 2015 10:54:52 GMT
More complicated than that I fear. The final payment including the 220k of principal was due on 2nd and is now on retry. That loan is RBR due to a delay in the project. FC/Borrower cannot make the final payment so it will go late until it is paid. That is until sufficient funds are available from the project to pay this first tranche. Interest continues to accumulate according to the T&Cs, but I think they may have to find a way of paying that which does not involve altering the last scheduled payment. Nothing unexpected here, just a wait. I am aware that the principal on this loan will not be repaid until late May, some 6 weeks late but thought that the monthly interest would have been paid as usual. I appreciate that the program will be written to show full repayment plus interest on 2 April but would have (foolishly) expected FC to do a manual adjustment to credit lenders with the monthly interest payment.
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am
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Post by am on Apr 3, 2015 11:28:25 GMT
I had assumed that 9950 included funds to pay the interest payments on the extended duration of this and 7419. But I see that although FC promised additional monthly interest, they haven't changed the repayment schedule, at least as displayed on the loan pages. Not a problem for me (yet), since I only hold 9950, but it's another microfailure from FC.
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blender
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Post by blender on Apr 3, 2015 11:57:15 GMT
More complicated than that I fear. The final payment including the 220k of principal was due on 2nd and is now on retry. That loan is RBR due to a delay in the project. FC/Borrower cannot make the final payment so it will go late until it is paid. That is until sufficient funds are available from the project to pay this first tranche. Interest continues to accumulate according to the T&Cs, but I think they may have to find a way of paying that which does not involve altering the last scheduled payment. Nothing unexpected here, just a wait. I am aware that the principal on this loan will not be repaid until late May, some 6 weeks late but thought that the monthly interest would have been paid as usual. I appreciate that the program will be written to show full repayment plus interest on 2 April but would have (foolishly) expected FC to do a manual adjustment to credit lenders with the monthly interest payment. OK but the OP did not explain the special circumstances. FC will hold the money to pay the interest and I assume that includes the last scheduled interest payment. But they have always said that they cannot make a partial monthly payment, which is what paying the interest without the principal would be. They have to default it to have the flexibility to make recovery payments. FC will not want any of this to be losses or recoveries - especially not the £220k. So it is also possible that the interest due on 2nd May will not be paid -which FC do not have and will presumably be rolled up into the repayment of principal. It will be interesting (for those of us who sold their Harrogate) to see how this gets handled. Sure it will work out, but perhaps messily.
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Jaydee
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Post by Jaydee on Apr 3, 2015 13:03:50 GMT
blender I am aware that the principal on this loan will not be repaid until late May, some 6 weeks late but thought that the monthly interest would have been paid as usual. I appreciate that the program will be written to show full repayment plus interest on 2 April but would have (foolishly) expected FC to do a manual adjustment to credit lenders with the monthly interest payment. OK but the OP did not explain the special circumstances. FC will hold the money to pay the interest and I assume that includes the last scheduled interest payment. But they have always said that they cannot make a partial monthly payment, which is what paying the interest without the principal would be. They have to default it to have the flexibility to make recovery payments. FC will not want any of this to be losses or recoveries - especially not the £220k. So it is also possible that the interest due on 2nd May will not be paid -which FC do not have and will presumably be rolled up into the repayment of principal. It will be interesting (for those of us who sold their Harrogate) to see how this gets handled. Sure it will work out, but perhaps messily. Thanks blender. I now see the situation a bit clearer. I'm sure, reading the updates on the FC loan page, that this is only a delay as all of the apartments have been reserved with missives issued last week for settlement by mid May.
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blender
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Post by blender on Apr 3, 2015 13:32:45 GMT
I do not think there is anything to worry about. I bought a chunk of 9950 to keep (ie not discount) but it all sold at par like hot cakes. You may get nothing until mid May but then you should get it all with interest to date.
(Of course you may get a month's interest tomorrow for all I know.)
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coop
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Post by coop on Apr 9, 2015 10:56:27 GMT
New comment on 6762 today:
09 Apr 2015 Due to the circumstances surrounding this loan, the Tech team are working on a solution to distribute the additional interest to investors. We apologise for the inconvenience caused and are working to distribute this as soon as possible. We anticipate this will be actioned by early next week at the latest.
I would just not expect anything until the final payment; then anything else is gravy.
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Jaydee
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Post by Jaydee on Apr 23, 2015 9:55:18 GMT
Completion has gone back 2 weeks in the last 4 weeks, now planned for end of May. With 5 weeks to go, the services have not been installed and that could delay completion even further. Purchasers will not conclude until an Architects Certificate is issued and this can not be done until the properties are habitable i.e. all services live and tested. Kitchens being installed end of April, services, tiling, decoration and kitchen goods all to be connected after this. My guess is that this looks like a mid June repayment at best.
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Post by GSV3MIaC on May 27, 2015 16:10:17 GMT
Perhaps if Faintly Chaplin staff were to go and lie down on the tracks?? 8>.
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adrianc
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Post by adrianc on May 27, 2015 17:10:26 GMT
providing the developer can get a railway track possession to complete the water supply and drainage connections. Never an easy situation to resolve Indeed. But it IS a fairly foreseeable one, you might think. Strange how it seems to have been forgotten... You may have missed yesterday's note, though - the plumbing is being plugged in on 7th June. So give it a few days for taps to be twiddled and Flushing Checked, and job's a good 'un.
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Post by loanstar on Jun 29, 2015 10:07:37 GMT
I sent a request for an up date to Failing Customers this morning. Others may wish to do the same. Does anyone live near the development? If so does work seem to be in progress or completed recently?
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baldpate
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Post by baldpate on Jun 29, 2015 14:01:43 GMT
I've had a go at them too (fat lot will come of it, though!)
And here is the relevant extract from their recent blog post about "How the collection process works"
So, since the last comment was 26th May, they can't even stick to their own procedures.
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coop
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Post by coop on Jun 29, 2015 14:18:35 GMT
I've had a go at them too (fat lot will come of it, though!) And here is the relevant extract from their recent blog post about "How the collection process works" So, since the last comment was 26th May, they can't even stick to their own procedures. HA! They're so laughable I've stopped asking questions. On a late loan I hold the last comment was months ago saying they were going to default; I emailed them and they explained they had decided not to default the loan; nobody has ever bothered to add a comment to mention they changed their minds!
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