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Post by webbski9 on Jan 17, 2017 13:53:33 GMT
This saga is War & Peace Mk2.........................but,I remain hopeful
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09dolphin
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Post by 09dolphin on Jan 17, 2017 15:41:27 GMT
As FS said that all legals were complete on a previous update a couple of weeks ago I can't understand why there continues to be a delay. Perhaps the lawyers don't know you can transfer funds within 1 hour and are sending a cheque!!!
What is good in my view is that if all risk of default has vanished I'm getting a great rate of interest for money with no risk and, as long as interest continues to accrue, long may the delay continue
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ozboy
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Post by ozboy on Jan 17, 2017 17:01:39 GMT
As per the question I posed, I am almost definitely sure that in the past, on at least one Loan, the Solicitor involved categorically promised FS (as FS duly relayed to us) something like "We are in receipt of the funds and will be forwarding them forthwith." And the money never arrived. I truly hope this is not the case here.
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Steerpike
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Post by Steerpike on Jan 17, 2017 17:02:42 GMT
Progress has been made
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ozboy
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Post by ozboy on Jan 18, 2017 14:35:49 GMT
Delay in funds transferring to us is because "The Solicitor is checking very complex Title Deeds etc." before releasing. Shall we start a Book on when (if) the funds are released and withdrawable from FS?  ? |
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09dolphin
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Post by 09dolphin on Jan 18, 2017 16:49:41 GMT
I assume that FS found the title deeds adequate at the time they agreed to publish the loan on their website. Is the borrower playing fast and loose by offering security that is basically worthless? What exactly are FS doing about it? It would be good to know. When I spoke to Daisy today in a web chat about this loan she basically repeated the content of the updates since Xmas = not exactly helpful or informative.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 18, 2017 17:31:36 GMT
And why are they only checking the complex deeds now that money is changing hands? My understanding of a solicitors role is to do all the checks to ensure the object or commodity matches the description and is free from encumberance on behalf of their customer and advise early on if there is an issue.
Certainly a loan that's dragged on. Hope funds are released soon for all investors.
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ozboy
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Post by ozboy on Jan 18, 2017 19:38:21 GMT
Hope ...................................................... springs eternal.
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mikes1531
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Post by mikes1531 on Jan 18, 2017 21:40:43 GMT
In reading the latest update, I presumed that FS legal people were happy with the deeds at the time they took on the loan, and that the additional legal work now required is by the new lender.
Do I have that wrong?
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ozboy
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Post by ozboy on Jan 19, 2017 16:54:18 GMT
Whatever is going on, there are STILL no funds today.  No, I think you might have it right mikes1531, still not an excuse for the money to be held up.
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Steerpike
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Post by Steerpike on Jan 19, 2017 17:35:05 GMT
Signs remain positive
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ozboy
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Post by ozboy on Jan 19, 2017 18:42:49 GMT
Wot, for The Boatyard, Steerpike??  No, wait a minute, The Boatyard was Defaulted. Finally. |
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ozboy
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Post by ozboy on Jan 20, 2017 15:02:41 GMT
3pm and no "Funds Received" email, I'm now turning purple from holding my breath.
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Steerpike
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Post by Steerpike on Jan 20, 2017 15:49:34 GMT
Interest continues to accrue
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ozboy
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Post by ozboy on Jan 20, 2017 16:09:59 GMT
I love you Steerpike  |
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?
No, wait a minute, The Boatyard was Defaulted.