mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Jul 27, 2015 18:45:28 GMT
... Ive got the repaid cash ready to invest in some fine wine (if I can grab a bit) the profits of which will keep me in cheap beer. So thats all good then  Me too but there'll be a helluva rush and we'll only make enough for half a pint!! : I don't know where you live, but in rural Herefordshire the £1.50 interest earned on a £25 part of that loan wouldn't even buy half a pint! And I can't imagine the maximum bid allowed will be more than £25 when the loan is released. In fact, with a maximum of 20 parts available, I'd be very surprised if we're given any advance notice of the start time of the loan opportunity, so who gets a part is going to be a matter of happening to be looking at the website at the time it's released.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Jul 27, 2015 18:53:10 GMT
No doubt this is me just being overly cynical but, since the items already had been sent to the auction house, I can't help but wonder if the auctioneer looked at the items and suggested the auction results would be a loss for FS's lenders -- at which point FS decided that in light of the sum involved they'd rather take the hit themselves so as not to have their lenders take it on the chin. Avoiding losses is no doubt worth something to FS in PR value. What if........... the auctioneer told FS they were worth a fair bit more than the original valuation. FS buy the silverware at valuation, deduct our money and their fees and send the balance on to the borrower. Then FS separately sell the silverware for the higher valuation amount and keep the profit. Just a thought!! Wouldn't that be a violation of Treating The Customer Fairly rules? AFAIK, FS are under an obligation to sell the security for a defaulted loan at the 'market' price. One common way to establish that is with an auction. If FS sell the security any other way they need to be able to show the price was reasonable. IMHO, it wouldn't be worth the risk of someone finding out what they had done and exposing them, as that would have a very detrimental effect on their future business.
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,808 
Likes: 3,242
|
Post by jonno on Jul 28, 2015 10:16:08 GMT
Well I can't wait for the "Torpedo Sheds"  I really hope this upcoming loan doesn't get blown out of the water  I expect bidding on that loan to start buoyant and then sink rapidly when investigation reveals the security doesnt hold water Not sure I can fathom any of this 
|
|
|
|
Post by mrclondon on Jul 28, 2015 10:50:27 GMT
Something to ponder as you're sunning yourself on the beach / in the pub sheltering from the rain (delete as appropriate) : "Is the 'platform risk' at FS higher than it initially appears ?"
We have endlessly discussed the risk that if the SS platform was wound up by administrators, there is (at present) a significant risk that the shortfall (loss) on any loan would be shared between all lenders not just those notionally assigned to the loan. Whilst that particular risk doesn't apply to FS, I have some concerns as to whether on a wind up of the FS platform by a third party we would be exposed to excessive losses on the disposal of defaulting loans.
FS have been trading long enough now for us to have seen a reasonable number of defaults, and to have some understanding of the dificulties of disposing of the items at a fair value. FS staff have some experience in the field, and call on the expertise of third party valuers and auction houses as required. An administrator of FS would be primarily interested in disposing of the assets, not necessarily maximising proceeds. We saw the disastrous losses that occcured on the aboriginal art collection when FS "forgot" to tell the auction house to set reserve prices (losses made good by FS thankfully). Its not too far fetched to extrapolate that auction to all defaulted loans being disposed of by an administrator.
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,808
Likes: 3,242
|
Post by jonno on Jul 31, 2015 13:21:32 GMT
Well I can't wait for the "Torpedo Sheds" I really hope this upcoming loan doesn't get blown out of the water Just another thought on the Torpedo Sheds........ Could turn out to be a SUB prime loan?
|
|
merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
Likes: 302
|
Post by merlin on Aug 2, 2015 21:44:56 GMT
Oh well it looks like Funding Secure's run of defaults continues. yacht repair - 1343943565A loan on a Hunter Channel 32 yacht in need of some refurbishment. A full description of the boat is shown on the asset page.
31/7/15 Update
As the borrower has not responded to our contact the default notice has been sent. After the 14 day statutary wait period the loan will be formally defaulted. In the meantime we are already working on a possible sale option.
Another one of my loans. Losing track of the number of defaults I've suffered on FS. Thankfully all have been repaid in full but luck will run out eventually. I'm being very selective on which loans I invest in on Funding Secure. Now sticking to gold and jewellery. That's Pawn Broking for you in a nut shell!
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,335
Likes: 11,558
|
Post by ilmoro on Aug 4, 2015 15:29:58 GMT
Another good result from FS recoveries. Lets hope they can keep it up with some of the more difficult items 38mm Hublot - 2384067752 04/08/2015 Update
We are pleased to advise that we have been able to sell the watch at a price sufficient to repay all owed capital and interest. As a result you will receive a return as follows:
Capital Returned: 100%
Interest Returned: 100%
Effective return: 11% pa |
|
|
|
Post by Financial Thing on Aug 7, 2015 22:40:53 GMT
My pops was a pawnbroker. Defaults are just the name of the game.
With high interest comes high risk.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,335
Likes: 11,558
|
Post by ilmoro on Aug 14, 2015 13:03:04 GMT
1343943565 yacht repair now officially defaulted & boat being sold
Meanwhile ‘ torpedo sheds' seem to be taking a very long time to surface, I expect the valuation to be very cautious!
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,808
Likes: 3,242
|
Post by jonno on Aug 14, 2015 13:06:39 GMT
1343943565 yacht repair now officially defaulted & boat being sold Meanwhile ‘ torpedo sheds' seem to be taking a very long time to surface, I expect the valuation to be very cautious! FS may be taking out a floating charge against it 
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,335
Likes: 11,558
|
Post by ilmoro on Aug 14, 2015 13:16:43 GMT
1343943565 yacht repair now officially defaulted & boat being sold Meanwhile ‘ torpedo sheds' seem to be taking a very long time to surface, I expect the valuation to be very cautious! FS may be taking out a floating charge against it Hopefully they havent done the same on the yacht, unlikely to prove watertight if tested 
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,808
Likes: 3,242
|
Post by jonno on Aug 14, 2015 13:31:39 GMT
FS may be taking out a floating charge against it Hopefully they havent done the same on the yacht, unlikely to prove watertight if tested Yep; could prove astern test Not much else to do on a horrible,wet,rainy Friday afternoon is there?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,335
Likes: 11,558
|
Post by ilmoro on Aug 14, 2015 14:47:42 GMT
Hopefully they havent done the same on the yacht, unlikely to prove watertight if tested Yep; could prove astern test Not much else to do on a horrible,wet,rainy Friday afternoon is there? Ironically, Im literally waiting for paint to dry! Then I can go out in the dull but dry weather to the pub
|
|
|
|
Post by mrclondon on Aug 15, 2015 9:40:12 GMT
Potentially some bright news on the horizon for piano lenders .... there is a very good chance the second (as I type) news story "STEINWAY CONCERT GRAND . . ." on this auction house website www.pianoauctions.co.uk/news.php is referring to our piano. The estimate is well above the loan value, but slightly down on the FS valuation. I spotted an advert for the auction house in the London Standard recently so they are actively promoting themselves. Just over a month to wait now. |
|
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 Aug 15, 2015 10:59:06 GMT
It's reassuring that the piano has an auction value above the borrowing costs, but what's happened to the borrower of the "Dreamer". With an LTV of less than 6%, I'm surprised this one is in default. Could it be that some borrowers think FS will find the best auction price for their valuables, or is this one the Crime of the Century.  |
|
