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Post by profunder on Sept 18, 2015 18:23:34 GMT
Actually, the reserve was set so as to recover capital, interest and fees. In fact, the sale was slightly below the reserve price. This is at the auctioneer’s discretion who diverts part of the buyer’s premium to get us back to the reserve. This is common practice as the auctioneer comes away with something rather than nothing. FundingSecure Thank you for the explanation and your contact today. It is clear you took actions to get the best possible price and I'm feeling much happier now I understand everything. Lets get this back on track then: "Another wonderful result for the Funding Secure collections team"That's the import point, there has been some worries but yet again its proven that FundingSecure have made investors money. More importantly to me is that unlike others when loans are late/overdue the recovery is including the extra interest due. Therefore time and time again investors almost benefit from defaults and actually make a profit! Where else is that true  My confidence is in FundingSecure, the returns are great and they deliver. What else do you need! A very happy customer
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chrisf
Member of DD Central
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Post by chrisf on Sept 18, 2015 19:04:02 GMT
profunder, you're not a fan of neo-expressionist art are you?
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Post by profunder on Sept 18, 2015 21:27:05 GMT
profunder, you're not a fan of neo-expressionist art are you? Unfortuantley I know so little about art that I don't even know what neo-expressionist means. Is that the loan know as "Print" with the low ltv or the other one settled at 70%? The piano was much easier to understand, you play the strings and the horn makes a sound ;~}
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chrisf
Member of DD Central
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Post by chrisf on Sept 19, 2015 10:23:51 GMT
profunder, you're not a fan of neo-expressionist art are you? Unfortuantley I know so little about art that I don't even know what neo-expressionist means. Is that the loan know as "Print" with the low ltv or the other one settled at 70%? The piano was much easier to understand, you play the strings and the horn makes a sound ;~} It's the loan (now loans) settled at 70% and no interest, with a hopefully-above-0% chance of further recoveries in the future.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Sept 19, 2015 12:29:10 GMT
Thank you for the explanation and your contact today. It is clear you took actions to get the best possible price and I'm feeling much happier now I understand everything. Lets get this back on track then: "Another wonderful result for the Funding Secure collections team"That's the import point, there has been some worries but yet again its proven that FundingSecure have made investors money. More importantly to me is that unlike others when loans are late/overdue the recovery is including the extra interest due. Therefore time and time again investors almost benefit from defaults and actually make a profit! Where else is that true My confidence is in FundingSecure, the returns are great and they deliver. What else do you need! A very happy customer Interest payments on this loan stopped on the 17th and repayment of the loan is planned for around 8th October. During this period no interest will be paid. So 21 days of lost interest for lenders. Another financial scandal. It looks as if the auction house is out of order. They charge buyers interest if payment is not settled by end of next day. Then they take 21 days to pay the seller. What happens if the auction house goes bust in the meantime ?
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Post by profunder on Sept 19, 2015 13:40:33 GMT
Interest payments on this loan stopped on the 17th and repayment of the loan is planned for around 8th October. During this period no interest will be paid. So 21 days of lost interest for lenders. That's not good! You expect a few days, but not 21. What happens if the auction house goes bust in the meantime ? You would be an unsecured creditor. If the auction house doesn't have debt (which it shouldn't) you would probably get the money anyway, but not certainly.
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coop
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Post by coop on Sept 23, 2015 13:12:49 GMT
Good news!
Earlier today I realised I was in on an 8 series bimmer which had defaulted 11/9/15.
A few hours later, this: "23/09/2015 UPDATE
A sale has been agreed for the BMW and are waiting for funds to be transfer."
Huzzah!
Doesn't indicate a price but hoopefully should be a full recovery...
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mikes1531
Member of DD Central
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Post by mikes1531 on Sept 23, 2015 13:23:51 GMT
Good news! Earlier today I realised I was in on an 8 series bimmer which had defaulted 11/9/15. A few hours later, this: "23/09/2015 UPDATE A sale has been agreed for the BMW and are waiting for funds to be transfer." Huzzah! Doesn't indicate a price but hoopefully should be a full recovery... There was a similar update for 1357606196 today... "A sale has been agreed for the caravan and are waiting for funds to be transfer." So I guess we have to wait a bit longer to find out whether the proceeds of these sales will be sufficient to cover all that we are owed, or whether we will end up short.
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coop
Member of DD Central
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Post by coop on Sept 23, 2015 13:51:50 GMT
THere's also the Aston which was due today...
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mikes1531
Member of DD Central
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Post by mikes1531 on Sept 23, 2015 14:09:40 GMT
There also was an update today on the Aston Martin - 3196540651
"Default notice has been sent to the borrower. If funds are not received by the end of the statutory 14 day grace period following issuing a default letter, arrangments will be made for the the vehicle to be sold."
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Bagman
Member of DD Central
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Post by Bagman on Sept 25, 2015 13:54:40 GMT
Update today on the BMW...
25/09/2015 Update
We are pleased to advise that we have been able to sell the car 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: 13% pa
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mikes1531
Member of DD Central
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Post by mikes1531 on Oct 1, 2015 16:53:57 GMT
Have I missed an update on 'The 'Dreamer' artwork? (Loan 2814925719) The last entry on this loan's web page, dated 25/Aug, was... "We intend, in any event, to finalise the choice of auction for this unique artwork in the near future. A further update will be made shortly once the situation has been clarified."
Has anyone heard anything further? If not, perhaps fundingsecure would be so kind as to let us know what's happening.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 7, 2015 21:20:12 GMT
Overdue loans1565129578
| Persian Carpets
| 14/11/15
| Default
| 3/6 Still working towards sale 27/5 Expect sale to be completed next week 20/5 One offer, waiting for another
| 2198963072
| London Parking
| 24/12/15
| Default
| 3/6 Met with reciever, discussions with landlord about options for sale or lease 27/5 Still waiting for LPA report
| 2590226792
| Carpets
| 24/12/15
| Default
| 3/6 Still working towards sale 27/5 Expect sale to be completed next week 20/5 One offer, waiting for another
| 1922610905
| Scottish Boatyard
| 16/1/15
| Default
| 3/6 Met with receiver, has documents, forming strategy 27/5 Borrower still promising repayment/refinance, FS continuing with receivers 20/5 Meeting with borrower 23/5, receivers appointment pending
| 1442701959
| S Wales Property
| 7/2/16
| Extend
| 3/6 Further delays, fund originator cant provide timescale, meeting with all parties this week 27/5 Funds delayed by banking, confident of repayment shortly 20/5 Funds to pay expected w/c 23/5, proof of funds seen, funds to cover interest held
| 1740709902
| S Wales Property 2
| 3/3/16
| Extend
| 3/6 Further delays, fund originator cant provide timescale, meeting with all parties this week 27/5 Funds delayed by banking, confident of repayment shortly20/5 Funds to pay expected w/c 23/5, proof of funds seen, funds to cover interest held
| 1623221359
| Bexley Heath Property
| 23/3/16
| Extend
| 3/6 On target for 8/6 27/5 Completion 8/6, funds after. 20/5 Funds to renew after sale of another property due shortly
| 1407757103
| Hublot Watch
| 6/5/16
| Extend
| 27/5 Repayment end of next week 6/5 30 day extension to allow repayment
| 2891725647
| Telford Property
| 13/5/16
| Extend
| 13/5 30 day extension, interim part interest payment received
| 1869622795
| NI Property
| 17/5/16
| Pending
| 3/6 Awaiting confirmation of funds transfer 27/5 Evidence of funds, expect renewal next week 20/5 Funds to renew expected w/c 23/5
| 1419559599
| Rolex Oyster
| 25/5/16
| Late
| 27/5 Default notice sent
| 4328042237
| Development Burnham on Sea
| 31/5/16
| Late
| 3/6 Half interest due Fri, borrower to confirm if can pay rest 27/5 Renewing
| 1903948883
| Industrial Wrapping Machine
| 3/6/16
| Pending
| 3/6 In discussion about sale to repay loan
| 2522182603
| Artwork
| 2/6/16
| Pending
| 3/6 Awaiting renewal funds
| 2673729860
| Toy Car
| 2/6/16
| Late
| 2/6 Default notice sent
| 1558648593
| Omega Seamaster
| 4/6/16
| Pending
| 3/6 Awaiting renewal funds
| 2622832550
| Morayshire Property
| 4/6/16
| Pending
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| 3059445627
| Powerboat loan 2
| 5/6/16
| Pending
| 3/6 Renewing shortly
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 8, 2015 14:10:03 GMT
Well fundingsecure, are we likely to receive our money for this loan today. It is now 21 days since that auction and that is 21 days without interest! Message from online help at FS................" Yes, it should be completed later today - funds arrived this morning." Its just repaid. Im back in profit after bad debt (excluding accrued)  Well until the Aston formally defaults today 
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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
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Post by ilmoro on Oct 8, 2015 15:07:06 GMT
Ah, but we don't have defaults anymore, just unredeemed loans. That'll help the stats! Piano is actually flagged as defaulted, dont know if thats because FS werent able to recover all costs (new T&Cs schedule) or the delay in repayment meant we lost 3 weeks interest. No clarifying comment. added
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Well until the Aston formally defaults today 
