|
|
Post by earthbound on May 19, 2016 17:43:04 GMT
South Wales property
I note the update re the 1st loan (delay in payment but it is expected by the end of this week). No update for 2nd loan. I assume this borrower intends to repay 1st loan by the end of the week as per the update and, as there is no update for the 2nd loan, should we assume that the update on 13/05 still applies. Specifically that there will be repayment on 16th or 17th of this month!!!!!!
Makes me wonder if this borrower is a relative of Boaty McBoatface.
simple answer is ask FS .. You will get ignored.. But at least you tried. 
|
|
|
|
Post by earthbound on May 19, 2016 17:45:57 GMT
Didn't you know? These are only worth 50p. You shouldn't write this stuff, it's been playin on my mind.. Been out tonight chatting to a couple from Motherwell, and I actually asked them.  Thankfully you were wrong. Edit ... its tonight here
|
|
|
|
Post by mrclondon on May 22, 2016 17:32:29 GMT
South Wales property
I note the update re the 1st loan (delay in payment but it is expected by the end of this week). No update for 2nd loan. I assume this borrower intends to repay 1st loan by the end of the week as per the update and, as there is no update for the 2nd loan, should we assume that the update on 13/05 still applies. Specifically that there will be repayment on 16th or 17th of this month!!!!!!
Makes me wonder if this borrower is a relative of Boaty McBoatface.
I think with these its a case of keeping finger and toes firmly crossed. The recent reviews of the hotel are uniformly dire - essentially all caused by hopelessly inadequate levels of staffing.
Latest loan update 20th May "Funds have not yet been received and are now due early next week. To remind investors - we have proof of funds to fully repay the loan, including the additional interest."
So keep those fingers and toes firmly crossed.
It appears the staffing crisis noted in the hotel reviews is due to the "hotel management company" (so described by the local media) as having gone bust earlier this month after court action against them for an unpaid electricity bill (> £10k owed). Local media reports the hotel as now having closed less than a year since it reopened following the previous administration.
EDIT: Further research suggests The Gazette notice of the creditors meeting for the hotel management company was published on 5th May 16 (but dated 28th April ?), with the creditors meeting held on 16th May 16. Also of interest is this failed management company has a common director with the hotel management company behind the Lancaster Hotel FS has lent to, which is also attracting dire reviews, and is now slightly late with one of its loans. For clarity I should add that its probable possible that neither of these operating companies are the borrower(s) we have lent funds to.
EDIT 2: Also see this subsequent post I've made in the Lancaster Hotel thread that explains a bit more about the unpaid electricity bill and its possible consequence for the valuation of the security, and my conclusion that the borrower behind these loans is an asset stripper.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,336 
Likes: 11,559
|
Post by ilmoro on May 24, 2016 15:09:55 GMT
Full recovery on the Breitling Bentley 2185286730 and in quick time too  |
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on May 24, 2016 16:58:09 GMT
And the Range Rover HSE (loan 6105776089) has also now been recovered in full.  |
|
tomtom
Member of DD Central
Posts: 262
Likes: 39
|
Post by tomtom on May 25, 2016 10:48:59 GMT
I think with these its a case of keeping finger and toes firmly crossed. The recent reviews of the hotel are uniformly dire - essentially all caused by hopelessly inadequate levels of staffing.
Latest loan update 20th May "Funds have not yet been received and are now due early next week. To remind investors - we have proof of funds to fully repay the loan, including the additional interest."
So keep those fingers and toes firmly crossed.
It appears the staffing crisis noted in the hotel reviews is due to the "hotel management company" (so described by the local media) as having gone bust earlier this month after court action against them for an unpaid electricity bill (> £10k owed). Local media reports the hotel as now having closed less than a year since it reopened following the previous administration.
EDIT: Further research suggests The Gazette notice of the creditors meeting for the hotel management company was published on 5th May 16 (but dated 28th April ?), with the creditors meeting held on 16th May 16. Also of interest is this failed management company has a common director with the hotel management company behind the Lancaster Hotel FS has lent to, which is also attracting dire reviews, and is now slightly late with one of its loans. For clarity I should add that its probable possible that neither of these operating companies are the borrower(s) we have lent funds to. I keep getting new emails telling me about new loans which are arriving on this site, but never receive emails telling me that there are problems with any of my existing loans, this is one of the reasons why I have reduced my investment on this board as they are very quick to tell us of the opertunity to invest money but never tell us when there is problem with an existing loan.
|
|
09dolphin
Member of DD Central
Posts: 638 
Likes: 866
|
Post by 09dolphin on May 26, 2016 13:16:38 GMT
Almost all my loans are now set for repayment at term as I've lost confidence in FS.
With the 6 loans I have that are late + the boatyard loan FS have expressed confidence in all repaying, usually by "next week" which never arrives. With a little more openness and honesty I may have still trusted FS but they choose to take the position that all borrowers are being totally honest and open when they state that they have funds ready to transfer to repay interest.
In my opinion they were great when dealing with pawn broking but have left an awful lot to be desired when they started concentrating on property loans.
There are other P2P lenders I can lend money with who are better dealing with the property market IMHO
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,336
Likes: 11,559
|
Post by ilmoro on May 28, 2016 10:57:05 GMT
The two wine loans have both been recovered in full after auction
|
|
|
|
Post by earthbound on May 31, 2016 17:21:05 GMT
Sailing things are ending 1/6/16 tomorrow, no updates on what's happening, info from FS this morn says borrower will be renewing sometime this week.
|
|
09dolphin
Member of DD Central
Posts: 638
Likes: 866
|
Post by 09dolphin on Jun 1, 2016 17:16:49 GMT
Worrying that the South Wales loan repayment (already significantly late) has been held up since last Friday by a bank! But no worries as FS are confident the loan will be repaid this week.
Seem to recall they expressed the same confidence with the Scottish Boatyard loan which has defaulted.
|
|
|
|
Post by ravado on Jun 4, 2016 12:03:57 GMT
I share your concern. I have been caught already by the boatyard and am invested in both the South Wales loans. FS now has a big question mark as far as I am concerned. Too may property loans available and an overloaded secondary market. Let's hope my gut feeling is wrong!  |
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,336
Likes: 11,559
|
Post by ilmoro on Jun 4, 2016 15:01:40 GMT
If anyone sees Noddy, tell him to cough up 2673729860 Toy Car Default notice sent |
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Jun 7, 2016 12:26:08 GMT
Just had a look at my loan book and realised that some 17 loans or 22% of the value of the loan book are past redemption date. I am confident of full recovery with a few exceptions. It does make you think though. Do people leave things until the last minute, do they forget or are they strapped for cash? I am also minded to ask if the volume of late paying loans is a little too high.
|
|
jimbob
Member of DD Central
Posts: 317
Likes: 74
|
Post by jimbob on Jun 8, 2016 9:40:20 GMT
Tic Toc - default notice for a Hublot watch.
|
|
|
|
Post by scores on Jun 8, 2016 12:16:53 GMT
Worrying that the South Wales loan repayment (already significantly late) has been held up since last Friday by a bank! But no worries as FS are confident the loan will be repaid this week.
Seem to recall they expressed the same confidence with the Scottish Boatyard loan which has defaulted. Am getting more concerned about these 2 South Wales loans now...We were promised an update after yesterday's meeting between all parties.Have just spoke to FS on chat and it appears they are going to keep us waiting until Friday now to let us know what is happening.If there was any good news,I think they would have told us today.
|
|
Thankfully you were wrong. 
