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Post by fundingsecure on Oct 20, 2015 11:58:34 GMT
Unfortunately we are cancelling the loan for the development land in Somerset.
Due to an unforeseen complication, the borrower has decided not to proceed with the acquisition of the land and therefore the loan is being cancelled.
We have emailed all investors in this loan to advise them that the equivalent of 7 days of interest will be credited to their account as an ex gratia payment.
FundingSecure
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Post by Deleted on Nov 4, 2015 14:43:23 GMT
Thank you for informing us
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SteveT
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Post by SteveT on Nov 4, 2015 16:34:05 GMT
I couldn't work out why my month-end FS reconciliation was £2.30 out until I spotted that the ex-gratia payment had been added as an account credit rather than as interest. I guess I'll treat it as akin to Cashback on FC (ie. paid by the platform as a bonus for investing rather than by the borrower).
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jimbob
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Post by jimbob on Nov 5, 2015 11:29:18 GMT
Taxman won't be able to claim his tuppence ha'penny either  |
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Investboy
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Post by Investboy on Jan 18, 2016 15:08:23 GMT
Another cancelled loan bites the dust: London Flat - E1. No interest for 30 days...  There should be some penalties for such behaviour and at least some of the interests paid do investors. |
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SteveT
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Post by SteveT on Jan 18, 2016 15:18:11 GMT
Another cancelled loan bites the dust: London Flat - E1. No interest for 30 days... There should be some penalties for such behaviour and at least some of the interests paid do investors. On the plus side, Llanelli is to start paying interest from today
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ben
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Post by ben on Jan 18, 2016 15:26:37 GMT
At least they kept us informed and they have a limit rather then just going on for ever like some sites do
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mikes1531
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Post by mikes1531 on Jan 18, 2016 16:45:37 GMT
At least they kept us informed and they have a limit rather then just going on for ever like some sites do Have fundingsecure kept us informed? Have we had an email saying the loan has been cancelled? I noticed that my balance has increased, but when I checked my account statement the only activity I see today relates to this morning's renewal of the Italian book loan. Based on what I see in my account records, I haven't a clue what happened to cause my balance to change. 
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SteveT
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Post by SteveT on Jan 18, 2016 16:49:21 GMT
At least they kept us informed and they have a limit rather then just going on for ever like some sites do Have fundingsecure kept us informed? Have we had an email saying the loan has been cancelled? I noticed that my balance has increased, but when I checked my account statement the only activity I see today relates to this morning's renewal of the Italian book loan. Based on what I see in my account records, I haven't a clue what happened to cause my balance to change. Last I looked, the funds were still yet to be returned but there is a new note on the loan.
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ben
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Post by ben on Jan 18, 2016 16:53:14 GMT
At least they kept us informed and they have a limit rather then just going on for ever like some sites do Have fundingsecure kept us informed? Have we had an email saying the loan has been cancelled? I noticed that my balance has increased, but when I checked my account statement the only activity I see today relates to this morning's renewal of the Italian book loan. Based on what I see in my account records, I haven't a clue what happened to cause my balance to change. They might not send an email but when you log and look at loans awaiting activation they usually put something in there in this case they posted something last week stating if it was not completed by today then it would be cancelled
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mikes1531
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Post by mikes1531 on Jan 18, 2016 18:52:56 GMT
Last I looked, the funds were still yet to be returned but there is a new note on the loan. How long ago was that? Can you still see it? If so, where? Have fundingsecure kept us informed? Have we had an email saying the loan has been cancelled? I noticed that my balance has increased, but when I checked my account statement the only activity I see today relates to this morning's renewal of the Italian book loan. Based on what I see in my account records, I haven't a clue what happened to cause my balance to change. They might not send an email but when you log and look at loans awaiting activation they usually put something in there in this case they posted something last week stating if it was not completed by today then it would be cancelled At this point I can find no trace of the loan on the website. I suspect the info is still there, but there are no links to it because it isn't an upcoming loan or a completed one. And if a loan never was activated, there's no trace of it in your account activity statement. Does anyone remember what the loan number was? I may be misremembering, but rather than "stating if it was not completed by today then it would be cancelled" as ben recalls, I thought the note was more like what they put into the Llanelli loan, which was... I suppose that if a loan awaiting activation vanishes we can presume that they decided to cancel it, but I still think fundingsecure should tell people what they've done. Their investors shouldn't have to check every upcoming loan every day to see if there's been a message added, and keep notes about all of those so that when something disappears they can work out what might have happened. The only thing I have to go on is a feeling that there's more money available in my account than I expected. I have nothing, other than this forum, to confirm or deny whether my feeling is justified -- or, for that matter, how much I committed to that loan. I note that in the first message in this thread, when taking about a different cancelled loan, FS wrote "We have emailed all investors in this loan...". Maybe they just haven't got around to telling people what happened to the London Flat loan yet.
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SteveT
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Post by SteveT on Jan 18, 2016 18:58:57 GMT
Just checked again and funds now look to be back in my account (or rather, available again since they never left it)
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ilmoro
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Post by ilmoro on Jan 18, 2016 19:06:17 GMT
Last I looked, the funds were still yet to be returned but there is a new note on the loan. How long ago was that? Can you still see it? If so, where? They might not send an email but when you log and look at loans awaiting activation they usually put something in there in this case they posted something last week stating if it was not completed by today then it would be cancelled At this point I can find no trace of the loan on the website. I suspect the info is still there, but there are no links to it because it isn't an upcoming loan or a completed one. And if a loan never was activated, there's no trace of it in your account activity statement. Does anyone remember what the loan number was? I may be misremembering, but rather than "stating if it was not completed by today then it would be cancelled" as ben recalls, I thought the note was more like what they put into the Llanelli loan, which was... I suppose that if a loan awaiting activation vanishes we can presume that they decided to cancel it, but I still think fundingsecure should tell people what they've done. Their investors shouldn't have to check every upcoming loan every day to see if there's been a message added, and keep notes about all of those so that when something disappears they can work out what might have happened. The only thing I have to go on is a feeling that there's more money available in my account than I expected. I have nothing, other than this forum, to confirm or deny whether my feeling is justified -- or, for that matter, how much I committed to that loan. I note that in the first message in this thread, when taking about a different cancelled loan, FS wrote "We have emailed all investors in this loan...". Maybe they just haven't got around to telling people what happened to the London Flat loan yet. London Flat E1 9680962649 The loan number didnt seem to work for me when I tried it earlier. Entry was identical to LLanelli but obviously this one had no chance of going ahead Edit works now And has a note saying they are ccancelling it & will relist if borrower decides they want to proceed
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mikes1531
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Post by mikes1531 on Jan 18, 2016 19:52:54 GMT
And has a note saying they are ccancelling it & will relist if borrower decides they want to proceed Does anyone think fundingsecure realise the uselessness of putting updates on web pages that the website has no links to?
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ilmoro
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Post by ilmoro on Jan 18, 2016 21:05:57 GMT
Does anyone think fundingsecure realise the uselessness of putting updates on web pages that the website has no links to? It's at the top of the 'Investment Opportunities Coming Soon' section, or am I missing a point? Ha Ha. So it is. To be honest I didnt look, I just took peoples word for it and pulled up the loan using the loan number.
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