blender
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Post by blender on Jun 3, 2016 18:52:53 GMT
No doubt we will find out one morning when we are asked to accept new T&Cs or leave. They cannot do it under the current loan contracts
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ptr120
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Post by ptr120 on Jun 3, 2016 19:27:29 GMT
They cannot do it under the current loan contracts ...Can't they?
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am
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Post by am on Jun 3, 2016 21:07:08 GMT
They cannot do it under the current loan contracts ...Can't they? Apparently they've done it for Newquay. "Even though completions have not happened by the set date, the purchaser still has an agreed time frame in which to complete, although this will be subject to potential charges from the seller. Given the length of time this has taken for completion to happen, FC will now be charging the borrower a higher rate of interest from this month onwards, at 10%. This will be payable to all investors from the month of June onwards."
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blender
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Post by blender on Jun 3, 2016 22:00:57 GMT
That's good news for lenders. The contract provides for interest to continue, but they must have managed to encourage that borrower to pay more.
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metoo
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Post by metoo on Jun 4, 2016 19:37:16 GMT
The wording implies there is a single property buyer holding up the repayment of the remaining 7 tranches on this project, and that this buyer may have a penalty to pay the developer for overrunning the agreed timeframe, so they should have a way to cover the extra interest. Also this borrower is well involved with another development through FC, so dependent on the goodwill of lenders. I was always a bit puzzled how the developer could offer a summer 2016 week-long stay in one of these properties as a prize to FC lenders when they were all "sold", as per the website for this development. The penalty interest rate here and the vague promise quoted above by ptr120 sets a good and proper precedent, though it seems to be ad hoc and discretionary at this stage. The delayed penalty rate is like a refinance rate on a delayed refinance, however, lenders are still tied in, presumably because they hope (or they hope we hope) the timescale may not be extended much longer now! Needless to say the timescale referred to has not been revealed. This small but significant concession now must be due in no small part to the persistence of a small number of lenders who have maintained pressure on this issue in the other place. Thanks. |
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jamesc
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Post by jamesc on Jun 14, 2016 18:54:29 GMT
Just got the note to say both Croydon loans to settle tomorrow !
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awk
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Post by awk on Jun 15, 2016 6:49:01 GMT
Hi,
Does anyone understand the new comment on 12170 - I've tried googling, but couldn't find anything.
14 June 2016
Our legal team have requested clarification on a number of points in relation to the interest registered on the site by the Secretary of State for Education. We are awaiting an appropriate response and once our legal team are satisfied, we will commence the refinance of the outstanding tranche. Investors will continue to receive interest until such time.
This is one of the last few loans that I still have with FC, so haven't been paying that much attention, but it sounds a bit serious.
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acky
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Post by acky on Jul 15, 2016 6:43:12 GMT
Judging from the latest Loan Comment on Newquay, the tranches for which are between 30 and 70 days overdue, FC seem to be taking a more robust approach now. However there's no evidence they're taking a similarly tough stance on the two London loans which are more than 90 days overdue. And one should be more concerned about the London property market at present than that of Cornwall.
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jamesc
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Post by jamesc on Jul 28, 2016 14:02:50 GMT
12170 repaid some 9 days ago about 3 months late but too date the interest for the late period has not been paid by Fumbling Critters, when asked they came up with some BS about it being a manual payment and it would be paid in due course. I was wondering has anyone else had the same experience with late Prop loans and did you get the interest in the end or are Failed Counters hoping we will forget ?
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blender
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Post by blender on Jul 29, 2016 13:32:51 GMT
I hold 12170 and also await payment - though have not checked the statement recently. You cannot trust them to do it. In a previous case they said in a note that they had paid the extra when they had not, and after a week and complaints through customer services it was done. The best way is to wait a reasonable time and then take it formally as a lender to customer services - specifically 'I have not been paid the due money - where is it?' Then it gets paid.
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Post by many38 on Jul 30, 2016 13:13:30 GMT
I had £40 in 12170 and received the capital plus .40p interest on 19 July. From what has been said above should I have received more?
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blender
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Post by blender on Jul 30, 2016 13:34:38 GMT
You have over £1.20 to come. Obviously some are owed much more, and given that the capital was over £400k you can see that FC sit on over £12k of lenders' cash on this loan.
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Post by many38 on Jul 30, 2016 21:15:36 GMT
You have over £1.20 to come. Obviously some are owed much more, and given that the capital was over £400k you can see that FC sit on over £12k of lenders' cash on this loan. Thanks blender. I'll get on to them. Nearly completely out of FC now having been with them since before the fees. It was good in the beginning but IMHO they went downhill as soon as the government got involved. For me there are richer pickings elsewhere. I can't understand some people fighting over Es. It's the only site I have losses on so far and I have been getting out for the past 2 years.
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pip
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Post by pip on Aug 4, 2016 22:52:22 GMT
It would be lovely if developers thought about refinancing the loan before they are overdue and not when they are 20 days overdue. It's quite clear that the developers pay very little attention to the end date.
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adrianc
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Post by adrianc on Aug 5, 2016 15:57:06 GMT
So the £925k that was definitely, absolutely, positively going to arrive by close of business today... hasn't. Just under a third of it arrived a few days ago, and the rest might arrive early next week. But there'll be LOTS more by the end of next week. Promise!
Well, isn't that nice.
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