jo
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Post by jo on Aug 16, 2019 7:59:29 GMT
Lol, my first credit interest on this account since July 201 8.Scratch that. I now have a negative cash balance. Kinda like that way round.
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r00lish67
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Post by r00lish67 on Aug 16, 2019 8:06:21 GMT
Lol, my first credit interest on this account since July 201 8.Scratch that. I now have a negative cash balance. Kinda like that way round. Be sure to send them a series of irregular updates advising them of the continued progress you're making with your equity partner to bring that balance back to zero. After 18 months of that, switch to saying that payment is imminent, and then just never e-mail again.
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Post by dan1 on Aug 16, 2019 8:10:14 GMT
spareapennyor2 & jo - have I got this right, you've made withdrawals & received the cash in your bank account and subsequently FS have reversed the payment of interest and now your FS balance is negative? Yikes
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jo
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Post by jo on Aug 16, 2019 8:26:09 GMT
Scratch that. I now have a negative cash balance. Kinda like that way round. Be sure to send them a series of irregular updates advising them of the continued progress you're making with your equity partner to bring that balance back to zero. After 18 months of that, switch to saying that payment is imminent, and then just never e-mail again. I've provided documentary evidence of my sponsor partner's continuing eagerness to secure funding - which I feel is the most compelling roadmap to an equitable solution.
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Post by spareapennyor2 on Aug 16, 2019 8:30:57 GMT
dan1 had withdrawn sitting in Pending withdrawal interest taken back / negative balance good news withdraw just landed in my account side note xirr 8.5% if i end up with -8.5% think myself lucky Frighting Scare
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Post by spareapennyor2 on Aug 16, 2019 9:45:34 GMT
fundingsecure will you be correcting / adding interest to the outstanding loan part should be about £8.35 per £25 part? after correcting/ taken back interest on the part paid Moot point i don`t expect to see full capital back anyway
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jcm9000
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Post by jcm9000 on Aug 16, 2019 10:35:28 GMT
spareapennyor2 & jo - have I got this right, you've made withdrawals & received the cash in your bank account and subsequently FS have reversed the payment of interest and now your FS balance is negative? Yikes Aye, that's what happened to me. Withdrawn as soon as the balance was there, capital + magic interest now at my bank. Negative funds balance. Pretty sure UB did the same once, they asked for it back and never heard again.
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star dust
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Post by star dust on Aug 16, 2019 10:43:02 GMT
spareapennyor2 & jo - have I got this right, you've made withdrawals & received the cash in your bank account and subsequently FS have reversed the payment of interest and now your FS balance is negative? Yikes Aye, that's what happened to me. Withdrawn as soon as the balance was there, capital + magic interest now at my bank. Negative funds balance. Pretty sure UB did the same once, they asked for it back and never heard again. Don't know about Unbolted, but Lendy did - possibly in the days when they were Saving a Stream though - in any event a long while back.
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Post by spareapennyor2 on Aug 16, 2019 12:06:27 GMT
FS email
If you are unable to do so your account will remain with a negative balance until an investment matures and repays.
works for me
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Post by df on Aug 16, 2019 14:48:39 GMT
Aye, that's what happened to me. Withdrawn as soon as the balance was there, capital + magic interest now at my bank. Negative funds balance. Pretty sure UB did the same once, they asked for it back and never heard again. Don't know about Unbolted, but Lendy did - possibly in the days when they were Saving a Stream though - in any event a long while back. I also recall something like this, they accidentally overpaid interest on one of the loans. Negative balance was also a normal practice on SS (i.e. pre-funds for new loans).
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Post by df on Aug 16, 2019 14:59:45 GMT
spareapennyor2 & jo - have I got this right, you've made withdrawals & received the cash in your bank account and subsequently FS have reversed the payment of interest and now your FS balance is negative? Yikes I'm still in positive, when withdrew Astbury return I've left some cash for a random new pawn (should really give it up because it looks like FS has given up on pawn too) In theory it could be an interesting scenario if all large investors in this loan made immediate withdrawals and had no other loans on FS left to repay.
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smee
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Post by smee on Oct 3, 2019 14:30:41 GMT
This is another of those loans with promises of updates than never materialze. On Aug 15th we were promised an update “within 30 days or sooner”, and still nothing has happened. It is bad enough having so much money tied up in these useless loans, but the least FS could do is to keep us updated on progress, particularly where they have already made promises to that effect.
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adrian77
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Post by adrian77 on Oct 3, 2019 17:02:10 GMT
I note the recovery cost - how bl***y much! It does not cost £50K to either write to planning or dig a footing trench or whatever to keep the planning live - besides that should have increased the sales price! Also the agent's and valuers' fee are a joke albeit in very bad taste!
I just can't see any case against the valuer going anywhere - it's a 42% loss - a very poor result yet again!
And just where is the expected update we were told would be withing 30 days - increased communications - yeah right!
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r1200gs
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Post by r1200gs on Oct 3, 2019 17:50:43 GMT
Only a 42 percent loss can be considered a bit of a result with this shower. There's much more of this to come, just keep an eye on the updates and that's perfectly clear.
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micky
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Post by micky on Oct 3, 2019 20:43:59 GMT
mikes1531
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May 4, 2016 at 8:40pm bernard and earthbound like thisQuotelikePost OptionsPost by mikes1531 on May 4, 2016 at 8:40pm
I don't know whether this loan deserves a separate thread, but here goes...
One of the relatively unusual features of this loan is that, in addition to the usual first charge on the property, FS say they have a PG for extra security. Unfortunately, they have provided no further info regarding the PG that I can find. My questions for fundingsecure include...
Is the PG for the full amount of the loan (£484k)?
If not, what amount is it limited to?
Have FS been given an Assets & Liabilities statement for the guarantor that shows they have the wherewithal to honour the PG if that should be necessary?
The last question is rather important. I could give FS a PG covering every loan they have outstanding at the moment, but it wouldn't be of much use unless my net worth was sufficient to cover the potential obligations.
A bit more info from FS about the PG would be most welcome.
fundingsecure
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May 4, 2016 at 9:41pm mikes1531 likes thisQuotelikePost OptionsPost by fundingsecure on May 4, 2016 at 9:41pm
MikeS
Yes, it is for the full amount and yes we have assets and liability statement.
Generally speaking we will take a PG where possible, although the main security has to be sufficient on its own merits. (As it is in this case)
Although PG's are notoriously difficult to claim against we like to have it as a comfort security - if for no other reason than it indicates a level of committment from the borrower.
Hope this is helpful.
FundingSecure
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