btc
Member of DD Central
Posts: 193 
Likes: 132
|
Post by btc on Aug 18, 2017 13:05:57 GMT
-6.4% pa for me, Actual Return -13.4% pa
"We are continuing to work with our lawyers to pursue the balance from the borrower, including interest. However they believe the chances of any further receipts will be low."
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,164
Likes: 4,857
|
Post by ozboy on Aug 18, 2017 13:37:58 GMT
I have just sent FS a stern email and as a courtesy I await their response before publishing my email on here.
Investors have been seriously misled by one or more parties regarding this Loan and I imagine those of you out there in the legal profession are probably poised for a bit of serious action yourselves now.
|
|
btc
Member of DD Central
Posts: 193
Likes: 132
|
Post by btc on Aug 18, 2017 13:57:53 GMT
Can't be FS who is misleading us, if they say we are still waiting for the funds from the Swiss banks then it must be true
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Aug 18, 2017 14:04:47 GMT
I'm relieved to get 87% back at last, which at least can start earning something elsewhere, but the sale price of £225k vs £400k valuation shows just how baseless many FS valuation figures are.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Aug 18, 2017 14:10:59 GMT
Were there no PGs in place for this loan? Can the borrower not be pursued for the shortfall?
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,164
Likes: 4,857
|
Post by ozboy on Aug 18, 2017 14:15:37 GMT
At the VERY least FS can and should go after the Valuer via their Professional Indemnity Insurance, immediately, now that Losses have been crystallised. No hanging around. ISTM an obvious and very easy Case to win, hands down. Any FS' actions (or non-actions) regarding this will, as usual, speak volumes. PS: Is your tongue in your cheek locutus, pursue a PG?  tbh, maybe in Scotland they are much more ironclad and enforceable? |
|
|
|
Post by mrclondon on Aug 18, 2017 14:39:44 GMT
The sale price achieved (before costs) is 90% of the distressed sale valuation (the '90 day marketing valuation') , the loan was 100% LTV wrt the distressed sale valuation. On those figures it will, IMO, be very hard to prove a case of negligence against the valuer. Valuing one off assets is very difficult.
EDIT: Rather than taking the meaning of phrases such as '90 day marketing valuation' literally, it is perhaps better (for our purposes) to think of it as the price to which the asset has to drop to attract a speculative buyer who wasn't specifically in the market for such an asset.
|
|
btc
Member of DD Central
Posts: 193
Likes: 132
|
Post by btc on Aug 18, 2017 15:10:06 GMT
FS are a soft bunch, they won't put any effort into chasing the rest.
|
|
|
|
Post by martin44 on Aug 18, 2017 15:46:31 GMT
Boo Hoo  My first loss since venturing into p2p , £750.00 capitol + interest, N ot a very nice birthday pressy for the wife (its her b/day today) it will be a box of maltesers this year instead of the usual Black magic, .
On a more serious note, i'm surprised slightly how low the sale price was considering there was £160k spent on a new runway, or something recently, but TBH i never had much confidence in Fundingsecure to bring this to a fully succesful end. But it could have been worse.
Only good point is i am now only a couple of hundred away from being out of FS altogether. |
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,164
Likes: 4,857
|
Post by ozboy on Aug 18, 2017 15:58:25 GMT
The sale price achieved (before costs) is 90% of the distressed sale valuation (the '90 day marketing valuation') , the loan was 100% LTV wrt the distressed sale valuation. On those figures it will, IMO, be very hard to prove a case of negligence against the valuer. Valuing one off assets is very difficult. EDIT: Rather than taking the meaning of phrases such as '90 day marketing valuation' literally, it is perhaps better (for our purposes) to think of it as the price to which the asset has to drop to attract a speculative buyer who wasn't specifically in the market for such an asset. We are going to have to agree to disagree mrclondon. The Boatyard was marketed in a very misleading way, there was severe & gross negligence by one or more persons and I think there'll be more info come out of the woodwork on this Loan over time, it aint put to bed yet by a longshot. Wait till the DD'ers find out who the Buyer is for instance. (No, I don't know who it is, but I have a feeling I may not be surprised.) The fact that losses are not as bad as they could have been is not the point here. At all. PS: TEN MONTHS ago we were told on 13/10/2016 : "We now have a copy of the valuation report which is £480,000. This is £80,000 more than the valuation at the time of lending..............." And it sells for £225K? Give me a break! PS: And with a £160K renewed slipway, give me a Double Break.
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Aug 18, 2017 16:19:51 GMT
85% in the poll expected a recovery of less than 80%, so 87% will be a bonus to most. I wished I could have had 87% recovered on my SME lending, most have recovered close to zero, like I have a said before one loan recovered 1p per £1000 invested for me . |
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,044
Likes: 1,862
|
Post by littleoldlady on Aug 18, 2017 16:37:23 GMT
It could certainly have been worse. I hope that my other FS defaulted loans return 80%+ but I rather doubt it. This one was by far my smallest holding too.
|
|
09dolphin
Member of DD Central
Posts: 637 
Likes: 863
|
Post by 09dolphin on Aug 18, 2017 16:46:35 GMT
This was one of my initial investments whilst I was still learning about FS, therefore I accept the loss as part of the cost of the learning process.
The original valuation was obviously rather optimistic but does seem to be in line with the majority of the valuations FS accept.
I'm really pleased to have the majority of my original investment back, but I still feel a little annoyed that FS accepted the numerous excuses for non repayment or renewal for such a long time.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,164
Likes: 4,857
|
Post by ozboy on Aug 18, 2017 16:58:58 GMT
I think, perhaps, my point is being missed. I only had a K so have only lost £134.24 Capital, but there's principles here.
There was a lot of smoke and mirrors around this Loan and we've been turned over by someone. It will could be a LOT more next time.
I am still constantly amazed to read "Oh well, my fault, I've learned a lesson" etc, etc. No it's not, why do you all just accept it? I repeat, "You have been turned over."
Sorry, I just don't understand that accepting attitude, must be my Oz upbringing.
Cheerio.
|
|
btc
Member of DD Central
Posts: 193
Likes: 132
|
Post by btc on Aug 18, 2017 17:18:49 GMT
Don't forget the loss of interest, the total loss on £750 is £304.76 for me.
|
|
tbh, maybe in Scotland they are much more ironclad and enforceable?
My first loss since venturing into p2p , £750.00 capitol + interest, N
