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Post by martin44 on Sept 5, 2017 20:03:44 GMT
Maybe it's time that fundingsecure were 'Taken to task' about some of their... lets call it... 'misleading information',  |
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macro
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Post by macro on Sept 5, 2017 22:38:07 GMT
Yes. FS said the installation was complete. They lied, (intentionally or not) therefore they are responsible for shortfall, and I think they know it, but have been advised not to say anything which is self-critical. I don't think FS will want spend money to defend this in court later. 100% agreed and FS totally completely ignored the question when I directly contacted them via email.... have others been in touch and received a similar "brickwall" response? Interested to see what action other people are considering taking with this loan... "The installation is complete awaiting final connection to the grid and activation."
"The attached valuation and appendix are based on the current status of the turbine."Surely these are totally misleading statements? I wonder what the FCA would make of this. I'm confused by seemingly contradictory claims. Am I missing something? The email you posted above on 24th August from Funding Secure's Nigel Hackett states: In this case the valuation made it clear that, at the time of the survey, the wind turbine was not complete and the funds would be used to continue the building of this wind turbine, together with funding other sites. The valuation clearly stated that the valuation was " subject to the assumptions, comments in this report and the appendices after completion, connection and commissioning of the turbine" Yet the original pitch states " The installation is complete awaiting final connection to the grid and activation." "The attached valuation and appendix are based on the current status of the turbine." If the latter, surely there are grounds here to pursue FS for full compensation. If so, how might this be done? Not sure how to tag Funding Secure, but it would be good to flag up concern from as many interested parties as possible, despite the likelihood of a response from the platform on this forum.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Sept 5, 2017 22:48:54 GMT
Maybe it's time that fundingsecure were 'Taken to task' about some of their... lets call it... 'misleading information', I am intrigued to know just how you would go about "Taking FS to task" over what appears to be misleading information? First and foremost I believe that you would have to prove that FS knowingly provided misleading information with intent to deceive or to induce you to treat with them. This could take you into some very uncertain legal territory. Alternatively you could go down the negligence route but yet again that is fraught with problems. I could go on and on and on with examples of what you could do but none are likely to recover your losses. I too lost money on this loan but I fear this is just a case of "taking it on the chin" and moving on, perhaps a little wiser if a little poorer. In my opinion this is what occasionally must be expect with high and therefore risky investments. My main concern with FS is that I have several more loans that are likely to follow the "turbine" pattern in the near future.
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oldgrumpy
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Post by oldgrumpy on Sept 5, 2017 23:11:00 GMT
Maybe it's time that fundingsecure were 'Taken to task' about some of their... lets call it... 'misleading information', I am intrigued to know just how you would go about "Taking FS to task" over what appears to be misleading information? First and foremost I believe that you would have to prove that FS knowingly provided misleading information with intent to deceive or to induce you to treat with them. This could take you into some very uncertain legal territory. Alternatively you could go down the negligence route but yet again that is fraught with problems. I could go on and on and on with examples of what you could do but none are likely to recover your losses. I too lost money on this loan but I fear this is just a case of "taking it on the chin" and moving on, perhaps a little wiser if a little poorer. In my opinion this is what occasionally must be expect with high and therefore risky investments. My main concern with FS is that I have several more loans that are likely to follow the "turbine" pattern in the near future. I'm sure FS would have a fair chance of wriggling out of this (should they want to ignore the associated publicity and damage to their reputation) and I agree with most of what you say. However, when I take on "high (interest) and therefore risky investments", I expect the risk to be with the borrower, not the platform's level of competence.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Sept 6, 2017 2:47:51 GMT
Yes. FS said the installation was complete. They lied, (intentionally or not) therefore they are responsible for shortfall, and I think they know it, but have been advised not to say anything which is self-critical. I don't think FS will want spend money to defend this in court later. 100% agreed and FS totally completely ignored the question when I directly contacted them via email.... have others been in touch and received a similar "brickwall" response? Interested to see what action other people are considering taking with this loan... "The installation is complete awaiting final connection to the grid and activation."
"The attached valuation and appendix are based on the current status of the turbine."Surely these are totally misleading statements? I wonder what the FCA would make of this. Nobody appeared to question the cost of final connection, when the loan was originally offered. The switchgear and transformer still needed to be installed. We have a forum where lenders are free to raise issues and discuss new loans, but £1,000,000 said no Due Diligence required. This thread wasn't even created until the loan defaulted six months after drawdown. I do think the Valuation was excessive and I did say so at the time, but nobody asked for more information. Given that Government subsides have been slashed, I think FS have done a good job in recovering £300k.
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kaya
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Post by kaya on Sept 6, 2017 8:24:29 GMT
When things go wrong, we go back and pick apart all we were told, to try and find fault. If the wording had been ''nearly complete'', would anyone's investment decision have been different? The wording in the valuation should have legal weight, but anything a platform says should probably only be taken as a guide. Our contract is with the borrower. I don't want to defend FS, and can certainly lay blame for wording in other defaulted loans e.g. domain name ( marked as unredeemed) and the wording 'a much sought-after domain name: disrupting.com' which no-one seems to want at the price offered. I guess you pays your money you take your choice - and chance.
However I might feel different about it if I had several K invested in this turbine.
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Post by martin44 on Sept 6, 2017 9:05:11 GMT
Maybe it's time that fundingsecure were 'Taken to task' about some of their... lets call it... 'misleading information', I am intrigued to know just how you would go about "Taking FS to task" over what appears to be misleading information? First and foremost I believe that you would have to prove that FS knowingly provided misleading information with intent to deceive or to induce you to treat with them. This could take you into some very uncertain legal territory. Alternatively you could go down the negligence route but yet again that is fraught with problems. I could go on and on and on with examples of what you could do but none are likely to recover your losses. I too lost money on this loan but I fear this is just a case of "taking it on the chin" and moving on, perhaps a little wiser if a little poorer. In my opinion this is what occasionally must be expect with high and therefore risky investments. My main concern with FS is that I have several more loans that are likely to follow the "turbine" pattern in the near future. I would agree that the actual 'taking them to task' would not be at all straight forward, however, were i minted enough, (unfortunately i'm not) i would certainly consider legal action against FS for the L*e/misleading information in regards to this specific loan. Maybe it will take this sort of action to convince fundingsecure to pay more attention to their information provided, VR's, borrower activities and us mug lenders.
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r1200gs
Member of DD Central
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Post by r1200gs on Sept 6, 2017 10:06:04 GMT
I am intrigued to know just how you would go about "Taking FS to task" over what appears to be misleading information? First and foremost I believe that you would have to prove that FS knowingly provided misleading information with intent to deceive or to induce you to treat with them. This could take you into some very uncertain legal territory. Alternatively you could go down the negligence route but yet again that is fraught with problems. I could go on and on and on with examples of what you could do but none are likely to recover your losses. I too lost money on this loan but I fear this is just a case of "taking it on the chin" and moving on, perhaps a little wiser if a little poorer. In my opinion this is what occasionally must be expect with high and therefore risky investments. My main concern with FS is that I have several more loans that are likely to follow the "turbine" pattern in the near future. I would agree that the actual 'taking them to task' would not be at all straight forward, however, were i minted enough, (unfortunately i'm not) i would certainly consider legal action against FS for the L*e/misleading information in regards to this specific loan. Maybe it will take this sort of action to convince fundingsecure to pay more attention to their information provided, VR's, borrower activities and us mug lenders. I'm not sure about the turbine, but tranche five of Whitehaven, that's another matter. I've lost £1500 in the turbine and I'll see where that goes if anywhere, but I will not idly take a loss on Whitehaven. I doubt the guy holding £125,000 of it will either.
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littleoldlady
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Post by littleoldlady on Sept 6, 2017 11:24:44 GMT
FS were a pawn shop until relatively recently when they got into property without any expertise on board. They were the last port of call for brokers who could not get loans from any lender who did at least a minimum of DD. This has always been my view so in retrospect I cannot understand how I came to have so much invested in this loan.
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Post by martin44 on Sept 6, 2017 13:07:34 GMT
FS were a pawn shop until relatively recently when they got into property without any expertise on board. They were the last port of call for brokers who could not get loans from any lender who did at least a minimum of DD. This has always been my view so inretrospect I cannot understand how I came to have so much invested in this loan. Complacency? I am guilty too, especially with regards to a certain jock boatyard.  
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rgog
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Post by rgog on Sept 7, 2017 12:17:36 GMT
I do not see FS accepting any responsibility in this, therefor I think it is time for all investors in this loan to make a concerted complaint to the FCA. Sufficient complaints arriving together should get their attention.
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Monetus
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Post by Monetus on Sept 14, 2017 17:28:52 GMT
The auction sale was due to complete on the 4th of September but as it stands there is no sign of any funds as yet? Could.... a) The sale have fallen through or funds been delayed? b) FS be considering their position regarding this loan and their failure to provide accurate loan information? c) FS be holding off on "completing" the loan and looking for a way to minimise the Capital Loss damage to their Loan Statistics page for September? Answers on a postcard... |
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Forward
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Post by Forward on Sept 17, 2017 18:25:30 GMT
Website update 17/09/2017
"Funds from auction sale are expected to be with us by the end of the week"
Are but when will we receive our coppers....
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Post by fundingsecure on Sept 17, 2017 18:32:47 GMT
As is the normal procedure they will be distributed the same day we receive them
FundingSecure
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Sept 17, 2017 20:01:10 GMT
I do not see FS accepting any responsibility in this, therefor I think it is time for all investors in this loan to make a concerted complaint to the FCA. Sufficient complaints arriving together should get their attention. Every complaint to fca would get the same response. Write to the platform setting out your grievances first. If you are then dissatisfied it goes to the obudsman not to fca.
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