duck
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Post by duck on Oct 2, 2017 16:55:34 GMT
I don't know if anybody else read the affidavit that was written by one of the directors but it wasn't comfortable reading especially if you were one of the other principals involved. As far as I'm concerned, the loan is closed so I'm moving on with a lighter wallet. Yes there are aspects that have frustrated me but to lay the blame at FS's door is I feel unjust, there was a lot more going on in the a...s companies. Can you point us in the direction of that affidavit, please? I don't think I've seen it. It's no longer available to view, it was on a forum dedicated to the a...s companies and the relevant shenanigans that were going on. Very illuminating, unfortunately the forum was closed down. I certainly cannot post anything that was there on this forum it would gain me a lifetime ban 
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gc
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Post by gc on Oct 2, 2017 18:28:25 GMT
I've been doing this for a few years now and over time one begins to get an idea of who (they believe) is better at due diligence, as some are definitely better than others.
Unfortunately, Funding Secure is one that I am noticing a pattern with. Don't get me wrong, they all at one time or another have defaults, but from the handful I work with, these seem to stand out a little more than the rest, so far anyway.
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Post by carol167 on Oct 3, 2017 15:47:16 GMT
Well I lost £70 from £100.
But then I've just won £50 on the premium bonds.
You win some, you lose some.
Hey ho.
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Liz
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Post by Liz on Oct 3, 2017 17:02:50 GMT
Well I lost £70 from £100. But then I've just won £50 on the premium bonds. You win some, you lose some. Hey ho. I dont think some on here will agree with your attitude.
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Steerpike
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Post by Steerpike on Oct 3, 2017 18:38:20 GMT
Instead of plugging in this ("awaiting final connection to the grid and activation") windmill, the borrower blew the £1m (well less after FS upfront fees) on bills and other projects.
Of course the loan purpose according to FS was "to complete the activation of this turbine and to support additional wind turbine sites under development", i.e. carte blanche, and I have seen no evidence that there was active monitoring of how the security for this loan was being enhanced or safeguarded.
Yeah, so never mind, swings and roundabouts, not.
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Post by bracknellboy on Oct 3, 2017 18:49:11 GMT
Steerpike: I think that is extremely pertinent. More fool me, I probably did not take sufficient note of the details, having fallen into a trap of developing a slight bias to WT loans on other platforms. But the point that the cash was to be used not just on this and others, but with our security purely on this one loan and no guarantee anyone was keeping a watching brief on enhancement of this security is a sobering lesson.
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Steerpike
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Post by Steerpike on Oct 3, 2017 18:58:02 GMT
Steerpike : I think that is extremely pertinent. More fool me, I probably did not take sufficient note of the details, having fallen into a trap of developing a slight bias to WT loans on other platforms. But the point that the cash was to be used not just on this and others, but with our security purely on this one loan and no guarantee anyone was keeping a watching brief on enhancement of this security is a sobering lesson. Same here, as an investor in many previous successful turbine loans on Abundance and elsewhere I too am guilty of paying insufficient attention to the particulars of this project, and at the time even less to the qualities and capabilities of the intermediary that I used to lend the money. I must accept blame but I don't feel in a forgiving mood towards the other parties.
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r1200gs
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Post by r1200gs on Oct 4, 2017 8:41:16 GMT
I'm down £1400 on this loan and I'll be honest, I feel like I was duped. I got the impression that this was just awaiting final connection to the grid. I guess I'll end up feeling the same way with tranche five of Whitehaven which gave me the impression it was a well advanced building project, not a partly demolished hole in a wall.
FS need to stop doing the borrowers advertising for them, because borrowers are not always honest. (Really!?)
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Monetus
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Post by Monetus on Oct 11, 2017 21:32:32 GMT
Just received the newsletter... Looking forward to October's capital loss statistics.  |
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Post by martin44 on Oct 11, 2017 21:59:47 GMT
Bye bye Funding Secure. I was winding down my money with them anyway, but maybe with a view of coming back one day. After this utter farce with the turbine they will never see another penny from me ever again. Thankfully I didn't lose much, as I always diversify and live by the rule of "if I lost this money forever, how utterly ticked off will I be?" and if the answer is between "a fair bit" and not "lose sleep over it" then I invest. Whilst I don't doubt that Funding Secure will continue to attract investment in the future, from newbies or those more forgiving than myself, I can't help but think their performance this past 12 months is really going to hurt their abilities to gain investment long term. Given the entire point of the business model is that it shouldn't really matter if the debtor repays or not, given the security, this situation never should have happened. Only two more loans to go... Both of which are in trouble... and I'm out for good, assuming I get anything back on either... I consider myself one of the 'Lucky' ones... The Scottish boatyard farce did for me, the foundations were laid and i got out sharpish, 2.5k poorer, but i still consider myself lucky.... Says it all really.
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7d7
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Post by 7d7 on Oct 27, 2017 20:58:54 GMT
To recover the capital of two defaulted loans, both domains were sold for amounts much less than the original valuation. Consequently, FS elected to make ex-gratia payments. Nonetheless, when the Turbine was auctioned for less than the estimated value, FS simply paid out peanuts to lenders. There's been no mention of ex-gratia nor professional indemnity insurance payouts. Neither have we been told about how they intend to obtain further funds from the borrowers. Without doubt, they make themselves look like funding insecure.
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blender
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Post by blender on Oct 27, 2017 21:07:06 GMT
I was thinking of starting Funding Sinecure: 'a position requiring little or no work but giving the holder status or financial benefit'. FS would probably complain that the name is too similar.
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Post by martin44 on Oct 27, 2017 21:26:07 GMT
I was thinking of starting Funding Sinecure: 'a position requiring little or no work but giving the holder status or financial benefit'. FS would probably complain that the name is too similar. You've been googlin...
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Monetus
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Post by Monetus on Jan 29, 2018 23:42:12 GMT
While, in this case, we do expect an overall loss, some further recovery is likely as it is still with the administrators.
Aren't we due an administrator's report on this shortly? Would love to hear more about the "likely" further recovery for the investors who lost 66% of their capital....
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bugs4me
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Post by bugs4me on Jan 30, 2018 11:34:15 GMT
While, in this case, we do expect an overall loss, some further recovery is likely as it is still with the administrators.
Aren't we due an administrator's report on this shortly? Would love to hear more about the "likely" further recovery for the investors who lost 66% of their capital.... Yes we are but I wouldn't expect this to be high on the FS priority list to chase. My impression is that once a loan has 'closed' then their interest in the subject reduces to zero.
If they were incapable unable to carry out any monitoring whilst the loan was live, then what chance once the horse has bolted?
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