ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 26, 2019 10:18:11 GMT
It's all so obviously a massive stitch-up. By who? You decide.  Against who? Well we all know that, Investors! As depressingly usual. Just WHEN will The FCA Idiots wake up, do their job, and start prosecuting people?!!  |
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 26, 2019 10:30:02 GMT
who did the valuation on these loans......only found out yesterday that some un known person is bankrupt over this …..where are the facts about this and the facts about the criminal L T V on this loan.....how was it set up ….what did the person put up for this …..they were trying to sell 2 over priced sheds.....the cowboys at fs should never have lent other peoples money on this mess.....as the facts I now have.....the cowboys have made a lot of these poor loans......and don't know how to deal with recovery of funds …..they give no info and the loans just go unpaid …..I signed up for 6 month loans.....not 3 year ones …..with no interest paid …..and lost on money put in to loans /……..15% return ….with all interest lost …...and all add on loans here 100% lost ….. I think every one knows that funding secure are completely incompetent now...Unfortunately, no, Loans still fill. Albeit rather much more slowly these well informed days. Some should be in the dock, you know, they're better suited to loading crates on ships etc.
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09dolphin
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Post by 09dolphin on Jun 26, 2019 10:30:27 GMT
I know FS are experts in "stretching" the truth in terms of their valuations and are known to accept whatever the borrower claims in terms of progression of a build is the absolute truth but I can't believe there were never 5 park homes. To claim there were 5 homes when there were only 2 would be dishonestly at a truly shocking level and would leave FS officers open to claims for civil damages and criminal charges of of fraud - which I can't believe any company wanting to stay in business would do.
I'm not known as a fan of FS but I find it hard to accept that FS would be capable of this level of deception even in their darkest days. I hope with all my heart that FS are not this dishonest.
The LTV at the start and during the loan was highly suspect in my view, FS's recovery processes are amateur at best and totally incompetent at worst but that is very different from barefaced dishonesty.
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pip
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Post by pip on Jun 26, 2019 10:39:01 GMT
I know FS are experts in "stretching" the truth in terms of their valuations and are known to accept whatever the borrower claims in terms of progression of a build is the absolute truth but I can't believe there were never 5 park homes. To claim there were 5 homes when there were only 2 would be dishonestly at a truly shocking level and would leave FS officers open to claims for civil damages and criminal charges of of fraud - which I can't believe any company wanting to stay in business would do. I'm not known as a fan of FS but I find it hard to accept that FS would be capable of this level of deception even in their darkest days. I hope with all my heart that FS are not this dishonest. 09dolphin - Unfortunately it is totally true FS told us themselves. In update dating 13th February 'This loan was secured against five Park Homes to be constructed. As previously advised the funds were used to complete two of the homes. Unfortunately construction of the remaining homes was to have been funded by the sale of the first two. Although some lumber and base chassis were part purchased for the additional homes they have little, if any value.' If the construction of the remaining homes was to be funded by the sale of the first two then there was never at any point of time a security against five homes but two.
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adrian77
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Post by adrian77 on Jun 26, 2019 10:57:49 GMT
Looks to me as if FS have been spectacularly incompetent and totally in breach of FCA guidelines - this whole affaire is outrageous- this is the Mother of all stitch-ups and may well beat Whitehaven which is no mean feat.
This is one scenario which FS are more than welcome to rebuke:
The applicant who has been in business a very very long time has borrowed £402K
He has paid for 2 homes to be built for say £50K each. He then claimed he was having another 3 or 5 built which he hasn't and has then double counted the 2 under construction - during this time FS have totally failed to validate these assets. Maybe this chap did intend to get another 3 or 5 built but that went for a Burton. In essence this chap has paid £100K - let's be generous and say £150K so where the hell has the other £250K gone!
As I said just a theory so I await confirmation as to where I am wrong..the fact we are all confused as to just what is happening here speaks for itself.
Also I have looked at the charge - all it seems to state is "All completed and uncompleted mobile homes including all parts in stock" (sic). You what !
Clearly FS should do the moral thing - admit they really screwed up and compensate the lenders...
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09dolphin
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Post by 09dolphin on Jun 26, 2019 11:03:55 GMT
Was the company being run by some charitable organisation who thought any and all expansion plans should be supported? What planet were FS living on to claim that the security offered against a loan didn't exist at present but would in the future?
I am totally shocked.
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pip
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Post by pip on Jun 26, 2019 11:24:01 GMT
Was the company being run by some charitable organisation who thought any and all expansion plans should be supported? What planet were FS living on to claim that the security offered against a loan didn't exist at present but would in the future? I am totally shocked. I'm not shocked, I have known for a long time that most of my remaining loans are unlikely to repay. At present I am forecasting approximately a 15% return on my outstanding FS loans and in all honesty I think that is optimistic. There is no magic formula for me to work this out it's just my gut feeling when I read through all my outstanding loans and I assess recovery prospects. The question is what is the best approach. One could: a) Send off loads of complaint letters to the company for each loan, complain to the Ombudsman, make the FCA aware, launch a legal claim. It's a lot of stress and time with no guarantee of success. If people do it on mass it would probably actually be counter productive as it will likely make FS go into administration. As there is no FSCS cover this would likely result in even worse outcomes for investors. b) Write the lot off mentally and anything that comes back is a nice surprise. I have opted for b for two reasons. Firstly I just don't have the time and energy for a as I have a fair few other things going on. Secondly I find for me going through such claims is stressful and leads me to not focus on what is important in my life. In short the cost/benefit is tilted towards me doing nothing. I have around £2700 in outstanding loans. If it was £27,000 would I think different, maybe. Each person needs to make their own decision.
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jcm9000
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Post by jcm9000 on Jun 26, 2019 12:48:10 GMT
Pip, I'm about the same on outstanding loan value after trying to run it down for a while. Not expecting much of that back so I suppose I'll be looking at a double digit loss overall. I was well diversified (or so i thought).... Other platforms (less the blackhole of Col that is torturing me still) should cover the loss, but with Col in the mix I'm about as negative towards an industry as you can get. Starting to wish I had never heard of P2P! Tis what is is though so I'll shut up now.
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Post by spurs007 on Jun 27, 2019 17:04:31 GMT
who did the valuation on these loans......only found out yesterday that some un known person is bankrupt over this …..where are the facts about this and the facts about the criminal L T V on this loan.....how was it set up ….what did the person put up for this …..they were trying to sell 2 over priced sheds.....the cowboys at fs should never have lent other peoples money on this mess.....as the facts I now have.....the cowboys have made a lot of these poor loans......and don't know how to deal with recovery of funds …..they give no info and the loans just go unpaid …..I signed up for 6 month loans.....not 3 year ones …..with no interest paid …..and lost on money put in to loans /……..15% return ….with all interest lost …...and all add on loans here 100% lost …..I think every one knows that funding secure are completely incompetent now... Welcome to the forum and welcome to the wild world of P2P . been with fs around 4 years now.....was ok at start ….but now they are another lendy
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adrian77
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Post by adrian77 on Jun 28, 2019 16:11:43 GMT
I am still puzzled by this one - we have had under £25K realised. Not sure if this sum refers to the 5 which are shown as completed or the 2 sold and we still awaiting payment which is late -- an update would be nice but so would an end to all wars and world poverty...
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adrian77
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Post by adrian77 on Jul 19, 2019 11:02:01 GMT
What the hell is going on here and why haven't we had an update which includes clarity as I am very confused and not the only one.
Against the 5 uncompleted we had
And against the 2 completed we have had nothing which includes no money!
Considering these sheds were sold at auction 3rd May then I just don't believe FS are waiting for any more funds - these things must be costing money to store etc. Tell you what I think :
the uncompleted ones were worth damn all as virtually nothing done and have been binned. Also the 2 completed ones were sold and that FS are possibly trying to hide this fact by mis-allocating these loans against the wrong loans. I am taking a few days off work next week so will be updating my top 40 so unless we hear differently I am assuming that out of £402K lent FS have recovered under £25K viz 6.2% recovery or to put another way 93.4% loss!
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pip
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Post by pip on Jul 21, 2019 6:11:37 GMT
Adrian - see my previous posts. FS have admitted that there never were 5 homes to sell only 2. And yes the proceeds were never like the valuation stated for these either. So yes a huge loss. There will be no more money returned to you for these loans.
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adrian77
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Post by adrian77 on Jul 21, 2019 9:02:33 GMT
Pip - I am sure you are right as FS have not contradicted us - how the hell can any business lose 93.4% of investor funds !
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rogerthat
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Post by rogerthat on Jul 21, 2019 9:19:23 GMT
A question for the floor.
Despite this thread being an amalgam of two distinct and separate loans, by all accounts it has a common borrower. From what investors were led to believe these comprised of 2 + 5 'homes'. As that turned out to be nonsense and only the 2 have sold ( I think) am I correct to assume that any recoveries will be returned to investors of those 2 and not be pari passu'd across both loans ?
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adrian77
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Post by adrian77 on Jul 21, 2019 10:12:26 GMT
Very good question which FS need to answer - as per Pip I just don't believe there is any more money to come - looks to me as if only the investors in the "5 homes" have been partially refunded - I really hope I am wrong but...
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