adrian77
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Post by adrian77 on May 22, 2018 17:14:33 GMT
Totally agree except I predict more like a 75% loss - do we know all the money borrowed has gone into these glorified sheds? Wonder if a slice has been put to one side which includes a one way return ticket to the US?
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Post by charliebrown on May 23, 2018 13:12:05 GMT
Agreed. Looks like a dead cert default this one. Way overvalued asset.
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adrian77
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Post by adrian77 on May 23, 2018 14:01:43 GMT
.Absolutely - also totally unrealistic business proposition with no clear means of even selling these grossly overvalued assets!
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james21
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Post by james21 on Jul 11, 2018 15:46:17 GMT
Latest "Sale of home to private individual has fallen through due to adverse comments from purchaser's neighbour" FS just default the 5 and 2 and auction them. We may get some capital back and no interest then move on. Constantly kinking the can down the road wont change the inevitable outcome. You fronted a lemon and we bought it. The borrower will be happy he has had our money and wants rid of the problem as we do
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rambler
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Post by rambler on Jul 12, 2018 11:17:47 GMT
Ok so I am still fairly new to FS. Sorry if the answer is obvious.
If these items are sold and don't raise enough money to clear the debt doesn't this leave the borrower still owing us the balance? Do FS take any further action to recover the remaining debt for us?
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adrian77
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Post by adrian77 on Jul 12, 2018 12:36:44 GMT
A lot of these loans leave the borrower laughing all the way to the bank
Best to let FS answer but as I see it : once defaulted then it is basically "Goodnight Vienna" - although in some cases FS can pursue a personal guarantor and press for bankrupcy etc not that I can recall this ever realising more money...
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Post by charliebrown on Jul 12, 2018 12:52:15 GMT
A lot of these loans leave the borrower laughing all the way to the bank Best to let FS answer but as I see it : once defaulted then it is basically "Goodnight Vienna" - although in some cases FS can pursue a personal guarantor and press for bankrupcy etc not that I can recall this ever realising more money... They should do this whether it raises more money or not. It’s their duty to pursue defaults as far as the law allows, thus at least ensuring that there’s a record of the default and hopefully it will in some way prevent serial defaulters.
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empirica
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Post by empirica on Jul 12, 2018 13:05:11 GMT
They should do this whether it raises more money or not. It’s their duty to pursue defaults as far as the law allows, thus at least ensuring that there’s a record of the default and hopefully it will in some way prevent serial defaulters. But might this cost the platform more money and so investors see even further reduced returns? (I've not checked with FS specifically, but I suspect that a platform's recovery costs a covered before investors capital / interest / etc). If so, I'd want there to be a realistic chance of getting a return from that approach rather than doing it out of a desire for punitive action.
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reinvestor
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Post by reinvestor on Jul 12, 2018 13:16:59 GMT
They should pass it over to recovery specialists if they can't manage it in house.
There are plenty of collection agencies out there that work on a no win no fee basis and will take 10%-15% of the amounts recovered for their work.
The only outlay that needs to be paid to them is any court fees which get added to the debt owed anyway.
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adrian77
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Post by adrian77 on Jul 12, 2018 14:05:23 GMT
As I see it FS are just interested in turnover as evidenced in their newsletter - as to whether turnover is vanity and profitability is sanity whislt cash is reality I leave as an open question. I get the impression that once FS have got their fees they don't care about anything else - clearly I am in a minority of one on that one...
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james21
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Post by james21 on Aug 4, 2018 6:57:12 GMT
I would like to see a photo of the 2 completed homes and the 5 completed homes, I doubt they exist; possibly one or two have been completed the remainder unfinished. Photos would have been posted if they exist and we know FS has visited the factory. There cant be much to building a mobile home which are mostly pre fabricated. Whole thing looks fishy to me. FS should take possession of whatever is there auction them and take it from there
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morris
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Post by morris on Aug 4, 2018 7:06:32 GMT
Photos were published by FS in April 2018. They are ugly and quite unsuited to the British market.
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james21
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Post by james21 on Aug 4, 2018 7:14:02 GMT
Photos were published by FS in April 2018. They are ugly and quite unsuited to the British market. The same pdf in April is shown on the 2 homes and 5 homes loans entitled "all models" it does not show our 2 and our 5. What is needed photos each labelled security 1 security 2 etc. I doubt they all exist
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Post by charliebrown on Aug 5, 2018 2:44:03 GMT
I must have been 1/2 asleep when I invested in these. Luckily I didn’t put much in. I’m pretty much expecting these to be a total loss for investors. Where are 7 big wooden sheds even being stored? These are more a liability (storage costs, deteriorization and depreciation) than an asset. Can someone put these at the top of the FA League of Failures. Actually if they’re looking for somewhere to store them they could put them on the Whitehaven site and create a AirBnB income stream.
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james21
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Post by james21 on Aug 5, 2018 5:45:12 GMT
One one of the photos of the park homes for the 5 you can see the logo of the trade name/makers name I dont know which, it is R*** Homes, if you search that on google their web site comes up "This website has been suspended due to none payment and renewal of its services".
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