bugs4me
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Post by bugs4me on Apr 25, 2014 15:47:59 GMT
One of my investments is showing as 0 days remaining. No correspondence from FS.
Any idea what happens next?
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mikes1531
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Post by mikes1531 on Apr 25, 2014 16:44:30 GMT
One of my investments is showing as 0 days remaining. No correspondence from FS. Any idea what happens next? If fundingsecure don't react to this thread with some info, I guess you'll have to email them directly. But I do hope they'll respond here, because we all can learn from the experience. Another one to watch is the one where FS granted a 30-day extension as the borrower was unable to repay or extend the loan and was expecting their annual bonus payment at the end of April. The Days Remaining for this loan counted down to zero, started counting up, and are at 27 right now. The new repayment day is five days hence. I do hope everything works out for this borrower. The LTV of this loan was 72% at the start and will have risen to about 87% by 30/Apr. If the borrower doesn't repay at that time and a sale has to be organised, the LTV will be up to roughly 90% by the time of the auction, making it -- IMHO -- somewhat less than certain that there will be enough to pay off the lenders and FS in full after the auction fees and other sale-related costs are deducted. I have my fingers crossed on this one.
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bugs4me
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Posts: 1,841
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Post by bugs4me on Apr 25, 2014 16:53:17 GMT
One of my investments is showing as 0 days remaining. No correspondence from FS. Any idea what happens next? If fundingsecure don't react to this thread with some info, I guess you'll have to email them directly. But I do hope they'll respond here, because we all can learn from the experience. Another one to watch is the one where FS granted a 30-day extension as the borrower was unable to repay or extend the loan and was expecting their annual bonus payment at the end of April. The Days Remaining for this loan counted down to zero, started counting up, and are at 27 right now. The new repayment day is five days hence. I do hope everything works out for this borrower. The LTV of this loan was 72% at the start and will have risen to about 87% by 30/Apr. If the borrower doesn't repay at that time and a sale has to be organised, the LTV will be up to roughly 90% by the time of the auction, making it -- IMHO -- somewhat less than certain that there will be enough to pay off the lenders and FS in full after the auction fees and other sale-related costs are deducted. I have my fingers crossed on this one. Thanks - I'll drop them a note on Monday if nothing materialises. Or on second thoughts, may use their live chat. Will report back with news unless they get here first.
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Post by fundingsecure on Apr 25, 2014 20:11:09 GMT
Hopefully I can clear up the issue:
When a loan is due - the borrower has an additional 7 days to complete the repayment or renewal - during this time we maintain close contact with the borrower. If they fail to repay / renew the loan we will then start the necessary proceedings to sell the item and recover the funds. At that time we email the investors in the loan to advise the position. During any extended period the loan continues to accrue interest.
We do, as pointed out, have a web site issue which starts the counter increasing after it reaches "0". This should be a negative number but currently shows incorrectly a positive number - which is being addressed.
We will therefore be in touch when the 7 day grace period expires.
HTH
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bugs4me
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Post by bugs4me on Apr 25, 2014 21:36:33 GMT
Hopefully I can clear up the issue: When a loan is due - the borrower has an additional 7 days to complete the repayment or renewal - during this time we maintain close contact with the borrower. If they fail to repay / renew the loan we will then start the necessary proceedings to sell the item and recover the funds. At that time we email the investors in the loan to advise the position. During any extended period the loan continues to accrue interest. We do, as pointed out, have a web site issue which starts the counter increasing after it reaches "0". This should be a negative number but currently shows incorrectly a positive number - which is being addressed. We will therefore be in touch when the 7 day grace period expires. HTH Thank you for the clarification.
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mikes1531
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Post by mikes1531 on Apr 26, 2014 2:07:36 GMT
When a loan is due - the borrower has an additional 7 days to complete the repayment or renewal - during this time we maintain close contact with the borrower. If they fail to repay / renew the loan we will then start the necessary proceedings to sell the item and recover the funds. At that time we email the investors in the loan to advise the position. During any extended period the loan continues to accrue interest. We do, as pointed out, have a web site issue which starts the counter increasing after it reaches "0". This should be a negative number but currently shows incorrectly a positive number - which is being addressed. We will therefore be in touch when the 7 day grace period expires. Thanks for the info. Is it fair to presume that the same terms apply to the loan where the borrower was given an extension to 30/Apr? Meaning we shouldn't expect to hear anything until 7/May unless the borrower does take positive action before that?
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Post by fundingsecure on Apr 28, 2014 19:12:42 GMT
Naturally we try to keep things within original time frames and continue to chase during that time.
You are, however, correct regarding the specific loan extension.
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