sussexlender
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Post by sussexlender on Feb 11, 2017 13:36:15 GMT
These loans are now up to 304 days late.
The unidentified third party agent is being paid but nothing has happened.
How long will it be before FC take responsibility for the mess they have allowed to develop with this Borrower and these "short term" loans?
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adrianc
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Post by adrianc on Feb 16, 2017 16:59:37 GMT
After 309 days of delay, mistakes and total inaction, this loan is finally been DEFAULTED. Let's hope the remarkable series of huge errors stops here and the recovery is smooth. The security has still lots of value in it. Let's take it to the market now! Half of me wants to cheer, half to groan.
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mikeb
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Post by mikeb on Feb 16, 2017 17:37:47 GMT
After 309 days of delay, mistakes and total inaction, this loan is finally been DEFAULTED. Let's hope the remarkable series of huge errors stops here and the recovery is smooth. The security has still lots of value in it. Let's take it to the market now! Yay! A default! Hurrah .... what am I saying?  I like that they list prospects of recovery as an "amber" ... what, not green? Maybe if it hadn't been left drifting for 309 days, then we might have better recovery prospects!
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sussexlender
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Post by sussexlender on Feb 16, 2017 21:30:31 GMT
The lack of action by the "highly experienced property team" and the numerous false promises and useless updates concerning "imminent refinancing" are a clear sign of negligence by FC management.
Investors (I am one) now face the default being handled by "the highly experience Collections & Recoveries team" of FC. The have no experience at all in dealing with a defaulted property loan. The third party has failed to secure anything at all and I suspect will now drop away with their fees in the bank.
May I suggest investors contact james.hurley@the times.co.uk to complain as he did a very good article on the tardy Newquay loans which then paid up.
FC will simply let these loans drift unless action is taken asap.
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Post by carpecyprinidae on Feb 17, 2017 10:43:26 GMT
ST Prop Loan 4 has been defaulted and a fixed charge receiver appointed with a view to a forced sale, I assume similar treatment will be applied to other comparable loans now
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sussexlender
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Post by sussexlender on Feb 19, 2017 17:46:16 GMT
All these loans are now in default and FC are saying it could take 18 months to sell this property.
They still have not obtained a valuation, despite their unknown third party agent popping up on the scene to achieve absolutely nothing (except generate a large fee).
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Post by spareapennyor2 on Feb 19, 2017 18:03:20 GMT
glad i bailed out last July
but still with these ST property ( or not so ST) + about 30 default/bad loans
no doubt said before too little too late
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sussexlender
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Post by sussexlender on Mar 3, 2017 14:59:27 GMT
Still no further information from the "highly experienced Collection and Recoveries team".
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Post by charles on Mar 3, 2017 15:10:15 GMT
After 309 days of delay, mistakes and total inaction, this loan is finally been DEFAULTED. Let's hope the remarkable series of huge errors stops here and the recovery is smooth. The security has still lots of value in it. Let's take it to the market now! Yay! A default! Hurrah .... what am I saying? I like that they list prospects of recovery as an "amber" ... what, not green? Maybe if it hadn't been left drifting for 309 days, then we might have better recovery prospects! It's scandalous, but I think this Forum, in some small way, is increasing transparency and accountability across the P2P/Crowdfunding sector. FC will no doubt have taken into account the growing discontent brewing on this Forum and decided that at some point, the reputational cost of delaying due process further outweighed the benefits of sweeping it under the carpet. Chalk one up for crowd power! Full disclosure: I am co-founder of real estate crowdfunding platform Property Crowd
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 3, 2017 15:22:27 GMT
Yay! A default! Hurrah .... what am I saying? I like that they list prospects of recovery as an "amber" ... what, not green? Maybe if it hadn't been left drifting for 309 days, then we might have better recovery prospects! It's scandalous, but I think this Forum, in some small way, is increasing transparency and accountability across the P2P/Crowdfunding sector. FC will no doubt have taken into account the growing discontent brewing on this Forum and decided that at some point, the reputational cost of delaying due process further outweighed the benefits of sweeping it under the carpet. Chalk one up for crowd power! Full disclosure: I am co-founder of real estate crowdfunding platform Property CrowdFC dont take any notice of their own forum usually (which was originally the forerunner of this one) Very much dont they will pay much attention to its successor. Far to big to worry about views expressed by a small minority of their user base, particularly as fair few of us have pulled our cash out and moved on to 'better' things.
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Post by charles on Mar 3, 2017 15:50:13 GMT
FC dont take any notice of their own forum usually (which was originally the forerunner of this one) Very much dont they will pay much attention to its successor. Far to big to worry about views expressed by a small minority of their user base, particularly as fair few of us have pulled our cash out and moved on to 'better' things. Better... you mean like Property Crowd? Hahaha...
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adrianc
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Post by adrianc on Mar 6, 2017 9:08:54 GMT
Still no further information from the "highly experienced Collection and Recoveries team". Let's see what that comes back with...
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sussexlender
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Post by sussexlender on Mar 6, 2017 17:51:53 GMT
FC are now trying to bully a regular FC Forum contributor after he provided publically available material about the Administrator to these suspicious / defaulted loans.
His post was clearly not in breach of the list of forbidden details. I urge concerned investors and other Forum users to register a protest on the FC Forum or here.
Utterly unforgivable behaviour, probably the result of too much Friday afternoon salsa dancing, beer in the cafeteria / ping pong / golf at their London HQ (see other thread above).
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jayjay
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Post by jayjay on Mar 6, 2017 20:49:43 GMT
With the default of this loan the control of it will have passed from the property team to the collections and recovery team. Control is thankfully now in the hands of professional Administrators. Two (named and redacted in the other place) Insolvency Practitioners. The FC team fortunately just get the onerous task to choose the colour of the progress - ie in this case Amber! Are we really surprised the names of the IP's were redacted?
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Mar 6, 2017 20:55:40 GMT
It's publicly available information that does not name the borrower or even leave much of a trail of breadcrumbs to follow to get to them. But even if you think I shouldn't have named the appointed practitioners, why is it such a state secret what company is handling it?
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