adrianc
Member of DD Central
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Post by adrianc on Dec 28, 2016 11:25:24 GMT
It is still nowhere near as out of control as the 5 "short term loans " to the London Hotel fiasco. No interest received, secret third party agent appears to be unable to contact the Borrower and very recent change of ownership. FC have lost a lot of credibility over the failure to call the Borehamwood Borrowers to account as well as the London Hotel Loans. Three guesses which are my two remaining loans...
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
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Post by andyp on Jan 6, 2017 16:05:41 GMT
It seems the equity injection is still proving difficult according to todays update. On a positive note FC have seemingly changed policy...
A victory for the whingers I feel.
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adrianc
Member of DD Central
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Post by adrianc on Feb 6, 2017 21:58:48 GMT
It seems the equity injection is still proving difficult according to todays update. Mmm. Now, where have we heard that before? Oh, yes... ...and... ...and let's not forget... ...then there was... ...not to mention the original...
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metoo
Member of DD Central
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Post by metoo on Feb 7, 2017 15:12:45 GMT
Love the use of the word "confim" (x4) by Flexible Contortions. Shouldn't they put that in every note to have Futile Consistency as they play for time? Free-falling Credibility!
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Post by partyvegetable on Feb 16, 2017 0:58:37 GMT
It's probably been answered before, but does anyone know why FC don't pay lenders interest after the nominal end date on property loans, in the manner of Saving Stream?
This loan is now effectively paying 6% and falling, not the advertised 10%. It's starting to make RateSetter look attractive.
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am
Posts: 1,495
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Post by am on Feb 16, 2017 9:10:18 GMT
It's probably been answered before, but does anyone know why FC don't pay lenders interest after the nominal end date on property loans, in the manner of Saving Stream? This loan is now effectively paying 6% and falling, not the advertised 10%. It's starting to make RateSetter look attractive. One reason given is that their IT systems can't cope with unscheduled payments. On the other hand, one would have thought that they could have fixed it by now. Another reason would be that in many cases the borrower isn't servicing the loan.
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Post by partyvegetable on Feb 16, 2017 10:56:37 GMT
It's probably been answered before, but does anyone know why FC don't pay lenders interest after the nominal end date on property loans, in the manner of Saving Stream? This loan is now effectively paying 6% and falling, not the advertised 10%. It's starting to make RateSetter look attractive. > Another reason would be that in many cases the borrower isn't servicing the loan. Monthly interest payments may not be flowing, but they could be added to the final bill and eventually paid, in extremis, by possessing and selling the borrower's forfeited property. It looks to me as though the borrower has no (short term) incentive to repay the loan at the nominal end date as he then holds the capital and the property.
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metoo
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Post by metoo on Feb 16, 2017 16:11:44 GMT
Interest owed is accumulating daily at 2% over the original rate. I'm unsure whether they deduct their 1% charge from the interest charged on the overun period.
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Post by partyvegetable on Feb 16, 2017 17:38:26 GMT
Interest owed is accumulating daily at 2% over the original rate. I'm unsure whether they deduct their 1% charge from the interest charged on the overun period. Aha. I didn't know that. I sit corrected. Thanks.
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adrianc
Member of DD Central
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Post by adrianc on Feb 24, 2017 17:51:12 GMT
I don't want to be too optimistic, but...  |
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adrianc
Member of DD Central
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Post by adrianc on Mar 3, 2017 15:56:40 GMT
Another step towards the exit door...
We can taste freedom now!
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
Likes: 115
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Post by andyp on Mar 4, 2017 18:02:02 GMT
It's always next week, next weeks next week will be the next week!
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peteuk
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Post by peteuk on Mar 5, 2017 15:00:42 GMT
If you want a tale of woe look over on funding secure site at the Rishton loan it's a 182 day loan that's now got to 367 days if you look under updates they are running out of room to put the excuses,o they threatened to default the loan in January but took on more excuses I have lodged a complain't with the fca who advised me to go to the ombudsman but that is going to take eight weeks through proceedure. Still I am pretty sure the loan will still be there. not defaulted,o and still under (wee are awaiting funds next week) so people on funding circle don't be dismayed other platforms are suffering the same lack of backbone with their late borrowers
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adrianc
Member of DD Central
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Post by adrianc on Mar 10, 2017 18:28:34 GMT
It's always next week, next weeks next week will be the next week! You weren't wrong.
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adrianc
Member of DD Central
Posts: 10,015
Likes: 5,144
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Post by adrianc on Mar 17, 2017 17:45:37 GMT
It's always next week, next weeks next week will be the next week! You weren't wrong. Still not wrong.
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