Steerpike
Member of DD Central
Posts: 1,961
Likes: 1,680
|
Post by Steerpike on Jan 4, 2019 9:39:01 GMT
Chat:
This loan will soon have been live for 2 years and it is 5 weeks since the last update, please can you provide an update on the action being taken to pay off the loan?
We are just waiting for final information to be able to post an update which is expected by the end of today. Once we have this an update will be posted on the loan page.
That doesn't sound like repayment is imminent.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Jan 8, 2019 14:18:26 GMT
Further to the above post jan 4th
I note we have Well still no update - what I don't understand why this one has not been put to auction I am in this one and this is the only solution I can see although granted I expect to take at least a 25% haircut...
|
|
chunkie
Member of DD Central
Posts: 121
Likes: 83
|
Post by chunkie on Jan 10, 2019 11:08:58 GMT
Today’s chat: Transcript: [2019-01-10 10:54:11] [Eric] Update please re Formby development - 2nd facility 2nd tranche (7805271776) [2019-01-10 10:57:02] [Isobel] Hi Eric, one moment please [2019-01-10 10:59:27] [Isobel] We are expecting an update for this loan by the end of the weel [2019-01-10 11:03:40] [Eric] This is what we were told on Jan 4th "We are just waiting for final information to be able to post an update which is expected by the end of today. " [2019-01-10 11:04:12] [Isobel] There have been some delays however we have Information for an update which will be up by the end of this week [2019-01-10 11:04:40] [Eric] You mean tomorrow? [2019-01-10 11:05:07] [Isobel] Either today or tomorrow yes
|
|
chunkie
Member of DD Central
Posts: 121
Likes: 83
|
Post by chunkie on Jan 11, 2019 20:58:40 GMT
Well, hard to believe but the promised update for today did not happen!
|
|
|
Post by brightspark on Jan 12, 2019 16:01:37 GMT
I think that the update was promised for tomorrow. As tomorrow never comes ........
|
|
chunkie
Member of DD Central
Posts: 121
Likes: 83
|
Post by chunkie on Jan 14, 2019 11:31:17 GMT
Today’s chat! Transcript: [2019-01-14 11:08:36] [Eric] Update please re Formby development (7805271776). On 10/1 Isobel said ‘we have Information for an update which will be up by ..... today or tomorrow" [2019-01-14 11:10:54] [Isobel] Hi Eric, we are just waiting for full information before we post the update on the loan page. They are working as quickly as possible to gain the information needed. I do apologise in the delay - we just want all the information we can before posting an update.
|
|
|
Post by spareapennyor2 on Jan 18, 2019 14:54:26 GMT
no surpise (to be) defaulted
We have had the valuation returned and it is less than expected,
|
|
Steerpike
Member of DD Central
Posts: 1,961
Likes: 1,680
|
Post by Steerpike on Jan 18, 2019 15:13:54 GMT
When lenders invested in this loan two years ago this was not the exit that was explained to them, clearly now that we have the facts it is time to call for a Peoples Valuation.
|
|
pip
Posts: 542
Likes: 725
|
Post by pip on Jan 18, 2019 15:34:10 GMT
This is all getting pretty depressing. I have £3.2k outstanding with FundingSecure and when I go through my loan book day by day it looks less and less likely I will get anything like that back. To make matters worse I put most of the money in via an ISA so can't even offset these losses against other P2P investments. I have mentally written FundingSecure loans off entirely, anything I get back will be a bonus.
Feel very let down by the FCA for authorising an outfit which clearly created investment cases based on such flimsy valuations, security, oversight of the development and expected loan duration's. Obviously I feel very let down by FundingSecure but what's the point in that, nothing will change because of it. I guess I also feel I was a bit gullible for just investing in things with almost no due diligence on my side.
The whole experience has made me see one thing, P2P investments, certainly in smaller platforms are not worth the risk. I will probably lose getting on for 50-75% of my investments in FundingSecure. That's a lot of years interest and refer a friend bonuses. I am sure some sites are decent, but for me FS has been such a disaster that the risks of P2P don't stack up.
|
|
|
Post by brightspark on Jan 18, 2019 15:47:05 GMT
At least this loan has at long last been defaulted and the loss can now be crystallised. it was always the case that a significant proportion of high risk FS loans were going to be lemons and this has had all the makings for a long time. Let us hope that Rishton gets sorted some time soon and that effectively ends my relationship with FS. it will then be good riddance until there is evidence of meaningful due diligence, appropriate valuations and monitoring as opposed to wishful thinking by FS.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Jan 18, 2019 17:37:51 GMT
One day I'll see a full repayment - but in a sea of capital losses.
This is well beyond the joke and I suspect this is just the tip of an iceberg. The idea was most loans payback and the odd default is covered by the security, but this is default after default with security being at best inadequate and at worst, non-existent.
I would love to just run for the exit if I just knew where the door was.
|
|
Steerpike
Member of DD Central
Posts: 1,961
Likes: 1,680
|
Post by Steerpike on Feb 13, 2019 10:33:11 GMT
Chat 13-Feb-19
Hello, this 6 month loan was made live nearly two years ago and was finally defaulted nearly 4 weeks ago. Please can you explain the significance of defaulting the loan and post an update detailing the actions that will now be taken, when, and by whom? When I asked last week I was told: "I will need to chase this with the loan manager for you. Once they are out of their meeting I will ask for this to be updated as soon as possible"
Hello, we do not have enough information to post an update on the loan page as of yet however we know that the borrower is actively working on his exit strategy.
|
|
sarahcount
Member of DD Central
Posts: 359
Likes: 815
|
Post by sarahcount on Feb 13, 2019 10:59:48 GMT
Chat 13-Feb-19 Hello, this 6 month loan was made live nearly two years ago and was finally defaulted nearly 4 weeks ago. Please can you explain the significance of defaulting the loan and post an update detailing the actions that will now be taken, when, and by whom? When I asked last week I was told: "I will need to chase this with the loan manager for you. Once they are out of their meeting I will ask for this to be updated as soon as possible" Hello, we do not have enough information to post an update on the loan page as of yet however we know that the borrower is actively working on his exit strategy.
When I hear that a borrower is actively working on his exit strategy I always imagine that he's got his flight tickets in one hand, a packed suitcase in the other and is about to head to the airport to skip the country.
|
|
Steerpike
Member of DD Central
Posts: 1,961
Likes: 1,680
|
Post by Steerpike on Feb 13, 2019 11:40:07 GMT
Chat 13-Feb-19 Hello, this 6 month loan was made live nearly two years ago and was finally defaulted nearly 4 weeks ago. Please can you explain the significance of defaulting the loan and post an update detailing the actions that will now be taken, when, and by whom? When I asked last week I was told: "I will need to chase this with the loan manager for you. Once they are out of their meeting I will ask for this to be updated as soon as possible" Hello, we do not have enough information to post an update on the loan page as of yet however we know that the borrower is actively working on his exit strategy.
When I hear that a borrower is actively working on his exit strategy I always imagine that he's got his flight tickets in one hand, a packed suitcase in the other and is about to head to the airport to skip the country. Exactly my thoughts!
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Apr 10, 2019 16:01:56 GMT
well tough on the borrower- and just what else are FS supposed to do - I am in this one and just want the damn thing sold...
|
|