greenslime
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Post by greenslime on Feb 1, 2017 20:45:03 GMT
Overall, January was certainly one of the worst months I can recall on FS for having overdue loans repay (with 1 or 2 notable exceptions, eg. Lancaster). My hope is the hiatus will be short-lived and that it's largely the seasonal hangover of the legal profession shutting down for Xmas and New Year before slowly grinding itself back into action. Otherwise, I fear FS will need to invest in some larger baseball bats... Indeed. The 'Glaswegian approach' to debt recovery does seem appealing for some loans ...
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 2, 2017 0:11:01 GMT
I personally have no problem whatsoever going "Hard" when people owe me money, others, it seems, do.
It wasn't too long ago you went straight to prison, a rather persuasive disincentive methinks.
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09dolphin
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Post by 09dolphin on Feb 2, 2017 8:06:30 GMT
I see the "microsculptures loan is being renewed for the same amount as they borrowed previously. At least I assume they have paid the interest.
I assume that the borrower didn't want to use the proceeds from the sale of shares, or was it property they sold to reduce the loan as they stated they would.
Why on earth would anyone believe this borrower and invest in this loan?
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SteveT
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Post by SteveT on Feb 2, 2017 8:42:21 GMT
I see the "microsculptures loan is being renewed for the same amount as they borrowed previously. At least I assume they have paid the interest.
I assume that the borrower didn't want to use the proceeds from the sale of shares, or was it property they sold to reduce the loan as they stated they would.
Why on earth would anyone believe this borrower and invest in this loan?
I reckon it's one of the better loans on FS. The borrower has already previously paid off nearly half of their original borrowing (which was just over £500k) and continues to pay interest to renew the rest (reasonably promptly, at least by FS standards). And it's 30% LTV against secured assets most people have actually heard of. What more do you want?
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rookey123
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Post by rookey123 on Feb 2, 2017 9:04:56 GMT
But what is that valuation based on? There have only been 4 of his pieces put up for auction which was in Nov, 3 were unsold and 1 sold for £10k. Now I am not going to comment on the relative value of the auction pieces and the ones put up as security but the difference is certainly enough for me to seriously question the valuation.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 2, 2017 12:19:03 GMT
Blimey, 3 unsold and only one sold for £10K, glad I'm out of this one, regardless of the "LTV."
Art eh?!!!
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ashtondav
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Post by ashtondav on Feb 2, 2017 12:55:09 GMT
Give me a micro sculpture any day compared to a derelict site with no planning permission in a dodgy part of Liverpool....
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 2, 2017 15:07:31 GMT
R U serious ashtondav? Three didn't sell and the one that did only achieved £10K.
Give me the dodgy dirt any day.
To each their own of course, it's what makes the world go round.
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SteveT
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Post by SteveT on Feb 2, 2017 15:46:36 GMT
fundingsecure, could we please have a full set of updates on the overdue loans this week? I've now several where the last update was a full month or more ago, eg. Strand Rd / Waterloo Rd (Jan 2nd: "now expected that funds will be available in January"), SW17 Property (23rd Dec: "we have requested that the borrower pays all interest to-date to renew the loan"). Thanks.
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kaya
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Post by kaya on Feb 2, 2017 16:36:09 GMT
Overall, January was certainly one of the worst months I can recall on FS for having overdue loans repay (with 1 or 2 notable exceptions, eg. Lancaster). My hope is the hiatus will be short-lived and that it's largely the seasonal hangover of the legal profession shutting down for Xmas and New Year before slowly grinding itself back into action. Otherwise, I fear FS will need to invest in some larger baseball bats... Indeed. The 'Glaswegian approach' to debt recovery does seem appealing for some loans ... That is entirely insulting. We don't use baseball bats. We just stick the heid in...
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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 Feb 2, 2017 16:38:06 GMT
Indeed. The 'Glaswegian approach' to debt recovery does seem appealing for some loans ... That is entirely insulting. We don't use baseball bats. We just stick the heid in... Baseball hats then! 
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09dolphin
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Post by 09dolphin on Feb 2, 2017 18:36:47 GMT
I have 7 loans where the "update" was more than 4 weeks ago as at todays date (2/2/17). The last "update" for one loan was in early December and when I asked was told that this was in the hands of the "loan manager".
As I suppose it makes no difference so should we expect FS to post "updates" for all overdue loans? I must admit it would be nice to hear that overdue loans are being actively managed but who knows?
In principle I do think that FS should issue an "update" every 4 weeks, even if the "update" states that there is no change - but it could become embarrassing after the 3rd or 4th "update".
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09dolphin
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Post by 09dolphin on Feb 2, 2017 18:46:34 GMT
Forgot to add that my comment doesn't include my 3 loans that are "unredeemed" where I think it's entirely reasonable for an "update" to be included about every 2 months.
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mikes1531
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Post by mikes1531 on Feb 2, 2017 20:51:33 GMT
Forgot to add that my comment doesn't include my 3 loans that are "unredeemed" where I think it's entirely reasonable for an "update" to be included about every 2 months. Two months is far too long. I'd say a maximum of two weeks is more reasonable.
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mikes1531
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Post by mikes1531 on Feb 2, 2017 21:18:21 GMT
I see the "microsculptures loan is being renewed for the same amount as they borrowed previously. At least I assume they have paid the interest.
I assume that the borrower didn't want to use the proceeds from the sale of shares, or was it property they sold to reduce the loan as they stated they would.
Why on earth would anyone believe this borrower and invest in this loan?
I reckon it's one of the better loans on FS. The borrower has already previously paid off nearly half of their original borrowing (which was just over £500k) and continues to pay interest to renew the rest (reasonably promptly, at least by FS standards). And it's 30% LTV against secured assets most people have actually heard of. What more do you want? : The General Info on the maturing loan includes "This loan is currently in the process of being renewed, as the borrower has paid all interest due to date." Do you not believe what FS tell you? If I didn't, I don't think I'd be investing with them. And why did you feel it was necessary to make the assumption you reported? The General Info for the new loan includes "Borrower was expecting to repay the loan through the sale proceeds of a company he owns. The completion date has been set back and he has therefore elected to pay interest and renew the loan.". (Based on that, I'm expecting the renewal loan to be repaid before its maturity, but perhaps I'm being overly optimistic.) As for what these tiny items are 'worth', my initial reaction when they first appeared was that the values given were rather generous, but I trusted the valuer to be reasonably close. I do accept that the price achieved at auction for art all depends on who shows up to bid. I think that's why sellers set reserve prices and why items often don't sell the first time they go to auction. As a related point, a couple of weeks ago I went to a talk given by the engraver who did the micro-portraits of Jane Austen on the new £5 notes that were in the news last month. He knows Willard Wigan because they're both into micro-art. Anyway, he does things like engraving the Lord's prayer on the head of a pin. And he told of the huge prices the gallery he works with can get for his pieces. (By the time the gallery and his agent take their cuts, he gets less than half of the sale price.) Those prices are in the same league as the values placed on the micro-sculptures, so I'm now thinking they might not be as unreasonable as I first thought. Well, maybe they are unreasonable -- but they're not unachievable! 
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