09dolphin
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Post by 09dolphin on Feb 6, 2017 13:14:25 GMT
I see that the "Microsculptures" loan is still only 44% funding as at todays date.
Just glad I pressed the button to not renew.
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jonno
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nil satis nisi optimum
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Post by jonno on Feb 6, 2017 13:21:55 GMT
I see that the "Microsculptures" loan is still only 44% funding as at todays date.
Just glad I pressed the button to not renew. Just being helpful; you do know that interest on FS now starts to accrue as soon as you make an investment rather than once the loan is fully funded (as before).
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Steerpike
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Post by Steerpike on Feb 6, 2017 13:56:12 GMT
I queried two overdue loans with support this morning again, so far no response and no updates:
Loans 1861817905/2131386166 & 2157766811
"Hello, on 31st January I asked for an update for these loans and was told that 'The individual in charge of the loan is not in the office today. I will ask for an update to be posted on the loans.'
Please can I have an update on these loans."
Not sure if there are other seriously overdue loans with no updates for more than 6 weeks?
Edit: Reponse this afternoon - "Those loans will have updates posted on them by Wednesday evening. Apologies for the delay."
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micky
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Post by micky on Feb 6, 2017 14:28:24 GMT
Yes, not very satisfactory I agree.
I have another one for you-2437319925. I have been requesting an update for 2 weeks but seem to get the same answer. I was little more out spoken today and have been promised an update for tomorrow..we will see.
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r00lish67
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Post by r00lish67 on Feb 6, 2017 14:42:05 GMT
I'll weigh in too with 1018041290 and 7928207063, both of which have an update from 23/12 stating that they expect to complete in January and will let us know when as soon as they know. Hello, fundingsecure , it's thoroughly February and we're still waiting for that now impossible to attain January date for completion.. Please? Edit: They're far from alone in this, but I just don't get why FS can't at least give a one-liner to indicate they have no news, or it's delayed - to at least demonstrate they're aware of their prior commitments to lenders if not always able to fulfil them. Edit 2: Although that one wasn't 6 weeks, I can top all of these with one of my current Forgotten Chod loans (4707): 20 Sep 2016
The guarantor has responded to confirm that he is aware of the liability and reviewed his finances accordingly. He believes that he ought to be in a position to pay the money by the end of October this year....... |
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elliotn
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Post by elliotn on Feb 6, 2017 15:11:22 GMT
I dipped a toe nail a month or so ago. As I have a significant amount of overdue loans that 5k will be on its way back out upon redemption. Platforms that offer a definitive date for renewing/redeeming are best in class and will receive a little top up shortly (hopefully).
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SteveT
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Post by SteveT on Feb 6, 2017 15:43:03 GMT
I've chased several times for updates on a list of overdue loans where we've heard nothing for 4-6 weeks. The answer each time is "I will ask the Loan Owner to give an update as soon as possible" but a refusal to reveal which Director is the "Loan Owner" for those loans. The timing vis-a-vis the news from FS in mid-Dec that Noman Akram was "stepping back from the day-to-day business for the immediate future" makes me wonder if they were on his responsibility list...
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peteuk
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Post by peteuk on Feb 6, 2017 16:47:41 GMT
I too have have contacted FS on many occasions about overdue loans especially the Rishton loan which is an Embarrassment!, I have suggested the reasons there loans don't fill as quick as Mt ect but to no avail. No bank would let this happen they would default and sell the assets in double quick time. Although FS have a duty to the borrower to get the best outcome for them they likewise have the same duty to the lender, this has sadly gone badly wrong recently by holding interest paid by the borrower 5 months ago and not paying that to the lender.leaving the loan basically in limbo with a constant stream of excuses from the borrower and his solicitor . My next email/phone call will be to the fca to register a complaint and ask them to investigate why the interest has been held back
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mikes1531
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Post by mikes1531 on Feb 6, 2017 17:20:30 GMT
I have suggested the reasons there loans don't fill as quick as Mt ect but to no avail. I have to agree. The current NI loans have received very little support so far, and I expect that's related to the situation where other NI loans are overdue and updates on those loans are severely lacking. This may suggest there's a problem with FS's NI introducer(s) not providing enough 'after-sales' service. Even if resolution still is some way off, keeping FS lenders informed would build confidence and probably result in more investment and fewer loans sitting around waiting to be funded. A positive resolution of some overdue loans would help even more as even if some of the proceeds do leave the platform, I'd expect a fair amount to stay and be reinvested.
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Post by stanley on Feb 6, 2017 18:14:31 GMT
Hello All, I'm another FS investor that is increasingly concerned by the apparent lack of action and information regarding LOANS NOT REPAID ON THE AGREED DATE. I've sent several emails over the last couple of months, with this being the latest (also see spreadsheet which I sent to FS):
"You indicated that the investments that I brought to your attention as of concern would be updated, and that does look to have happened in most cases. However, the updates are not reassuring in the majority of cases, as they merely confirm that the loans are past their repayment date with no tangible evidence that they will be repaid. Phrases like "expected in January", when January has already passed and the original 'expected' repayment date was 3 months ago are not reassuring.
Of the 17 investments of concern:
1 has defaulted (Black);
3 look to be imminently repaid or renewed (Orange), and
13 have not been repaid as agreed (Red).
Please provide details of 'action' you are taking in respect of these overdue loans."
My willingness to continue to invest in loans on this platform is rapidly approaching zero. good luck to all. |
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Post by mrclondon on Feb 6, 2017 19:23:15 GMT
I see that the "Microsculptures" loan is still only 44% funding as at todays date.
Just glad I pressed the button to not renew. When the email arrived announcing the renewal stating 13% yield I was preparing to reinvest (having sold out from the previous loan on the SM) as I felt the uplift of 1% represented a fair acknowledgement that the borrower was 2 months late in renewing. However when it became clear that was a mistake, and the yield remained at 12% I decided against. The borrower clearly doesn't have the cashflow to be able to guarantee making an interest payment every 183 days until such point his plans for releasing capital to redeem the loan come to fruition.
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baldpate
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Post by baldpate on Feb 6, 2017 21:31:43 GMT
I see that the "Microsculptures" loan is still only 44% funding as at todays date.
Just glad I pressed the button to not renew. When the email arrived announcing the renewal stating 13% yield I was preparing to reinvest (having sold out from the previous loan on the SM) as I felt the uplift of 1% represented a fair acknowledgement that the borrower was 2 months late in renewing. However when it became clear that was a mistake, and the yield remained at 12% I decided against. The borrower clearly doesn't have the cashflow to be able to guarantee making an interest payment every 183 days until such point his plans for releasing capital to redeem the loan come to fruition. Your train of thought and action almost exactly mirrors my own : sold the old intending not to rebuy, rethought when I saw 13% despite renewal delays, rethought again when rate increase revoked.
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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 6, 2017 22:01:38 GMT
I too have numerous Loans now considerably Overdue (not to mention the Defaults!) and have also sent an email today requesting Updates.
It is not at all acceptable that we have to continually chase Loans that have had no Update for over a month, or were "Due anyday" as at over 2 weeks ago.
Constructive ideas on how we can convince FS to provide timely (and accurate!) Updates gratefully accepted.
I remain hopeful that FCA Registration will change matters somewhat.
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sb
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Post by sb on Feb 6, 2017 22:11:26 GMT
I queried two overdue loans with support this morning again, so far no response and no updates:
Loans 1861817905/2131386166 & 2157766811
SW17 property seems to be still on the market, it was listed by emoov on zoopla on 17/01/17
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mikes1531
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Post by mikes1531 on Feb 7, 2017 3:23:16 GMT
When the email arrived announcing the renewal stating 13% yield I was preparing to reinvest (having sold out from the previous loan on the SM) as I felt the uplift of 1% represented a fair acknowledgement that the borrower was 2 months late in renewing. However when it became clear that was a mistake, and the yield remained at 12% I decided against. I wasn't too concerned about the delay to the repayment because the borrower did seem to have a genuine transaction in progress that should have produced a substantial chunk of cash. The confusion over the interest rate didn't help, of course. IMHO the 13% rate was appropriate -- not because of the delayed renewal, but because the going rate for FS loans has increased since the maturing loan was made back in May/Jun. My biggest concern at the moment is the exit plan. The transaction to produce the necessary cash was reported as having completed before Christmas. Here we are 6-7 weeks later and the borrower still hasn't received the money! I'm beginning to wonder whether they'll ever get the money.  If they don't, and FS have to sell the security, I expect it will take a long time before the right person shows up to buy.
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If they don't, and FS have to sell the security, I expect it will take a long time before the right person shows up to buy.