sb
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Post by sb on Jun 12, 2017 7:49:45 GMT
Pictures from today (2017-06-11): Thank you ali. We know now that the FS claim that the contractor is now on site is false. FS either doesn't monitor the borrower at all or just lies to us.
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09dolphin
Member of DD Central
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Post by 09dolphin on Jun 12, 2017 7:59:51 GMT
I expected a picture of someone sat in a chair, flask by their side, cup of coffee or tea in one hand and a sandwich in the other enjoying the peace and tranquillity of a site where there has been little or no progress for several months. Purely because I can think of no other explanation for the statement that the "contractor is now onsite" combined with the lack of progress.
Isn't it now time for FS to be honest with investors and actually start to protect their lifeblood (their investors).
It seems to me that FS have learnt nothing over the years. They still seem to believe without question everything that the borrower tells them, which reminds me of a certain Scottish boatyard loan that has been in arrears since January 2016. Doesn't FS know that borrowers can be economical with the truth - and if not why not?
Come on FS. I know you can't default the loan because of the tranches you've agreed to which, in my view, were stupidly optimistic without evidence. Admit you were deceived and investors may forgive FS - alternatively take robust action which investors may welcome.
If I was the borrower and totally immoral I'd take the money and run. I suspect that this is what is happening.
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r1200gs
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Post by r1200gs on Jun 12, 2017 10:32:49 GMT
I can't quite believe what I'm seeing here. On one level I am laughing at this because it's only a couple of hundred quid for me, but on the other hand I am deeply worried about the rest of my FS loan book. In fact I'm going there right now to do some more pruning.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jun 12, 2017 22:02:41 GMT
Question: any desire among investors to reward FS for their spot on and attentive overseeing of this project and consideration for your funds? Apart from a very large, wet and noisy raspberry you mean?
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rs
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Post by rs on Jun 13, 2017 7:46:32 GMT
I'm happy to give FS a slice of cake. They are doing a better job than Trump.
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Post by bracknellboy on Jun 13, 2017 8:43:52 GMT
ali: daft question probably, but are we absolutely 100% certain this is the correct site ? That is not an invitation from a board moderator to publicly identify the borrower I should add :-)
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ali
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Post by ali on Jun 13, 2017 8:54:16 GMT
ali : daft question probably, but are we absolutely 100% certain this is the correct site ? That is not an invitation from a board moderator to publicly identify the borrower I should add :-) Yes. Well, as certain as I can be of anything. I have pictures dating back to September which show the previous name of the building on the outside (which I can't share for obvious reasons). I could go into more detail about where the location is, but that's hard to do without at least partially identifying the borrower.
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Post by bracknellboy on Jun 13, 2017 8:59:53 GMT
ali : daft question probably, but are we absolutely 100% certain this is the correct site ? That is not an invitation from a board moderator to publicly identify the borrower I should add :-) Yes. Well, as certain as I can be of anything. I have pictures dating back to September which show the previous name of the building on the outside (which I can't share for obvious reasons). I could go into more detail about where the location is, but that's hard to do without at least partially identifying the borrower. that sounds to be pretty safe as umm houses then.
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michaelc
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Post by michaelc on Jun 13, 2017 11:32:05 GMT
Would the ombudsman get involved whether or not this loan goes sour? Should we all make separate complaints?
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james21
Member of DD Central
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Post by james21 on Jun 13, 2017 11:44:03 GMT
Seems to me folk are over reacting about this loan, no doubt investors were happy to take their 13%, its that high because there is risk. And you cant expect FS to go to sites to check on the work. FS do not have a bad record on failures according to their stats. Worst case its a secured loan and some money will be recovered, though this will take time. My strategy with FS is to invest in as many loans as practicable and set myself 0.7% of my total investments with FS, per loan; for me this works
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r00lish67
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Post by r00lish67 on Jun 13, 2017 12:35:04 GMT
Seems to me folk are over reacting about this loan, no doubt investors were happy to take their 13%, its that high because there is risk. And you cant expect FS to go to sites to check on the work. FS do not have a bad record on failures according to their stats. Worst case its a secured loan and some money will be recovered, though this will take time. My strategy with FS is to invest in as many loans as practicable and set myself 0.7% of my total investments with FS, per loan; for me this works I'm not in this one, but have to disagree. We sign up for all types of risk, but not the risk that the platform have advanced additional funds beyond what they stated they would against progress. It's only a few steps further from that to "well we actually didn't have any charge against this property" -- but that's the risk you take? I don't think so. My only caveat to that is if FS can demonstrate that they've been actively misled and made all reasonable endeavours to keep tabs on this loan. I don't see how that can be the case though, and they're not providing any adequate explanation to answer investors queries, which is why they're rightly receiving a kicking rather negative feedback on this particular loan.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 13, 2017 12:37:02 GMT
Seems to me folk are over reacting about this loan, no doubt investors were happy to take their 13%, its that high because there is risk. And you cant expect FS to go to sites to check on the work. FS do not have a bad record on failures according to their stats. Worst case its a secured loan and some money will be recovered, though this will take time. My strategy with FS is to invest in as many loans as practicable and set myself 0.7% of my total investments with FS, per loan; for me this works I don't think anyone is over reacting james21. At all.What we are reacting to is what appears to be completely incorrect information from FS. It's nothing to do with the risk level or anything else. Questioning the veracity of the updates and information supplied by FS is perfectly reasonable. It is our money and this is investment business. EDIT: Precisely r00lish67
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stokeloans
Member of DD Central
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Post by stokeloans on Jun 13, 2017 12:41:41 GMT
Seems to me folk are over reacting about this loan, no doubt investors were happy to take their 13%, its that high because there is risk. And you cant expect FS to go to sites to check on the work. FS do not have a bad record on failures according to their stats. Worst case its a secured loan and some money will be recovered, though this will take time. My strategy with FS is to invest in as many loans as practicable and set myself 0.7% of my total investments with FS, per loan; for me this works I can't believe what I've read here. FS have been systematically duped by the borrower into forwarding tranches for work that hasn't even been started never mind completed,something they could have prevented with a simple site visit by themselves or a local representative. Heck they could even ask one of us to take a peek if we're in the area.Anything would be more professional than taking the borrower's word for it
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jun 13, 2017 18:17:55 GMT
I'm happy to give FS a slice of cake. They are doing a better job than Trump. At least they don't run comms from their leader on twitter, or anywhere, to keep the populace miss "informed" @potus.
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r1200gs
Member of DD Central
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Post by r1200gs on Jun 13, 2017 19:37:11 GMT
Seems to me folk are over reacting about this loan, no doubt investors were happy to take their 13%, its that high because there is risk. And you cant expect FS to go to sites to check on the work. FS do not have a bad record on failures according to their stats. Worst case its a secured loan and some money will be recovered, though this will take time. My strategy with FS is to invest in as many loans as practicable and set myself 0.7% of my total investments with FS, per loan; for me this works Wow. Yes, I expect FS to check the claims of work done have actually been done. Nobody is expecting 13 percent with no risk, but they do expect the platform to be honest with them regarding that risk. I find it difficult to believe that you are for real in defending FS here!
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