rocky1
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Post by rocky1 on Aug 2, 2019 11:52:50 GMT
The terms of the loan specify that the insurance proceeds must be paid to FundingSecure. Our lawyers have already been briefed to liaise with the insurance company. It is likely to take 2-3 months before the proceeds are paid out.
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rocky1
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Post by rocky1 on Aug 7, 2019 17:44:08 GMT
update insurance payout still pending. new planning application to be submitted or has been submitted this is a 12 week process. so thats that kicked down the road for the forseeable.what is the problem with the insurance company paying out? so by the next time we hear more BS this loan 6 MONTH LOAN will be heading for 2 YEARS.
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susan
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Post by susan on Aug 7, 2019 18:17:48 GMT
The time to kick the can down the road on this one is surely well and truly over.
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pip
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Post by pip on Aug 7, 2019 19:35:03 GMT
The time to kick the can down the road on this one is surely well and truly over. Guys, honestly wake up and smell the coffee. I am not expecting any more repayments from FS. This guy was clearly told to have a meeting with FS and has come up with some cock and bull story that he will look to refinance some debt, try to get planning permission and the insurance company are slow. The guy is clearly a joker, these loans were dodgy from the start and two years down the line the chances of seeing much back are pitiful. Wouldn't surprise me if the security doesn't stack up anyway. My advice, for what it is worth is move on. FS must be on the edge of oblivion, their reputation is absolutely in shreds and they must have complaints and claims coming out their ears. Spending more time and effort getting your complaint in won't help your cause. My best hope is to write it off, move on with my life and if i get anything back it will be an unexpected bonus.
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adrian77
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Post by adrian77 on Aug 7, 2019 22:06:29 GMT
This one is getting silly - the letter was sent in nov 2016 but this chap has a string of properties paid for by FS or to put another way OUR money (I am in this one)
I don't see why this can't be sold despite the insurance claim but FS have had plenty of time to negotiate with the insurance company. All FS had to do was accept a lower figure than the insurance company - I give up!
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rocky1
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Post by rocky1 on Aug 8, 2019 6:20:10 GMT
does anybody know the true state of FS loan book because it seems that there are a heck of lot of loans that are going to bring massive losses to lenders.how many millions of our funds are tied into late/overdue/unredeamed/defaulted/loans?active loans is one thing 2 years on and still active is another.do FS have anybody who deals with recoveries or do they just rely on borrowers for BS updates on lack of progress.it just seems nothing is happening on many of these loans.as of may this year FS believe that their default rate is 0.6%.
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adrian77
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Post by adrian77 on Aug 10, 2019 10:02:14 GMT
yeah right and Neil Kinnoch thought he would be Prime Minister.
Thus had a quick end-of-week shufty and I am amazed how many loans are still not defaulted despite being extremely late and problematical e.g.
Power Boats - well that one is looking good I don't think,
Art Loans - don't get me started,
Liverpool supported unit - not far off 2 years late
Lytham St Annes - well over a year late and extremely worrying
Greenwich - viz his one - not far off 2 years late
These 5 alone account for well over £7m - soon mounts up doesn't it - where is this pro-active management we keep been told about?
According to FS (via the Telegraph) there is £24m in default and £33m in forbearance = £57m many of the already defaulted loans have had massive hits - Park Homes, Whitehaven etc etc etc and there are plenty more biggies to come. If we take 25% of £57m as expected default and I think that is very generous, that is over £14m lost - and if we take 50% which on the FS past track record is not unreasonable that is over £28m lost!
Get your Brexit excuses in now lads...
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Aug 10, 2019 17:31:23 GMT
yeah right and Neil Kinnoch thought he would be Prime Minister. Thus had a quick end-of-week shufty and I am amazed how many loans are still not defaulted despite being extremely late and problematical e.g. Power Boats - well that one is looking good I don't think, Art Loans - don't get me started, Liverpool supported unit - not far off 2 years late Lytham St Annes - well over a year late and extremely worrying Greenwich - tviz his one - not far off 2 years late These 5 alone account for well over £7m - soon mounts up doesn't it - where is this pro-active management we keep been told about? According to FS (via the Telegraph) there is £24m in default and £33m in forbearance = £57m many of the already defaulted loans have had massive hits - Park Homes, Whitehaven etc etc etc and there are plenty more biggies to come. If we take 25% of £57m as expected default and I think that is very generous, that is over £14m lost - and if we take 50% which on the FS past track record is not unreasonable that is over £28m lost! Get your Brexit excuses in now lads...  Keep up the good FS bashing Adrian
When there is little you can do just chill and wait. As I said elswhere there were a couple of 50% losses on Stock market this week.
Brexit will happen >>>>> But now they say if old JC gets in he can ask EU to just pretend it did not>>> What the F**** . You could not make up the complete and utter mess of british politics. Compared to it FS are a positive breath of fresh air.
P.S Can't even get weather right. Flood alert with Heavy thunderstorms predicted. !!! Glorious Sunshine with one 2 min piddle of rain nearly 20Kw generated on solar panels . Private Fraser moment " We are All Doomed"
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adrian77
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Post by adrian77 on Aug 10, 2019 21:04:11 GMT
Would you prefer I never mentioned such loans (I am in 4 of them) and pretend such a situation never existed? I always state I am happy to correct any errors. These loans are all late and there are issues with all of them and that is fact.
I am not bashing FS but am raising valid concerns
The stock market analogy is misleading - stocks are basically a gamble but FS is supposed to be asset based lending or Secure Funding to coin a phrase
FS can't delay defaulting dodgy loans forever much I expect they would like to...
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pip
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Post by pip on Aug 11, 2019 7:23:56 GMT
yeah right and Neil Kinnoch thought he would be Prime Minister. Thus had a quick end-of-week shufty and I am amazed how many loans are still not defaulted despite being extremely late and problematical e.g. Power Boats - well that one is looking good I don't think, Art Loans - don't get me started, Liverpool supported unit - not far off 2 years late Lytham St Annes - well over a year late and extremely worrying Greenwich - tviz his one - not far off 2 years late These 5 alone account for well over £7m - soon mounts up doesn't it - where is this pro-active management we keep been told about? According to FS (via the Telegraph) there is £24m in default and £33m in forbearance = £57m many of the already defaulted loans have had massive hits - Park Homes, Whitehaven etc etc etc and there are plenty more biggies to come. If we take 25% of £57m as expected default and I think that is very generous, that is over £14m lost - and if we take 50% which on the FS past track record is not unreasonable that is over £28m lost! Get your Brexit excuses in now lads... Keep up the good FS bashing Adrian
When there is little you can do just chill and wait. As I said elswhere there were a couple of 50% losses on Stock market this week.
Brexit will happen >>>>> But now they say if old JC gets in he can ask EU to just pretend it did not>>> What the F**** . You could not make up the complete and utter mess of british politics. Compared to it FS are a positive breath of fresh air.
P.S Can't even get weather right. Flood alert with Heavy thunderstorms predicted. !!! Glorious Sunshine with one 2 min piddle of rain nearly 20Kw generated on solar panels . Private Fraser moment " We are All Doomed"
Still making 13%?
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Aug 11, 2019 7:44:01 GMT
Would you prefer I never mentioned such loans (I am in 4 of them) and pretend such a situation never existed? I always state I am happy to correct any errors. These loans are all late and there are issues with all of them and that is fact. I am not bashing FS but am raising valid concerns The stock market analogy is misleading - stocks are basically a gamble but FS is supposed to be asset based lending or Secure Funding to coin a phrase FS can't delay defaulting dodgy loans forever much I expect they would like to... You are right defaults should be made as long as that has a higher chance of a better recovery. However defaulting immediately has the effect of devaluing an asset by at least 25%. This makes full recovery less likely where an extension for a short time may complete a project with full repayment. With shares companies may have nett asserts in excess of share valuations so you can lose unless the company liquidates which is unnecessary.. You were mentioning the FS losses figures. The actual loss as opposed to theoretical loss is still very low in relation to returns. Obviously those who have chosen loans that fail in a disproportionately high percentage of their portfolio will see a greater percentage loss. There are too many variables that can affect things throughout a loan period that make the whole exercise of investing in P2P very very complicated investment strategy. I still say that the greatest losers are those with least diversity both in stocks etc. and P2P. Like you I had funds in a good few of the unsatisfactory loans which has resulted in a reduced overall return there is however still a reasonable return higher than the average other P2P platforms. As hopefully more of the older loans are completed probably with losses the % lost will temporarily reach a greater amount as the newer “better” loans performance kicks in then the overall losses should reduce significantly. Learning from past mistakes is the priority and a good clean out is what is needed even if this results in unsatisfactory returns for those loans clogging up the system. Consistent positive returns in the future is the goal and can only be good for everyone.
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ashtondav
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Post by ashtondav on Aug 11, 2019 9:37:16 GMT
Because of the incompetence of FS I have not actually done anything but withdraw funds for over a year, and have paid little attention to new loans - especially where there is a photo of derelict land!
Has loan quality improved?
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Post by mrclondon on Aug 23, 2019 16:23:49 GMT
Some good news as we approach the long weekend ... miracles do occaisionally happen ...the Royal Borough of Greenwich have actually approved a planning application for this site !
How on earth they have the nerve to comment on the slight undershoot on the density (rooms per hectare) in the planning officers report when they have refused so many applications for this site because of over development is beyond me.
fundingsecure I hope you'll be encourgaing the borrower to get the site on the open market asap (I'm assuming without care home type permissions he is unlikely to want to develop the site himself)
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adrian77
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Post by adrian77 on Feb 24, 2020 18:14:48 GMT
Could we ask the CC to ask for an update about this one (I am in it) seems to be a lot of flannel and no action for a long time.
I also wonder if the insurance payment has been made but FS not informed - surely 0.4 acres of building land in Greenwich would be worth a fair few quid and be quite easy to shift.
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kielbasa
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Post by kielbasa on Feb 25, 2020 7:41:48 GMT
Could we ask the CC to ask for an update about this one (I am in it) seems to be a lot of flannel and no action for a long time. I also wonder if the insurance payment has been made but FS not informed - surely 0.4 acres of building land in Greenwich would be worth a fair few quid and be quite easy to shift. NB This is not Greenwich Greenwich, it's in Eltham in the borough of Greenwich. It's a corner plot on a main road. It does seem a decent plot for a development, but it's just not going to be worth Greenwich Greenwich prices.
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Keep up the good FS bashing Adrian 
