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Post by spareapennyor2 on Jan 23, 2018 10:43:24 GMT
possibly the Vases / Fine Art same update
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rogerthat
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Post by rogerthat on Jan 23, 2018 11:25:44 GMT
UPDATE: So the seller needs to sell another painting to repay the interest wonder which others he has loans on - zero on SM at the moment Indeed...and I'm trying to find out whether the penny has dropped at HQ that another tranche 19******30 for the same item is already on 171 days and will be due therefore in just over 2 weeks..ive asked the question whether that thought has even be considered and a question been asked of the borrower..needless to say that 'the person who deals with this ' is in a meeting.  ..
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Mousey
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Post by Mousey on Apr 3, 2018 12:16:32 GMT
Update from a few weeks ago:
"Still on track for payment of interest in the second week of March"
Might have been slightly inaccurate that. Seems to be connected to a few other Art pieces all of which seem overdue
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rogerthat
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Post by rogerthat on Apr 11, 2018 13:47:46 GMT
02/03/2018 Still on track for payment of interest in the second week of March. 21/02/2018 Borrower is on the process of selling another painting. We have seen written confirmation that the sale is proceeding and will be completed in the second week of March. We therefore expect payment of interest during that week. fundingsecure ..as the last update was over a month ago which clearly has since disappeared into the long grass, can we have another update please with something more definitive ?..thanks |
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Post by charliebrown on Apr 12, 2018 11:56:12 GMT
02/03/2018 Still on track for payment of interest in the second week of March. 21/02/2018 Borrower is on the process of selling another painting. We have seen written confirmation that the sale is proceeding and will be completed in the second week of March. We therefore expect payment of interest during that week. fundingsecure ..as the last update was over a month ago which clearly has since disappeared into the long grass, can we have another update please with something more definitive ?..thanks Also take a look at the Chagall Painting loan. Not sure whether it’s the same borrower. That loan has been promising since before Christmas that the interest to renew will be “with us next week”. What a total and utter disgrace that FS just let these loans slide and slide and slide without any action whatsoever.
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lobster
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Post by lobster on Apr 12, 2018 12:52:11 GMT
I have to say I'm quite shocked at the lack of progress on both the Picasso and the Chagall loans. What on earth are FS doing here ?? Surely to goodness they should be forcing the issue by now, with at the very least an ultimatum to the borrower ie. "Pay up by such-and-such a date or we'll take possession of the security and sell it". Isn't that whole idea of a securitised loan ? If it is indeed the same borrower for both loans , then the situation is even more pressing. fundingsecure - may we have some action please , rather then yet more empty rhetoric. |
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Mousey
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Post by Mousey on Apr 12, 2018 14:20:02 GMT
This does seem to be linked with both:
Auerbach Painting - 2442801065
and
Chagall - 5073631341
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rogerthat
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Post by rogerthat on Apr 12, 2018 16:50:40 GMT
My concern is not without foundation with Pablo, Marc & Frank as currently I'm owed £2K + in interest..I dare not remind myself of the total capital..What continues to amaze me is the unbelievably puerile comments that haphazardly appear as updates, as if to show FS have 'their' finger on the pulse in a futile attempt to demonstrate due diligence is being done. What a total shambles
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rzys
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Picasso
Apr 12, 2018 17:38:33 GMT
via mobile
Post by rzys on Apr 12, 2018 17:38:33 GMT
Is there also a link with Lowry 1614460897, which had an update on the same day as the Picasso?
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rogerthat
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Post by rogerthat on Apr 12, 2018 18:54:55 GMT
Is there also a link with Lowry 1614460897, which had an update on the same day as the Picasso? Thanks for alarming me even further..better make my interest due including Laurence nearly £2.5K
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rzys
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Picasso
Apr 12, 2018 21:43:14 GMT
via mobile
Post by rzys on Apr 12, 2018 21:43:14 GMT
Sorry to be the bearer of unwelcome news...
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Post by charliebrown on Apr 13, 2018 11:47:54 GMT
It’s total incompetence. The updates are an insult to a 3 year old‘s intelligence.
A painting should be the simplest of assets to shift. Assuming the valuations are anything like correct just take control of the asset and get it up for sale in the next suitable auction.
I really dont understand why the borrower is being allowed to continue to keep lying about “you’ll get the money next week” without any consequences. Time after time after time.
In the long run the best p2p platforms are going to be the ones that take recovery seriously. That’s certainly not FS.
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bfish
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Post by bfish on Apr 13, 2018 12:56:24 GMT
Fortunately FS actually hold all these assets safe 'n secure . . .
Though whether the valuations are actually realisable is another matter entirely. especially with - say 12 months interest added ?
Why do I often feel this is extended 'funding by entrapment' - we simply can't exit, whether we like it or not !?
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Post by charliebrown on Apr 14, 2018 8:43:28 GMT
Fortunately FS actually hold all these assets safe 'n secure . . . Though whether the valuations are actually realisable is another matter entirely. especially with - say 12 months interest added ? Why do I often feel this is extended 'funding by entrapment' - we simply can't exit, whether we like it or not !? I’d settle for my capital back on these loans. It’s an absolute farce and a disgrace. I’m also worried by the mention earlier in this thread as to question whether we are even sure these “masterpieces” are genuine. i guess art valuations are always finger in the air, but we’ll only know once FS wake up and get these assets into auction.
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Liz
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Picasso
Apr 14, 2018 8:56:18 GMT
via mobile
Post by Liz on Apr 14, 2018 8:56:18 GMT
Fortunately FS actually hold all these assets safe 'n secure . . . Though whether the valuations are actually realisable is another matter entirely. especially with - say 12 months interest added ? Why do I often feel this is extended 'funding by entrapment' - we simply can't exit, whether we like it or not !? I’d settle for my capital back on these loans. It’s an absolute farce and a disgrace. I’m also worried by the mention earlier in this thread as to question whether we are even sure these “masterpieces” are genuine. i guess art valuations are always finger in the air, but we’ll only know once FS wake up and get these assets into auction. It's a surprise that they haven't put this in auction yet. Storage and insurance costs can't be cheap.
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