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Post by rob55 on Jul 2, 2018 12:57:13 GMT
Can't understand why the last post on this loan was in April!
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bugs4me
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Post by bugs4me on Jul 3, 2018 9:34:58 GMT
Can't understand why the last post on this loan was in April! Folks and/or investors eventually run out of things to post - it really is that simple. FS no longer engage in a meaningful way on this forum assuming they are interested or indeed ever were.
One day, like other defaulted/overdue loans there will suddenly be a partial repayment with the usual 'we are exploring additional avenues.....' - probably contained in one of those highly confidential e-mails. So the can kicking will continue even though most investors will be aware that any further funds appearing to satisfy the original loan will be miraculous. But nonetheless FS continue to engage in these charades.
Such is their arrogance towards their investors or are they simply out of their depth! Largely irrelevant in my book as it's still the investors that suffer. It certainly will have zero effect on the FS balance sheet.
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adrian77
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Post by adrian77 on Jul 3, 2018 11:12:27 GMT
exactly the word I would use...just look how many times we have tried to get an answer about these damn boats- an electric one appeared out of thin air and all we get is "expecting funds" which have not materialised for nearly 18 months!
As to what is happening with the petrol boat - goodness knows.
I just don't take FS seriously any more and the sooner I have sold my entire portfolio the better
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djpix99
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Post by djpix99 on Aug 6, 2018 18:31:42 GMT
Looks like btl 1 has sold and investors are due a distribution shortly. It's a start I suppose, doesn't look good in relation to BTL 2.
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adrian77
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Post by adrian77 on Aug 6, 2018 20:02:16 GMT
I suspect we are getting a load of horlicks here as the wife has a charge etc and I wonder when the distribution will actually occur. Whatever we are not getting useful information. If my maths are correct the loan total is for £725K. The main house has bought in exactly zero. We were told BLT1 was worth £347 with net equity of £167K but has been sold (net or gross?) for £200K so does this mean the actual gross liqudity is 167 - (347-200) = £20K! And I wonder if that is before legal fees!
I did predict this one to be 100% loss - not convinced all BLT monies would go to FS which may have been incorrect. However my prediction for a Premier League Loss i.e. over 75% is looking safe.
I hope I am wrong!
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djpix99
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Post by djpix99 on Aug 13, 2018 13:59:28 GMT
I wonder when this payment from the first btl will actually hit our account?
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micky
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Post by micky on Aug 13, 2018 15:53:48 GMT
I wonder when this payment from the first btl will actually hit our account? I have asked on the helpline several times. Got no help, of course, they just repeated the update line of 'to be paid shortly'. I would like more investors to push them for a date of repayment, do it now, please!!!
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micky
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Post by micky on Aug 13, 2018 15:57:51 GMT
I wonder when this payment from the first btl will actually hit our account? I have asked on the helpline several times. Got no help, of course, they just repeated the update line of 'to be paid shortly'. I would like more investors to push them for a date of repayment, do it now, please!! I'm doing it again, right now... 16.57.
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micky
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Post by micky on Aug 13, 2018 16:01:31 GMT
I have asked on the helpline several times. Got no help, of course, they just repeated the update line of 'to be paid shortly'. I would like more investors to push them for a date of repayment, do it now, please!! I'm doing it again, right now... 16.57'. A slight change in reply today---'Stacie We are expecting funds for the first charge holders in the early part of this week.No the issue is not who should be repaid'
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adrian77
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Post by adrian77 on Aug 13, 2018 16:35:14 GMT
worrying - I may be misunderstanding this one but it I think the first charge holders are not FS and they have taken a hit on this one i.e. for the main house. Also the charge held by the wife is still confusing to me as is where FS stand in relation to the BLT properties i.e. second charge after a different first charge holder has had his dibs...but what if the first charge holder/wife for the main house has an "all monies" (sorry if that is the wrong legal term) claim on the liquidity of the BLT houses - however much are the legal fees going to be sorting this one out...
Can somebody remind me of what the main house sold for - seem to recall about 50% of valuation?
I ask as I will update my FA league with the actual recovery figure when it arrives.
I thank you and praise the day I ditched my holding in this one.
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blender
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Post by blender on Aug 13, 2018 17:51:36 GMT
worrying - I may be misunderstanding this one but it I think the first charge holders are not FS and they have taken a hit on this one i.e. for the main house. Also the charge held by the wife is still confusing to me as is where FS stand in relation to the BLT properties i.e. second charge after a different first charge holder has had his dibs...but what if the first charge holder/wife for the main house has an "all monies" (sorry if that is the wrong legal term) claim on the liquidity of the BLT houses - however much are the legal fees going to be sorting this one out... Can somebody remind me of what the main house sold for - seem to recall about 50% of valuation? I ask as I will update my FA league with the actual recovery figure when it arrives. I thank you and praise the day I ditched my holding in this one. Working too hard, Adrian, when you mix up Buy To Let with Bacon Lettuce and Tomato.
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crazi
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Post by crazi on Aug 15, 2018 23:55:15 GMT
Are FS going to take any legal action against the valuer? They are insured and I doubt they have a leg to stand on with the final sale being less than 50%.
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adrian77
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Post by adrian77 on Aug 16, 2018 7:16:45 GMT
not sure for this valuer but in my experience most have a let-out clause in the contract...
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micky
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Post by micky on Aug 16, 2018 7:23:43 GMT
Are FS going to take any legal action against the valuer? They are insured and I doubt they have a leg to stand on with the final sale being less than 50%. A good point, have you asked them? The more people that put pressure on them about different loans the better I think it is for us investors
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 16, 2018 9:22:44 GMT
not sure for this valuer but in my experience most have a let-out clause in the contract...Great isn't it. Calculate a massive overvaluation, knowingly shovel on the BS and lies, and escape with complete impunity. Are P2P Valuers up there with Real Estate, Car and Double Glazing saleswo/men? I think they're much, much higher in that pecking order. Their integrity is zero.
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