bg
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Post by bg on Sept 17, 2019 10:47:46 GMT
Well a prompt response - I note there is no reference to a 100% recovery but that does not mean there won't be one... FS are not renowned for their reticence in declaring likely 100% recoveries, so I think it's unlikely in this case.  It's completely out of their hands. The first charge receivers are in control of the process. It will probably take some weeks until everything clears and the receivers have worked out their exact cut. I don't blame FS for not wanting to guess, they've nothing to gain from it.
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r1200gs
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Post by r1200gs on Sept 17, 2019 11:06:10 GMT
I don't think anyone expected FS to guess. At one time it seemed pretty clear that this would come good and they guessed then, but who knows what the first charge holder is owed and how much the receivers will be taking? Receivers fees are always pretty modest though....  Yet another loan where many people may learn a lesson about second (third, fourth) charge loans. I doubt this will be a full recovery of capital and interest though, that's all I have to say about that. (Credit to Forrest Gump.) |
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 17, 2019 11:12:31 GMT
FS are not renowned for their reticence in declaring likely 100% recoveries, so I think it's unlikely in this case. It's completely out of their hands. The first charge receivers are in control of the process. It will probably take some weeks until everything clears and the receivers have worked out their exact cut. I don't blame FS for not wanting to guess, they've nothing to gain from it. Mmm; Well that certainly hasn't stopped them in the past, even in respect of this very loan IIRC.
Oh and by the way which part of my post suggested that it was in any way within FS's control?
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bg
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Post by bg on Sept 17, 2019 12:48:21 GMT
It's completely out of their hands. The first charge receivers are in control of the process. It will probably take some weeks until everything clears and the receivers have worked out their exact cut. I don't blame FS for not wanting to guess, they've nothing to gain from it. Mmm; Well that certainly hasn't stopped them in the past, even in respect of this very loan IIRC.
Oh and by the way which part of my post suggested that it was in any way within FS's control?
Maybe they're finally starting to learn...don't make promises/predictions you can't keep. I wasn't suggesting it was, I was replying more in reference to an earlier post in the thread.
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adrian77
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Post by adrian77 on Sept 18, 2019 7:51:10 GMT
I would have thought once the house is sold this one would be pretty soon wrapped up?
However would be nice to know what this one sold for - I note FS said £470K would be enough to repay this loan but not comment when the selling price is believed to be £410K. Hopefully the receiver costs won't be too high but if there was a lot of legal work involved with gaining possession etc...
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adrian77
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Post by adrian77 on Sept 23, 2019 7:56:58 GMT
FS - I would politely suggest that if you want to improve your credibility regarding improved communication you tell us what is happening with this one as stated above. If nothing else I am sure most of use would be interested in what this one sold for as personally I am very curious. I thank you.
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hendragon
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Post by hendragon on Sept 25, 2019 9:56:49 GMT
over a week has elapsed since "completion". Perhaps it is time for FS to tell investors how much they have lost?
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Post by mrclondon on Oct 17, 2019 21:51:14 GMT
Now one month since the update saying the sale had completed ... still no repayment of the loan, nor any further news on the proceeds of the sale.
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Post by mrclondon on Oct 18, 2019 9:30:33 GMT
Update now added: However ... I've been monitoring the LR alerts for this title, there are no outstanding actions, and there have been no applications made against this title over recent weeks Something feels seriously amiss here.
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adrian77
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Post by adrian77 on Oct 25, 2019 14:24:48 GMT
doesn't make sense to me - how has the sale been finalised if the new owners aren't on the title deeds? Maybe it has been finalised and the first charge holder has got the lot?
Yet another incomplete or misleading "update"!
I am sorry for the FS staff who are likely to lose their jobs but don't ask me what I think of the so-called directors!
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