michaelc
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Post by michaelc on Mar 22, 2018 22:53:12 GMT
Am I right that we don't get punitive interest when a loan defaults on FS? Does the borrower have to pay more? If that's the case, its a shame. One of the benefits of secured sub prime lending is squeezing them until the pips squeak.
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Bagman
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Post by Bagman on Mar 23, 2018 1:58:29 GMT
I'm guessing this will be the next default on 29th. Nothing is certain in life, other than death and taxes, however should this default Id suggest there is more than enough collateral to clear the loans Even death is not certain on FS.
Newark loan: 6712822859
26/02: We have been advised that the borrower has passed away. Our charge on the property remains in place - we are now awaiting confirmation and contact from the executor of the estate, after which a further update will be posted.
22/03: Unfortunately, the previous update was incorrect - an error apparently caused by a third party confusing the borrower with someone with a similar name. The borrower has been in contact and will shortly be paying the outstanding interest to renew the loan.
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rogerthat
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Post by rogerthat on Mar 23, 2018 9:16:51 GMT
Nothing is certain in life, other than death and taxes, however should this default Id suggest there is more than enough collateral to clear the loans Even death is not certain on FS.
Newark loan: 6712822859
26/02: We have been advised that the borrower has passed away. Our charge on the property remains in place - we are now awaiting confirmation and contact from the executor of the estate, after which a further update will be posted.
22/03: Unfortunately, the previous update was incorrect - an error apparently caused by a third party confusing the borrower with someone with a similar name. The borrower has been in contact and will shortly be paying the outstanding interest to renew the loan.
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mikes1531
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Post by mikes1531 on Mar 27, 2018 17:39:30 GMT
Newark loan: 6712822859 26/02: We have been advised that the borrower has passed away. Our charge on the property remains in place - we are now awaiting confirmation and contact from the executor of the estate, after which a further update will be posted.
22/03: Unfortunately, the previous update was incorrect - an error apparently caused by a third party confusing the borrower with someone with a similar name. The borrower has been in contact and will shortly be paying the outstanding interest to renew the loan.
FS's language skills do seem to be rather inadequate. I have difficulty believing that anyone else would write a news report about someone who was believed to have died but actually turned out to be alive and well -- and start it with "Unfortunately..."?
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mariner
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Post by mariner on Mar 27, 2018 18:23:52 GMT
As I have stated before, some of FS's staff would appear to border on the illiterate
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spyrogyra
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Post by spyrogyra on Mar 28, 2018 17:47:31 GMT
In their Trustpilot answer to a review about the "death case" FS claimed: "The borrower has since paid the interest due and, as soon as the funds are cleared, all investors will be paid appropriately." That was 5 days ago. The cheque is in the post. If already paid, what about the accrued interest for the last 5 days? Damn, why do I come with such questions while FS also claims "at no stage was there any risk to investors funds".
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rogerthat
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Post by rogerthat on Mar 28, 2018 17:55:26 GMT
More to the point:- 24/03/2018 We have had confirmation from our solicitors that the borrower's solicitors have been instructed. The borrower's solicitor has advised a completion date of 29 March. 16/03/2018 We spoke with the borrower last night. He has assured us that funds will be in our solicitors account by Tuesday next week. We have advised them that, if unpaid by 29 March 2018, we will default the loan.So...whats the date tomorrow ?
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Post by shyinvestor on Mar 28, 2018 19:01:48 GMT
But if the loan was due at the end of November, why have FS waited until now to act?
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michaelc
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Post by michaelc on Mar 28, 2018 20:15:51 GMT
The ray of sunshine I guess is that the property is worth more than the loan.
The down side is FS don't seem very capable at recovery and even worse at communication. Take their last update: 24/03/2018
We have had confirmation from our solicitors that the borrower's solicitors have been instructed. The borrower's solicitor has advised a completion date of 29 March.
This is utter garbage and is highly frustrating.
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rogerthat
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Post by rogerthat on Mar 30, 2018 20:25:34 GMT
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james21
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Post by james21 on Apr 3, 2018 9:49:59 GMT
The refinance did not go through. FS is "disappointed" !!! My guess is the borrower has so much outstanding on the various properties and the interest owed is so high a refinance wont cover the loans and interest so he cant refinance for now. Therefore its a waiting game possibly sell the smaller one
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adrian77
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Post by adrian77 on Apr 3, 2018 10:23:33 GMT
Well FS thanks for sharing your emotions with us although I would prefer more facts!
I am very disappointed that other people need to do excellent DD and post it on this forum and e.g. tell us the lender has other loans etc
Wonder if the refinancing fell through because the lender did proper DD and realised this was a bit of a pig in a poke?
Another loan which is looking problematic and is now over 4 months late...
I own a similar property not a millions miles away and £98K looks very optimistic to me and no way will this be acheved if sent to auction. That said please continue with drafting the legal papers which I would have preferred was started 3 months ago!
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rogerthat
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Post by rogerthat on Apr 3, 2018 10:41:10 GMT
Another co*ckup looming...of course burning your last bridge by issuing a deadline and then not following it through is like hoax calling the fire brigade and sticking two fingers up and then the one time you need them for real they don't turn up at all. fundingsecure... extractus digitus and don't let this drag on, theres enough problems piling up elsewhere on your patch from what I can see.
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Post by gaspilot on Apr 3, 2018 11:22:39 GMT
This property was valued at £890K on 15th April 2017 yet Zoopla states it was sold in June 2017 for £672K - considerably less! The LTV doesn't look great in these circumstances.
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Post by charliebrown on Apr 3, 2018 11:35:39 GMT
This property was valued at £890K on 15th April 2017 yet Zoopla states it was sold in June 2017 for £672K - considerably less! The LTV doesn't look great in these circumstances. Here we go again Honestly, I’m done with p2p. After COL going belly up, FS being totally incompetent and LY being too arrogant to notice/ care that they’re tightening the noose around their own neck. What is there left to like. I won’t have made any gains in 2 years and probably by the time the dust settles I’ll have lost 10s of thousands of pounds. As my Dad used to say “there’s only one winner” and that’s the platform (well, and the borrowers and the Lawyers and the receivers), maybe that should be “there’s only one loser”. I’ve had my fill of p2p, it’s like swimming in shark infested waters.
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