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Post by gaspilot on Apr 10, 2018 8:28:10 GMT
"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, why is it not listed as defaulted?
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rogerthat
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Post by rogerthat on Apr 16, 2018 21:11:53 GMT
5 hours ago 16/04/18 We have had confirmation that the loan offer has been finalised and that refinance should take place this week. In the meantime we have briefed our receivers in case we need to go to receivership.
There's confidence for you
Now if I was a betting man..still I suppose if you sit on your hands and let borrowers spin every yarn imaginable while allowing a standard 183 day loan to now exceed 300 days plus..what do you expect. It seems lessons will only be learnt the hard way, sadly usually at the lenders expense. When will the penny drop at Stokenchurch ?
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adrian77
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Post by adrian77 on Apr 17, 2018 7:22:12 GMT
And today's date is ? FS have got to get a grip on how they manage their loans with OUR money or the number of us exiting their platform will contrinue to increase
This is yet more vague and vacuous nonsense - "should take" , "could take", "probadly won't take" place !
I note there is a lot of money tied up with original and addiitonal loans. As I said before I know this area ,am in this business and totally dispute the valuations.
As Rogerthat said "another c*ck-up looming" - damn right unless this refinancing appears...
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Post by gaspilot on Apr 19, 2018 15:34:32 GMT
"We have had confirmation that the loan offer has been finalised and that refinance should take place this week." That'll be tomorrow then?
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rogerthat
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Post by rogerthat on Apr 19, 2018 16:40:40 GMT
"We have had confirmation that the loan offer has been finalised and that refinance should take place this week." That'll be tomorrow then? Just home so catching up on the Daily Bugle 1st as its more informative than looking in the horses mouth at HO..fingers crossed..a quick shifty via mobile on the way home suggests £2K has appeared in my MA...so it cant be Barnoldswick
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Post by gaspilot on Apr 20, 2018 17:46:33 GMT
And, as expected ............ nothing!
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james21
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Post by james21 on Apr 20, 2018 18:32:42 GMT
And, as expected ............ nothing! As is so often the case the borrower has spent the money on something else and cant pay it back even thought they want to
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adrian77
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Post by adrian77 on Apr 20, 2018 20:35:15 GMT
Well this looks like a major c*ck up as many predicted.
From FS
Looks to me as if the first charge holders weren't stupid and FS just went ahead in ignorant bliss.
This mysterious deal to provide funds failed to complete - well I don't even know if it existed in reality. Why on earth did FS lend on such flimsy evidence in the first place - I would only expect an advance to be made if this deal was ,at least, at exchange with a mega penalty in place if the other buyer failed to complete AND this is after reading the sales contract to see whether there was no valid reason for the buyer not to proceed.
I think there is £64K against the cottage- I own a similar property and that is roughly what I would expect (before expenses) at auction and that is assuming there is no problem with the tenant. And I think there is £775K in the farmhouse with an FS first charge of £587 and an FS second charge of £188K? Well that puts FS in an interesting position! Do they concentrate on the first charge or hold out for both charges? As I said I know the area and trade in it albeit at lower priced poperties (well it is cash) and I would be a tad concerned if I were in the second loan !
How on earth are FS going to keep on top of all these defaulted property loans - gaining repossesion is not like simply keeping the pawned car if the borrower defaults is it! The mixed use fiasco in Conventry due to the "Notice of home rights under the Family Law Act 1996" sounds horrendously complicated to me. I even wonder if FS have got the cash reserves to pay for all this legal work (yes I have seen their accounts) - perhaps they could apply to another p2p company for a loan as it should be pretty easy to get one!
Maybe I should do a poll and ask members to vote on say, 10 property loans to find the mother of all c*ck ups. My money is still on Wimbledon being a 100% loss with Knaresborugh coming a close second with Whitehaven coming up strong on the outside...
Gordon Bennett!
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sarahcount
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Post by sarahcount on Apr 20, 2018 20:39:24 GMT
I'm in both loans and do particularly like the terraced cottage one. I must admit that I'd never heard of Barnoldswick before I came to FS and every time I see it I'm reminded of Michael Palin. Eight bloody one etc etc www.youtube.com/watch?v=S9KXrRUZqtw
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Post by polonius on Apr 20, 2018 20:49:33 GMT
Maybe I should do a poll and ask members to vote on say, 10 property loans to find the mother of all c*ck ups. My money is still on Wimbledon being a 100% loss with Knaresborough coming a close second with Whitehaven coming up strong on the outside... The South Wales hotel must be fairly high on the list?
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adrian77
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Post by adrian77 on Apr 20, 2018 20:57:46 GMT
Absolutely - a belter of a contestant !
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Post by charliebrown on Apr 23, 2018 7:58:24 GMT
I came to FS because I was tired of LY’s arrogant incompetence.
Little did I know that FS would prove to be even worse.
I’m beginning to realise that none of the p2p companies should actually be trusted with our money.
Voting for your favourite p2p platform is a bit like voting for your favourite method of execution. COL killed me with a single bullet to the head whereas LY and FS are slowly boiling me in water.
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adrian77
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Post by adrian77 on Apr 23, 2018 9:09:10 GMT
Exactly!
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rogerthat
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Post by rogerthat on May 2, 2018 12:05:25 GMT
Erm..its gone deathly quiet since the last update on 03/04/18
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sapphire
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Post by sapphire on May 2, 2018 12:10:55 GMT
#8010286828 has updates on 16 & 30 Apr:
16/04/2018: We have had confirmation that the loan offer has been finalised and that refinance should take place this week. In the meantime we have briefed our receivers in case we need to go to receivership.
30/04/2018:Borrower is meeting his solicitor today to sign loan documents. We are therefore expecting repayment in the next day or so.
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