spyrogyra
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Post by spyrogyra on Jun 1, 2018 15:31:58 GMT
Default doesn't mean default, really. I bet at some point we will be informed that "the borrower was in contact and has assured us that refinance is on track expecting to complete in 10 weeks". A mysterious buyer will pop up a bit later. So you know the drill.
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james21
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Post by james21 on Jun 1, 2018 16:08:28 GMT
The refinance on the main house and the end terrace probably failed because the borrower would not be able to raise enough to pay off the FS loans and interest. No doubt a refinance is possible but as I say wont raise enough
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michaelc
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Post by michaelc on Jun 1, 2018 16:32:07 GMT
The refinance on the main house and the end terrace probably failed because the borrower would not be able to raise enough to pay off the FS loans and interest. No doubt a refinance is possible but as I say wont raise enough Maybe not enough to pay the 2nd charge but would have thought enough for the 1st.
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adrian77
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Post by adrian77 on Jun 1, 2018 19:02:35 GMT
Very little as in zero?- as other have said a lot of us predicted this was bound to happen
Am I convinced this default will pay for the receivers - YES
Do I think this one will deliver 100% recovery as FS have said - NO WAY ON THIS PLANET
I can see the second charge taking a mega if not 100% haircut
I know this area but just my opinion so would appreciate a second opinion
I am losing track of all these defaulted property loans - I am formulating a list of gross failures and this is one of them
Gordon Bennett!
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michaelc
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Post by michaelc on Jul 18, 2018 16:02:19 GMT
Update today: The receivers are in contact with the borrower and the borrower is adamant he is going to pay the loan back.
I hope FS spend the money and start recovery. Lets get a date in court asap for repossession. That will definitely encourage the borrower to cough up faster than any talks would.
They won't do it now though because they have no incentive to do so. If by waiting the borrower does eventually pay, then FS save themselves the legal fees but we risk accruing further interest that is at risk of not being repaid.
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james21
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Post by james21 on Jul 18, 2018 16:16:44 GMT
Update today: The receivers are in contact with the borrower and the borrower is adamant he is going to pay the loan back. I hope FS spend the money and start recovery. Lets get a date in court asap for repossession. That will definitely encourage the borrower to cough up faster than any talks would. They won't do it now though because they have no incentive to do so. If by waiting the borrower does eventually pay, then FS save themselves the legal fees but we risk accruing further interest that is at risk of not being repaid. I understand all the costs come out of whats recovered before a distribution to lenders, FS dont pay
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rogerthat
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Post by rogerthat on Jul 18, 2018 17:00:51 GMT
Damnation..had to work today so missed the update...on the subject of Lampwick ...does anyone know if we have to accept FS's stance of can kicking or is there any point in contacting them with a view to encouraging some action. Surely, the more the legal parasites are allowed to prevaricate, the less we're going to end up with. Im not familiar with the due process but I cant see what incentive there is for either the borrower, the parasites or FS to bring this to a conclusion sooner rather than later.
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michaelc
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Post by michaelc on Jul 18, 2018 17:04:13 GMT
Update today: The receivers are in contact with the borrower and the borrower is adamant he is going to pay the loan back. I hope FS spend the money and start recovery. Lets get a date in court asap for repossession. That will definitely encourage the borrower to cough up faster than any talks would. They won't do it now though because they have no incentive to do so. If by waiting the borrower does eventually pay, then FS save themselves the legal fees but we risk accruing further interest that is at risk of not being repaid. I understand all the costs come out of whats recovered before a distribution to lenders, FS dont pay Not their own staff costs of managing the process which if done properly would chew time. There is thus little incentive to recover. Do you agree?
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adrian77
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Post by adrian77 on Jul 18, 2018 18:01:20 GMT
well he has had since over 6 months to prove this is not an idle wish....
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rogerthat
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Post by rogerthat on Jul 18, 2018 18:33:26 GMT
well he has had since over 6 months to prove this is not an idle wish.... Talking of the word 'adamant'...heard this on local radio yesterday evening. The pop nerd Adam Ant was relieving himself in a local latrine, as one does on occasions and at the same time, pondering on what name to call his erstwhile band. Clearly not interested about matters in hand at the time, he noticed that the porcelain receptacle he was aiming at had the name Adamant.(once made by Twyford's ) Bingo...talk about taking the p*ss www.flickr.com/photos/clivehurst/40166327050
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adrian77
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Post by adrian77 on Jul 18, 2018 18:41:44 GMT
And who invented the flush toilet ...
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rogerthat
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Post by rogerthat on Jul 18, 2018 18:44:39 GMT
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kaya
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Post by kaya on Jul 19, 2018 14:15:40 GMT
Naughty boy, circumventing the auto-censor like that.
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adrian77
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Post by adrian77 on Jul 19, 2018 15:08:32 GMT
This one is clearly a bit of a John Harington!
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lucky
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Post by lucky on Jul 25, 2018 13:02:30 GMT
Just received notification from FS loan cancellation, can’t say I’m sorry!
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