ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 14, 2017 21:44:12 GMT
FS offerings are certainly sometimes exotic, talk about alternatives to property!
I have no idea whatsoever on this one, what do my esteemed peers think?
Increased borrowing of £20K increases the LTV to 32% of borrower's and solicitor's undertakings against an inheritance valued at £250K. No mention of Bid Limits.
Certainly an odd one but I think I'll invest in this one though I have no idea how to equate the risk?
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09dolphin
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Post by 09dolphin on Feb 15, 2017 7:32:06 GMT
Seems to me that the borrower doesn't have the funds to pay the interest but does have the potential to pay off the loan when the inheritance is received. With the assurances given I feel comfortable with this loan and think it may be better than many of the recently posted loans. I wouldn't renew again but I do know from personal experience that it can take well over 6 months for money to be credited.
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Post by d_saver on Feb 15, 2017 9:18:16 GMT
This is one of the few FS ones I'll take a small bit of recently. Assuming the lawyer's statement is valid, I can't see much of a downside. Try getting a loan from a conventional source with this type of guarantee! I'm only going in small as too few details re the assets etc. I did a quick check on the lawyer. They don't have a lot of internet fans  Still... Worth a punt IMO |
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 15, 2017 10:43:43 GMT
Thanks 09dolphin & d_saver, as I say I think I'll go in too.
Slightly worrying that the lawyer has detractors though.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 15, 2017 11:07:26 GMT
Unsurprising that lawyers, who are after all involved in conflict between two entities, have bad press.
I contacted FS yesterday about this loan. The loan will be paid be the solicitor at the time of disbursement. The hold up is due to " technical difficulties". Having taken an executor role for a family member recently my experince has shown me that things do not go smoothly in the main.
I will be leaving my investment in the loan as a result of comms. Hope I don't end up regretting it.
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SteveT
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Post by SteveT on Feb 15, 2017 11:11:59 GMT
Me too. The other decent renewal loan (IMO) just launched is the NI Property - Further Loan. Something like 80% was rolled over and it's already at 93%
{The Secured Inheritance loan was also mostly rolled-over and the rest filled in 10 mins}
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Post by excalibur on Feb 15, 2017 16:39:43 GMT
I skipped this one because it was not clear to me why they needed to take out an expensive loan if they believed the big bucks inheritance was only a few months away.
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mikes1531
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Post by mikes1531 on Feb 15, 2017 16:43:54 GMT
I skipped this one because it was not clear to me why they needed to take out an expensive loan if they believed the big bucks inheritance was only a few months away. Because they want to start spending their inheritance NOW? 
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Liz
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Post by Liz on Feb 15, 2017 16:53:19 GMT
I skipped this one because it was not clear to me why they needed to take out an expensive loan if they believed the big bucks inheritance was only a few months away. Because they want to start spending their inheritance NOW? I don't buy that. Maybe just the cynic in me.
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mikes1531
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Post by mikes1531 on Feb 15, 2017 18:41:49 GMT
Because they want to start spending their inheritance NOW? I don't buy that. Maybe just the cynic in me. I'd say people do this sort of thing all the time. They take out payday loans so they can spend their next paycheck before they get it. Those in a better financial position do the same, but they use credit cards. (I know there are better rates available for those who can be bothered to look for them and act on what they find, but those who don't do this probably are paying credit card interest rates that aren't so very different from FS rates.) And businesses also do it all the time -- they call it invoice factoring. A couple of ventures doing this on a P2P basis used to be Market Invoice and Platform Black.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 15, 2017 21:55:25 GMT
Yeah, I think the Borrower's just a spendthrift, I'm as comfortable with it as yer can be with any ABP2P Loan.  |
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Still... Worth a punt IMO
