merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Jul 26, 2017 8:55:18 GMT
Regarding the post above. There is a duty of care to both the lender and the borrower in these cases and as such even handedness is the key. Also when dealing with bridging finance often loans run long overdue. Many years ago I was required to move home by my employer, who agreed to give me a bridging loan. Unfortunately it was at a time when the property market slumped and the loan ran on for nearly two years instead of six months. This is not an unusual problem with bridging finance and overruns often happen particularly where reconstruction work is involved. merlin .. I agree with your point above regarding even handedness, but to whom should the platform be ultimately supportive, the borrower or the lender? I again understand your position with regards to your bridging loan and the problems you encountered when the property market slumped, but it is not the responsibility of the lender to accept your or any other borrowers burdens, the platforms make substantial profits for lending our funds, and they should be held responsible for dealing with late payers and time wasters. With respect you are opening up a whole new can of worms with your question which I did not attempt to answer in the first instance. However it is a good point in respect of the relationship between us (P2P lenders) and the provider (FS in this case). For an answer you will have to have a look at the fine print of the contract you signed when you joined FS or any other provider. Without looking, my guess is that the providers have got this well covered in their favour. So running into late payers and time wasters is at out risk. What is interesting is the relationship between the provider and the borrower. If it is a bridging loan or similar financial instrument there almost certainly will be penalties of some sort for late payment. Typically this takes the form of increased interest being charge. So for example if the provider is charging 25% on a standard loan this may go up to 30% or more if the loan runs late. However in the case of FS we do not get any increase. In the past AC did slap on addition interest and on a 12% loan would pay us 18%. Something similar can occur with "pawn" loans but I am not sure how this works.
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Post by eascogo on Jul 27, 2017 10:51:02 GMT
update 1 hour ago: "Clarification / Correction:
The powerboat has 1100 HP upgraded engines - when compared to the very first boat which had lower spec 725hp engines. They have not been replaced nor upgraded, apart from routine maintenance.
Unfortunately, during a recent discussion between FundingSecure and an investor, it was incorrectly stated that this upgrade had occurred more recently. This information was then passed on to other investors.
Apologies for the error - a further update regarding the funding will be made shortly."
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greenslime
Member of DD Central
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Post by greenslime on Jul 30, 2017 9:58:07 GMT
And an update yesterday regarding an initial transfer of funds from the new partner by early next week and a final transfer of funds to allow full repayment in 7-10 days or 'at worst' 3-4 weeks ...
I've twice the money outstanding against containers on ABL than I do on this boat and the ******* S**** W**** Property (692 days and counting) combined on FS - yet updates from FS causes the red mist to descend in a way those from ABL never have yet. Now why's that, do you think?
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09dolphin
Member of DD Central
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Post by 09dolphin on Jul 30, 2017 12:42:40 GMT
About 45 years ago when I was taught about customer care in the family firm I was taught you under promise and over deliver (specifically you promise delivery will occur in several days and even up to a week after you expect to be able to deliver goods - but you offer, when the goods arrive in the store, to deliver goods several days early - and so exceed the customers expectations). Our customers were almost always totally satisfied with the speed of delivery. I believe this is a part of the basic customer care ethos still in operation today.
It seems to me that FS have turned this mantra on it's head. They over promise and under deliver on the majority of late loans I have an investment in, thus ensuring total dissatisfaction with the delivery of the service they provide.
The Power Boat loan is a typical example but I have several others I could use. FS promise or indicate in their updates that funds will be made available on a specific date or within a specific time frame and then issue an update saying that the borrower hasn't the money available. the money has not been received. the borrower is negotiating a new refinance deal or, in this case the borrower has a new sponsor. I honestly expect FS to issue an update on Saturday or Sunday next week saying that no money has been received but they still expect the loan will be paid down in 2 - 3 weeks. Then at the end of August I expect FS to say that the timescale has been revised and we can expect a repayment in ?September, perhaps October - but it will be repaid by November. Then in November there will be an update saying sorry but there have been delays giving any one of the many excuses FS use.
I acknowledge that I have become cynical but FS seem equally cynical in their contempt for borrowers and their ability to use any and all excuses as to why there has been a delay in payment. Perhaps the next excuse FS use will relate to Brexit and the UKs withdrawal from the EC as it's something they haven't used yet!!!
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rs
Member of DD Central
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Post by rs on Jul 30, 2017 14:19:06 GMT
I'm not in this loan but it seems the only way to get FS to change is to take your money and invest it in other p2p platforms. It seems like this is slowly happening with the more knowledgeable lenders.
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11025
Member of DD Central
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Post by 11025 on Jul 30, 2017 21:10:37 GMT
I'm not in this loan but it seems the only way to get FS to change is to take your money and invest it in other p2p platforms. It seems like this is slowly happening with the more knowledgeable lenders. Oh yes , I have 75% less than I was holding a year ago
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r1200gs
Member of DD Central
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Post by r1200gs on Aug 1, 2017 6:40:02 GMT
I'm not in this loan but it seems the only way to get FS to change is to take your money and invest it in other p2p platforms. It seems like this is slowly happening with the more knowledgeable lenders. Oh yes , I have 75% less than I was holding a year ago I now only hold what I can't sell. I delete new loan emails without looking at them.
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madpierre
Member of DD Central
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Post by madpierre on Aug 1, 2017 7:53:43 GMT
Well if the funds come through today as promised then we all deserve a severe public reproach for having ever doubted FS's ceaseless drive to obtain repayment
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elliotn
Member of DD Central
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Post by elliotn on Aug 1, 2017 8:37:20 GMT
Oh yes , I have 75% less than I was holding a year ago I now only hold what I can't sell. I delete new loan emails without looking at them. Ditto. Although I do have a quick squint at the new emails. I look forward to the forum furore when a low ltv resi bridge has no bid limit
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09dolphin
Member of DD Central
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Post by 09dolphin on Aug 1, 2017 10:26:30 GMT
Well if the funds come through today as promised then we all deserve a severe public reproach for having ever doubted FS's ceaseless drive to obtain repayment I assume you are reflecting FS's normal practice of over promising and underdelivering. Specifically saying they (FS) expect funds will be made available when it takes at least another 8 to 12+ weeks before this actually happens. Always assuming of course that the loan isn't defaulted which isn't exactly unusual following the promises that FS believe.
I would be shocked if the claims made by FS regarding late/very late and defaulted loans had any basis in fact. My experience suggests FS are not only gullible but frankly verge on the dishonest.
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muh3
Posts: 52
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Post by muh3 on Aug 1, 2017 10:31:30 GMT
I now only hold what I can't sell. I delete new loan emails without looking at them. Ditto. Although I do have a quick squint at the new emails. I look forward to the forum furore when a low ltv resi bridge has no bid limit Haha, like the S******** H****, Carlisle which just came through
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Post by westcountry on Aug 1, 2017 10:35:06 GMT
Oh yes , I have 75% less than I was holding a year ago I now only hold what I can't sell. I delete new loan emails without looking at them. Me too, I have £800 left in FS split between this loan, a very overdue house in Bristol that FS have just got round to defaulting, and two very overdue NI property loans. When/if these loans ever renew/repay/default, I will withdraw the money from FS & never invest with them again. I occasionally look at the new loan e-mails in the hope that it will be a renewal of one of the loans I hold, but otherwise I too delete them without reading them!
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shuff27
Member of DD Central
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Post by shuff27 on Aug 1, 2017 13:04:54 GMT
Carlisle & Shrewsbury have repaid today - hurrah!
I'm now down to just 5 (all overdue) loans in FS, with the unsinkable powerboat being the largest. Haven't put in any more money for several months. I still believe FS offer some decent loans but won't invest any longer as I have lost confidence in the way the loans are managed.
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elliotn
Member of DD Central
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Post by elliotn on Aug 1, 2017 15:02:44 GMT
Carlisle & Shrewsbury have repaid today - hurrah! I'm now down to just 5 (all overdue) loans in FS, with the unsinkable powerboat being the largest. Haven't put in any more money for several months. I still believe FS offer some decent loans but won't invest any longer as I have lost confidence in the way the loans are managed. About the same for me - powerboat, whitechapel, mixed liverpool (just defaulted), londonderry, st helens - the joys of p2p!
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Monetus
Member of DD Central
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Post by Monetus on Aug 4, 2017 17:44:27 GMT
And an update yesterday regarding an initial transfer of funds from the new partner by early next week and a final transfer of funds to allow full repayment in 7-10 days or 'at worst' 3-4 weeks ... Excited for this weeks excuse on why our glorious initial payment hasn't arrived yet!
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