Monetus
Member of DD Central
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Post by Monetus on Mar 31, 2017 15:12:18 GMT
"We spoke with the borrower on Wednesday of this week. The circumstances remain unchanged in that the 2 interested parties referred to in earlier updates remain very keen. A meeting was scheduled for Thursday of this week with one of them. They are also in the process of agreeing a major sponsorship deal."
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 2, 2017 22:03:21 GMT
Well, that's alright then ......................................  |
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Apr 2, 2017 22:35:31 GMT
I am another mutt and perhaps a bigger mutt than most as I fell for the bonus on larger loans as well. This is my largest loan on FS. My worry is that this one could run on like the Scottish boat yard and then eventually only pay out at a significant discount!
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ashtondav
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Post by ashtondav on Apr 3, 2017 11:28:59 GMT
Not got full sponsorship in place now? Unlikely to do so in the future.
it will make a great book and film: "how to build a super endurance boat with minimal sponsorship".
Luckily for their backers F1 teams don't operate like this.
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n
Member of DD Central
Yet another Nick
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Post by n on Apr 3, 2017 15:24:46 GMT
Not got full sponsorship in place now? Unlikely to do so in the future. it will make a great book and film: "how to build a super endurance boat with minimal sponsorship". Luckily for their backers F1 teams don't operate like this. I thought the sponsorship thing was for the 'endurance boat', which is a different loan.
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Apr 3, 2017 20:52:48 GMT
n you are dead right the endurance boat is No 8191680574 not the boat which is the subject of this thread. So shuff27 it may be worth starting another thread for that one which indeed seems also to have hit a rock, sprung a leak or something!
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Apr 5, 2017 8:34:04 GMT
Given that this loan is now rapidly heading towards four months overdue, how long before it is marked down as "Unredeemed"? Bit late now for this tax year but I could have written off just about all my capital gains tax against this one!
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
Likes: 302
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Post by merlin on Apr 5, 2017 9:04:21 GMT
Hi @leopardcat, unfortunately FS have been spinning the two potential buyers for the last couple of months now. You would have thought that any potential buyer would have bought by now as the racing seasons starts shortly and this is what this boat is intended for! It is also worth remembering that these boats are what is termed a "wasting asset". In effect a one season old boat will have depreciated a bit like a sports car and could have already have lost 30% of its new value.
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SteveT
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Post by SteveT on Apr 5, 2017 9:48:43 GMT
Yep - makes sense to default it today and at least get tax relief from it in the meantime. I doubt FS would be able to justify defaulting this one yet as it has not "entered legal recovery procedures", the test defined under SAIM 12050 which also states: " However it will be the responsibility of the lender to show that there is no
reasonable prospect of the recovery of the loan and it is NOT simply a case of late payment."
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,088
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Post by ozboy on Apr 5, 2017 10:02:13 GMT
Thanks SteveT, it makes me wonder how many are "Professional" Borrowers (on all the P2Ps) and know all the wrinkles?
DD on the Borrower and their history is clearly as important as DD on the Asset, however identifying the Borrower can often be a challenge as we know.
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Apr 5, 2017 10:49:29 GMT
Actually it does not really matter if it does not go into "Unredeemed" in this tax year as under the new rules it looks like you can carry forward and back any unclaimed tax. I may be wrong but think I am right.
What ever happens FS want to get their fingers out on this one. IMHO it is rapidly becoming a case of put up or we put a collecting agent in. I must be remembered that this is not a "property loan" as in the case of bricks and mortar and different laws apply more appropriate to pawn broking.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,088
Likes: 4,675
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Post by ozboy on Apr 5, 2017 10:53:09 GMT
Yep, it's a rapidly depreciating Asset. And that's it for me with boats.
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Liz
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Post by Liz on Apr 5, 2017 11:19:59 GMT
Yep, it's a rapidly depreciating Asset. And that's it for me with boats. Fill yer boots with sports cars. I can sell you some green race car just over par.
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mikes1531
Member of DD Central
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Post by mikes1531 on Apr 5, 2017 11:25:44 GMT
Yep, it's a rapidly depreciating Asset. And that's it for me with boats. Fill yer boots with sports cars. I can sell you some green race car just over par. Don't get too greedy, Liz. Selling at par should produce a nice enough return for you.
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mikes1531
Member of DD Central
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Post by mikes1531 on Apr 5, 2017 11:30:02 GMT
Thanks SteveT, it makes me wonder how many are "Professional" Borrowers (on all the P2Ps) and know all the wrinkles? : I don't understand the above comment. What difference does it make to the borrower whether or not the platform declares a loan to be a default? The platform should be chasing the borrower just as hard no matter what the loan's 'status' is.
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