"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."
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!
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!
Last Edit: Apr 3, 2017 20:53:50 GMT by merlin: fingure trouble
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!
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.
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.
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.