11025
Member of DD Central
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Post by 11025 on Jun 20, 2017 13:17:05 GMT
Out of all the platforms I have invested with FS wins the prize for the most incredible and tenacious excuses !
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shuff27
Member of DD Central
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Post by shuff27 on Jun 25, 2017 10:52:22 GMT
Update just release: "Funds have once again been delayed - we remain confident that they will materialise, the difficulty relating to issues out of the borrower's control which are due to be resolved before the end of the month."
So essentially the same (& as meaningless) as the last few updates...
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Monetus
Member of DD Central
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Post by Monetus on Jun 25, 2017 14:49:45 GMT
Seriously fundingsecure this is now a pathetic joke. Put some pressure on the borrower for gods sake.... you are clearly letting them just walk all over you. This loan is now 8 months overdue and we're sat here stuck with a fast depreciating asset. It's just excuse after excuse! |
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jun 25, 2017 15:33:24 GMT
It's high time also that Funding Circle ditched this "no interest until the loan repays" for ALL loans except smaller pawn loans, for which the platform model is designed. It is totally ridiculous that borrowers can take a loan, sometimes six figures, then extend it as long as they see fit by delaying tactics, without the lenders even being offered a penny of interest. fundingsecure Tell your directors. TIME FOR PLATFORM REFORM. Can you please let me know when you start discussing this at "board level"? Thank you. |
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jun 25, 2017 15:57:20 GMT
Update just release: "Funds have once again been delayed - we remain confident that they will materialise, the difficulty relating to issues out of the borrower's control which are due to be resolved before the end of the month." So essentially the same (& as meaningless) as the last few updates... err.... FS, have you discussed and rehearsed just what you are going to us if the outcome this confidence does not materialise? The phraseology of many of your brief updates often results in raised eyebrows, because we are not presented with evidence for the said confidence.
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Post by bracknellboy on Jun 25, 2017 16:11:38 GMT
why on earth is this loan not called in and the asset seized ? At this stage, I don't care if the asset is not going to fully repay the loan. Its depreciating, their is no eivdence that the loan is ever going to be paid back.
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Monetus
Member of DD Central
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Post by Monetus on Jun 25, 2017 16:50:47 GMT
There is no eivdence that the loan is ever going to be paid back. Totally agree with this. fundingsecure have put up with the borrowers excuses for nearly eight months now and there's absolutely no proof at all that the borrower has any intention to pay the loan back. And at this stage... if you were the borrower - why would you? Not when fundingsecure are such a soft touch and the value of the boat is now probably considerably less than the loan amount itself because FS have sat on their hands and done nothing for so long...
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Jun 25, 2017 17:49:07 GMT
I am one of the largest investors, money wise in this loan and I certainly would vote to pull the plug on this loan now if given the chance!
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Post by fundingsecure on Jun 26, 2017 8:26:36 GMT
A further update has been added to the loan to help clarify the position regarding the transfer of funds.
Although we monitor the forum we prefer to communicate information via loan updates to avoid disadvantaging those investors who do not subscribe here.
This also allows us to provide further information that may not be available for public viewing, although we cannot post information, even on the loan updates, that may be commercially sensitive.
If any investors have specific questions please contact us directly - we will do our best to provide further information, subject to the above caveats.
FundingSecure
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peteuk
Member of DD Central
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Post by peteuk on Jun 26, 2017 9:10:04 GMT
Thanks for nothing FS i have contacted you every week for over ten months about various loans eg rishton , speedboat ,wind turbine ect,ect. You are running out of room on your updates pages , hiding behind the excuse of commercially sensitive just makes people think that you are hiding something, i and others asked you to default the rishton loan ten months ago when it was obvious to any sane person the borrowers excuses were stalling tactics , the same for the speedboat loan, if not for new investers and the ifisa this platform would be in trouble as anybody who has been investing for two years or more will probably have burnt there fingers here. I have managed to to cut my position by half and in three months hopefully only be left with three loans whose updates will say the same as they do today, jam tomorrow, jam tomorrow. FS listen to the people?
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09dolphin
Member of DD Central
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Post by 09dolphin on Jun 26, 2017 10:37:20 GMT
As of 11.25 hrs the last update is dated 25/6/17.
What are FS doing saying there is an update when there isn't?
Just as an aside, as of 3 years ago there can be delays in international bank transfers when funds are transferred from places such as the Cayman Isles - but up to £500,000 was normally transferred within 2 - 3 working days.
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SteveT
Member of DD Central
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Post by SteveT on Jun 26, 2017 11:04:11 GMT
As of 11.25 hrs the last update is dated 25/6/17.
What are FS doing saying there is an update when there isn't?
Just as an aside, as of 3 years ago there can be delays in international bank transfers when funds are transferred from places such as the Cayman Isles - but up to £500,000 was normally transferred within 2 - 3 working days. The original 25/6/17 update was edited and the 2nd para inserted.
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Monetus
Member of DD Central
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Post by Monetus on Jul 3, 2017 7:11:28 GMT
"Once the banks have completed their due diligence the funds will be transferred - expected by the end of June."
Another deadline missed and no further update from FS.
Sadly the borrower has clearly chosen to work with a bank that has the most stringent due diligence process in existence - a month for an international wire payment now!
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Post by eascogo on Jul 3, 2017 22:38:00 GMT
20 mins ago
"As investors will have realised we are still awaiting funds. The borrower had hoped to be in funds on Sunday but so far they have not been received. They, and we, are confident that the funds will arrive and thank investors for their continued patience. As soon as further information is available it will be posted."
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11025
Member of DD Central
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Post by 11025 on Jul 4, 2017 12:00:41 GMT
Incredible , are you sure FS are not actually run by local government  |
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