poppyland
Member of DD Central
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Post by poppyland on Apr 4, 2017 12:18:05 GMT
Hi, I'm relatively new to FS, and got an email just now saying that a loan I have £100 in has gone into default. What does this generally mean in terms of a. timescale, and b. the amount I can expect to get back. I'm not too bothered about the default, just curious about what happens now.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 4, 2017 12:28:23 GMT
Hi, I'm relatively new to FS, and got an email just now saying that a loan I have £100 in has gone into default. What does this generally mean in terms of a. timescale, and b. the amount I can expect to get back. I'm not too bothered about the default, just curious about what happens now. Depends on what the loan is secured against. If its moveable goods then FS will probably attempt to sell it either through auction or a private buying which is likely to take a couple of months for a standard item to a year or more for something more specialised (art, carpets, domain names) If its property then FS will appoint recievers or administrators to sell the property/dispose of the company and that can take anything from months to years depending again on how straightforward it is. Should also bear in mind that FS seem to take a long time to actually get on with the formal recovery process in the case of property as they engage with borowers/experts to find the best way forward. Have a look at some of the loans that are currently unredeemed/or recovered to get an idea of the process/timescales.
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