aj
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Post by aj on Nov 7, 2018 11:03:34 GMT
Update posted: I'm moderately concerned with the time this one is taking. I've had to put a bit of faith in the valuers expertise( ) with this site as details on acreage of the two sites are not provided and the split title confuses things further. Still, a sale sufficient to repay first and second charges is allegedly progressing, so I hold out good hopes for my first charge chunk.
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Post by spareapennyor2 on Dec 17, 2018 17:01:42 GMT
companies house
Receiver/Manager appointed more than one loan FS updates did say would appoint a receiver
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james21
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Post by james21 on Dec 27, 2018 9:27:24 GMT
Defaulted, folk in the supplemental may have a problem including me. In my case I learned too late to avoid them. Stopped investing in FS 3 months ago. No confidence in the management
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Post by charliebrown on Dec 27, 2018 11:20:49 GMT
44% LTV. I hope that’s somewhere near accurate and we should get a decent recovery.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 27, 2018 11:43:11 GMT
44% LTV. I hope that’s somewhere near accurate and we should get a decent recovery. You'll be fine, their track record is exemplary.
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Post by charliebrown on Dec 27, 2018 11:45:49 GMT
44% LTV. I hope that’s somewhere near accurate and we should get a decent recovery. You'll be fine, their track record is exemplary. Hahaha glad to see you haven’t lost your sense of humour, Oz
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r1200gs
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Post by r1200gs on Dec 27, 2018 14:15:20 GMT
Defaulted, folk in the supplemental may have a problem including me. In my case I learned too late to avoid them. Stopped investing in FS 3 months ago. No confidence in the management I'm in the same boat. 54% LTV but second ranking even though first charge. What a plonker I've been. No confidence in management? Same here, as in I would not trust them as far as they could be thrown. This is turning in to a nightmare for me, just loss after loss and I'll believe this one will pay up when I see it.
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tony
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Post by tony on Dec 27, 2018 21:36:07 GMT
I have 14 outstanding loans with FS and 8 with L and all of which are unlikely to repay - what a fool I have been in being seduced by the offer of high interest rates. Now that P2P investing is no longer a viable form of investment, and banks are offering interest rates well below the rate of inflation, I am now looking for a suitable box ( it does not need to be very big) to go under my bed in which I can keep my money. I will dip into it now and again and go on more holidays and enjoy myself for my remaining years which, if I follow the family average, will be about seven. Now where did I put those holiday brochures?
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 27, 2018 22:56:40 GMT
I have 14 outstanding loans with FS and 8 with L and all of which are unlikely to repay - what a fool I have been in being seduced by the offer of high interest rates. Now that P2P investing is no longer a viable form of investment, and banks are offering interest rates well below the rate of inflation, I am now looking for a suitable box ( it does not need to be very big) to go under my bed in which I can keep my money. I will dip into it now and again and go on more holidays and enjoy myself for my remaining years which, if I follow the family average, will be about seven. Now where did I put those holiday brochures? Your outstanding loans and likelihood of payment don’t really give any clue of your situation. You would have to put them in context . If as most informed people suggest you have a maximum of 1% of your portfolio invested in each loan you suggest a failure rate of 14% in FS as you say you will have 14 that your oracle has told you will fail. This is 28 time the actual losses so far of .45% I can currently get 15-18% after defaults in FS. So I would guess your predictions are more likely due to your choices rather than P2P Welendus has no losses and a 113% provision fund. I suggest you do considerable more research before you put your money under the bed where your losses may be higher when you take inflation and the amounts converted to mouse bedding are taken into consideration. With regard to this loan I have £25 in it less than half a days interest even at 100% loss Have a profitable New Year
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rogerthat
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Post by rogerthat on Jan 18, 2019 10:35:16 GMT
10 mins ago 18/01/19
The receivers have confirmed that we should expect their initial report by the end of next week, once we have this report we will provide an update with further details.
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trium
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Post by trium on Feb 28, 2019 10:49:24 GMT
10 mins ago 18/01/19 The receivers have confirmed that we should expect their initial report by the end of next week, once we have this report we will provide an update with further details. Well, not a lot of detail just yet (update just posted) but at least we know the wheels are turning. LTV is stated in loan particulars to be 42.59% but further down the description it says 51.1% or 61.6% - take your pick, but we have an unfinished development to try and sell and expensive receivers to pay.
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aj
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Post by aj on Mar 1, 2019 8:48:48 GMT
The fire sale of Ch*rter House seems to be taking priority over this plot which seems sensible (I am in both loans). While I would like to see this one sold soon, I think that an 'arms length' transaction would achieve the best result for investors in this plot.
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copacetic
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Post by copacetic on Jun 6, 2019 9:16:20 GMT
10 mins ago 18/01/19 The receivers have confirmed that we should expect their initial report by the end of next week, once we have this report we will provide an update with further details. Well, not a lot of detail just yet (update just posted) but at least we know the wheels are turning. LTV is stated in loan particulars to be 42.59% but further down the description it says 51.1% or 61.6% - take your pick, but we have an unfinished development to try and sell and expensive receivers to pay.
Turns out it was none of the above! 136% LTV
Actually a bit less since the receivers have no doubt got their cut. I've sent an email to ask FS for a breakdown of the recovery sale price and costs.
My commiserations especially to those in the second charge loans.
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Post by herrbert on Jun 6, 2019 9:57:33 GMT
I'm a bit confused how FS deals with these partial repayments.
My loan parts were split into two. One with 73% of the principal is closed, but only the principal is paid back. The rest of it is still open and interest is shown. There are supplemental loans still listed, with interest (luckily I'm not involved in these).
Now, I don't expect any interest on these in practice, but in theory: if I can expect any interest, shouldn't it be listed somewhere? Especially since my interest ranks before the supplemental loans. Right? If I cannot expect interest, why the other parts have interest listed?
Maybe it's just a programmatical or UX problem, but still...
Anyway, can we claim the interest part from the borrower or from the valuer?
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james21
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Post by james21 on Jun 6, 2019 10:33:34 GMT
I'm a bit confused how FS deals with these partial repayments. My loan parts were split into two. One with 73% of the principal is closed, but only the principal is paid back. The rest of it is still open and interest is shown. There are supplemental loans still listed, with interest (luckily I'm not involved in these). Now, I don't expect any interest on these in practice, but in theory: if I can expect any interest, shouldn't it be listed somewhere? Especially since my interest ranks before the supplemental loans. Right? If I cannot expect interest, why the other parts have interest listed? Maybe it's just a programmatical or UX problem, but still... Anyway, can we claim the interest part from the borrower or from the valuer? you only get the interest when the net proceeds are enough to cover the capital and interest, the interest is left showing (I assume) to be paid if the RICS claim and PG produce any more money which I doubt
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