stub8535
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Post by stub8535 on Jun 11, 2017 8:43:54 GMT
Has anyone contacted fs about which assets, by asset number not loan number, have been sold please?
I ask as I am seeing in updates that a sale has happened but the sum is not enough to pay the interest but it meets the interest and capital for the object sold. The funds are held by FS rather than being distributed.
If a loan was listed with specific assets as security then I would expect holders of that loan to expect the funds from the specific asset sale to go to them wholly or pro rata if mutlple assets specifically allocated.
I see no clear default process, legally registered, that prevents the money being distributed immediately. Could it be that FS has avoided the correct legal process due to embarrassment that they allowed so many renewals for this borrowers loans?
Any guidance from the normal gurus will be welcomed.
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rs
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Post by rs on Jun 11, 2017 12:15:10 GMT
Has anyone contacted fs about which assets, by asset number not loan number, have been sold please? I ask as I am seeing in updates that a sale has happened but the sum is not enough to pay the interest but it meets the interest and capital for the object sold. The funds are held by FS rather than being distributed. If a loan was listed with specific assets as security then I would expect holders of that loan to expect the funds from the specific asset sale to go to them wholly or pro rata if mutlple assets specifically allocated. I see no clear default process, legally registered, that prevents the money being distributed immediately. Could it be that FS has avoided the correct legal process due to embarrassment that they allowed so many renewals for this borrowers loans? Any guidance from the normal gurus will be welcomed. I suspect the money received is not enough is not enough to pay the various loans this borrower has on FS. So FS can't pay out any of the loans yet. I am pretty sure that each loan would have a list of assets securitised against that loan.
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archie
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Post by archie on Jun 11, 2017 12:29:25 GMT
The borrower was expecting funds to repay all the loans from a legal dispute, see hereNot sure what the current position is. |
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stub8535
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Post by stub8535 on Jun 11, 2017 12:34:03 GMT
Has anyone contacted fs about which assets, by asset number not loan number, have been sold please? I ask as I am seeing in updates that a sale has happened but the sum is not enough to pay the interest but it meets the interest and capital for the object sold. The funds are held by FS rather than being distributed. If a loan was listed with specific assets as security then I would expect holders of that loan to expect the funds from the specific asset sale to go to them wholly or pro rata if mutlple assets specifically allocated. I see no clear default process, legally registered, that prevents the money being distributed immediately. Could it be that FS has avoided the correct legal process due to embarrassment that they allowed so many renewals for this borrowers loans? Any guidance from the normal gurus will be welcomed. I suspect the money received is not enough is not enough to pay the various loans this borrower has on FS. So FS can't pay out any of the loans yet. I am pretty sure that each loan would have a list of assets securitised against that loan. Thanks rs I had the same thought too but it would seem wrong on several counts. If I invest in a loan with 2 specific named assets that has no notes on joint liability and the two items of collateral are sold then that money belongs to investors in that loan only under normal circumstances. We are not told which assets have been sold nor are we infirmed how much they yielded. If FS have chosen to act as though the borrower is in full default then they should have gone down the legal process. Not sure they have done so. We are in a position, due to lack of asset sale information, where we must trust the bs we are told by FS. I believe investors may be happier if full disclosure on the legal process and the assets sold/ prlce recieved data. Do I hold out any hope for this data from this platform? Evidence suggests not.
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stub8535
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Post by stub8535 on Jun 11, 2017 12:42:06 GMT
The borrower was expecting funds to repay all the loans from a legal dispute, see hereNot sure what the current position is. Useful to know archie I had forgotten the exchanges back then. Crossed as you were typing. Still leaves my questiins in limbo though.
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rs
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Post by rs on Jun 11, 2017 12:54:34 GMT
The borrower was expecting funds to repay all the loans from a legal dispute, see hereNot sure what the current position is. Useful to know archie I had forgotten the exchanges back then. Crossed as you were typing. Still leaves my questiins in limbo though. legal dispute is dead as a doorknob for lenders hence no mention of this from FS.
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stub8535
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Post by stub8535 on Jun 23, 2017 10:54:37 GMT
Having asked for a list of asset numbers of items sold to cross reference against original collateral I have had the message from Stacie that"with 600+ railway items on the books I cannot suplly the answers you require?
I would expect this type of answer from a platform with something to hide.
Each loan had specific assets namef as the loan collkateral. No mention was ever made about each loans assets cross collateralising the other loans. If this has been retrospectively apllied then it is fraud.
Anyone seen anything on the renewal loans or terms and conditions that said anything about cross collateralisation for a sigle borrower please?
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r1200gs
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Post by r1200gs on Jun 23, 2017 11:25:22 GMT
Having asked for a list of asset numbers of items sold to cross reference against original collateral I have had the message from Stacie that"with 600+ railway items on the books I cannot suplly the answers you require? I would expect this type of answer from a platform with something to hide. Each loan had specific assets namef as the loan collkateral. No mention was ever made about each loans assets cross collateralising the other loans. If this has been retrospectively apllied then it is fraud. Anyone seen anything on the renewal loans or terms and conditions that said anything about cross collateralisation for a sigle borrower please? Yet another loan putting huge question marks over the business practises of FS. I'm happy to see my portfolio reduced again today.
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stub8535
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Post by stub8535 on Jun 23, 2017 11:54:08 GMT
r1200gs this is not a single loan it is a series of loans. Each loan had specific security listed. Fs won't tell lenders which asset (number) has been disposed of where the money sits in FS bank account rather than in the account of the assets loan holder. It's not rocket science but the platform seem to be over complicating matters. Like you r1200gs I have taken high 5 fig 90% out so far with more to extract on maturity in the next week. Not holdimg my breath on that one though! Where to move it???
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rs
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Post by rs on Jun 23, 2017 22:21:25 GMT
r1200gs this is not a single loan it is a series of loans. Each loan had specific security listed. Fs won't tell lenders which asset (number) has been disposed of where the money sits in FS bank account rather than in the account of the assets loan holder. It's not rocket science but the platform seem to be over complicating matters. Like you r1200gs I have taken high 5 fig 90% out so far with more to extract on maturity in the next week. Not holdimg my breath on that one though! Where to move it??? a formal complaint to FS should get the FS cooperating with lenders quickly as Regulator complaints will follow soon.
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stub8535
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Post by stub8535 on Jun 23, 2017 23:00:29 GMT
r1200gs this is not a single loan it is a series of loans. Each loan had specific security listed. Fs won't tell lenders which asset (number) has been disposed of where the money sits in FS bank account rather than in the account of the assets loan holder. It's not rocket science but the platform seem to be over complicating matters. Like you r1200gs I have taken high 5 fig 90% out so far with more to extract on maturity in the next week. Not holdimg my breath on that one though! Where to move it??? a formal complaint to FS should get the FS cooperating with lenders quickly as Regulator complaints will follow soon. At that stage already rs. I will give them until 17:00 Monday to come back to me. Failing that respinse coming then hard copy snail mail complaint to start the process will be posted.
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Post by sannytwist on Jun 24, 2017 1:24:37 GMT
I also invested in a few of the railway train loans from this borrower at the earlier stages but what l don't get is how the platform allowed it to get to this stage. Members on this forum were highlighting all the obvious problems with this borrower long before his loans were in default. Luckily l got out quickly. Hope others will get their investment back.
Just wanna mention l don't invest with FS anymore.
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hendragon
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Post by hendragon on Jun 24, 2017 11:10:29 GMT
The whole process seems unclear. It is almost as if FS regards a single borrower with multiple loans as something akin to a person with an overdraft. The T&Cs give the impression that from the lender's point of view, each loan is individualy secured by specific assets. Add to this that FS describe themselves as a "middleman" between borrower and lenders and it is starting to be clear as mud.
The FCA have spent a lot of time authorising platforms seemingly without any thought of this type of problem ie loan agreements.
Although it may not be a popular point of view, I do believe that FS are well-intentioned and are trying to work things through with the borrower, something I approve of in principal. However given the lack of clarity in this situation, coupled with the fact that FS have not communicated effectively with lenders, people arrive at some very bad conclusions. FS, should you still read this board, PLEASE clarify this situation. It cannot be in the best interests of the platform, borrowers or lenders if you do not do so.
PS I am with STUB about wondering where to put money from FS, it seems to be getting harder to find good investment options in p2p
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rs
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Post by rs on Jun 24, 2017 13:01:19 GMT
The whole process seems unclear. It is almost as if FS regards a single borrower with multiple loans as something akin to a person with an overdraft. The T&Cs give the impression that from the lender's point of view, each loan is individualy secured by specific assets. Add to this that FS describe themselves as a "middleman" between borrower and lenders and it is starting to be clear as mud. The FCA have spent a lot of time authorising platforms seemingly without any thought of this type of problem ie loan agreements. Although it may not be a popular point of view, I do believe that FS are well-intentioned and are trying to work things through with the borrower, something I approve of in principal. However given the lack of clarity in this situation, coupled with the fact that FS have not communicated effectively with lenders, people arrive at some very bad conclusions. FS, should you still read this board, PLEASE clarify this situation. It cannot be in the best interests of the platform, borrowers or lenders if you do not do so. PS I am with STUB about wondering where to put money from FS, it seems to be getting harder to find good investment options in p2p Lets hope FS checked each asset carefully for any fake made in ko*** trains.
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r1200gs
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Post by r1200gs on Jun 26, 2017 10:43:27 GMT
r1200gs this is not a single loan it is a series of loans. Each loan had specific security listed. Fs won't tell lenders which asset (number) has been disposed of where the money sits in FS bank account rather than in the account of the assets loan holder. It's not rocket science but the platform seem to be over complicating matters. Like you r1200gs I have taken high 5 fig 90% out so far with more to extract on maturity in the next week. Not holdimg my breath on that one though! Where to move it??? Yes, I do see the issue. If I loaned money against model Train 0001 and model train 0001 has been sold, where is my money? Indeed, has my asset been sold? That FS can't tell you is disgraceful. I now have all loans that can be sold up for sale. All of them. The Whitehaven farce is a step too much, I have no faith in FS any more. Do let us know if you get your response before your 17:00 deadline.
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