mariner
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Post by mariner on Dec 19, 2018 19:18:09 GMT
Why have the following three loans not been allocated and updated along with the twelve others? 1804081423 Maritime Memorabilia - Renewal 1477496494 Trains - Renewal 1439986541 Railwayana 4 Renewal Anyone know? Was going to ask the same question Usual FS incompetence no doubt
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gc
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Post by gc on Dec 19, 2018 20:11:07 GMT
I must admit, I lost faith in FS with their valuations a while back and am just letting my remaining loans (and there are a few) run their course and just pull the cash back without buying any others.
What method are they using to evaluate, shooting dice?.. (though that's probably more accurate) ;-)
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Post by df on Dec 19, 2018 20:24:48 GMT
Can't force myself to calculate my loss on "trains", just happy to see this journey ended. My crystallised loss on MAIN account has nearly tripled, but still long way to go to see more real picture as there are many more defaults that are very likely to deliver substantial losses.
Does anyone know what's the overall "railway" loss to lenders (excl. earned interest)?
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09dolphin
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Post by 09dolphin on Dec 19, 2018 20:46:09 GMT
above was my mega prediction - will check the maths but I think I got this one wrong - it may well be a premier league score i.e. 75% loss. Whatever how on earth can FS get this valuation so wrong - yet again? Believe me I think the mobile homes are going to top this one... update - are the FS figures correct - I am having trouble in reconciling these figures - looks like about a 75% loss here? I honestly don't believe the Whitehaven debacle will ever be topped. (I am talking about a 98% loss of capital on property where the LTV was only 65% These railwayana loans are a bit awful in terms of the return of capital but compared to the projected return to the Whitehaven loan it pales in comparison.
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p2ploser
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Post by p2ploser on Dec 19, 2018 20:57:34 GMT
Not happy with this shower of ****** another huge loss best everyone gets out <redacted> I don’t understand why lenders being hit with this sort of incompetence are not drowning fs with formal complaints. This is not just about losses due to high risk loans with potential high rewards, this is plain incompetence in valuing items then not managing loans properly. Once fs reply to the complaints then those same complaints can be escalated to the fca. If they start getting hundreds or thousands of complaints about one lender they may start to take some action.
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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 19, 2018 21:04:10 GMT
When you take into account partial repayments made it’s not fantastically bad my loss was equal to just over 1 days interest of FS investments. If all loans that returned a loss were limited to that I’d be happy.  |
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mariner
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Post by mariner on Dec 19, 2018 21:09:04 GMT
How on Earth FS got regulated in the first place is beyond me
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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 19, 2018 21:12:07 GMT
Not happy with this shower of ****** another huge loss best everyone gets out <redacted> I don’t understand why lenders being hit with this sort of incompetence are not drowning fs with formal complaints. This is not just about losses due to high risk loans with potential high rewards, this is plain incompetence in valuing items then not managing loans properly. Once fs reply to the complaints then those same complaints can be escalated to the fca. If they start getting hundreds or thousands of complaints about one lender they may start to take some action. Valuation varies on a daily basis only this week 2 companies dropped 45% in share value in a day. Try and sell that expensive Rolf Harris painting you put away for your retirement or box set of the Cosby show. Just watch any tv pawn show and you see things go out of fashion. If there were 2 people wanting the items the outcome could be very different. FCA not interested in Pawn loans.
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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 19, 2018 21:14:38 GMT
How on Earth FS got regulated in the first place is beyond me If FS use qualified professionals to value assets then they have done all that is required. What is your solution...? Hindsight not included. Oversight and registration of assets needed to improve. Hopefully Whitehaven shone a big spotlight on their deficiencies and gave them a wake up call.
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mariner
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Post by mariner on Dec 19, 2018 21:24:01 GMT
I think someone previously asked you to go back to your day job at FS?
Well I totally endorse that
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09dolphin
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Post by 09dolphin on Dec 19, 2018 21:28:17 GMT
How on Earth FS got regulated in the first place is beyond me If FS use qualified professionals to value assets then they have done all that is required. What is your solution...? Hindsight not included. Oversight and registration of assets needed to improve. Hopefully Whitehaven shone a big spotlight on their deficiencies and gave them a wake up call. I assume that FS will seek redress from these "qualified professionals" although I don't know how FS will ever be able to justify their acceptance of what are obviously false statements made by borrowers re progress on developments. Lets face it FS did nothing to check the progress claimed.
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arby
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Post by arby on Dec 19, 2018 21:59:12 GMT
I think someone previously asked you to go back to your day job at FS? Well I totally endorse that So original. At this stage it's akin to admitting you've lost the debate
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mariner
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Post by mariner on Dec 19, 2018 22:02:34 GMT
How on Earth FS got regulated in the first place is beyond me If FS use qualified professionals to value assets then they have done all that is required. What is your solution...? Hindsight not included. Oversight and registration of assets needed to improve. Hopefully Whitehaven shone a big spotlight on their deficiencies and gave them a wake up call. Ok.............well who was the qualified professional who valued the trains.............Borrower?
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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 19, 2018 22:17:05 GMT
If FS use qualified professionals to value assets then they have done all that is required. What is your solution...? Hindsight not included. Oversight and registration of assets needed to improve. Hopefully Whitehaven shone a big spotlight on their deficiencies and gave them a wake up call. Ok.............well who was the qualified professional who valued the trains.............Borrower? If you watch any of the various tv programs on pawnbrokers they all have experts on call. Rarely do borrowers get more than 50% of valuation that was FS’s mistake
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
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Post by Godanubis on Dec 19, 2018 22:20:23 GMT
I think someone previously asked you to go back to your day job at FS? Well I totally endorse that Several years since I had a profession as a scientist but still apply scientific criteria to investments . I manage a good living by taking time to manage rather than moan about investments I’ve made.
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