stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447 
Likes: 945
|
Post by stub8535 on Jun 26, 2017 11:59:35 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. It is slightly more complex than this rs. On the loans for the train stuff we have the situation where some loans are as you have quoted with 1 asset for security. However FS have many loans where multiple assets are allocated to make up the security. Each asset is given an asset id. Each asset id is assigned to a loan id which is what we see on the loans assets tab. If an asset is sold my contention is that this money should only be attributed, and distributed to, the loan id lenders for which it was the quoted collateral id. I had a response very late Saturday that Stacie was doing a reassessment and needed to seek information but that she will come back to me today. I do not think holding my breath is a viable option for FS in general but I have faith that Stacie will respond today with something. 
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
|
Post by stub8535 on Jun 26, 2017 12:02:32 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. Also rs if you are able to trade your train parts they are not the ones to the borrower for which the assets are being sold. Good luck with selling them.
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
|
Post by stub8535 on Jun 26, 2017 13:17:19 GMT
Further to the below emails I can confirm that a detailed account of all sales will shortly be posted on each loan.
Above came in at 14:21 today about the train loans.
|
|
|
|
Post by green on Jun 26, 2017 18:45:20 GMT
Shortly in FS parlance probably means 6 months, they really are pathetic
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Jun 26, 2017 18:46:48 GMT
Further to the below emails I can confirm that a detailed account of all sales will shortly be posted on each loan. Above came in at 14:21 today about the train loans. I hope FS explain fully to you but I think the assets are hard to sell so it will take a long time to sell all assets to pay off loan and interest. I just hope the assets are all genuine valuable train memorabilia so we can recover out capital. I expect this loan will take another year to pay off.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on Jun 26, 2017 18:53:39 GMT
Further to the below emails I can confirm that a detailed account of all sales will shortly be posted on each loan. Above came in at 14:21 today about the train loans. I hope FS explain fully to you but I think the assets are hard to sell so it will take a long time to sell all assets to pay off loan and interest. I just hope the assets are all genuine valuable train memorabilia so we can recover out capital. I expect this loan will take another year to pay off. All these Defaults and Arrears are a huge and growing Administrative overhead which sucks up time and money relentlessly, and also I would have thought at some stage necessitates hiring further staff to "chase" . There must come a point where it's just not worth it for a Platform to carry on and it's easier to fold?
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
|
Post by stub8535 on Jun 26, 2017 19:16:02 GMT
I hope FS explain fully to you but I think the assets are hard to sell so it will take a long time to sell all assets to pay off loan and interest. I just hope the assets are all genuine valuable train memorabilia so we can recover out capital. I expect this loan will take another year to pay off. All these Defaults and Arrears are a huge and growing Administrative overhead which sucks up time and money relentlessly, and also I would have thought at some stage necessitates hiring further staff to "chase" . There must come a point where it's just not worth it for a Platform to carry on and it's easier to fold? Fs could package the crxx in a new package and sell it for 50p in the pound to some collections agency and ask lenders to fund the company. What could possibly go wrong?
|
|
|
|
Post by green on Jun 30, 2017 16:52:48 GMT
I hope FS explain fully to you but I think the assets are hard to sell so it will take a long time to sell all assets to pay off loan and interest. I just hope the assets are all genuine valuable train memorabilia so we can recover out capital. I expect this loan will take another year to pay off. All these Defaults and Arrears are a huge and growing Administrative overhead which sucks up time and money relentlessly, and also I would have thought at some stage necessitates hiring further staff to "chase" . There must come a point where it's just not worth it for a Platform to carry on and it's easier to fold? FS are way understaffed I think, they certainly do not have the correct people in place who understand the meaning of the word communicate let alone spell it Never mind, soon be time for the weekly round of updates (sic) which should as usual be a laugh if it were not so serious
|
|
|
|
Post by green on Jul 1, 2017 17:46:21 GMT
2 yes 2 updates today, what on earth are FS taking us for, mid you probably be an "ongoing, ongoing, ongoing"
As I have said previously FS are pathetic
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Jul 1, 2017 18:45:49 GMT
I dont know what some of you are moaning about; you chose to lend on railway memorabilia. FS dont have a clue what the locos and carriages are worth, it was obvious that the valuations were too high, anyway where was the owner going to get the money to pay back the loan having spent it?. Same with power boats, dutch barges etc?
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
|
Post by stub8535 on Jul 1, 2017 19:33:53 GMT
james21 the moaning is about the change in rules using lack of transparancy in keeping lenders informed about which assets have sold. The loans were never cross collsteralised in the description but fs are behaving as though they are.
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
|
Post by stub8535 on Jul 2, 2017 21:39:44 GMT
So, we can expect repayments tomorrow. I wonder if FS will publish a list by email with asset number, loan id, valuation, sale price for all the items that this borrower pledged. Failure to do so will leave investors in a position of ignorance.
I also wonder why the sales procedes have been held in the companies account for so long instead of repayments being made shortly after the sales.
Lets see what tomorrow brings.
|
|
n
Member of DD Central
Yet another Nick
Posts: 882
Likes: 461
|
Post by n on Jul 3, 2017 14:52:23 GMT
What? Is everyone speechless? I was expecting lots of chatter after this afternoon's partial repayment. Perhaps you are all waiting for some more to partially pay back before passing comment.
I wonder if I shall spend it on propping up the endurance boat? Maybe not.
|
|
09dolphin
Member of DD Central
Posts: 638 
Likes: 866
|
Post by 09dolphin on Jul 3, 2017 15:13:06 GMT
I'm too absorbed watching the tennis on TV.
Murray's 1st match was on and now Nadal.
|
|
|
|
Post by peerlessperil on Jul 3, 2017 15:14:57 GMT
And as per an earlier update the partial proceeds are in the Client account, not FS's company account so I'm not sure we need to stir up the hornets nest quite yet?
I believe Whitehaven is the place where investors are buzzing with indignation at the moment. That one paints a far more concerning picture than these train loans where it would be counter-productive to flood the market.
|
|
