ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 7, 2017 10:30:21 GMT
Yes, wottasurprise. Ever felt like you've been played like a violin? I'm not in these thankfully, decidedly whiffy when Renewals kept recurring with enough "LTV" to cover a Default.  |
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rs
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Post by rs on Aug 7, 2017 13:04:28 GMT
Yes, wottasurprise. Ever felt like you've been played like a violin? I'm not in these thankfully, decidedly whiffy when Renewals kept recurring with enough "LTV" to cover a Default. I suppose if the railway memorabilia is defaulted, it does make me wonder how much the maps & books are worth.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Aug 7, 2017 13:11:17 GMT
I wonder why the money already on account from sales is not being distributed as part payments AGAIN.
At least fs have done something they threatened, albeit 7 days delayed, for once.
Objects should be sold without silly reserve and claims made against the valuers insurance for the difference. Oh wait, that insurance is no longer valid as the objects may not have had a revaluation at renewal. Wonder who that comes down to FS?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 7, 2017 15:32:01 GMT
"I suppose if the railway memorabilia is defaulted, it does make me wonder how much the maps & books are worth."
Yep.
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stub8535
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Post by stub8535 on Aug 18, 2017 16:52:32 GMT
Strange response to direct e mail came through from Richard.
Can I check with the forum members how many individual items the distressed railway loans were secured against please if anyone os unfortunate enough to be in them all.
On the good news front on the same email they are "going to be distributing funds shortly" that are held from sales in the client account.
About time to not do not get too excited its small beer!
S
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stub8535
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Post by stub8535 on Sept 22, 2017 17:17:16 GMT
Update on many loans for the distressed loans rail items. When fs statement gives false inferences due to language used.
"Files
Loan Updates
just now
We have had a dealer view the entire collection of model trains. They are currently formulating an offer which we are expecting next week."
However, don't get excited as we have the usual slack assertions by FS here. 'Entire collection' is untrue. Only specific gauge trains are being considered.
Still, it's a better outcome if we investors can get some recovery from the dealers offer. I just wish that FS would use greater care in there written comms.
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Post by df on Sept 22, 2017 19:45:38 GMT
Update on many loans for the distressed loans rail items. When fs statement gives false inferences due to language used. "Files Loan Updates just now We have had a dealer view the entire collection of model trains. They are currently formulating an offer which we are expecting next week." However, don't get excited as we have the usual slack assertions by FS here. 'Entire collection' is untrue. Only specific gauge trains are being considered. Still, it's a better outcome if we investors can get some recovery from the dealers offer. I just wish that FS would use greater care in there written comms. They've already sold some of the items, which was encouraging, but if they sell more in bulk soon it will be even better. This recovery can take ages and is likely not to be full.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
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Post by stub8535 on Sept 22, 2017 19:52:08 GMT
Update on many loans for the distressed loans rail items. When fs statement gives false inferences due to language used. "Files Loan Updates just now We have had a dealer view the entire collection of model trains. They are currently formulating an offer which we are expecting next week." However, don't get excited as we have the usual slack assertions by FS here. 'Entire collection' is untrue. Only specific gauge trains are being considered. Still, it's a better outcome if we investors can get some recovery from the dealers offer. I just wish that FS would use greater care in there written comms. They've already sold some of the items, which was encouraging, but if they sell more in bulk soon it will be even better. This recovery can take ages and is likely not to be full. And still investors do not have a definitive list of sales and the amount recieved against the individual valuation. I guess we just need to have faith that FS is acting in our best interests, as usual👿
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Post by df on Sept 23, 2017 22:37:48 GMT
They've already sold some of the items, which was encouraging, but if they sell more in bulk soon it will be even better. This recovery can take ages and is likely not to be full. And still investors do not have a definitive list of sales and the amount recieved against the individual valuation. I guess we just need to have faith that FS is acting in our best interests, as usual👿 That's the standard across platforms - very limited info on recovery process. Faith is probably the only tool one can employ in such situations. But even if they kept us updated, we wouldn't be able to help with selling the assets. It's our own fault investing in collectables 
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ding
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Post by ding on Oct 20, 2017 13:51:45 GMT
Trains - Renewal. 10K @ 66.67 LTV.
Going up tomorrow.
Lucky for the people in the loan that want to get out. Expected end of the previous loan 06/09/2017.
Run!
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rogerthat
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Post by rogerthat on Oct 20, 2017 14:26:06 GMT
Note - this is an independent borrower/loan not related to other loans on the platform secured against railwayana.
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stub8535
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Post by stub8535 on Oct 20, 2017 14:39:47 GMT
Given that fs are having difficulty selling the other borrowers railwayana doe this not make the renewal of this loan to a different borrower more risky in the event of default? Maybe needs a complete set of revaluation documents from an independent source and a reduced ltv to bring the risk reward back to acceptable levels.
Can't, based on fs past performance, see any actions being taken to protect the lenders interests.
Run! Indeed!
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adrian77
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Post by adrian77 on Oct 20, 2017 18:07:26 GMT
FS only have themselves to blame if punters are not very confident in ,at least, a minority of their valuations. Great post recently from an expert in antique arms...is there any similar expert for these model trains?
I have no idea what they are worth but £15K seems a lot when you can buy a real steam train for £35K (ORENSTEIN & KOPPEL 2 FT GAUGE 0-10-0 ‘LUTTERMOLLER’ LOCO 10956)
Subject to a second opinion my wallet is firmly closed on this one....
Looked at the valuation for the 6 yachts - the valuer clearly states no echo testing etc has been done - given these yachts date back to 1930 I wonder how realistic the FS valuation actually is...I thank you
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ashtondav
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Post by ashtondav on Oct 20, 2017 20:43:59 GMT
Probably "ongoing..."
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mikes1531
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Post by mikes1531 on Oct 21, 2017 2:52:48 GMT
Note - this is an independent borrower/loan not related to other loans on the platform secured against railwayana. : Are you sure about the above? I ask because IIRC one of the earlier railwayana loans made no reference to other loans to the same borrower and when I contacted fundingsecure to confirm there was no connection I was told that the loan actually was to the same borrower and that they had made a mistake in failing to mention that in the description. AFAIK FS never amended that loan's info to show the connection, and now I'm wondering whether this could be a renewal of that loan.
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