arby
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Post by arby on Nov 28, 2018 18:04:34 GMT
...FS commission and fees are paid after we've received our capital and interest back. Their own self interest guarantees that they care about securing us the promised return. Are you sure? No, I'm not. I know it is after we've received our capital back, but their commission may be before our interest, can't recall exactly. It's in their t&cs
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shimself
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Post by shimself on Nov 28, 2018 20:27:35 GMT
No, I'm not. I know it is after we've received our capital back, but their commission may be before our interest, can't recall exactly. It's in their t&cs
At first sight it seems to say that they will enforce a sale of the security pretty soon after it hasn't been repaid 6.2 If the Loan Term has elapsed and the balance outstanding under the Loan Agreement has not been repaid, FundingSecure , acting on behalf of the Investors, undertakes to enforce the default procedures set out in the Loan Agreement. So do they have the right to delay forever? 6.4 6.5 says they can but they have to justify it
The repayment order is: 6.2.5 Net proceeds of sale of Assets shall be used to settle amounts due in the following order:
1Principal amount of Loan which was funded by, and is repayable to, the Investors (allocated pro rata in accordance with the proportion of the Loan amount which each Investor invested);
2Direct costs incurred by FundingSecure through the setting up and the administration of the Loan including, but not limited to, storage costs, referral fees and valuation fees up to the date of sale;
3Interest due to the Investors up to the date of sale (allocated pro rata in accordance with the proportion of the Loan amount which each Investor invested);
4Administration fees due to FundingSecure not recovered through clause 6.2.5(ii) above;
So yes you're right they recover actual outgoings before our interest but no profit. It seems that the spread (which is their real income) is called Administration Fees. But of course they have earned in cash a whole wodge of spread the day the loan is launched, probably equal to something like all the interest earned by lenders. And that they keep even if not a penny is repaid, so I don't think it hurts them much if a loan fails, and if it looks like the security won't cover the loan than at that moment they have no interest at all (they won't earn a penny) in recovering it
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r1200gs
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Post by r1200gs on Dec 2, 2018 11:57:34 GMT
Another update saying all items now sold and that they are currently allocating sales proceeds. No mention of whether or not these items sold for anything like the valuations. I really can't wait, though after two years on a six month loan, perhaps another few days doesn't matter.  |
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Forward
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Post by Forward on Dec 2, 2018 12:34:28 GMT
Another update saying all items now sold and that they are currently allocating sales proceeds. No mention of whether or not these items sold for anything like the valuations. I really can't wait, though after two years on a six month loan, perhaps another few days doesn't matter. That’s exactly the same update as this loan dated 30/11/2018 1804081423 Maritime Memorabilia – Renewal ?
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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 2, 2018 13:34:41 GMT
Back in the good old days this brings back nostalgic feelings. This was one of the first Loans I ever invested in on FS. I must admit if every loan had an eventual outcome similar to this I’d be happy. It may have taken a while but it has paid back little at a time with promised interest . I only have £137 +£35 interest left in this when it goes it will be like loosing an old friend  |
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technik
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Post by technik on Dec 3, 2018 16:38:26 GMT
Haven't all the sales posted over the default period been far below valuation for the individual items sold? Surely it would make sense that this continues (or worsens if a bulk sale)?
A few useful outcomes though - a concluded overdue loan(!), one less loan tied up in the system frustrating people who are in it and more realised losses will be going into the overall statistics to bring some reality to the current almost perfect record.
Keeping fingers crossed for you that it's a good result!
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p2ploser
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Post by p2ploser on Dec 3, 2018 20:33:08 GMT
They must have so much money to allocate it’s taking them days to do it!
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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.
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Post by Godanubis on Dec 3, 2018 23:52:06 GMT
They must have so much money to allocate it’s taking them days to do it! Somebody dropped the 50p down a drain and the are trying to recover it. Will result in payback of 20p after the recoverer gets their fee. 
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jonno
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nil satis nisi optimum
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Post by jonno on Dec 4, 2018 9:45:25 GMT
Back in the good old days this brings back nostalgic feelings. This was one of the first Loans I ever invested in on FS. I must admit if every loan had an eventual outcome similar to this I’d be happy. It may have taken a while but it has paid back little at a time with promised interest . I only have £137 +£35 interest left in this when it goes it will be like loosing an old friend Seriously, if this is what your "old friends" look like, I shudder to imagine what your enemies look like!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 4, 2018 10:32:07 GMT
Back in the good old days this brings back nostalgic feelings. This was one of the first Loans I ever invested in on FS. I must admit if every loan had an eventual outcome similar to this I’d be happy. It may have taken a while but it has paid back little at a time with promised interest . I only have £137 +£35 interest left in this when it goes it will be like loosing an old friend Seriously, if this is what your "old friends" look like, I shudder to imagine what your enemies look like! Decepticons - disguised as high performance speedboats.
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trevor
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Post by trevor on Dec 7, 2018 15:49:39 GMT
A week now since the update to say all items sold and still no distribution. It's a simple calculation on a spread sheet FS, it's not difficult. I'm told "taking sometime to process". You're holding on to,my money is what happening.
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rs
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Post by rs on Dec 7, 2018 17:00:43 GMT
A week now since the update to say all items sold and still no distribution. It's a simple calculation on a spread sheet FS, it's not difficult. I'm told "taking sometime to process". You're holding on to,my money is what happening. Maybe the money got lost!
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p2ploser
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Post by p2ploser on Dec 7, 2018 18:00:15 GMT
I emailed them and they are still working on it. It’s obviously very complicated dividing up money for a company that..........yes deals with multiple loan parts on multiple loans. We’re doomed!
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adrian77
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Post by adrian77 on Dec 7, 2018 18:14:38 GMT
and I thought investing in FS was child's play ! Who is doing the payout - the nipper on the side of the taxi advert?
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mariner
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Post by mariner on Dec 7, 2018 18:37:09 GMT
Wrong spy
That is the lad who writes the updates
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