ozboy
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Post by ozboy on May 27, 2019 21:31:22 GMT
fundingsecure We are getting on for 3 months since the last update which stated the borrower wanted a renewal. You have had plenty of time to get a new valuation so can we have a positive update please.This loan has now been running for 697 days and us lenders will no longer stand for these long delaying tactics with excuse after excuse FS replies: " And wot you gonna do about it?"
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ozboy
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Post by ozboy on May 27, 2019 20:47:54 GMT
I haven't lost any money yet but expect to. I feel I invested cautiously and showed due diligence but was overly influenced by ambitious LTVs. tbh you shouldn't have been, there have been countless warnings about laughable Valuations and LTVs on here for years.Just read my postings alone. Funniest thing is, back in the day, no-one saw the dodgy valuations as any big deal!
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ozboy
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Post by ozboy on May 24, 2019 11:22:01 GMT
I gave up on this P2P lender about 2 years ago and I am now out of patience. In all honesty I can't imagine why basic investors such as I am would consider risking any more money but perhaps much more sophisticated investors are prepared to risk their money. And good luck to them. I approve of taking risks but what I don't approve of is the dishonesty FS demonstrate in their dealings with small investors and I will punish them for this. As people like me who based their investments decisions on the information given by FS and where this information was misleading at best and at worst was fraudulent I am about to take action to recover my losses. Good luck to FS in explaining their decisions in open court. In all honesty I don't care if I make FS bankrupt. If they have been as dishonest as I believe them to have been they deserve to be exposed as such and if their assertions actually reflected the facts they will remain solvent. I have to totally agree with your assertions, and your actions 09dolphin. Examples need & must be made if P2P is to continue, it cannot carry on this way under the current "light touch" FCA BS.
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ozboy
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Post by ozboy on May 24, 2019 11:18:56 GMT
This borrower who is also a solicitor should be considering what a poor advertisement this is for his professional practice. He brings the case himself then can't even articulate his claim adequately to the court. Why would anyone engage him for their own case? Normally when a case fails you imagine justice was not on its side, so the lawyers could not have done better but their client demanded they acted. But here the borrower made the decision to bring the case so must have thought he could win. One might say it's a delaying tactic, but surely the above says it was unwise. No wonder he is a one-man firm, and no wonder he is in financial trouble. To quote my favourite 'Commentatorballs' from Private Eye: "He'll need to dig deep to get out of this hole he's in". Disclaimer: I have a trivial sum invested in 7 of the relevant loans. I understand his behaviour now, as a solicitor it's not costing much to bring this case. So he mays as well waste everyone's time its not costing him much. He's probably used to bullying people with threats of taking them to court. What a <removed by mod>! Allow me to reinstate the "removed by mod":- What a Female Organ.
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ozboy
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Post by ozboy on May 24, 2019 11:05:29 GMT
Who on earth spends money buying cows and seeks finance? FS must be really desperate
Desperate ? 8.8% LTV ?
The whole £115k was sold in under 5 minutes, very low LTV loans are always snapped up quickly, regardless of what the borrower is spending the money on.
And you can always trust an FS Valuation. With your life!
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ozboy
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Post by ozboy on May 24, 2019 10:57:36 GMT
I think it is a question of liquidating these assets now for sale at 80% loss rather than waiting a year for 90% loss as I just don't believe this mysterious sponsor is going to come up with any money - there is the other boat loan (round the world) who is also waiting for a sponsor (was last time I looked) and of the 2 I would he have thought he has a much better chance- at least his boat is brand new and not nearly 5 years old! I agree liquidating now is a risk whilst waiting for the sponsor to cough up but I would put more money on ChangeUK getting more votes than the Brexit party in the EU elections... Nowt so blind as those who will not see. Why not also just buy FS a vat of vaseline, whilst you insist on listening to & believing FS' oh so informative & encouraging updates. SELL the fornicating tub/s!!
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ozboy
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Post by ozboy on May 23, 2019 11:35:36 GMT
Mousey Disclaimer: If you rely on the notes of an unknown person called ‘Mousey’ on some internet forum to give technical and accurate details of a legal case then you are very naive! If you wish to rely on these notes then please don’t – go to the court and obtain the transcripts. Do not make ANY assumptions or speculations with regards what I’ve said. The Rolls Buildings, Hearing Room 2 Before DEPUTY MASTER A***** On behalf of CHIEF MASTER M**** Wednesday 22 May 2019 At 02:00 PM Application Hearing etc etc etc ............................................... You're a diamond Mousey, " Thank you." Collect your free pint when yer next in West London.
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ozboy
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Post by ozboy on May 20, 2019 10:05:39 GMT
I deal with some very dodgy people in my line of work and that is why I am very careful when parting with my money let alone that of other people. This was not a sophisticated fraud and should never have happened in the first place . As I see it FS were wined and dined given a load of flannel about future leads and they were stupid enough to fall for it hook line and sinker - the old ones are the "best" or rather worst ... If this one goes pear shaped which I think is inside the realms of possibility then that is £2.3m down the swanny at a single stroke and considering it was 7 or 8 loans then how many of us are going to take a hit? Ref defaulted loans - it is not only the number which is important to me but the size of them and there sure are some real biggies which are looking a tad problematical e.g. Gainsborough. You are absolutely correct adrian77 . Even by FS' low standards this is an even newer low. The items should always have been in FS' possession, under lock & key, as per their Ts & Cs. And people still invest with this lot? Incredible.
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ozboy
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Post by ozboy on May 20, 2019 10:00:58 GMT
Thanks. A request not a demand. The information provided by FS is rather lacking in detail. So if it defaulted & took 5 years to finalise,the £2.75 million at 12% compounded ends up at £5 million. The GDV is £8.1 million, So there is £3 million to play with, for over valuation, forced selling & liquidation costs. So is that a fair risk ? Is FS a fair risk?
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ozboy
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Post by ozboy on May 18, 2019 12:29:30 GMT
I've been ignoring this for a while. I haven't had any emails about it since last year. I thought I'd catch up today.
I've skim read a few threads and had a look on the bdo website but it's not clear what's going to happen. Limited loan recovery minus a lot of fees for the people trying to unpick this mess? What's going to be left? Should I prepare for nothing?
The FCA is completely, utterly and totally 100% responsible for the mess, which they actually created, by their ineptitude & in/actions .If The FCA didn't consist mostly of ineffective & incompetent commercial sector rejects a proper business like and correct solution and course of actions would have been undertaken. The FCA will be held accountable, it may take time, but it will happen
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ozboy
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Post by ozboy on May 18, 2019 12:19:29 GMT
What I want to know is why FS didn't apply their own T&Cs to this loan. Because the person who introduced the borrower to FS was a wealthy person connected to the entertainment industry and promised lots more introductions. The borrower is from quite a wealthy family so the expectation was there was no way the loans would default. One would assume the director who agreed loans 1 - 3 over boozy lunches quite enjoyed the idea of further lunches and wealthy clients - in fact I have recently obtained CCTV footage of Mr Lux from the first lunch time meeting:
GO Mousey !!! [ MASSIVE thumbs up emoticonS here.] United we stand!!!!!
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 17, 2019 10:07:24 GMT
Most on here are quite savvy (by no means referring to moi!) and market sentiment is usually quite obvious, but some may find this a useful tool in their financial planning toolbox:- money.cnn.com/data/fear-and-greed/
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,844
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Post by ozboy on May 15, 2019 12:46:07 GMT
I knew I shouldn't have popped my head above the parapet on this Topic, I'm ducking down back out of sight again. Just chat among yourselves...............
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ozboy
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Post by ozboy on May 15, 2019 9:27:04 GMT
All the about workers rights and human rights being lost is a just crazy. We would most likely keep in line with EU changes as they will be the best for everyone. No point in leaving, then... Yes there is, we will have the option to not be forced to adopt any rules & regulations we don't agree with.
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ozboy
Member of DD Central
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Post by ozboy on May 12, 2019 19:46:51 GMT
still available for funding more than a month after it was due for actlvation. been stuck on 86% for a good while now come on FS use your underwriter if you really have one silly enough to fund 2 million on a 80% LTV second charge scheme.many lenders are now used to the strokes/stories that you come up with so the rush to get it activated by 3rd April was all BS. Couldn't have put it better myself rocky1. [Thumbs up emoticon here ]
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