Mousey
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Post by Mousey on Jun 14, 2019 19:21:46 GMT
Perhaps at the very least, notice of court cases and such should go in DDC to reduce the risk of the borrower being notified ? I can assure you that if I'm able to see them then the borrower will be able too.
In the case of a freezing order this is done 'without notice' so as not to prejudice the order and therefore is not publicised in advance. Parties can also request hearings sit in private and if granted they are either shown as "A v B" or "Hearing In Private". The judge can also direct reporting restrictions.
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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 Jun 14, 2019 19:57:22 GMT
I have in the past applied for several loans on the same day that cumulatively on paper I should not have been given but I could truthfully answer at the time of application I had no other Loans. I was sure I could pay all the loans and did so paying some back early. The lenders did not have the luxury of them being secured loans.
My point is that not all “grey area” acquisition of funds will result in a negative outcome.
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09dolphin
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Post by 09dolphin on Jun 14, 2019 20:10:37 GMT
I'm still waiting for the email to tell me I will be receiving an email.
Perhaps the fact I've not invested a penny for well over a year means that FS have decided they can't be bothered to send me an email!!! My email address remains the same as it was 2 years previously when FS last contacted me with routine emails and it is the same as they used last week in response to my formal complaint about this loan.
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rs
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Post by rs on Jun 17, 2019 11:55:54 GMT
I just wonder if this will be another late out of office hours email...just checked it is 1745 and still not arrived. Was wondering the same thing..strange perhaps to forewarn by mail 2hrs in advance and yet nothing arrive..bad (or good) news wont change whether it arrives now or later but to notify in advance and then not send, seems unusual even for FS. Another reason why they're going for an automated response system maybe ?
I haven't received the confidential email yet. However i'm 90% certain that it'll lead to a nice massive capital loss coming but FS will trying to recover it through PG or valuer claim!
looks like I was wrong about confidential email. However, seems certain there is a large capital loss coming in future. Maybe after all the court cases are finished so another 2 years to go!
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09dolphin
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Post by 09dolphin on Jun 17, 2019 16:01:29 GMT
I started my complaint to FS because I believed that this loan was made against what would be a registered as a 1st charge against this property. The amount I lent reflected my belief that FS would hold a 1st charge against this property and is double my normal investment but for a LTV of less than 20% seemed more than reasonable at the time.
It is my belief that FS were not exactly honest as the loan was actually made to the holder of an existing 1st charge against this property who was offering the 1st charge as security.
If I am correct other investors in this loan will be distressed to know that the FS loan cannot be enforced until the property is sold, and if the owner and holder of the 1st charge decide not to sell this property FS must rely on the good will of the 1st charge holder for repayment. If the property continues to remain part of the owners portfolio there is nothing FS or individual investors can do other than make a complaint to the FCA.
I really do hope I am wrong and would welcome any correction.
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adrian77
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Post by adrian77 on Jun 17, 2019 16:26:43 GMT
see Mr C post in FS DD but I think this is the case - I have done some internet research (I am in this one) but it is just too complicated for the average lay man to comment but doubtless FS will post a meaningful update which will precisely describe the situation. In the meantime I have this one as another spectacular disaster where FS have possible been incompetent and/or duped by the developers who have nothing if not an interesting career history...
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adrian77
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Post by adrian77 on Jul 1, 2019 14:17:18 GMT
I am currently wading through my top 40 prior to doing an update - which I hope are more meaningful than FS's!
Looking at this one with fresh eyes I make the total lent to this developer who is well known on this forum as £2.95m and believe it or not the early loans are already over 1 year late. Maybe I am being even thicker than normal but all I can see for this vast sum is the purchase of 1.3 acres (in a cheap part of the country) , some demolition and planning applications - are FS having a laugh or what! For all FS lenders to get their money back all FS need to do is sell the land for £2.95m plus say 600K interest plus expenses - let's be generous and say £3.6m = £2.7 per acre - yeah right! And that is assuming FS can actually sell the assets - now where have we heard that one before!
I am in this first charge (forgot to cancel the renewal) and not convinced I will get 100% returned - as for the 2nd/3rd/4th/5th charges - good luck to you!
Please tell me I have missed something as I worry this could be even worse than the art loans!
I need to break off now and get back to work happy and relaxed my hard-earned money is being professionally managed by FS...
I thank you.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jul 1, 2019 14:43:15 GMT
I am currently wading through my top 40 prior to doing an update - which I hope are more meaningful than FS's! Looking at this one with fresh eyes I make the total lent to this developer who is well known on this forum as £2.95m and believe it or not the early loans are already over 1 year late. Maybe I am being even thicker than normal but all I can see for this vast sum is the purchase of 1.3 acres (in a cheap part of the country) , some demolition and planning applications - are FS having a laugh or what! For all FS lenders to get their money back all FS need to do is sell the land for £2.95m plus say 600K interest plus expenses - let's be generous and say £3.6m = £2.7 per acre - yeah right! And that is assuming FS can actually sell the assets - now where have we heard that one before! I am in this first charge (forgot to cancel the renewal) and not convinced I will get 100% returned - as for the 2nd/3rd/4th/5th charges - good luck to you! Please tell me I have missed something as I worry this could be even worse than the art loans! I need to break off now and get back to work happy and relaxed my hard-earned money is being professionally managed by FS... I thank you. The RICS valuers indemnity insurance covers £2m, so the senior tranches should be OK for a few years yet.
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henryjford
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Post by henryjford on Jul 5, 2019 14:29:55 GMT
I am currently wading through my top 40 prior to doing an update - which I hope are more meaningful than FS's! Looking at this one with fresh eyes I make the total lent to this developer who is well known on this forum as £2.95m and believe it or not the early loans are already over 1 year late. Maybe I am being even thicker than normal but all I can see for this vast sum is the purchase of 1.3 acres (in a cheap part of the country) , some demolition and planning applications - are FS having a laugh or what! For all FS lenders to get their money back all FS need to do is sell the land for £2.95m plus say 600K interest plus expenses - let's be generous and say £3.6m = £2.7 per acre - yeah right! And that is assuming FS can actually sell the assets - now where have we heard that one before! I am in this first charge (forgot to cancel the renewal) and not convinced I will get 100% returned - as for the 2nd/3rd/4th/5th charges - good luck to you! Please tell me I have missed something as I worry this could be even worse than the art loans! I need to break off now and get back to work happy and relaxed my hard-earned money is being professionally managed by FS... I thank you. DO not all tranches within the facility rank equally?
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jul 5, 2019 17:01:27 GMT
I am currently wading through my top 40 prior to doing an update - which I hope are more meaningful than FS's! Looking at this one with fresh eyes I make the total lent to this developer who is well known on this forum as £2.95m and believe it or not the early loans are already over 1 year late. Maybe I am being even thicker than normal but all I can see for this vast sum is the purchase of 1.3 acres (in a cheap part of the country) , some demolition and planning applications - are FS having a laugh or what! For all FS lenders to get their money back all FS need to do is sell the land for £2.95m plus say 600K interest plus expenses - let's be generous and say £3.6m = £2.7 per acre - yeah right! And that is assuming FS can actually sell the assets - now where have we heard that one before! I am in this first charge (forgot to cancel the renewal) and not convinced I will get 100% returned - as for the 2nd/3rd/4th/5th charges - good luck to you! Please tell me I have missed something as I worry this could be even worse than the art loans! I need to break off now and get back to work happy and relaxed my hard-earned money is being professionally managed by FS... I thank you. DO not all tranches within the facility rank equally? All tranches within a facility rank equally, but there are 5 separate facilities. The highest ranking facility is the 1st facility, it has 4 equal tranches. Next highest is the 2nd facility and so on. It is very clearly explained in each loan tranche. 1st facility has 4 tranches 2nd facility has 4 tranches 3rd facility has 2 tranches 4th facility has 3 tranches 5th facility has 1 tranche
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09dolphin
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Post by 09dolphin on Jul 23, 2019 19:22:35 GMT
Isn't it about time FS gave an update on this loan.
I know FS avoid giving updates unless someone pressures them. Well how about the fact they STILL have not responded to my formal complaint (do FS ever respond to formal complaints - in my experience NO) therefore I will now escalate my complaint tomorrow.
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jaswells
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Post by jaswells on Jul 31, 2019 12:07:18 GMT
Email update sent out
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adrian77
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Post by adrian77 on Jul 31, 2019 16:22:49 GMT
have read this update - it is twaddle from start to finish - I am not going to disclose the contents but the logic behind only sending to investors is lunacy - either this email is in the public domain or it isn't - only sending to investors doesn't change a damn thing!
Is it good news - answers on a digital postcard - I thank you
As per before - sleepers are wasting their time in asking me to divulge this email.
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Post by mrclondon on Aug 23, 2019 11:11:08 GMT
A very late filing of the final administrator's progress report of April 2016 of the site's actual owner (i.e. not our actual borrowers who are assumed to be lenders to the site's owner) has just been made at CH, appended to the ' Notice of automatic end of Administration'. (Link is on DDC for those with access) It will not be helpful to recovery prospects to discuss the details on this public board.
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adrian77
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Post by adrian77 on Aug 24, 2019 8:42:01 GMT
Happy to oblige.
However I am in this one - as I don't like being confused I have re-read the excellent DD several times and got my pencil and paper out. After being confused by smoke and mirrors I think I have worked out what has happened - I can also make a wild guess as to who the property developer they are trying to sell to is!
Tell you what I think: these developers have covered themselves and FS failed to see what they were doing. Also I would very much like to know where the near £3m has gone.
Sooner or later the truth about this total farce will come out but I think the basic situation is very simple albeit buried in a shroud of confusion.
As I see it FS have completely and utterly lost control of this situation.
Am I annoyed - answers on a digital postcard
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