adrian77
Member of DD Central
Posts: 3,894
Likes: 4,122
|
Post by adrian77 on Jan 25, 2020 13:16:53 GMT
|
|
foolsgold
Member of DD Central
Posts: 159
Likes: 194
|
Post by foolsgold on Jan 25, 2020 15:59:31 GMT
Cannot access the link.....is this connected to the Lytham loan by way of common director?
I have 1st 2nd and 4th facility investments in this loan about 10 percent total exposure of investment in this one so for me this is a big one. Any idea where we sit with the relevant facilities and probabilities of recovery per facility as they all rank behind each other but equally within each tranche?
|
|
adrian77
Member of DD Central
Posts: 3,894
Likes: 4,122
|
Post by adrian77 on Jan 25, 2020 16:42:57 GMT
The link works on my PC - are you a member of FS DD? If you want a copy of my post please PM me if you mean the Lytham flat - I am not sure as this is all very murky to me - here is the link in FS DD p2pindependentforum.com/thread/13770/flat-lytham-st-annes-defaultThe land loan details are set-out by the wonderful MrC at top of page 17 of this thread I really don't want to be negative as I may well be wrong and don't want to upset you but my opinion for what it's worth is that we are unlikely to see 100% realisation for the first facility... these directors are known to FS and other P2P lenders as we have had issues with them - they also seem to be linked-up with a very high powered property lawyer and I bet he knows more about property law and dealings than FS. From FS well this is where things get complicated - FS never stated this when they launched this loan and I think that was appalling. I am completely out of my depth here - but I look at it this way- if say Fred Bloggs buys a house for cash and has a charge on it to say D Trump then FS are the beneficiary of the charge but they DON'T own it. We don't know how much the deed of priority is or even where FS stand in the pecking order - looks very problematic to me - and I just hate to think how much it would cost to get a QC who was a match for the lawyer tied in with these people. Sorry if I have upset you but I am only the piano player as it was FS that ruined the tune!
|
|
foolsgold
Member of DD Central
Posts: 159
Likes: 194
|
Post by foolsgold on Jan 25, 2020 17:52:56 GMT
The link works on my PC - are you a member of FS DD? If you want a copy of my post please PM me if you mean the Lytham flat - I am not sure as this is all very murky to me - here is the link in FS DD p2pindependentforum.com/thread/13770/flat-lytham-st-annes-defaultThe land loan details are set-out by the wonderful MrC at top of page 17 of this thread I really don't want to be negative as I may well be wrong and don't want to upset you but my opinion for what it's worth is that we are unlikely to see 100% realisation for the first facility... these directors are known to FS and other P2P lenders as we have had issues with them - they also seem to be linked-up with a very high powered property lawyer and I bet he knows more about property law and dealings than FS. From FS well this is where things get complicated - FS never stated this when they launched this loan and I think that was appalling. I am completely out of my depth here - but I look at it this way- if say Fred Bloggs buys a house for cash and has a charge on it to say D Trump then FS are the beneficiary of the charge but they DON'T own it. We don't know how much the deed of priority is or even where FS stand in the pecking order - looks very problematic to me - and I just hate to think how much it would cost to get a QC who was a match for the lawyer tied in with these people. Sorry if I have upset you but I am only the piano player as it was FS that ruined the tune! No worries its not your fault and appreciate the info......I invested in this loan as I believed I was loaning on a low LTV to the person that owned the land and had a good chance of obtaining planning permission as planning had been given to a different set of plans previously and required amendment.
So basically I have given an unsecured loan to some chancer who cannot underwrite the loan with a secure asset...I thought the name of the P2P company was "Fundingsecure".....the LTV on the first facility was so low it looked like a no brainer so everything investors have based a decision on are lies ....unbelievable and the FCA have allowed this without oversight....and are sucking investors in using FCA name ....the FCA need to step up and do the right thing and we need to get publicity on this...not sure how we can achieve this but a light needs to be shone on it so the government step in and prevent this happening again and compensate investors...remember many are small investors who have invested their life savings...same as the banking crisis
How on earth have we got to this position......Someone needs to go to Jail for this as its sounds like fraud or corrupt practices .
Thanks Im not a member of DD as yet but not far away now.
|
|
kielbasa
Member of DD Central
Posts: 246
Likes: 411
|
Post by kielbasa on Jan 26, 2020 12:17:43 GMT
A solicitor friend of mine said that lending on an assignment of a first charge is madness.
As I understand it, there is no way of registering an assignment of a charge. The owner of the charge could "assign" it to ten different people and nobody would be any the wiser.
Also, how much is the first charge for and at what interest rate. For all we know, it could be for £50k at an interest rate of 5% p.a. (it really wouldn't surprise me).
Then this/these joker(s) borrow £3m from FS at 20% p.a., with FS mis-selling it to lenders as being "secured by a 1st charge".
Take a bow, Richard and Nigel.
|
|
adrian77
Member of DD Central
Posts: 3,894
Likes: 4,122
|
Post by adrian77 on Jan 27, 2020 8:13:41 GMT
Well this has ruined my morning - am I surprised - answers on a post card...
Hopefully the administrators will soon update us on this one - I really worry this one will be a MEGA loss at best and my nibble has gone for a Burton - well done FS yet another tranche of decent people potentially ripped off.
|
|
r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
|
Post by r00lish67 on Jan 27, 2020 8:56:40 GMT
Well this has ruined my morning - am I surprised - answers on a post card... Hopefully the administrators will soon update us on this one - I really worry this one will be a MEGA loss at best and my nibble has gone for a Burton - well done FS yet another tranche of decent people potentially ripped off. I thought you had a "high 3 figure sum" across the whole of FS? of which this is presumably one small part given that you also repeatedly said that one of the cars was your biggest holding (before it repaid). Given this, Is it really worth allowing FS to affect your mental health?
|
|
|
Post by brightspark on Jan 27, 2020 9:26:16 GMT
Why should it not affect someone's mental health? Time and again on p to p platforms investors have been swindled and cheated by amoral and unethical individuals out to screw suckers for every penny. It is not just p to p. Within the financial community generally ethical standards seem to have been eroded or to have disappeared. Perhaps it was always thus. The South Sea bubble of the early 18 century springs to mind. It can be very difficult for healthy individuals to take a balanced view. The solution! Diversify and invest in all their rubbish schemings! The alternative - bank it and watch inflation erode the value.
|
|
r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
|
Post by r00lish67 on Jan 27, 2020 9:31:50 GMT
Why should it not affect someone's mental health? Cos he likely has <£100 in this loan and has already said he has less than £1k in the whole platform. That's why. If he spent as much time filling in online surveys as he does carping here, he'd have earned that back and more. edit: don't worry, Adrian and I bicker from time to time, he'll be back soon, refreshed for another wave of outrage. He likes it really, and so do I, kind of!
|
|
paulb
Member of DD Central
Posts: 131
Likes: 112
|
Post by paulb on Jan 28, 2020 12:14:58 GMT
There's an update on this loan on the FS site - I'm not sure if it's good news, but I'm sure some opinions will be expressed here soon....
|
|
adrian77
Member of DD Central
Posts: 3,894
Likes: 4,122
|
Post by adrian77 on Jan 28, 2020 13:03:40 GMT
not good news - I should cocoa!
This is appalling and even worse than I thought - FS have allowed themselves to be completely and utterly had here so I think the next course of action is to take legal action against these muppets so that their assets are repossessed and they are put onto the street which would be better than they deserve!
And just how much has the legal action to date cost?
I would wager a lot less than any sale of any litigation rights
Anybody out there wish to apologise for puerile comments about me drinking Horlikcks etc and being a doom monger - looks like I wasn't exactly wrong in raising my concerns...
|
|
rocky1
Member of DD Central
Posts: 1,113
Likes: 1,934
|
Post by rocky1 on Jan 29, 2020 6:00:49 GMT
is this update for the whole lot of this disgraceful carry on or just tranche 3 as showing on my updates.what do they mean that it could have put FS at risk.authorised and regulated by the FCA my ar*e.
|
|
rocky1
Member of DD Central
Posts: 1,113
Likes: 1,934
|
Post by rocky1 on Jan 29, 2020 9:02:36 GMT
First charge 17.7 LTV. why not.what is this express indemnity for FS which is very important. 70/30 split in FS favour that's a bonus yea right.FS should not receive a penny from these loans.lenders have been screwed enough without them taking fees/etc for their gross incompetence.the directors should be prosecuted along with a few of these borrowers.white collar fraud at its finest but everything will just be wiped under the carpet.FS now seems like it was a boiler room set up the past few years with luxmore just as LB planning/covering his sharp exit
|
|
mariner
Member of DD Central
Posts: 168
Likes: 338
|
Post by mariner on Jan 29, 2020 9:22:13 GMT
Totally agree
And don't forget, I think that muppet, Nigel Hackett is still on the payroll
|
|
Mousey
Member of DD Central
Posts: 1,563
Likes: 6,513
|
Post by Mousey on Jan 29, 2020 11:51:56 GMT
Anybody out there wish to apologise for puerile comments about me drinking Horlikcks etc and being a doom monger - looks like I wasn't exactly wrong in raising my concerns... Adrian ... I can't put it better than Mr Bercow
|
|