travolta
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Post by travolta on Oct 4, 2019 19:17:33 GMT
Thank you Mousy . your are a star. x
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pip
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Post by pip on Oct 5, 2019 6:12:10 GMT
Then what outcome are we hoping for? Best case? It seems to me we are looking at a certain complete loss here. Hoping? - full capital repayment and interest. Expecting? - full capital repayment. Rationale? - imo, the new guys (officially) came in long after the fraud was known and with full knowledge of FS' own failings in the matter. They know what the score is and, imo, wouldn't have associated themselves - nor further invested their money - had they felt these were a lost cause*. They believe their legal case is strong. They'll believe they'll have legal title over a number of the art works. They'll believe there's assets they can retrieve from the borrower. They'll believe there's family money they can go after. And if there is a shortfall # after all that, imo they believe that FS is worth holding onto and will make good on that shortfall # from their own coffers. - additionally, imo, should this (aggregated #) situation not have a wholly satisfactory outcome, FS also know they will face the mother of all lender revolts, bad publicity and legal challenges; which would probably prove financially fruitless for lenders, but would be the death knoll for FS. - so, to repeat, the new guys came into FS knowing the score here. Why bother if it's a lost cause and/or they had no thinking towards making reparation to lenders? It's not like FS is an asset rich entity ready for stripping. When will we know? I can't even form an opinion on that. A couple of 'simple' bridging loans I'm have turned far more complicated than this layman may have anticipated. One has entered it's third year of very active recovery and another has seen a note to lenders warning that could also be a multi-year scenario. For clarity - this is simply my opinion, I have no information that suggests any of the above can be taken as factual, and I do not present them as facts. In summary then, bulletbill , you're expecting 100% loss across the aggregated loans and I'm expecting 100% capital repayment. I'm (now) only in one loan for the princely sum of £100 but even so, I know which outcome I'd prefer to see. Not just for the sake of my £100. Not even for the sake of your 'significant sum'. But for the sake of FS' future, the rest of my investments with them, and everybody else's. * Heaven knows there are a number that do fall into that category, but let's keep focus. # I'm conveniently lumping all these together, although they are separate loans, and may play out differently. I might agree in part if all the other p2p sites were being ipo’d with crazy variations. Maybe the new owners thought they could spend a couple of years cleaning up the loan book and then growing it again, and yes maybe part of the tactic would have been to bail out bad loans before either a barrage of misselling claims or most of their investors jump ship. Well I suspect things have turned out not as the directors planned. The loan book has proven to not just be a little smelly but thoroughly rotten to the core. If they go for the bail out option on loans the costs will be monumental. Maybe it would be worth it if they thought by doing so they could sell on the business for a crazy valuation in an ipo. But after the FC share price collapse I think they won’t be able to. Personally I believe that to expect full recovery on this or many other loans is wishful thinking in the extreme. I really am not expecting any further recoveries. But who knows I can’t see into the future. Nice surprise if my money was to be returned. One thing I am sure about is not sinking any more of my money into this platform, ever!
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iRobot
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Post by iRobot on Oct 5, 2019 11:12:58 GMT
Personally I believe that to expect full recovery on this or many other loans is wishful thinking in the extreme. I really am not expecting any further recoveries. But who knows I can’t see into the future. Nice surprise if my money was to be returned. One thing I am sure about is not sinking any more of my money into this platform, ever! 'many other loans' / 'I really am not expecting any further recoveries' - no doubt some of the 'many' will return zero, but that's a discussion for those individual loans. 'full recovery on this' - this set of loans is very different to most of the 'many other' and IMO could well see full capital repaid for the reasons outlined above.
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bulletbill
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Post by bulletbill on Oct 5, 2019 13:16:07 GMT
One thing I am sure about is not sinking any more of my money into this platform, ever! Agree 100%.
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ashtondav
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Post by ashtondav on Oct 5, 2019 14:13:50 GMT
150% here. Conservatively invested 1% in each of 100 loans. 49 have been running for over 250 days with no sign of money. The good news? Only 16 of the 49 are classed as unredeemed
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henryjford
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Post by henryjford on Oct 9, 2019 13:58:49 GMT
I have just emailed fundingsecure about the court date for this - 2. The Claimant’s committal application is adjourned to be heard on the first convenient date after 1 October 2019, with a time estimate of 2 hours and reserved to Mr Justice A*****, for the Court to consider the question of sentence. The date shall be fixed by the Court having consulted the parties’ legal representatives. update 9/10 fundingsecure have not bothered to respond.
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henryjford
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Post by henryjford on Oct 10, 2019 20:11:04 GMT
Just waiting to sue now.
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bulletbill
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Post by bulletbill on Oct 11, 2019 14:59:12 GMT
If there’s appetite for a class action against FS, I’d be more than willing to join.
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pip
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Post by pip on Oct 11, 2019 15:11:57 GMT
If there’s appetite for a class action against FS, I’d be more than willing to join. Oh come on do you really think FS are going to be in a position to pay out if people won? Best chance of getting a penny is to make a song and dance about poor little consumers being shafted through sloppy FCA regulation. Personally for me I think my best avenue is just moving on and learning from my FS experience.
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r1200gs
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Post by r1200gs on Oct 11, 2019 15:25:04 GMT
If there’s appetite for a class action against FS, I’d be more than willing to join. Oh come on do you really think FS are going to be in a position to pay out if people won? Best chance of getting a penny is to make a song and dance about poor little consumers being shafted through sloppy FCA regulation. Personally for me I think my best avenue is just moving on and learning from my FS experience. I totally agree. I haven't even bothered passing on my (unanswered) complaints to the FOS, I don't think this operation is going to be around when they make a decision.
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adrian77
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Post by adrian77 on Oct 11, 2019 15:27:42 GMT
probably not - the company seems to be worth very little - not sure if we could go after the directors? Speaking of disasters there is one with *unding not square in North Devon which was featured on the goggle box recently with K McC***d and has gained a lot of negative media attention. Take note FS as you will be next - granted you have several "star" items but my money is on the art fiasco being the first one to go this way. That said you have clearly lent to some interesting people in the property world!
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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 Oct 11, 2019 17:14:24 GMT
probably not - the company seems to be worth very little - not sure if we could go after the directors? Speaking of disasters there is one with *unding not square in North Devon which was featured on the goggle box recently with K McC***d and has gained a lot of negative media attention. Take note FS as you will be next - granted you have several "star" items but my money is on the art fiasco being the first one to go this way. That said you have clearly lent to some interesting people in the property world! The Client funds for newer loans should be ringfenced.
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pip
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Post by pip on Oct 11, 2019 19:13:15 GMT
probably not - the company seems to be worth very little - not sure if we could go after the directors? Speaking of disasters there is one with *unding not square in North Devon which was featured on the goggle box recently with K McC***d and has gained a lot of negative media attention. Take note FS as you will be next - granted you have several "star" items but my money is on the art fiasco being the first one to go this way. That said you have clearly lent to some interesting people in the property world! The Client funds for newer loans should be ringfenced. Wow godanubis my last hope that you had something to you has finally gone. Newer loans ringfenced??? How much you got on the line you can’t get out?
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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 Oct 11, 2019 22:36:44 GMT
The Client funds for newer loans should be ringfenced. Wow godanubis my last hope that you had something to you has finally gone. Newer loans ringfenced??? How much you got on the line you can’t get out? less than collateral about 20k in total £500 in the art . <0.5% of portfolio in total . I would still like it back. I actually have forgotten about these two. It will be a nice surprise whatever gets paid back.
I can appreciate others have a greater % to lose. Like Brexit let's just get it over, get something back now and argue who is to blame for the mess and keep fighting.
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bulletbill
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Post by bulletbill on Oct 12, 2019 3:36:20 GMT
If there’s appetite for a class action against FS, I’d be more than willing to join. Oh come on do you really think FS are going to be in a position to pay out if people won? Best chance of getting a penny is to make a song and dance about poor little consumers being shafted through sloppy FCA regulation. Personally for me I think my best avenue is just moving on and learning from my FS experience. If everybody just accepted it and moved on then FS would be happy. Sometimes you should make a stand. Besides I’ve got a lot of money in these loans it’s not so easy to just say oh well another con I’ve fallen victim to let’s move on.
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