11025
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Post by 11025 on Nov 13, 2019 13:30:09 GMT
How on earth can the Art Loans and The (racing) Powerboat/s still be "Active"? Unless, of course, they're going "Defaulted" tomorrow and/or there's technical reason/s for withholding Default Action. Good to see the job finally being got on with anyway, at a rate of knots (errr, no pun intended), and may the original Directors of FS rot in hell. (Save Noman, remember him? Would love to know the REAL reason/s he swiftly got out so very long ago.) Careful what you wish for : Powerboat loan This should have happened years ago.
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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 Nov 13, 2019 14:07:32 GMT
Which loans? Not received any Well aren't you the lucky one..it means you're not in any of the loans that were eons overdue but had not been officially classed as unredeemed..Id open a bottle or pour yourself 3 fingers..and relax "I WIN" Whoops that should be lose 174 emails.
Edit... Did get £19.57 Capital+intrest paid back today.
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pfffill
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Post by pfffill on Nov 13, 2019 14:14:01 GMT
Defaults and unredeemeds are still being posted on the website, seems to me. I caught a few small ones this morning.
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snowmobile
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Post by snowmobile on Nov 13, 2019 14:24:28 GMT
Just received 30 emails officially unredeeming various loans...coincidentally a funeral to go to later today... Edit..make that 32 Erm..33..time to log off Which loans? Not received any I think there must be some issue with the emails. I haven't received a single FS email since the administration, yet I'm in some of the recently defaulted loans mentioned on here. They're not in my spam folder either. It's strange as I used to receive all FS emails without issue prior to the administration
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rogerthat
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Post by rogerthat on Nov 13, 2019 14:32:08 GMT
Well aren't you the lucky one..it means you're not in any of the loans that were eons overdue but had not been officially classed as unredeemed..Id open a bottle or pour yourself 3 fingers..and relax "I WIN" Whoops that should be lose 174 emails.
Edit... Did get £19.57 Capital+intrest paid back today. I thought the minimum loan amount was £25 ?..in which case...
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paulb
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Post by paulb on Nov 13, 2019 15:30:20 GMT
Some loans have been partially paid down, meaning they're no longer in £25 chunks.
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rogerthat
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Post by rogerthat on Nov 13, 2019 17:12:54 GMT
Some loans have been partially paid down, meaning they're no longer in £25 chunks. Ah ok..though I suspect if id received 0.0244625 % of what im owed Id hardly be shouting it from the rooftops..looks like its cold cabbage and lard for dinner tonight..again
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adrian77
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Post by adrian77 on Nov 13, 2019 17:16:29 GMT
when I come from lard and cold cabbage is posh nosh - wonder if these directors are going to have the guts to apologise for the complete and utter horlicks they have made of this - as to the FCA don't get me started...
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pfffill
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Post by pfffill on Nov 13, 2019 17:56:38 GMT
I make the count about 87 defaults so far, or about 18% of the loan book, plus a lot of "unredeemed'. I wonder how many more days they'll be coming through, and is there method, alphabetical etc, to the administrators publishing as they go?
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kermie
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Post by kermie on Nov 13, 2019 19:49:33 GMT
I think there must be some issue with the emails. I haven't received a single FS email since the administration, yet I'm in some of the recently defaulted loans mentioned on here. They're not in my spam folder either. It's strange as I used to receive all FS emails without issue prior to the administration Indeed - I got emails about the "Property in Trust - Notting Hill Gate (3177181762)" loan being marked as Unredeemed yesterday, but nothing since about the other loans that have been marked as such today (e.g. Powerboat loans).
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 13, 2019 22:35:30 GMT
It's very clear what was going on at FS and many of us had an idea long ago. Our money was being shoveled out the door on an industrial scale to a coterie of Borrowers against Assets that were often grossly overvalued when compared with the "real" valuations easily obtained from the simplest of quick, five minute desktop searches. The useless FCA won't do anything, Plod needs to be involved urgently, if they aren't already. It won't get yer money back of course, but Boy, the sheer joy of seeing one or more jailed would calm me down considerably.
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Godanubis
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Post by Godanubis on Nov 14, 2019 17:07:43 GMT
We can still hope what was said on website is actually the current state of play.
QUOTE.... 'What if FundingSecure runs into financial difficulties? If FundingSecure enters into financial difficulties, it will initiate a wind-down plan whereby no new loans or investors would be taken on and the loan book would be run-down. We have worked with the FCA to develop this plan, as well as the financial indicators that would cause us to initiate the plan. This is all designed to ensure a smooth and timely wind-down of the business if required. In the unlikely event that FundingSecure enters administration as a result of extreme financial circumstances, capital and accrued interest on all loans would be "ring-fenced" and, therefore, cannot be used by the administrators to settle any debts due by FundingSecure. The administrators would have to rely on the administration fees coming at the end of the loan period to settle all debts, continuing to repay capital and interest to investors in accordance with the terms and conditions.' END QUOTE.
As for the receivers. I would rather they took 2.5% per loan admin from recovery and any excess ie. FS original fee held for investors to cover losses in those that have a deficit if this were possible.
I always find when someone has an incentive to recovery as much as possible they tend to be very diligent.
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pip
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Post by pip on Nov 14, 2019 17:16:02 GMT
We can still hope what was said on website is actually the current state of play. QUOTE.... 'What if FundingSecure runs into financial difficulties? If FundingSecure enters into financial difficulties, it will initiate a wind-down plan whereby no new loans or investors would be taken on and the loan book would be run-down. We have worked with the FCA to develop this plan, as well as the financial indicators that would cause us to initiate the plan. This is all designed to ensure a smooth and timely wind-down of the business if required. In the unlikely event that FundingSecure enters administration as a result of extreme financial circumstances, capital and accrued interest on all loans would be "ring-fenced" and, therefore, cannot be used by the administrators to settle any debts due by FundingSecure. The administrators would have to rely on the administration fees coming at the end of the loan period to settle all debts, continuing to repay capital and interest to investors in accordance with the terms and conditions.' END QUOTE. As for the receivers. I would rather they took 2.5% per loan admin from recovery and any excess ie. FS original fee held for investors to cover losses in those that have a deficit if this were possible. I always find when someone has an incentive to recovery as much as possible they tend to be very diligent. Agree...however it seems pretty clear that no such wind-down plan is in place and the administrators are proposing to remove the ring-fence in order to pay their fees. All this while the FCA is silent on the matter. I complained to the FCA yesterday, not sure if you saw the post it had a full transcript of the complaint which included this quote.
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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 Nov 14, 2019 17:58:15 GMT
We can still hope what was said on website is actually the current state of play. QUOTE.... 'What if FundingSecure runs into financial difficulties? If FundingSecure enters into financial difficulties, it will initiate a wind-down plan whereby no new loans or investors would be taken on and the loan book would be run-down. We have worked with the FCA to develop this plan, as well as the financial indicators that would cause us to initiate the plan. This is all designed to ensure a smooth and timely wind-down of the business if required. In the unlikely event that FundingSecure enters administration as a result of extreme financial circumstances, capital and accrued interest on all loans would be "ring-fenced" and, therefore, cannot be used by the administrators to settle any debts due by FundingSecure. The administrators would have to rely on the administration fees coming at the end of the loan period to settle all debts, continuing to repay capital and interest to investors in accordance with the terms and conditions.' END QUOTE. As for the receivers. I would rather they took 2.5% per loan admin from recovery and any excess ie. FS original fee held for investors to cover losses in those that have a deficit if this were possible. I always find when someone has an incentive to recovery as much as possible they tend to be very diligent. Agree...however it seems pretty clear that no such wind-down plan is in place and the administrators are proposing to remove the ring-fence in order to pay their fees. All this while the FCA is silent on the matter. I complained to the FCA yesterday, not sure if you saw the post it had a full transcript of the complaint which included this quote. There has been some jiggers poker so a complaint is justified. The administration have a duty to recovery the most for all investors if their proposals have that net result then that would be good. The removal of the ring fence could work in our favour if the fees were restricted to a % of the recovery in individual loans and not a global put it all in a bucket and we will take a huge unrestricted fee no matter what the recovery. We would need to see a proposed costing of various recovery proposals before deciding anything. Even with considerable “unredeemed” loans I would not be in favour of dividing the profits from well chosen loans that pay in full to support those that chose less diligently unless the funds came from FS fees that I would imagine would be higher that the proposed Admin fees.
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pip
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Post by pip on Nov 14, 2019 18:11:11 GMT
Agree...however it seems pretty clear that no such wind-down plan is in place and the administrators are proposing to remove the ring-fence in order to pay their fees. All this while the FCA is silent on the matter. I complained to the FCA yesterday, not sure if you saw the post it had a full transcript of the complaint which included this quote. "The administration have a duty to recovery the most for all investors if their proposals have that net result then that would be good." I am not sure that is true. Administrators have a duty to act in the best interests of creditors as a whole, and will attempt to realise the highest returns for all groups if rescue is not possible. The trouble is that investors are not creditors. The administrators propose to treat investors as investors, I have no idea what that even means. And the administrators say that apart from the last 5 loans investors are not even legally the beneficiaries. It's a legal mess. I am not going to assume that the administrators have any duty or even relationship in law with investors yet. They are seeking to with their proposals but at present I have no idea legally what the relationship is.
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