jcb208
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Post by jcb208 on Jul 26, 2019 18:18:43 GMT
Well fundingsecure it is the end of the week, has the borrower repaid .If not just get on and default the loan Monday as promised
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rogerthat
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Post by rogerthat on Jul 29, 2019 11:02:21 GMT
So, either the loan has now been repaid or fundingsecure have appointed receivers. No doubt we'll be updated soon...presumably
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jcb208
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Post by jcb208 on Jul 30, 2019 16:14:44 GMT
fundingsecure You ready to repay us then as the loan has not been defaulted
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jcb208
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Post by jcb208 on Jul 31, 2019 11:50:21 GMT
Update Now defaulted ,at last
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Post by spareapennyor2 on Jul 31, 2019 12:06:36 GMT
good to see FS going after a loan (connected to ex-director) at short notice if FS can`t reclaim monies on this than there`s no hope / (put the boot in )
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rogerthat
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Post by rogerthat on Jul 31, 2019 12:43:21 GMT
good to see FS going after a loan (connected to ex-director) at short notice if FS can`t reclaim monies on this than there`s no hope / (put the boot in ) Yes..it is good to see..but its a shame that its taken 2 years of deceit for the truth to come out..and then only because diligence on the forum has forced their hands. I really fail to understand fundingsecure 's lack of transparency towards their investors and by default, their continued existence but the deluge of depressing emails, mounting criticism and the seeming inevitability of where this is all heading has im afraid, left a nasty taste in my mouth.
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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 31, 2019 14:15:44 GMT
In this case, I'm quite happy that FS didn't reveal that the loan was linked to a director. If I had known, I might have felt assured that it would repay on time.
Instead of selling on the SM, I might now be holding vast quantities.
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Post by spareapennyor2 on Jul 31, 2019 16:00:25 GMT
would this be a case of "a conflict of interest" being connected with this
more of a smell than a taste
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michaelc
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Post by michaelc on Oct 16, 2019 21:04:57 GMT
Last update was in July. This was a loan made to a former director and owner without that being disclosed. I'm obviously going through the financial ombudsman route but I suspect it will take over a year and I have my doubts as to whether FS will be around then.
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adrian77
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Post by adrian77 on Oct 25, 2019 14:42:10 GMT
prophetic words!
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michaelc
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Post by michaelc on Feb 25, 2020 21:48:29 GMT
Now it seems the documentation for this house might not be in order.
The guy running the company at the time, creates a loan to himself without telling lenders he is behind it, then ensures the security can't be taken away from him by mucking up the documentation. Does that mean I've given money to him under false pretenses? Is this fraud ? If it is, what can I do about it ?
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adrian77
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Post by adrian77 on Feb 25, 2020 22:14:37 GMT
Surely this is illegal - their are very strict rules about director loans (from a company to a director) which is perfectly legal but the HMRC really won't tolerate this being abused. But this goes far beyond director loans - any legal beagle out there care to comment - I thank you.
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michaelc
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Post by michaelc on Feb 25, 2020 23:06:53 GMT
Surely this is illegal - their are very strict rules about director loans (from a company to a director) which is perfectly legal but the HMRC really won't tolerate this being abused. But this goes far beyond director loans - any legal beagle out there care to comment - I thank you. This was a loan to a borrower that I and other investors made. We did not know that we were in fact lending to a director of the company. I'm sure you'd be the first to agree that this has nothing to do with "director loans" that many companies make legally to their directors.
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michaelc
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Post by michaelc on Nov 18, 2020 12:27:45 GMT
Only just noticed this.
Loan closed with zero payout due to insufficient documentation to appoint receivers.
This security was linked to one of the directors.
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rookey123
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Post by rookey123 on Nov 18, 2020 12:36:11 GMT
Is there anyway of getting a copy of the original loan agreement? If so I intend to make a claim through the small claims court against the director personally.
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