bugs4me
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Post by bugs4me on Oct 23, 2019 8:28:38 GMT
Looks like a mass of resignations at FS - dated 15th October
Further information available here
So the new brooms management appear not to have made an impact or are they trying to distance themselves from a future unsavoury event.
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Post by mrclondon on Oct 23, 2019 8:36:20 GMT
Also majority shareholder ceased to be person with significant control on the same date.
Worrying, esp given the current state of the website ....
EDIT: for the record the website went down at c. 08:55 this morning.
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aj
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Post by aj on Oct 23, 2019 8:48:09 GMT
Yep, I think we're screwed.
I can't say i'm surprised but I had hoped for Ch*rter House to finally repay before this happened.
I Hope an ordered wind down will ensure, though we haven't seen it yet in the world of P2P.
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Post by greeninvestments on Oct 23, 2019 9:01:22 GMT
Just called them up as I agree it doesn't look good but there are still staff answering the phones and they aren't aware of any issues, so hopefully it is a false alarm...
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arby
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Post by arby on Oct 23, 2019 9:02:27 GMT
I withdrew £5k last night at about 4:30pm and it hit my account 45 minutes later at 5:15pm. I was pleasantly surprised at the speed of what I believe is a manual transfer by FS. I'm hoping this somehow implies some good news about the business still operating normally, but certainly the timing of this website downtime appears suspicious....
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Post by diamon89 on Oct 23, 2019 9:12:36 GMT
I actually had a call from one of the directors yesterday with answers to questions I had asked about some of the loans I'm exposed to. No hint that the whole business was about to go belly-up. Maybe it hasn't gone belly-up, but mass resignations and website down without explanation is really not a good sign.
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puddleduck
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Post by puddleduck on Oct 23, 2019 9:34:13 GMT
They are gone:
'Important Update
FundingSecure Limited ("the Company")
Jonathan Avery-Gee, Edward Avery-Gee and Daniel Richardson (‘the Administrators’) of CG & Co (‘CG’) were appointed Administrators of the Company on 23rd October 2019. The administrators are working closely with the FCA who consented to their appointment over the Companies.
The Company was placed into administration on 23rd October 2019 by a resolution of the board of directors of the Company. As a result of the administration no legal proceedings may be commenced or continued with against the Company without the consent of the Administrators or leave of the Court. The Company is now protected from any third party actions by virtue of a statutory moratorium.
The administrators have set up a dedicated email address for creditors to contact the administration team.
fundingsecure@cg-recovery.com
We will only be able to respond to urgent queries. However, key updates on loans will be ongoing and accessable on the investor platform.
Due to the early stages of the administrations, the information we have is limited, we therefore request that creditors continue to consult the website and historic investor updates in the first instance. We will continue to update investors and creditors as additional information becomes available so please watch this website for updates.
The business and affairs of the Company are now controlled by the Administrators who act as agents of the Company and act without personal liability.
Jonathan Avery-Gee, Edward Avery-Gee and Daniel Richardson are licensed as insolvency practitioners in the United Kingdom by the Institute of Chartered Accountants In England and Wales and the Insolvency Practitioners Association.
'
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r1200gs
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Post by r1200gs on Oct 23, 2019 9:39:16 GMT
I could cry, I really could. The repayment of the council block would have got 90 percent of my money out.  |
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aligibbs
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Post by aligibbs on Oct 23, 2019 9:40:18 GMT
*Sigh* I guess it was a long time coming.
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sundown
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Post by sundown on Oct 23, 2019 9:44:34 GMT
All the signs were there I'm afraid. The email of 29 August from Raj Kumar was obviously a last desperate attempt to gain some confidence. Shame they couldn't have been more honest.
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r1200gs
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Post by r1200gs on Oct 23, 2019 9:53:07 GMT
All the signs were there I'm afraid. The email of 29 August from Raj Kumar was obviously a last desperate attempt to gain some confidence. Shame they couldn't have been more honest. Oh definitely, the writing has been on the wall for a long time. How could anybody invest with a company with reputation for complete and utter incompetence with their only real skill being to lose investors money on an industrial scale? I'm now thinking that sorting out this omni shambles of a loan book is going to be very complex, time consuming and simply unbelievably expensive. Balls, I just needed the tower block to pay!!!! ARGH!!! 
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james21
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Post by james21 on Oct 23, 2019 9:55:14 GMT
Angry like everyone else. Kumar was in place for about 12 months knew all the issues but was incapable of getting the money back in, thats says a lot. Their business model was totally dependant on borrowers repaying with interest to give them their revenue. They would have known that it was a flawed model by early 2018, and did nothing about it to get that money back in. Bad management pure and simple
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arby
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Post by arby on Oct 23, 2019 9:56:34 GMT
As I mentioned earlier, a bank withdrawal to me was processed swiftly last night. However, this morning withdrawals are currently unavailable, although I can still see my deposited balance (obviously wish I'd withdrawn more last night!). Definitely interesting times ahead. I would imagine quite a few of the more recent loans could be managed to completion with minimal fuss, but obviously the older book is challenging to say the least. My primary concern is how the easier loans pay for the recovery costs of the older loans, while obviously hoping we all get as much back as we can....
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james21
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Post by james21 on Oct 23, 2019 10:02:36 GMT
Just a thought, it is possible to download individual loan books, just done mine, just in case
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r1200gs
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Post by r1200gs on Oct 23, 2019 10:05:29 GMT
As I mentioned earlier, a bank withdrawal to me was processed swiftly last night. However, this morning withdrawals are currently unavailable, although I can still see my deposited balance (obviously wish I'd withdrawn more last night!). Definitely interesting times ahead. I would imagine quite a few of the more recent loans could be managed to completion with minimal fuss, but obviously the older book is challenging to say the least. My primary concern is how the easier loans pay for the recovery costs of the older loans, while obviously hoping we all get as much back as we can.... Exactly, the capital and interest on the tower block was going to be the only reason I could claim that I "only" lost ten percent of my money with FS, but if this money is now used to pay for what is going to be a very challenging and expensive recovery (wild goose chase, but profitable for admin?) of the old loan book then I am toast.
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