jonno
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nil satis nisi optimum
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Post by jonno on Dec 29, 2019 11:56:41 GMT
Why is everyone asking people who regularly pluck numbers from their arse which exact part of their arse they're plucking it from? Maybe they're just after the bottom line
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rogerthat
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Post by rogerthat on Dec 29, 2019 12:17:59 GMT
I don't want to get on this merry-go-round..so ive nicked this out of mikes1531 post earlier as if nothing else on the topic of LB disposal en bloc or not..this is the most relevant point for me. Im going to lose an awful lot of money and ive reconciled myself to that no matter what method is chosen. However, despite being hoodwinked, lied to and generally mis-informed by fundingsecure, I did try in the main to only go for 1st charge loans (if that actually now means anything) so I will be sorely pi**ed off if the little I do get back is then further diluted by the relevance of the para below. Thanks mikes1531"One area where FS seem to have made a reasonable effort at disclosure doesn't seem to have been mentioned in this thread, and that is loan priority where a borrower has multiple FS loans secured by a single property (or collection). At Formby and Lytham, for instance, there are first-priority loans, second-priority loans, and even lower-priority loans. (There are more examples as well.) To treat those loans as equal in distributing the proceeds from a loan book sale would be completely nonsensical. If the security itself were to be liquidated, the proceeds would go to the first-priority loan investors until they had received all their capital AND ALL THEIR ACCRUED INTEREST before a penny would go to the investors in the lower-priority loans. This has to be recognised when any proceeds are distributed"
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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 Dec 29, 2019 18:00:14 GMT
The loans assets are worth what they were valued at in the main as valuations were independently done.
Until redeemed or sold that is the situation.
If grossly overvalued then there is legal recourse as has been done and is being done in Lendy.
Again if someone is willing to buy at 50% they must expect to make a profit so why should we accept less than the maximum achievable.
Just let the administrators do their job and pay them appropriately based on results.
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Post by Ace on Dec 29, 2019 18:20:29 GMT
... If grossly undervalued then there is legal recourse as has been done and is being done in Lendy. ... Won't be any need for legal recourse if the assets have been grossly undervalued 😉
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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 Dec 29, 2019 18:32:05 GMT
... If grossly undervalued then there is legal recourse as has been done and is being done in Lendy. ... Won't be any need for legal recourse if the assets have been grossly undervalued 😉 Silly me thanks Ace.
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adrian77
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Post by adrian77 on Dec 29, 2019 18:46:13 GMT
So I did as I expect a lot of us did - but this p2p company is called Funding Secure....
Anybody with £40m cash is welcome to buy this loan book and return 50% of my holding!
As stated I just feel the total realised is going to be extremely poor and praise the day I sold out what loans I could and I still feel like slapping myself for investing with these characters in the first place and trusting them to inform us when loans were linked - what a Muppet I was!
not in my experience! 25% of them at best - many are a complete joke e.g. Formby , Barnoldswick, list of property in NI etc etc
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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 Dec 30, 2019 0:42:15 GMT
So I did as I expect a lot of us did - but this p2p company is called Funding Secure.... Anybody with £40m cash is welcome to buy this loan book and return 50% of my holding! As stated I just feel the total realised is going to be extremely poor and praise the day I sold out what loans I could and I still feel like slapping myself for investing with these characters in the first place and trusting them to inform us when loans were linked - what a Muppet I was! not in my experience! 25% of them at best - many are a complete joke e.g. Formby , Barnoldswick, list of property in NI etc etc That is same old loans there are hundreds of loans you mention a few. 25% would be 100+ loans from those issued.
May be 25% of your personal loans but that is unfortunate not indicative of the whole
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song
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Post by song on Dec 30, 2019 11:20:46 GMT
May be 25% of your personal loans but that is unfortunate not indicative of the whole
That is very wishful thinking on your part. Adrian77 thinking is probably nearer the mark as he seems to have a more realistic grip of the situation.
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11025
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Post by 11025 on Dec 30, 2019 12:12:59 GMT
I would like to know if there is any recourse or action that can be taken against FS and it's management for the possible lies and distortion that were commonplace.
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adrian77
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Post by adrian77 on Dec 30, 2019 13:00:32 GMT
just checked the FS INDEX - All active and past loans post - huge amount of red text - can't see many that look good to me - hopefully West Bromwich, Welsh church, Ladybank, the 2 related NI properties and a few others...
Happy New Year to all - excepting the FS directors!
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foolsgold
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Post by foolsgold on Dec 30, 2019 16:12:34 GMT
May be 25% of your personal loans but that is unfortunate not indicative of the whole
That is very wishful thinking on your part. Adrian77 thinking is probably nearer the mark as he seems to have a more realistic grip of the situation. Apparently FCA are immune from prosecution or liable under statute
FS is in Administration and have few assets and are protected under the laws of administration......not looking good at all and the FCA have a lot to answer for
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11025
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Post by 11025 on Dec 30, 2019 17:01:38 GMT
Ah yes , the "administration" another carefully orchestrated plan put into action when the heat was too much by FS , yet again to shaft lenders this time assisted by CG and co , all under the approval and watch of the FCA . As you correctly state someone needs to be answering some very serious questions.
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Post by blackdog on Dec 30, 2019 19:43:38 GMT
Adrian 77 How do you show "FS index"? As mentioned in previous post...or is it some computer program you figured out? My returns at moment are hovering around 25% of total investments, unfortunately am in Gai!+×÷= ho! e north wales,and wes!@# rh!@ houses for a reasonable amount of pennies....but hoping to recoup most/ all of ladybank ....
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iRobot
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Post by iRobot on Dec 30, 2019 20:34:14 GMT
Adrian 77 How do you show "FS index"? As mentioned in previous post...or is it some computer program you figured out? My returns at moment are hovering around 25% of total investments, unfortunately am in Gai!+×÷= ho! e north wales,and wes!@# rh!@ houses for a reasonable amount of pennies....but hoping to recoup most/ all of ladybank .... blackdog - "FS INDEX - All active and past loans" is a rather handy (if now largely static) list - or, more accurately, series of lists - on DDC ( here) courtesy of mrclondon (and others). Access to DDC is laid out here; you haven't yet made the minimum number of posts, but give it time....
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Godanubis
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Post by Godanubis on Dec 31, 2019 0:25:41 GMT
As there is not yet any actual evidence of any malfeasance on anybody’s part talk about action is very very premature.
When we have documented actual physical losses way out-with the large margins inherent to P2P then we can actually work on what recourse is open to us.
I have £100K + invested so am not an uninvolved bystander. I have yet to see any actual documented verified proof of anything other than very poor management which as far as I’m aware although disappointing is not a crime however much we would like it to be.
As warned “ Your capital is at risk” you can’t then complain when some is lost on some loans. Just look at the statistics from the start of FS and actual money lost as % of total invested.
It is yet to be proven if you had put equal amounts in every loan that you would have lost anything.
Yes 5 -10 loans were very bad most however were the most risky second charge etc. I don’t recal any first charge loans on property where first charge investors lost everything.
Capital losses are a small % of returns and vary according to an individual’s personal choices. Some fraud by some borrowers may be found they are the guilty party. FS may well have been duped as every other financial institutions are this is just bad management.
As to multiple loans from same borrowers this is not excluded as the asset is the security not the individual and loans were secured against different assets.
Most of the problems appeared to be with valuations.
Have any of you bought anything from Wish or other retailers saying RRP is way above actual value.
Just look at DFS sales . The difference is there is legal recourse as proven by Lendy. Until the whole process is completed there is little chance of individual action being allowed or likely to succeed.
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