ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 22, 2023 18:20:23 GMT
Having read the letter for the umpteenth time, I think the Administrators are saying that they've got it wrong ... again.
Where FS loans have been paid off without resort to selling the security asset/property (ie the borrower (or somebody else) has simply paid it off) the Administrators (ie Funding Secure Limited in Administration) have been taking a chunk of the proceeds before paying us lenders back.
Their (probably now slightly less preferred legal advisor) has made it clear that they can't do that; it follows that all proceeds should have come to lenders.
So, we can now look forward to a handsome payout of all the proceeds, when they have figured out what's what (and subject to Quistclose proceedings).
I don't think that should be too hard so 2024 may start with unexpected £'s from FS.
Before you get your hopes up, it won't be much!
To be fair the legal landscape has changed ... I suspect the Lendy direction outcome has moved the bar when it comes to the relationship between platform & lender. 😉
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dh1
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Post by dh1 on Dec 22, 2023 19:26:16 GMT
... and to be fairer still, the Administrators have: sought potentially inconvenient advice; considered it; involved the Committee; told lenders of their decision; and resolved to implement it, without moans. It sounds fairly timely as well. I doubt that all Administrators would be quite so diligent. Yes, they could improve their English and communication skills. I could, too. Mind you I get paid less...
I'm obliged to ilmoro for the considerate and appropriate balancing prompt!
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michaelc
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Post by michaelc on Dec 22, 2023 19:45:46 GMT
Having read the letter for the umpteenth time, I think the Administrators are saying that they've got it wrong ... again.
Where FS loans have been paid off without resort to selling the security asset/property (ie the borrower (or somebody else) has simply paid it off) the Administrators (ie Funding Secure Limited in Administration) have been taking a chunk of the proceeds before paying us lenders back.
Their (probably now slightly less preferred legal advisor) has made it clear that they can't do that; it follows that all proceeds should have come to lenders.
So, we can now look forward to a handsome payout of all the proceeds, when they have figured out what's what (and subject to Quistclose proceedings).
I don't think that should be too hard so 2024 may start with unexpected £'s from FS.
Before you get your hopes up, it won't be much!
Thanks a lot DH1.
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adrian77
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Post by adrian77 on Dec 23, 2023 17:42:10 GMT
Enjoyed the Melissa C*****k (Oz financial crook) programme on ITV
Strikes me what she did had many similarities to what FS did (true some difference) e.g. "inaccurate"records and an element of self-interest
Difference is she was pursued by the ASIC who took a firm hand e.g. In May 2022, the Federal Court ordered K to vacate their house so it could be sold by liquidators;the house, purchased in 2014 for $6.2 million, was sold in October 2022 or a price reported in January 2023 to be $9.8 million. In December 2022, clothing, art, luxury goods and jewellery belonging to C*****k were sold at auction for $860,000.
As to what happened to her is interesting - my guess is the mafia muscled in on her and then killed her i.e. nastiness behind the front and wonder just what was behind this FS mess - not saying the mafia but I suspect there is more than incompetence on individual loans
And just what have our authorites done - as I see it no action against what to me is clearly fraud and damn all effort to recover anything from the directors.
Just how can FS raise money against a first charge which they never had and not be charged is beyond me.
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Post by overthehill on Feb 6, 2024 15:05:07 GMT
Still waiting on this money as well, tick tock.
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Post by overthehill on Feb 15, 2024 12:18:02 GMT
The previous progress report is showing a balance of 10M with maybe 4M in liabilities.
BALANCE - 22 October 2023 10,245,393.06
Points of Note:
It's about time the administrators repaid all the unjustified lender fees deducted from redemptions. I don't see any threat to investors suspended payments from quistclose even if successful and even if not ringfenced.
A number of creditors don't seem too fussed about being paid. Do they have to make a claim or is it paid automatically? Previous 6 months interest 146K Accounts have a wrong date by 4 years in column header just to confuse you!
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 15, 2024 12:51:26 GMT
The previous progress report is showing a balance of 10M with maybe 4M in liabilities.
BALANCE - 22 October 2023 10,245,393.06
Points of Note:
It's about time the administrators repaid all the unjustified lender fees deducted from redemptions. I don't see any threat to investors suspended payments from quistclose even if successful and even if not ringfenced.
A number of creditors don't seem too fussed about being paid. Do they have to make a claim or is it paid automatically? Previous 6 months interest 146K Accounts have a wrong date by 4 years in column header just to confuse you!
Unfortunately I'm guessing the lawyers do & as it was that or no cash until case is over probably going to have to lump it. Creditors need to submit a proof of debt but as there won't be any payments until the end of admin no rush. (That will include lenders though following the Lendy case there is likely to be some form of mechanism so only those claiming sums additional to their shortfall will need to do it) Typos in an admin report never. RSM managed to transpose 2 Lendy loans.
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dh1
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Post by dh1 on Feb 29, 2024 16:04:14 GMT
Having read the letter for the umpteenth time, I think the Administrators are saying that they've got it wrong ... again.
Where FS loans have been paid off without resort to selling the security asset/property (ie the borrower (or somebody else) has simply paid it off) the Administrators (ie Funding Secure Limited in Administration) have been taking a chunk of the proceeds before paying us lenders back.
Their (probably now slightly less preferred legal advisor) has made it clear that they can't do that; it follows that all proceeds should have come to lenders.
So, we can now look forward to a handsome payout of all the proceeds, when they have figured out what's what (and subject to Quistclose proceedings).
I don't think that should be too hard so 2024 may start with unexpected £'s from FS.
Before you get your hopes up, it won't be much!
Well, I think I've just received the first two of these payments. They are tagged by the Administrators as "Settlement adjustment" for 4945807152 (Power Boat) and 2419041369 (Lennymuir, Scotland - Renewal). As according to the FS account record, the payments (don't get your hopes up, <£12 for me) do not alter the outstanding loans balance, they fit with the Administrators rather convoluted letter referred to above. No idea if further readies will be turning up.
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rambler
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Post by rambler on Feb 29, 2024 16:14:32 GMT
I have also just received some similar payments. How do I tell which loans they relate to? They have the loan reference numbers but I cant find anywhere to look up these numbers to find the loans.
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SteveT
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Post by SteveT on Feb 29, 2024 16:31:15 GMT
I have also just received some similar payments. How do I tell which loans they relate to? They have the loan reference numbers but I cant find anywhere to look up these numbers to find the loans. Go to My Investments - History and search on the loan number
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dh1
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Post by dh1 on Feb 29, 2024 16:58:50 GMT
rambler - the notification email contains the loan references as well.
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mah
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Post by mah on Mar 3, 2024 21:07:16 GMT
Could you post them here pls.
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