michaelc
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Post by michaelc on Jun 9, 2021 13:12:43 GMT
Not sure which board to put this on but I have noticed a significant drop in updates and monies received for defaulted loans. With the suspension of payments I fear that there will be no more money coming out of this company and we have been well and truly had. Has anyone received any form of update , payment or acknowledgement from Funding Secure? There will be no more payments made to lenders until the quistclose trust issue is settled. Money might be allocated to the lenders e-wallets, but transfers out wont be allowed. FS is continuing to work in recovering loans in the meantime. Updates are now quarterly for all loans. What's your best guess ETA for that ? Will it be like most other civil litigation and take 5 to 10 years ?
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Mucho P2P
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Post by Mucho P2P on Jun 9, 2021 14:17:31 GMT
There will be no more payments made to lenders until the quistclose trust issue is settled. Money might be allocated to the lenders e-wallets, but transfers out wont be allowed. FS is continuing to work in recovering loans in the meantime. Updates are now quarterly for all loans. What's your best guess ETA for that ? Will it be like most other civil litigation and take 5 to 10 years ? Apologies, I do not have a best guess atm, as still waiting for further info.
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Mucho P2P
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Post by Mucho P2P on Jun 9, 2021 17:16:52 GMT
There will be no more payments made to lenders until the quistclose trust issue is settled. Money might be allocated to the lenders e-wallets, but transfers out wont be allowed. FS is continuing to work in recovering loans in the meantime. Updates are now quarterly for all loans. Why would money be allocated to e-wallets? With the situation up in the air the sum returned could change. How would lenders feel to have it sitting there only to be taken away? What are the administrators meant to do if they do not allocate returns as and when they are realised? Keep them? The reason it has been suggested to allocate the monies to the e-wallet is to facilitate a speedier withdrawal for the lenders when the time arrives (if it does). If you have other suggestions, please let me know.
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sundown
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Post by sundown on Jun 10, 2021 9:10:23 GMT
Why would money be allocated to e-wallets? With the situation up in the air the sum returned could change. How would lenders feel to have it sitting there only to be taken away? What are the administrators meant to do if they do not allocate returns as and when they are realised? Keep them? The reason it has been suggested to allocate the monies to the e-wallet is to facilitate a speedier withdrawal for the lenders when the time arrives (if it does). If you have other suggestions, please let me know. How can they allocate them when they are still subject to a legal challenge which might affect the amount returned? There are a number of loans where the asset has been sold but no funds allocated to the e-wallets, eg the tower block. Now all loans are subject to a legal challenge thanks to this quistclose nonsense.
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Mucho P2P
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Post by Mucho P2P on Jun 10, 2021 13:32:29 GMT
What are the administrators meant to do if they do not allocate returns as and when they are realised? Keep them? The reason it has been suggested to allocate the monies to the e-wallet is to facilitate a speedier withdrawal for the lenders when the time arrives (if it does). If you have other suggestions, please let me know. How can they allocate them when they are still subject to a legal challenge which might affect the amount returned? There are a number of loans where the asset has been sold but no funds allocated to the e-wallets, eg the tower block. Now all loans are subject to a legal challenge thanks to this quistclose nonsense. Different loans are subject to different challenges, and as such will be treated differently. The quistclose matter is under review, and depending upon the outcome of the review, how the funds are handled might change in the future. I can not say more atm.
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j1
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Post by j1 on Jun 18, 2021 16:29:08 GMT
Sounds like quistclose is very pertinent to all of us. What does FCAG have to say about it?
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Post by overthehill on Jul 2, 2021 20:01:14 GMT
Has anybody had an update about a recovered loan since 30 april ? Do we have a cessation of any loan recovery update notices in addition to money transfers into investors accounts ?
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Post by Gisele on Jul 12, 2021 10:36:54 GMT
I got a message on 9th July that my loan for Petersfield Avenue (Ref: 2698703632) was fully redeemed. Of course, no money added to my "available balance" though.
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pfffill
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Post by pfffill on Jul 12, 2021 12:45:14 GMT
I got a message on 9th July that my loan for Petersfield Avenue (Ref: 2698703632) was fully redeemed. Of course, no money added to my "available balance" though. It won't be until this Quiswhatsit case is resolved, and then only assuming this particular loan is unaffected.
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r00lish67
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Post by r00lish67 on Sept 18, 2021 9:52:24 GMT
Forgive me if recently covered as I'm not paying very close attention at the moment, but does anyone know if the FS quistclose issue is any closer to resolution?
I haven't heard anything at all beyond the initial announcement. Like many others (I assume) I'd otherwise have some pennies to scrape back.
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Mucho P2P
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Post by Mucho P2P on Sept 18, 2021 14:20:13 GMT
Forgive me if recently covered as I'm not paying very close attention at the moment, but does anyone know if the FS quistclose issue is any closer to resolution? I haven't heard anything at all beyond the initial announcement. Like many others (I assume) I'd otherwise have some pennies to scrape back. There is no major news on this topic atm. The CC is meant to be updated on this matter in the next few weeks.
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