mikes1531
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Post by mikes1531 on Dec 16, 2021 17:45:12 GMT
FundingSecure Update
The Joint Administrators’ solicitor continues to liaise with the claimant’s solicitors and in the meantime the Joint Administrators are meeting with a number of key investors to discuss the next steps.
FundingSecure Limited - in AdministrationWho are these 'key investors' that the administrators are meeting with? Surely we should all be party to this discussion as we are all affected? I also wonder who these 'key investors' are. I might even have thought that I might be one inasmuch as I have a five-figure withdrawal that's been in limbo since May.
Mucho P2P Does anyone in FSAG or the CC have any indication who these people are, or what it took/takes to be in that select group?
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Mucho P2P
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Post by Mucho P2P on Dec 16, 2021 19:51:51 GMT
FundingSecure Update
The Joint Administrators’ solicitor continues to liaise with the claimant’s solicitors and in the meantime the Joint Administrators are meeting with a number of key investors to discuss the next steps.
FundingSecure Limited - in AdministrationWho are these 'key investors' that the administrators are meeting with? Surely we should all be party to this discussion as we are all affected? I also wonder who these 'key investors' are. I might even have thought that I might be one inasmuch as I have a five-figure withdrawal that's been in limbo since May.
Mucho P2P Does anyone in FSAG or the CC have any indication who these people are, or what it took/takes to be in that select group?
I am not allowed to say who was present at the meeting yet, nor what was discussed. I can confirm that I was present. Apologies for this lack of substantive reply, however the person pushing the quistclose issue is likely to be on this forum.
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r1200gs
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Post by r1200gs on Dec 17, 2021 11:34:59 GMT
I also wonder who these 'key investors' are. I might even have thought that I might be one inasmuch as I have a five-figure withdrawal that's been in limbo since May.
Mucho P2P Does anyone in FSAG or the CC have any indication who these people are, or what it took/takes to be in that select group?
I am not allowed to say who was present at the meeting yet, nor what was discussed. I can confirm that I was present. Apologies for this lack of substantive reply, however the person pushing the quistclose issue is likely to be on this forum. Is there any indication at all of how long this is all going to take? What's taking all this time? Can you tell us anything?
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Mucho P2P
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Post by Mucho P2P on Dec 17, 2021 13:30:38 GMT
I am not allowed to say who was present at the meeting yet, nor what was discussed. I can confirm that I was present. Apologies for this lack of substantive reply, however the person pushing the quistclose issue is likely to be on this forum. Is there any indication at all of how long this is all going to take? What's taking all this time? Can you tell us anything? There is no indication of how long this will take. The legalities back and forth are what is taking the time. I am really sorry, but can not say anything else at all atm (as the person who pushing the quistclose matter is likely to be on this board. I am monitoring what is happening, where the administrators will allow me to.
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Post by Gisele on Jan 6, 2022 10:23:04 GMT
To begin with, I would like to reiterate my gratitude to MuchoP2P and the others that give so much of their time and energy. Without you, we many "smaller" investors (albeit that our investment still represents a "large" sum of money to us) would truly be lost in the dark. Thank you sincerely.
Despite understanding that there may be monsters without conscience on this forum that are comfortable screwing their fellow investors to gain advantage and steal other investors' savings, there is one significant risk born of prolonged silence. Many of us are already deeply suspicious of the Administrators and in the absence of information and hope, such mistrust will grow and spread to the others influencing direction and outcomes. I am concerned that the glue that binds us all together will dissolve if prolonged silence is allowed to feed fear that the interests of "the many small" are quietly being sacrificed for the benefit of "a few large" behind closed doors.
My £5,000 is as much money to me as £100,000 is to a millionaire. We are all equals in this regardless of the size of our individual investment in FS. Notwithstanding the obvious need to keep strategy and detail secret, the Administrators and the CC need to find a better balance of what can be shared with the ultimate and sole losers in this sorrowful drama. At some point, unity and pulling together (maybe for funding action or whatever) is dependent on a belief that all investor interests are being served equally.
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r1200gs
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Post by r1200gs on Jan 6, 2022 12:33:58 GMT
This is precisely my worry, we are not all equals in this.
Some people clearly have more power and more money to help them get a more "equal" result for them, it's the very reason I am looking at my money frozen in account while somebody uses power and money to try and get at it.
There may be good reasons for the secrecy but the silence is not reassuring, not at all.
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jo
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Post by jo on Jan 6, 2022 16:17:24 GMT
I've noticed over the years that because of its international nature, Twitter isn't too bothered about English civil law.
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michaelc
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Post by michaelc on Jan 6, 2022 19:54:06 GMT
I've noticed over the years that because of its international nature, Twitter isn't too bothered about English civil law. Interesting post. And curious tweet too: Poor lamb can't get a model Y. Should we set up a fundraiser for him?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 6, 2022 20:21:40 GMT
Who's "Funding Secure", do we know?
Hackett?
FundingSecure@FundingSecure - Joined June 2013
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Post by lostinspace on Jan 7, 2022 11:57:21 GMT
I had a reply from Funding Secure administrators stating that the interest payments stop from the date of settlement, despite it not being in our accounts.
Just letting people know as the front page of the website shows interest is still accruing.
At this miserable stage of things I would be happy to just get my money back but even the small percentage I may get may be taken from this quistclose claim.
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Steerpike
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Post by Steerpike on Jan 7, 2022 12:36:57 GMT
Poor lamb can't get a model Y. Should we set up a fundraiser for him? No need to worry, Model Y has been available to order in the UK since 15-Oct-21 and deliveries are imminent.
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Post by overthehill on Jan 7, 2022 13:08:17 GMT
I had a reply from Funding Secure administrators stating that the interest payments stop from the date of settlement, despite it not being in our accounts. Just letting people know as the front page of the website shows interest is still accruing. At this miserable stage of things I would be happy to just get my money back but even the small percentage I may get may be taken from this quistclose claim.
great username, very apt for P2P.
Most of the interest payments before and after administration stopped long before settlement.
Assume everything is broken or tainted except your capital balances which can be monitored as loans are completed each in their own unsatisfying and horrendous way.
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jo
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Post by jo on Jan 7, 2022 13:48:37 GMT
Who's "Funding Secure", do we know? Hackett? FundingSecure@FundingSecure - Joined June 2013 Not our FS. 'Funding Secure' was the tweet that got musk into hot water with the SEC some years' back.
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aj
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Post by aj on Jan 7, 2022 14:42:12 GMT
I had a reply from Funding Secure administrators stating that the interest payments stop from the date of settlement, despite it not being in our accounts. Just letting people know as the front page of the website shows interest is still accruing. At this miserable stage of things I would be happy to just get my money back but even the small percentage I may get may be taken from this quistclose claim. The borrowers will not be liable for more payments just because FS haven't returned our money. It might be a moot point though as I'm not sure there are any loans where the balance and interest have been settled in full since this quistclose nonsense began. The only thing we're accruing at the moment is a bigger shortfall!
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r1200gs
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Post by r1200gs on Jan 10, 2022 12:18:41 GMT
A tranche of that council tower block with first priority has been repaid in full, or at least enough recovered to pay capital and interest in full. Just goes to show, you need a loan with an LTV of something like five percent and first rank to have a decent chance of recovery with this crowd, and even then persons unnamed are pulling every legal trick in the book to stop even that getting paid out. What was I even THINKING, second charge and LTV of 70 percent! Pfffft!
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