adrian77
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Post by adrian77 on Jan 10, 2022 16:37:06 GMT
is this the one in New Brighton - I am in it but sadly not the first tranche - thanks
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michaelc
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Post by michaelc on Jan 10, 2022 16:42:17 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! Is that 2938283517 ? Says it ranks above all others but no update on the site.
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rogerthat
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Post by rogerthat on Jan 11, 2022 0:19:40 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! 70% ! bluddy luxury Wring your hanky out and man up ..the biggest chunk of mine is at 49%..a 1st legal charge by definition but in actual fact a 2nd legal charge by rank. And no, I'm not expecting anything back either Symantics eh ! dont you just luv em
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aj
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Post by aj on Jan 11, 2022 9:01:49 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! Is that 2938283517 ? Says it ranks above all others but no update on the site. While the property has been sold by receivers, the borrower is legally challenging the return of investors money. Unfortunately it can't be counted as settled or repaid in full yet.
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michaelc
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Post by michaelc on Jan 11, 2022 12:38:13 GMT
Is that 2938283517 ? Says it ranks above all others but no update on the site. While the property has been sold by receivers, the borrower is legally challenging the return of investors money. Unfortunately it can't be counted as settled or repaid in full yet. Oh thats what was meant. I thought something had happened.
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adrian77
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Post by adrian77 on Jan 11, 2022 16:13:29 GMT
I think we are owed an explanation as to what is happening here - I am in this loan if it is the Charterhouse one - what I don't understand is why the renewal loan has been paid (if that is the right one) and no other parts of this loan along with no updates.
Please don't tell me this is all the money we are going to receive for this one!
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rogerthat
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Post by rogerthat on Jan 11, 2022 16:56:32 GMT
Rest assured there are two hopes for this one on any returns, other than the 1st ranked charge...and one is Bob
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r1200gs
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Post by r1200gs on Jan 12, 2022 13:09:00 GMT
While the property has been sold by receivers, the borrower is legally challenging the return of investors money. Unfortunately it can't be counted as settled or repaid in full yet. Oh thats what was meant. I thought something had happened. Is it this borrower pushing this quistclose nonsense? And if there is a legal challenge, where is it? And if this is discussion between lawyers, what the fecking heck is taking so long?!
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aj
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Post by aj on Jan 12, 2022 15:46:03 GMT
The administrators have chosen to keep everyone except the CC and some 'key investors' in the dark about exactly what is happening. I cannot explain why they have done this. I think Gisele put it best when they suggested that this policy is harming trust in the administration process. We are already not being treated equally when it comes to information. How can I trust my financial interests are being represented fairly?
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merlin99
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Post by merlin99 on Jan 13, 2022 9:15:26 GMT
What a shambles most of the P2P investment sites have been? When FS, Lendy & MT folded my expectation was that they would all be buttoned up and part of history by the end of this year. Now based on progress so far, my guess is that they may not achieve full closure until around the end of this decade. Who's fault is this? I personally would put the blame on the FCA because had they done their job properly a lot of the problems encountered could not possibly have happened.
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k6
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Post by k6 on Jan 13, 2022 9:27:45 GMT
What a shambles most of the P2P investment sites have been? When FS, Lendy & MT folded my expectation was that they would all be buttoned up and part of history by the end of this year. Now based on progress so far, my guess is that they may not achieve full closure until around the end of this decade. Who's fault is this? I personally would put the blame on the FCA because had they done their job properly a lot of the problems encountered could not possibly have happened. "Who's fault is this?" Whoever run the platforms and FCA that should chase culprits to save their face. All of the mentioned platforms + Col. were playing dodgy game. And I don't understand how can one blame investors for it . . .
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Mucho P2P
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Post by Mucho P2P on Jan 13, 2022 10:09:40 GMT
The administrators have chosen to keep everyone except the CC and some 'key investors' in the dark about exactly what is happening. I cannot explain why they have done this. I think Gisele put it best when they suggested that this policy is harming trust in the administration process. We are already not being treated equally when it comes to information. How can I trust my financial interests are being represented fairly? Unfortunately, even the CC are not being being shown exactly what is happening (to my belief), and that I find disturbing, especially considering that we have signed an NDA! My understanding is that we are not being shown any documents on this matter to ensure we dont let anything "slip" to the detriment of the lenders, which is quite condescending, as all members of the CC also have considerable sums of their own tied up in this fiasco.
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aj
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Post by aj on Jan 13, 2022 11:50:09 GMT
I'm a little bit disturbed by that news too.... doesn't the CC have the right to demand copies of any documents relating to the administration?
As for 'letting slip' information being to the detriment of lenders, keeping us in the dark is more likely to be detrimental. Someone is making a legal claim on our money and we are being denied any details. All the secrecy is doing is preventing us from knowing if our interests are being adequately defended; which I suspect means they are not.
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merlin99
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Post by merlin99 on Jan 13, 2022 11:57:50 GMT
The administrators have chosen to keep everyone except the CC and some 'key investors' in the dark about exactly what is happening. I cannot explain why they have done this. I think Gisele put it best when they suggested that this policy is harming trust in the administration process. We are already not being treated equally when it comes to information. How can I trust my financial interests are being represented fairly? Unfortunately, even the CC are not being being shown exactly what is happening (to my belief), and that I find disturbing, especially considering that we have signed an NDA! My understanding is that we are not being shown any documents on this matter to ensure we dont let anything "slip" to the detriment of the lenders, which is quite condescending, as all members of the CC also have considerable sums of their own tied up in this fiasco. I only wrote my previous posting out of sheer frustration. It is my belief that had these liquidations been in the conventional business sector settlement would have been considerably faster. I can only believe that the receivers are milking our funds for all they are worth on frivolous exercises. Buttoning the lips of the CC are good way of stopping adverse comment on the way things are being managed and I cannot see why! For example, I have a five figure sum tied up in the powerboat loans. Throughout FS ducked and dived to avoid foreclosing on the borrower and accepted all sorts of excuses for not paying up. Now we have the receivers doing the same thing and seemingly ignoring all b*llshit that the borrower keeps inventing and the past history. PS I know very little money will come back from these loans but I am keen to get matters settled and to be able to move on.
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Mucho P2P
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Post by Mucho P2P on Jan 13, 2022 12:07:29 GMT
I'm a little bit disturbed by that news too.... doesn't the CC have the right to demand copies of any documents relating to the administration? As for 'letting slip' information being to the detriment of lenders, keeping us in the dark is more likely to be detrimental. Someone is making a legal claim on our money and we are being denied any details. All the secrecy is doing is preventing us from knowing if our interests are being adequately defended; which I suspect means they are not. We do frequently demand and receive copies of documents and financial figures relating to the administration. But there are cases when we have previously tied to obtain documents, only to be told that they are "legally privileged". This tends to occur in matters relating to (potential or actual) litigation. We keep on trying.......
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