r1200gs
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Post by r1200gs on Jul 12, 2022 10:32:26 GMT
"though first they need to clear up who & who isnt affected ie I have zero funds in the client account but funds outstanding from recoveries"
This is precisely what is driving me up the wall. What is the difference between funds in the client account and funds outstanding from recoveries? Are outstanding recoveries not in the client account?
I have £28k recovered from the tower block, is this in the client account or elsewhere and is it subject to the claim?
The limited info from the administrators is a disgrace.
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Post by richardw on Jul 12, 2022 10:39:52 GMT
I tried speaking to CG but their switchboard has instructions not to handle queries on this but only refer callers to their e-mail or BoodleHatfield - so totally useless. I left a message explaining that investors cannot tell if we have assets in the mythical e-wallet because CG has still not explained to us what exactly that means. Does the Committee have some official avenue into CG to ask them to clarify this ?
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littleoldlady
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Post by littleoldlady on Jul 12, 2022 11:25:06 GMT
This has been cleared up in the latest email which you should all have received. Edit: I refer only to the question of what is counted as being in the "on-line wallet".
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jo
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Post by jo on Jul 12, 2022 11:25:26 GMT
Ah, that's much clearer.....in not land that is.
FundingSecure Update
The Joint Administrators have received a significant number of requests asking what the e-wallet balance is. This is the amount of your current available balance (plus any pending sums).
Please note that the previous update was as agreed wit xxxxxxxxxxxxxxx, the solicitors for xxxxxxxxx. In the first instance, you should request a copy of the draft Particulars of Claim, which will give you more information on the claim. You then should obtain legal advice on the claim. If you or your adviser then still have any queries, we will endeavour to deal with them.
It is recommended that all Investors (irrespective of their current balance) request the Particulars of Claim and review the same with their legal advisors in order to fully understand the nature and application of the Claim and whether or not this is limited to any particular sum.
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littleoldlady
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Post by littleoldlady on Jul 12, 2022 11:28:04 GMT
They say that all of us should apply for the particulars and discuss them with our individual legal advisors. To avoid such duplication I hope that the committee will nominate someone to do it on behalf of us all.
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ilmoro
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Post by ilmoro on Jul 12, 2022 11:34:12 GMT
"though first they need to clear up who & who isnt affected ie I have zero funds in the client account but funds outstanding from recoveries"This is precisely what is driving me up the wall. What is the difference between funds in the client account and funds outstanding from recoveries? Are outstanding recoveries not in the client account? I have £28k recovered from the tower block, is this in the client account or elsewhere and is it subject to the claim? The limited info from the administrators is a disgrace. Evidence would suggest not ... suspect they are in the trust account given the last stated value of that account Client account 1 ... funds in e-wallets ie your cash balance on the platform Client account 2 ... general client account holding funds from redemptions & any other funds considered to be client money Trust account ... the administrators account to hold money relating to trust assets recoveries Unclear at the moment whether the claim relates to CA1 or CA2 or both. The tower block was in a different account entirely ... a bespoke suspense account to keep money ringfenced due to legal claims. I doubt it is subject to the claim as those funds are technically outside the administration until the claim is resolved (Not in the loan so dont know current status of claim) The suggestion is that the claim relates to CA1 (the e-wallet), though CA2 would seem more logical ... perhaps the money was put in the wrong account. (We know FS contaminated the CA)
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huxs
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Post by huxs on Jul 12, 2022 11:42:23 GMT
"though first they need to clear up who & who isnt affected ie I have zero funds in the client account but funds outstanding from recoveries"This is precisely what is driving me up the wall. What is the difference between funds in the client account and funds outstanding from recoveries? Are outstanding recoveries not in the client account? I have £28k recovered from the tower block, is this in the client account or elsewhere and is it subject to the claim? The limited info from the administrators is a disgrace. Evidence would suggest not ... suspect they are in the trust account given the last stated value of that account Client account 1 ... funds in e-wallets ie your cash balance on the platform Client account 2 ... general client account holding funds from redemptions & any other funds considered to be client money Trust account ... the administrators account to hold money relating to trust assets recoveries Unclear at the moment whether the claim relates to CA1 or CA2 or both. The tower block was in a different account entirely ... a bespoke suspense account to keep money ringfenced due to legal claims. I doubt it is subject to the claim as those funds are technically outside the administration until the claim is resolved (Not in the loan so dont know current status of claim) The suggestion is that the claim relates to CA1 (the e-wallet), though CA2 would seem more logical ... perhaps the money was put in the wrong account. (We know FS contaminated the CA) I wouldn't be surprised if the claim covered all accounts (and any future money received), the aim of the claim is to get back the money lent by the underwriter and how that money was / is spread around different accounts is probably of little importance to them. Their argument I assume is that they lent their money on the basis that P2P lender money would replace theirs as and when it arrives not only if it arrives in a specific account. Saying that I know none of this for fact.
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ilmoro
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Post by ilmoro on Jul 12, 2022 11:42:45 GMT
Ah, that's much clearer.....in not land that is. FundingSecure Update The Joint Administrators have received a significant number of requests asking what the e-wallet balance is. This is the amount of your current available balance (plus any pending sums). Please note that the previous update was as agreed wit xxxxxxxxxxxxxxx, the solicitors for xxxxxxxxx. In the first instance, you should request a copy of the draft Particulars of Claim, which will give you more information on the claim. You then should obtain legal advice on the claim. If you or your adviser then still have any queries, we will endeavour to deal with them. It is recommended that all Investors (irrespective of their current balance) request the Particulars of Claim and review the same with their legal advisors in order to fully understand the nature and application of the Claim and whether or not this is limited to any particular sum. There is a note on the platform which is actually much clearer. It is current balance plus any pending withdrawals. On the basis of this it does not include any funds from loans redeemed but not paid to lenders.
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jo
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Post by jo on Jul 12, 2022 11:49:29 GMT
Ah, that's much clearer.....in not land that is. FundingSecure Update The Joint Administrators have received a significant number of requests asking what the e-wallet balance is. This is the amount of your current available balance (plus any pending sums). Please note that the previous update was as agreed wit xxxxxxxxxxxxxxx, the solicitors for xxxxxxxxx. In the first instance, you should request a copy of the draft Particulars of Claim, which will give you more information on the claim. You then should obtain legal advice on the claim. If you or your adviser then still have any queries, we will endeavour to deal with them. It is recommended that all Investors (irrespective of their current balance) request the Particulars of Claim and review the same with their legal advisors in order to fully understand the nature and application of the Claim and whether or not this is limited to any particular sum. There is a note on the platform which is actually much clearer. It is current balance plus any pending withdrawals. On the basis of this it does not include any funds from loans redeemed but not paid to lenders. Cheers,. This line made me go hrmmm: ....in order to fully understand the nature and application of the Claim and whether or not this is limited to any particular sum
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taffy
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Post by taffy on Jul 12, 2022 12:08:34 GMT
This might be a really stupid question, but shouldn`t the FCA be involved as they are the so called Regulators of these investment companies.
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ilmoro
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Post by ilmoro on Jul 12, 2022 12:14:03 GMT
This might be a really stupid question, but shouldn`t the FCA be involved as they are the so called Regulators of these investment companies. They probably are ... generally in anything to do with a company involved in regulated activities the FCA has the right to participate in Court hearings ... they may not choose to actively participate but they will get all the documents.
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Post by lostinspace on Jul 12, 2022 12:52:42 GMT
What a complete and utter mess. Back on the anti depressants for me ! Funding Secure sure ruined some lives and I am sure there are some investors no longer with us whose family are faced with this.
Utter disaster endorsed by the FCA
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Post by fsbloke on Jul 12, 2022 14:33:55 GMT
I cannot help but come up with .....what was the lender thinking by using a Quistclose trust?
Surely they knew that should the worst happen (which it did) that by the time they find out this fact then most of the recoverable assets will/may have been disposed of. In trying to protect their investment, which IMHO is no different than my or your investment, they ran up additional risks certainly if it was a lump sum payment.
I say that because the alternative was to openly state they wished to invest £500k but only under certain pre-defined conditions and on a piecemeal basis. Once FS felt those conditions had been met they could then submit the paperwork, guarantees, deeds etc to the investor and request funding. After being satisfied the terms had been met the lender then funds his client account. That is precisely what all other investors did, albeit the paperwork/assurances were viewed online.
This begs the question why should one lender who presumably took no part in the necessary due diligence process be given preferential treatment over other investors that did. Answer: £500k.
I'm no lawyer but if that is the decision then, as someone alluded above, it really stinks.
In a broad sense we are all quistclose trust participants because we all lent money on the condition it was invested in genuine and legal assets with the necessary protections in place as advertised by FS and ultimately endorsed by the regulator. Those were our conditions if you like.
On that basis I'd hope the courts lump him in with the rest of us.....and good riddance to Lord Wilberforce!
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Mucho P2P
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Post by Mucho P2P on Jul 12, 2022 16:06:46 GMT
They say that all of us should apply for the particulars and discuss them with our individual legal advisors. To avoid such duplication I hope that the committee will nominate someone to do it on behalf of us all. I can not see the committee becoming overly involved in this matter, more than they already have done so. I have requested for the PoC as a first stage. It will be for the affected lenders to join forces and pool resources (if they so wish) once they have clarified their positions vis-a-vis the PoC.
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Post by df on Jul 12, 2022 16:37:04 GMT
Ah, that's much clearer.....in not land that is. FundingSecure Update The Joint Administrators have received a significant number of requests asking what the e-wallet balance is. This is the amount of your current available balance (plus any pending sums). Please note that the previous update was as agreed wit xxxxxxxxxxxxxxx, the solicitors for xxxxxxxxx. In the first instance, you should request a copy of the draft Particulars of Claim, which will give you more information on the claim. You then should obtain legal advice on the claim. If you or your adviser then still have any queries, we will endeavour to deal with them. It is recommended that all Investors (irrespective of their current balance) request the Particulars of Claim and review the same with their legal advisors in order to fully understand the nature and application of the Claim and whether or not this is limited to any particular sum. There is a note on the platform which is actually much clearer. It is current balance plus any pending withdrawals. On the basis of this it does not include any funds from loans redeemed but not paid to lenders. "This is the amount of your current available balance (plus any pending sums)." - in my understanding "pending sums" is the money that has been recovered, but not included in our balance. I'm probably wrong, but that is how it reads to me.
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