IFISAcava
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Post by IFISAcava on Jun 1, 2023 14:56:27 GMT
Hmmm, spoke too soon ... 1st Charge Barnoldswick - Loan Update
Loan Reference: 8010286828
An update has just been added to a loan that you have an investment in.
UPDATE:
An issue has been raised by an investor which needs to be investigated before we are able to allow withdrawals to commence on this loan. Your balance will shortly be adjusted to exclude this loan. A further update will be posted as soon as possibleIs this perhaps in relation to the "other" Barnoldswick loan (2861004433, I think, but which I'm not in; were they to the same borrower?) where I read that some sort of informal guarantee was given to lenders that the "1st charge would be honoured" even though FS failed to register it properly? If so, I cannot see how any funds from 8010286828 can / should be diverted to it. If you look at the 'General information' tab of the Loan Overview for 8010286828, you will find mention of a 2nd charge loan #2861004433 against the same property; and if you look at the breakdown tabulation posted on 30th May in the 'Loan updates' tab, you will see at the bottom it says "No return 2861004433" - just as you might expect if returns were insufficient to repay all capital and interest to 1st charge lenders.
I think it likely that the issue being raised by an investor is more likely a challenge to the 'zero return' status of this related loan #2861004433, rather than having to do with the entirely separate loan #1079396222 (the one over a completely different property, where the charge was not perfected, and where FS said they would "stand behind this loan and repay all investors") If it is the same borrower, wouldn't the 2nd charge holders on 2861004433 also have a call on returns from the non-perfected property (regardless of what FS said they would do when solvent)?
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michaelc
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Post by michaelc on Jun 1, 2023 17:39:57 GMT
Hmmm, spoke too soon ... 1st Charge Barnoldswick - Loan Update
Loan Reference: 8010286828
An update has just been added to a loan that you have an investment in.
UPDATE:
An issue has been raised by an investor which needs to be investigated before we are able to allow withdrawals to commence on this loan. Your balance will shortly be adjusted to exclude this loan. A further update will be posted as soon as possibleIs this perhaps in relation to the "other" Barnoldswick loan (2861004433, I think, but which I'm not in; were they to the same borrower?) where I read that some sort of informal guarantee was given to lenders that the "1st charge would be honoured" even though FS failed to register it properly? If so, I cannot see how any funds from 8010286828 can / should be diverted to it. If you look at the 'General information' tab of the Loan Overview for 8010286828, you will find mention of a 2nd charge loan #2861004433 against the same property; and if you look at the breakdown tabulation posted on 30th May in the 'Loan updates' tab, you will see at the bottom it says "No return 2861004433" - just as you might expect if returns were insufficient to repay all capital and interest to 1st charge lenders.
I think it likely that the issue being raised by an investor is more likely a challenge to the 'zero return' status of this related loan #2861004433, rather than having to do with the entirely separate loan #1079396222 (the one over a completely different property, where the charge was not perfected, and where FS said they would "stand behind this loan and repay all investors") I just logged in and was quite surprised to see a moderately healthy balance. Largely due to this loan. Does anyone know how much 2861004433 was for ? Then could roughly calculate how much of a haircut to expect should it need paying out too.
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adrian77
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Post by adrian77 on Jun 2, 2023 7:32:08 GMT
Does anyone know how much 2861004433 was for ? Then could roughly calculate how much of a haircut to expect should it need paying out too.
I think it was £188K...
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r1200gs
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Post by r1200gs on Jun 5, 2023 10:15:10 GMT
And on it goes, somebody else probably questioning the distribution of funds at a guess. For sure, the last thing they want to do is give it back to us.
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Post by stankroenke1 on Jun 5, 2023 13:21:58 GMT
Anyone have an idea how long delays like this usually take days, weeks, months??
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jonno
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nil satis nisi optimum
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Post by jonno on Jun 5, 2023 13:34:59 GMT
Anyone have an idea how long delays like this usually take days, weeks, months?? Delays like "this" would appear to take years and years
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aj
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Post by aj on Jun 6, 2023 13:04:58 GMT
I'm not actually too affected by the latest delay. Ch*rter house funds are still frozen pending the borrowers banktruptcy proceedings, Administrators still haven't bothered to sell the security for my next biggest loan and most of my returned funds look to have been unfairly lumped under the 'pending quistclose' heading despite my account balance at the time of the 500K 'quistclose' into FS being £0.
Perhaps the latest challenge is an investor unhappy that their loan returns arbitrarily remain under threat of quistclose while other investors were going to be free to withdraw? Investors are being treated differently based on random deadlines the administrators have created.
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Post by multiaccountmanager on Jun 7, 2023 10:09:35 GMT
I'm not actually too affected by the latest delay. Ch*rter house funds are still frozen pending the borrowers banktruptcy proceedings, Administrators still haven't bothered to sell the security for my next biggest loan and most of my returned funds look to have been unfairly lumped under the 'pending quistclose' heading despite my account balance at the time of the 500K 'quistclose' into FS being £0. Perhaps the latest challenge is an investor unhappy that their loan returns arbitrarily remain under threat of quistclose while other investors were going to be free to withdraw? Investors are being treated differently based on random deadlines the administrators have created. It is a bit mystifying. I thought that only loans made after the £500K "investment" would be affected. A possible explanation is that you had loans repaid after the relevant date, and the funds were re-advanced rather than being withdrawn from the platform?
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Post by beepbeepimajeep on Jun 7, 2023 15:08:40 GMT
Yo guys I heard you like delays, so there's a delay in sorting out the delays.
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michaelc
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Post by michaelc on Jun 7, 2023 15:09:54 GMT
Dear MichaelC
Withdrawal Delay
Unfortunately, the platform will need to be frozen in order to finalise the details of some further loan repayments.
A further update will be posted as soon as possible.
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adrian77
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Post by adrian77 on Jun 7, 2023 15:11:45 GMT
how stupi do they think we are - if there are problems with certain loans then simply block their release
There is no need to freeze the platform - of course this could be spin rubbish and they have yet to get the platform working...
I need a drink
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Post by beepbeepimajeep on Jun 7, 2023 15:20:20 GMT
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 7, 2023 19:43:14 GMT
"Withdrawal Delay
Unfortunately, the platform will need to be frozen in order to finalise the details of some further loan repayments."
In other words ............We are still keeping your money - Kerching!!!!!!
What are our options regarding formal Complaints about the IP and about how the whole FS fiasco has been "handled"?
We know only too well that the FCA are a chocolate teapot so that rules those useless Fwits out.
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michaelc
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Post by michaelc on Jun 7, 2023 20:25:54 GMT
how stupi do they think we are - if there are problems with certain loans then simply block their release There is no need to freeze the platform - of course this could be spin rubbish and they have yet to get the platform working... I need a drink To me it looks like they screwed up. Of course they'll earn a little bit more of our money putting that right. Or maybe a lot more if they take 6 months going through backups and painstakingly reconstructing where they went wrong and putting it right etc.
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ilmoro
Member of DD Central
'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 Jun 7, 2023 21:07:28 GMT
how stupi do they think we are - if there are problems with certain loans then simply block their release There is no need to freeze the platform - of course this could be spin rubbish and they have yet to get the platform working... I need a drink How would you know? Youve no idea what they are trying to do or how the platform tech works. Id rather they take it off line than try & do it live and screw the whole thing up requiring a longer delay
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