adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Feb 27, 2024 11:16:35 GMT
ok the FS client account - honestly...
|
|
|
Post by scepticalinvestor on Feb 28, 2024 7:56:28 GMT
It’s just incredible. There are so many vultures and hyenas in the P&P arena - the platform, valuers, borrowers, administrators, lawyered up parties - and just one carcass to supply their pound of flesh, that of the lenders’.
The FCA stands above all this as an impotent supervisor who knows nothing, can do nothing and has no obligations towards the least powerful person in the P2P setup, the individual lender.
I’m not a legal eagle by any stretch of imagination but I suppose the creditor who’s splashing cash on this claim thinks they have a reasonable chance of success.
|
|
|
Post by overthehill on Feb 28, 2024 11:18:25 GMT
It’s just incredible. There are so many vultures and hyenas in the P&P arena - the platform, valuers, borrowers, administrators, lawyered up parties - and just one carcass to supply their pound of flesh, that of the lenders’. The FCA stands above all this as an impotent supervisor who knows nothing, can do nothing and has no obligations towards the least powerful person in the P2P setup, the individual lender. I’m not a legal eagle by any stretch of imagination but I suppose the creditor who’s splashing cash on this claim thinks they have a reasonable chance of success.
I don't have an insight into the details of quistclose, I'm not even in DD.
I think it's the administrators who have dragged and 'imprisoned' the lenders in this dispute rather than the borrower claimant who probably knows his claim affects other creditors not lenders. Again, right from the start the outstanding premise and a selling point of P2P was that you were not giving/lending your money to the platform but the contract was between you and the borrower. The lenders' money is ring-fenced from the platform. I'm not even sure legislation was ready for that when the first P2P platform threw in the towel.
It's bad losing money to fraud in a P2P company where it doesn't matter what the law says or does but it's also bad when the legal world starts predating on your money.
Edit: I'm assuming the claimant wants to be a creditor rather than a lender or his claim would be in the same toilet beside the normal lenders.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Feb 28, 2024 11:31:46 GMT
neither am I and all the verious FS "explanations" written in obscure English is doing my head in let alone the complex legal arguments.
I guess this creditor (if it is who I think it is has an interesting history) is using this is a blocking technique and certainly been successful to date!
As I said hopefully this nonsense is thrown out but our legal friends will still need paying...
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,870
Likes: 11,097
|
Post by ilmoro on Feb 28, 2024 12:37:39 GMT
It’s just incredible. There are so many vultures and hyenas in the P&P arena - the platform, valuers, borrowers, administrators, lawyered up parties - and just one carcass to supply their pound of flesh, that of the lenders’. The FCA stands above all this as an impotent supervisor who knows nothing, can do nothing and has no obligations towards the least powerful person in the P2P setup, the individual lender. I’m not a legal eagle by any stretch of imagination but I suppose the creditor who’s splashing cash on this claim thinks they have a reasonable chance of success.
I don't have an insight into the details of quistclose, I'm not even in DD.
I think it's the administrators who have dragged and 'imprisoned' the lenders in this dispute rather than the borrower who probably knows his claim affects other creditors not lenders. Again, right from the start the outstanding premise and a selling point of P2P was that you were not giving/lending your money to the platform but the contract was between you and the borrower. The lenders' money is ring-fenced from the platform. I'm not even sure legislation was ready for that when the first P2P platform threw in the towel.
It's bad losing money to fraud in a P2P company where it doesn't matter what the law says or does but it's also bad when the legal world starts predating on your money.
Well read the details then given that mousey has made the effort to provide them. I suspect the claimant, who is lender not a borrower, knows exactly who the claim affects given his close involvement in the FS admin. Lenders money is ringfenced from the platform ... providing that client money rules are adhered to. (Long standing legislation which applied from day one) One of the issues in the case is they weren't, so lender money has been allegedly misused, breaching any such segration & creating the problems were are having.
|
|
Mousey
Member of DD Central
Posts: 1,570
Likes: 6,562
|
Post by Mousey on Apr 19, 2024 6:14:08 GMT
In court this morning...
|
|
rocky1
Member of DD Central
Posts: 1,120
Likes: 1,940
|
Post by rocky1 on Apr 19, 2024 6:53:32 GMT
its been so long and so much messing about my mind has gone blank with every thing going on here with FS and this administration. who is representing FS in this case if the administrators are remaining neutral ? are we lenders paying for the whole mess while they watch on with plenty to gain and nothing to lose.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,870
Likes: 11,097
|
Post by ilmoro on Apr 19, 2024 8:42:21 GMT
its been so long and so much messing about my mind has gone blank with every thing going on here with FS and this administration. who is representing FS in this case if the administrators are remaining neutral ? are we lenders paying for the whole mess while they watch on with plenty to gain and nothing to lose. The administrators will be ... a neutral position just means they argue the facts and the actions they have taken & the why for them.
|
|
Mousey
Member of DD Central
Posts: 1,570
Likes: 6,562
|
Post by Mousey on Apr 19, 2024 15:24:40 GMT
FundingSecure - representative lender appointed in £500k Quistclose claimA judge has approved the appointment of a single person to represent the interests of 2,148 'innocent investors' caught up in the FundingSecure Quistclose fiasco, in which a disgruntled creditor of the failed peer-to-peer lending firm FundingSecure has alleged its £500k investment was misappropriated and should be returned. Read more here
|
|
rocky1
Member of DD Central
Posts: 1,120
Likes: 1,940
|
Post by rocky1 on Apr 20, 2024 6:48:13 GMT
thanks Mousey for opening up the real risks of lending to P2P [peer 2 predators].you could not make this up.another fine mess we are in. the FCA say there is nothing that FS directors have to answer to.well its clear clear that they have a bloody lot to explain.
|
|
11025
Member of DD Central
Posts: 718
Likes: 830
|
Post by 11025 on Apr 20, 2024 9:23:25 GMT
FundingSecure - representative lender appointed in £500k Quistclose claimA judge has approved the appointment of a single person to represent the interests of 2,148 'innocent investors' caught up in the FundingSecure Quistclose fiasco, in which a disgruntled creditor of the failed peer-to-peer lending firm FundingSecure has alleged its £500k investment was misappropriated and should be returned. Read more here Thanks for the good info Mousey - I would imagine that given the shenanigans and skulduggery that went on and is still going on at FS then the statement "our investment was misappropriated and should be returned" is something pretty much all lenders to FS loan could use. Indeed the FOS did decide that was the case in my claim against FS and plenty of others too. Or is this going to be another case of "justice" is sold to the highest bidder ?
|
|
aj
Member of DD Central
Posts: 345
Likes: 452
|
Post by aj on Apr 29, 2024 11:31:02 GMT
FundingSecure - representative lender appointed in £500k Quistclose claimA judge has approved the appointment of a single person to represent the interests of 2,148 'innocent investors' caught up in the FundingSecure Quistclose fiasco, in which a disgruntled creditor of the failed peer-to-peer lending firm FundingSecure has alleged its £500k investment was misappropriated and should be returned. Read more here I have filled out and filed all the paperwork setting out my claim to the funds well before the deadline and repeatedly bothered the courts for a response, however all they will say is they are dealing with a backlog and to please stop chasing as it's a waste of their valuable time. I then find out through an online forum that justice is apparently continuing without my input. The Manchester BPC looks to be delivering exactly the sort of faceless bureaucracy and incompetence that I would expect from a government funded organisation. Best of luck to Paul as my apparently court appointed representative.
|
|