jcb208
Member of DD Central
Posts: 820 
Likes: 606
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Post by jcb208 on Feb 7, 2024 19:06:46 GMT
Any one explain or link me why this was paid in to account then taken away I have £254 due. I just lost all interest in this company and never follow what is happening. Thanks
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Post by overthehill on Feb 7, 2024 21:14:12 GMT
Any one explain or link me why this was paid in to account then taken away I have £254 due. I just lost all interest in this company and never follow what is happening. Thanks
That would be Barnoldswick. Someone in a 2nd charge loan to the same borrower appealed to the administrators claiming they should get some of the capital returned for the 1st charge loan. So it was decided they will get 20% and you will lose 20% of your original payout, but that should be safe unless a meteor hits us.
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jcb208
Member of DD Central
Posts: 820
Likes: 606
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Post by jcb208 on Feb 7, 2024 21:18:35 GMT
Thanks so they can hand out my money like sweeties, glad it is nearly over and I escaped big losses with this crowd but not others
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Post by Gisele on Feb 9, 2024 18:25:08 GMT
Thanks so they can hand out my money like sweeties, glad it is nearly over and I escaped big losses with this crowd but not others This makes me so cross. The meaning of "1st Charge" and "2nd Charge" are clear and universal ... a 1st Charge has incontrovertible precedence over a 2nd charge ... by what authority does the Administrator assume the power to re-write this established order and literally steal funds from a 1st Charge Lender to reimburse a 2nd Charge Lender money he/she is not entitled to? I (very unwisely) invested in a Supplemental Loan on a FS property and lost ALL my capital ... has the Administrator created the precedent that will allow me to demand that 20% of the money returned to 1st Tier Lenders should be returned to give us (stupid) Supplemental Loan investors some of our money back?
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Post by overthehill on Feb 9, 2024 19:25:05 GMT
Thanks so they can hand out my money like sweeties, glad it is nearly over and I escaped big losses with this crowd but not others This makes me so cross. The meaning of "1st Charge" and "2nd Charge" are clear and universal ... a 1st Charge has incontrovertible precedence over a 2nd charge ... by what authority does the Administrator assume the power to re-write this established order and literally steal funds from a 1st Charge Lender to reimburse a 2nd Charge Lender money he/she is not entitled to? I (very unwisely) invested in a Supplemental Loan on a FS property and lost ALL my capital ... has the Administrator created the precedent that will allow me to demand that 20% of the money returned to 1st Tier Lenders should be returned to give us (stupid) Supplemental Loan investors some of our money back?
The repayment stats for supplemental loans outstanding at administration must be absolutely dire. I was lucky, only had a few which must have been oversights. I noticed one the other day which I didn't even realise was a 2nd charge, it looks like the 1st charge is goosed as well - lytham st annes shitcreek or its brother.
I don't think the administrators are at fault for this one. The documentation for the 2nd charge loan on the other property is probably to blame, I wasn't in that one. There has to be something that has caused the legal conflict.
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