brummiefred
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Post by brummiefred on Jul 22, 2015 8:56:48 GMT
Email received this morning as follows:-
Our earlier communications regarding ******* summarised a number of facts to you about the statements made by Mr S, that have since been found to be untrue. As you know, these statements were presented as part of the loan application put forward to lenders and Mr S explicitly confirmed, just before the auction started in early August, that they were, to the best of his knowledge, true.
We advised that we were considering what options were available to us and were in discussion with our lawyers. We still feel that Mr S has materially mislead both FundingKnight and our lender community and we found a number of lenders take a similar view.
We wish to advise our lenders that we have subsequently reported our concerns to the police via their Action Fraud website.
As the arranger of the loan we are unable to claim on behalf of lenders, we can only claim for our, that is FundingKnight’s, direct losses. As a lender you made a direct investment in the loan and you are able, should you so wish, to make a claim to the Action Fraud website. Their systems should automatically link our claim and yours, but you can also add our claim reference number: NFRC************ in the notes section at the end of the claim filing process.
Would it be a good idea if someone drafted a standard letter, and posted here, that all affected lenders could send to Action Fraud.
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Post by jackpease on Jul 22, 2015 9:06:35 GMT
There is a previous thread about this ( link) and how many of us feel. I have done as requested by Funding Knight and made a claim for my small amount on the action fraud website alleging misrepresentation. Worryingly Funding Knight has been told that it can only claim for its loss - not ours - we have to do it individually. Ie people won't be bothered and the fraudsters get away with it through inertia. This could be a test case - if fraudulent borrowers see that the police will take no action because there is no significant loss (lenders can't be bothered to file their loss) then future fraud will be more common. FK is to be congratulated that they are keeping on at this - I am not aware that any other platform has gone as far as to report one of their disappearing borrowers to the police Jack P
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oldgrumpy
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Post by oldgrumpy on Jul 22, 2015 9:42:52 GMT
There is not far short of £150K (even more if interest is allowed to be included) involved here so some loan part holders will have large amounts of money owed, so I doubt they will be inert, and their claim will go in. I wonder how much of the loan was funded by underwriters. My claim for £95.23 outstanding will be added to the list. PS That took a while!!
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Steerpike
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Post by Steerpike on Jul 22, 2015 9:57:46 GMT
I completed the form on the Action Fraud website even though the sum outstanding is only £42.41.
I wonder how many investors will pursue this and it will be interesting to see the eventual outcome.
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Post by mrclondon on Jul 22, 2015 10:59:52 GMT
Also completed the form for my forty or so pounds. I suspect though ActionFraud is more about identifying and stopping systemic ongoing fraud than one off events such as this. The very last page of the process contains the following statement:
"Please remember that it is not possible for each report to be investigated individually; however the information you supply will help police to stop the fraudsters and keep other potential victims safe. "
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min
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Post by min on Jul 22, 2015 11:07:50 GMT
Also completed the form for my forty or so pounds. I suspect though ActionFraud is more about identifying and stopping systemic ongoing fraud than one off events such as this. The very last page of the process contains the following statement: "Please remember that it is not possible for each report to be investigated individually; however the information you supply will help police to stop the fraudsters and keep other potential victims safe. " Also completed for my £73. Maybe if they get a lot of reports they'll think about investigating.
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Steerpike
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Post by Steerpike on Jul 22, 2015 11:36:37 GMT
Also completed the form for my forty or so pounds. I suspect though ActionFraud is more about identifying and stopping systemic ongoing fraud than one off events such as this. The very last page of the process contains the following statement: "Please remember that it is not possible for each report to be investigated individually; however the information you supply will help police to stop the fraudsters and keep other potential victims safe. " Yes, the percentage chance of receiving a recovery as a consequence of this action must be very close to zero. Back on the 6th May 2015 FK indicated that they intended to pursue more than one option and I wonder what else they have up their sleeve. " There are alternative options available to us and we will be exercising all of them. We will communicate to our lenders the outcome of the action taken."
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oldgrumpy
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Post by oldgrumpy on Jul 22, 2015 11:49:26 GMT
Just bringing it to the notice of the police really - if plenty of people say it happened ... who knows? Even if we get sweet FA, I'd love to hear about Mr S being sent down by the courts!!
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brummiefred
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Post by brummiefred on Jul 22, 2015 12:19:56 GMT
Thanks people. Just added my £193 to the list. Had voted for the bankruptcy just to make life a bit more difficult!
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Post by jackpease on Jul 22, 2015 12:33:58 GMT
We should all go to Bucks Magistrates Court and lay individual criminal actions for fraud - if there were hundreds of these the CPS might be obliged to take it up to avoid clogging up the courts.... FK could write the template wording for us so we can all go and slap it down on the clerk's desk... JackP
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brummiefred
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Post by brummiefred on Jul 22, 2015 16:20:21 GMT
And now FK provide an address that we could have/should have known prior to submitting a report.
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oldgrumpy
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Post by oldgrumpy on Jul 22, 2015 16:38:29 GMT
And now FK provide an address that we could have/should have known prior to submitting a report. Yes, a bit of a fiddle but I have managed to add that information to my original report.
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Steerpike
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Post by Steerpike on Jul 22, 2015 20:39:26 GMT
And now FK provide an address that we could have/should have known prior to submitting a report. I had forgotten but the address is in the IVA proposal.
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Post by westonkevRS on Jul 22, 2015 20:50:31 GMT
I completed the form on the Action Fraud website even though the sum outstanding is only £42.41. I wonder how many investors will pursue this and it will be interesting to see the eventual outcome. 'Action Fraud' is the most useless tool available to creditors. I've completed many (often when compiling a CIFAS, if I know who the fraudster is, where he lives, and can provide evidence) and zero ever happens. They work on a database " hit rate" mechanism where they'll only act if lots of corresponding data items from many reports point towards a large organised ring. Or there has been significant material loss or " mental anguish". Nothing ever ever happens on a single claim, probably even if raised by several people. I've met the Met to complain and get the usual retort of lack of resource or their focus is AML. Within the risk industry it's known as " No Action Fraud", so I hope you guys aren't relying on it to produce results. Kevin. P.S. Sorry to post on another lenders thread, this isn't a criticism of FK, it's a moan about the "No Action Fraud" database.
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bababill
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Post by bababill on Jul 23, 2015 6:57:28 GMT
Interesting.
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