adrian77
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Post by adrian77 on Jul 6, 2017 12:06:54 GMT
Ref --FC could simply pay all investors back their capital and the interest and then do what they want with these questionable borrowers---
Granted this would be morally equitable but I am not convinced FC have even got the funds to do this - I have looked at their accounts (as a non-accountant) and I find them very confusing and this worries me. As to whether FC have the moral rectitude- answers on a postcard...
It must be about 18 months since lenders had any payment for this short-term (short-term!) loan.
I also agree there are several other property loans in a similar if not worse state.
I have now cleared out all my FC loans apart from 5 defaulted ones- best thing I ever did since upsetting and being sacked by the Civil Service!
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adrianc
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Post by adrianc on Jul 6, 2017 12:49:28 GMT
So I don't upset the all seeing eye, I am not going to state a number of days late but instead... I suspect you're well aware that the problem wasn't stating the number of days late, but stating the number of days late EVERY DAY...
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Post by grahamreeds on Jul 6, 2017 13:20:18 GMT
Out of interest, how many days is it?
*runs for cover*
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adrianc
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Post by adrianc on Jul 6, 2017 18:06:39 GMT
Out of interest, how many days is it? *runs for cover* At the third stroke, it will be... <beep, beep, beeeeeep>
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jul 6, 2017 18:52:34 GMT
Ref --FC could simply pay all investors back their capital and the interest and then do what they want with these questionable borrowers--- Granted this would be morally equitable but I am not convinced FC have even got the funds to do this - I have looked at their accounts (as a non-accountant) and I find them very confusing and this worries me. As to whether FC have the moral rectitude- answers on a postcard... It must be about 18 months since lenders had any payment for this short-term (short-term!) loan. I also agree there are several other property loans in a similar if not worse state. I have now cleared out all my FC loans apart from 5 defaulted ones- best thing I ever did since upsetting and being sacked by the Civil Service! Similar outcome I have removed over £150000 and friends over £100000 since these loans killed all confidence in FC Now getting 19 % In FISA and 16% (tax free with careful management) at least losses in FC Can offset some tax if needed . Only unseeable parts left. My advice sell all and run or sell I day before first payment due Regards
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sussexlender
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Cheat seeking missile
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Post by sussexlender on Jul 6, 2017 20:40:48 GMT
Any chance you could give us a clue which FISA is producing 19%?
Best wishes, SXLR
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adrian77
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Post by adrian77 on Jul 10, 2017 13:10:35 GMT
I note that another platform has a defaulted loan- well it looked OK to me when I invested and now all sorts of nasties are crawling out of the woodwork
Not least the administrator has posted
We are aware of criminal charges which have been levelled against (XXXXX and XXXX XXXX)
I am not saying that this is going to be repeated for this Hotel company but I would sure appreciate somebody posting when the administrator's report is published as I think it will be interesting if nothing else.
Although I think some of the other FC property loans are go to be even worse than this one....
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adrian77
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Post by adrian77 on Jul 15, 2017 8:03:17 GMT
Those with a brain and with money still left in FC should leave immediately.
My sentiments entirely - mind you still interested to see just how badly this and other loans finally end-up. Do I think this momentous Horlicks will bring down FC - answers on a postcard
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kt
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Post by kt on Jul 15, 2017 9:15:41 GMT
This will not bring down FC. This is a drop in the ocean of dispersed loans. I appreciate that it does not seem that way to the lenders, but until such time as a significant (10%?) of investors make a loss, there will be no pressure on the CEO.
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r00lish67
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Post by r00lish67 on Jul 15, 2017 9:19:09 GMT
This will not bring down FC. This is a drop in the ocean of dispersed loans. I appreciate that it does not seem that way to the lenders, but until such time as a significant (10%?) of investors make a loss, there will be no pressure on the CEO. Agree. Only if (when?) a tidal wave of defaults comes and makes their statistics impossible to Fudge Convincingly. Not that I'm suggesting they are now, I've no idea.
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adrian77
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Post by adrian77 on Jul 15, 2017 18:20:07 GMT
Many a mickle makes a muckle - true there is only one defaulted property loan at the moment but I have been a developer for 36 years and a lot of these loans really worry me and it looks to me as if savvy developers have totally outsmarted FC - time will tell ....it won't take much for more investors to totally lose confidence in FC.
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sussexlender
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Post by sussexlender on Jul 29, 2017 14:36:49 GMT
It is nearly August and the long awaited report from the Administrators is due. What will their expensive work reveal?
These loans were not very complicated so how has it taken so long to discover what these shoddy borrowers were up to with the change of ownership / change of directors / and the numerous excuses for the failure to pay interest which were simple accepted by FC ?
Why did FC allow an equity release on the London apartment / hotel to purchase the Eastbourne hotel and then not hold a charge over the same Eastbourne hotel?
I ventured to suggest that FC could stop the fully justified criticism of their failure to protect investors in these 5 loans by repaying the capital at the very least - but they simply displayed disdain towards investors and then cowardice and closed the FC forum instead.
Some might think that there is a stench of negligence coming from the penthouse office formerly occupied by the "highly experienced property team" (now defunct) .
Any one any idea how long it has been since FC allowed us all to be cheated of our capital investment and the interest ?
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adrian77
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Post by adrian77 on Aug 1, 2017 9:45:25 GMT
Why did FC allow an equity release on the London apartment / hotel to purchase the Eastbourne hotel and then not hold a charge over the same Eastbourne hotel?
I am no lawyer (too principled) but I think the above indicates gross negligence by FC. I have never ,ever heard of this before. Also I think another serious question is why FC allowed a change of directorship from a UK based director with assets to an Indian one with apparently no (recoverable) assets. This company have had a £1.6m 18 (? ) months loan and not paid a penny back whilst at the same time they have put £400K of this amount into another hotel over which FC have no control. I almost respect this company for their guile but I don't as they appear to have cheated people.
Having some experience in this field I would guess the administrators have been very busy at £200/hr and for over 6 months work their fee is going to be close to the Greek national debt!
Just can't wait for the administrators' report.
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Post by grahamreeds on Aug 4, 2017 15:51:28 GMT
Do you have a confirmed date to receive it by?
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adrian77
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Post by adrian77 on Aug 4, 2017 18:23:34 GMT
Sorry don't have an exact date - will keep an eye on Companies House.
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