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Post by skooldaze on Aug 11, 2017 14:24:51 GMT
Ok - I'm back and have been checking the site since August
Surprise Surprise no update yet and fully expect one very late august or september
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adrianc
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Post by adrianc on Aug 11, 2017 17:58:51 GMT
Ok - I'm back and have been checking the site since August Surprise Surprise no update yet and fully expect one very late august or september TBF, that really shouldn't be a surprise, should it? 21st Feb - "We confirm that Administrators from our insolvency panel were appointed to the borrower today..." 24th April - "...The next update will be when the Administrator submits a further progress report 6 months after the Administration date, which will be in August." Now, I dunno about you, but I read that as the administrators will produce a report on the first six months of progress - between 21st Feb and 21st Aug. Which means the report is unlikely to appear before mid September, at the earliest. Since today is the 11th August, and the first six months aren't even up for another ten days, it's VERY unlikely to be public yet, wouldn't you say?
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Post by skooldaze on Aug 16, 2017 8:21:33 GMT
No surprise at all so was heavy on the sarcasm.
I imagine the report will come in and someone's outlook calendar reminder will go off with the message "Check Short Term Property Loan London"
I believe the report will be public knowledge though?
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sussexlender
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Post by sussexlender on Aug 20, 2017 18:36:47 GMT
How exciting.
Here we are in August and investors may soon have it confirmed by the Receiver that the incompetent morons that were employed by FC to promote these useless loans and then encouraged investors to trust their hard earned after tax savings with these dishonourable borrowers were negligent in failing to secure the debt.
If that is the result then a class action is a very good possibility against FC.
From reading this website I see a number of other property loans have hit the buffers thanks to FC's now deceased "highly experienced property team" and their utter failure to conduct appropriate due diligence before putting the loans on the public site.
I am not going to give a "total days late" number as it seems to upset some FC apologists.
SXLR.
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blender
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Post by blender on Aug 20, 2017 18:49:04 GMT
Harsh words, SXLR. Let's hope they are not justified and you have to retract the insults. Not long now. My available funds in FC are now steadily increasing because I also do not trust said ex-team and I now always get out before the twilight zone, when one repayment is left. No new property loans over 8% seem to be coming, and so it is a long goodbye FC, after 5 years.
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adrian77
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Post by adrian77 on Aug 20, 2017 20:36:15 GMT
I don't think SXLR is exactly impressed with FC ...ref his point regarding a class action I would guess the best chance is to question FC about the £400K they lent against the London Hotel but the money went to the Sussex hotel. I have never ever heard of this (granted it may be common). I am no lawyer and learnt a lot on this forum about pawn loans and that the law in this lending area is very strict and complex so I wonder if it is worth taking a professional opinion on how FC handled this M****** loan. I wonder if FC have failed in their duty of care as there is no way the lenders of this £400K have been protected....if you pawn a Rolls-Royce the broker won't lend you more money on an E-type Jag unless you hand both sets of keys over!
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sussexlender
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Post by sussexlender on Aug 29, 2017 12:44:30 GMT
The Administrators report was due by 21st August i.e. 6 months from initial appointment.
Nothing has been posted so far and the expected silence from the management of Failing Customers.
What could be keeping them so busy?
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rogerthat
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Post by rogerthat on Aug 29, 2017 12:47:39 GMT
Well as it's not Friday (and not pubski time) maybe its Salsa class ?
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blender
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Post by blender on Aug 29, 2017 14:41:04 GMT
The team and his dog may be on holiday. Assuming it was received on 21st, they will need to read and digest, some sort of meeting to decide what to do about it and what to tell the muppets (sorry investors). And then, assuming it is a disaster, they will need senior management concurrence for their decision. I would say you might hear this week if the news is good, next week if it is not so good, and then the longer it takes the worse the news will be.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 29, 2017 16:30:14 GMT
I imagine the Administrators are having a struggle and FC are crossing their fingers that the property will originally cover the outstanding debt which it almost certainly won't. At that point it's twitchy bum time for FC execs as they will have to account for the material misrepresentations made by FC in the loan listing document and subsequently to borrowers.
I'm really looking forward to how FC will try to wriggle out of this situation. I hope they will have the sense to repay borrowers otherwise there may be many of us forming a queue at the doors of Messers Sue Grabbitt & Run.
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adrian77
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Post by adrian77 on Aug 29, 2017 17:09:17 GMT
About as likely as Donald Trump being made Pope. Also it looks to me as if all the original legal work will need to be reviewed and appraised by a barrister so goodness knows what that will cost when added to the administrators fee; the fee will be enormous before FC even start to market the hotel. Anybody know what happened about F****Ns marketing it to short term renters. If if is rented then that is another load of work in terminating the contracts which ,if disputed, will take at least 3 months via the County Court or quicker with High Court eviction but this is very expensive....a developer is not going to pay top quid for a hotel with tenants!
My research indicated hotels are very problematic and most developers won't touch them.
Trust all is well with the Sussex hotel with the unpaid £400K FC kindly gave to this outfit....
I presume FC have said exactly NOTHING to the investors for over 6 months now - if true then this is disgraceful. When I let my clients down I apologise and make amends....
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Post by listener on Aug 30, 2017 9:35:38 GMT
I'm also interested to see what will happen with these loans. I did send an email to FC after 21st Aug to ask what was happening. This is what they said on 23rd Aug: "With regards to M****** property loan, we are still waiting to receive the administrators report over the next couple of weeks and will let investors know as soon as we have any update on this." i.e. no info.
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ptr120
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Post by ptr120 on Aug 30, 2017 10:05:29 GMT
...They told me that The Administrators are looking to get the report out to creditors by the end of August or the first week of September at the latest.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 31, 2017 10:36:54 GMT
New comment posted
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sussexlender
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Post by sussexlender on Sept 1, 2017 7:21:49 GMT
So, another month of fees for the Administrator to come off what might be left - with no reasons provided for the delay. We are not even told if the hotel / apartments have been sold or let or if the building is still in a habitable state.
Failing Customers don't even try to offer an apology this time . Now they have the IFISA status some might think they have proved that they do not give a damn about the behaviour of their former "highly experience property team" and will escape any liability.
We shall see.
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