adrian77
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Post by adrian77 on Nov 13, 2017 17:53:48 GMT
As mentioned this is way beyond a joke - I wonder if this family are leasing their accommodation from the other hotel company i.e. they are paying themselves to live there! The more I read about this one the more incredulous I am. That said another platform I am with also seems to be have well and truly sown-up like a kipper with at least 2 of their building loans- in fact one seems to me to have exactly 100% chance of 0% recovery - little consolation I know....
Any FC lenders want to send this family an Xmas card?
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rogerthat
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Post by rogerthat on Nov 13, 2017 18:08:22 GMT
Hi rogerthat. Good to see you here. I feel we should start to bring this matter back to the attention of those still using Failing Customers as it will simply be ignored by those that control investors funds. What do you think? Best wishes, SXLR Hi SXLR...though I saw your moniker on another platform only recently (FS) ?..as regards the hotel and whatnot I cant see that there's much that can be done until this report comes out, which cant be long as...have I got this next bit right ?..the whole thing has to be sorted within one calendar year from the original date of the receivers appointment ?...and by definition its out of FC's paws anyway. However as ive got quite a few shillings in this black hole and clearly I'm not the only one, I feel FC should email the report unredacted to all those concerned, although I suspect that it will be made available anyway via public domain. Presumably. the bottom line will identify assets, if there are any..though I'm not too hopeful on that score as I feel that the brains behind this heist have been one step ahead from the outset and knew exactly what they were up to. Still, lets not jump the gun just yet. In short, I think we have to await the report, its conclusions and the inevitable cost, which I suspect will be high. Any thought of pursuing other avenues can only be considered afterwards. However, I'm sure an early Xmas email from yourself, would be most appreciated..just a little reminder naturally
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ptr120
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Post by ptr120 on Nov 13, 2017 19:01:31 GMT
I would like to know when FC became aware of the lease and if the gave permission for it - if they didn't know they should have done. Of course, FC won't tell for fear of opening a flood of complaints. I think you'll find that there's been a veritable tsunami of complaints but its in the hands of the receivers now and has been for some time..so you wont get anything out of shhh..you know who because its out of their hands. However, one day with a lot of luck, certain chickens will come home to roost.. Actually I recently made an FOI enquiry and was very surprised at how few complaints have been made to the Ombudsman about FC. That isn't to say that far more have been made, but haven't made it that far.
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ptr120
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Post by ptr120 on Nov 13, 2017 19:07:07 GMT
Hi rogerthat. Good to see you here. I feel we should start to bring this matter back to the attention of those still using Failing Customers as it will simply be ignored by those that control investors funds. What do you think? Best wishes, SXLR Hi SXLR...though I saw your moniker on another platform only recently (FS) ?..as regards the hotel and whatnot I cant see that there's much that can be done until this report comes out, which cant be long as...have I got this next bit right ?..the whole thing has to be sorted within one calendar year from the original date of the receivers appointment ?...and by definition its out of FC's paws anyway. However as ive got quite a few shillings in this black hole and clearly I'm not the only one, I feel FC should email the report unredacted to all those concerned, although I suspect that it will be made available anyway via public domain. The last report detailed that things wouldn't be tied up within a year and extended the administration period by, I think, a further year at least. If you consider the fact that FC dragged their heals in defaulting this loan in the first place, this whole sorry saga has been dragging on for far too long. As for the subject security, perhaps they could host the forum xmas bash? On second thoughts, judging by trip advisor reviews I'd rather head to Priesbury.
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rogerthat
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Post by rogerthat on Nov 13, 2017 20:03:58 GMT
Thanks for that..I must have missed the most recent report...I only pop into FC periodically to remove the recovery dregs that have floated to the surface. Goodness, another year eh!..well an incentive, if that's needed to survive a year or two longer..personally I think costs will syphon away any realistic recoveries and as I think ive mentioned before, mentally ive written it off already. Anything back will be a bonus..
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sussexlender
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Post by sussexlender on Dec 10, 2017 13:13:39 GMT
The Eastbourne hotel/apartments owned by this shabby borrower is still in business using our "equity release" from the failed London hotel / apartments.
Bet the borrower is having a really good laugh from afar at the inept and now dead FC property team.
Another Christmas on the way of unpaid capital and interest, but ever increasing Administrators fees well into 2018.
Free Beer, indoor golf and salsa dancing for the remaining FC staff. By invitation only.
Ho,ho,ho.
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adrian77
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Post by adrian77 on Dec 11, 2017 7:32:38 GMT
And I think a rent-free flat for the family
I was in this loan but sold out - one of my better decisions! Can somebody remind me/us just how much is outstanding and for how long
Thanks a lot
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dawn
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Post by dawn on Dec 11, 2017 7:38:29 GMT
And I think a rent-free flat for the family I was in this loan but sold out - one of my better decisions! Can somebody remind me/us just how much is outstanding and for how long Thanks a lot The original loan was for £350,000... and the last payment (7 of 8) was received on 13th March 2016
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adrian77
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Post by adrian77 on Dec 11, 2017 9:46:23 GMT
thanks - looks like it is going to be a minimum of 2 years before any money is received. I am in this business and this is ridicilous - I can tell you if I defaulted on my commercial property loan it would not take my bank 2 years to realise their asset! Of course equally problematic loans are going to be swept under the bonnet by the "autobid junk bond" tool. Are FC really surprised so many of us have withdrawn 100% of our money?
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rogerthat
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Post by rogerthat on Dec 11, 2017 11:12:30 GMT
The Eastbourne hotel/apartments owned by this shabby borrower is still in business using our "equity release" from the failed London hotel / apartments.
Bet the borrower is having a really good laugh from afar at the inept and now dead FC property team.
Another Christmas on the way of unpaid capital and interest, but ever increasing Administrators fees well into 2018.
Free Beer, indoor golf and salsa dancing for the remaining FC staff. By invitation only.
Ho,ho,ho. As its Christmas , which reminds me to wish everyone an enjoyable and safe Christmas ( I nearly said profitable but the irony would be pointless)...seems like a lifetime since I stumbled across an article about the emerging P2P market all those years ago..another fine mess ive gotten myself into www.captiongenerator.com/481562/FUNDING-CIRCLE-FORUM-MY-PART-IN-ITS-DOWNFALLp.s. if this is the correct file ive uploaded the accompanying subtitles are available on the video title bar right hand side
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r00lish67
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Post by r00lish67 on Dec 11, 2017 11:55:00 GMT
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Post by valerieb on Dec 13, 2017 20:08:19 GMT
Here's hoping you'll get thoroughly bored over the festive season so we get more of these gems!
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sussexlender
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Post by sussexlender on Dec 21, 2017 21:46:35 GMT
Here comes another Christmas for all the lenders in these highly suspect loans, with no return of Capital or interest.
The Borrowers family continue to live rent free above the shabby London hotel and also carry on trading for cash in the Eastbourne Co**** hotel, purchased using the "equity release" put forward by the highly experienced FC property team (now killed off thus confirming their utter incompetence).
The website for the Eastbourne Hotel /apartments boasts of it being "recently redecorated" - no doubt with the rest of FC lenders cash. Tiny studio bedsit rooms from £85 up to £205 per night for a family room with a ghastly plaster board divider between the double beds, whilst having a seriously long laugh at us all, with no risk to FC.
Easy cash revenue whilst investors wait for the fees for the Administrator to wipe out any possible return.
FC should simply repay investors their capital and take the loss on themselves.
Cowardice Award of 2017 to the FC management team for closing the Forum as they could not face the reality of what FC investors were asking and / or telling them.
No doubt a happy Christmas will come to the FC managers and staff with bonus payments / indoor putting / Salsa classes and free beer, whilst my investment disappears as does the donation that I would have made to the Guide dogs for the blind using this investment and the promised interest now so obviously mismanaged by FC.
Astonished that most investors have gone to sleep on this scandalous set of loans.
Regards, SXLR
PS brilliant new Adolf clip by r00lish67. Many thanks.
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Post by brightspark on Dec 23, 2017 8:43:52 GMT
I have not gone to sleep and neither have other investors. Diversification means money at risk is a relatively small amount and the response has to be proportionate. Once administration is concluded will be an opportunity for all to review their positions. FC may conclude that their reputational damage is so severe that they will make financial amends. Lenders may collectively shrug their shoulders and carry on. The police may become involved. FCA may perhaps be awakened from their torpor by an avalanche of small investor complaints. For my part I would probably have had £30k - £40k invested in FC now. As it stands I have a declining £4000 and have not signed up to the newer terms and conditions. My investments have gone elsewhere. In a way it has been a useful lesson - part of a steep learning curve in the art of taking most of what I read with a pinch of salt. The only real surprise is that larger investors in this loan have not raised more public concerns - perhaps they like me are biding their time.
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blender
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Post by blender on Dec 23, 2017 10:23:01 GMT
I think the days when FC took some responsibility for lending/management errors are long gone. Lenders are now distanced from loans through the Autobid intermediary, and it's all about diversity and the statistics, whether you like it or not. They are not going to set precedents for refunds, nor engage with lenders in public about fiascos like this. Unfortunately, FC share an interest with the Borrower in throwing this one into the long grass, for a long time. It's not their money, they are out of property, and so best just to keep fan and excrement far apart. r00lish is right to connect this one with FS Whitehaven, where the management has been even worse. Perhaps there should be a worst loan award, and a competition for the title. Keep this thread going!
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