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Post by spareapennyor2 on Feb 23, 2019 13:31:01 GMT
By Order of the Court, Administration period extended until 20/08/2020i take it ,this means the Administrators are unable to get vacant procession ? Forever Clueless stitched up again
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Post by skooldaze on Feb 23, 2019 20:07:32 GMT
Where did this administration message come from?
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rogerthat
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Post by rogerthat on Feb 23, 2019 23:49:54 GMT
Where did this administration message come from? There is an AM19 dated 20/02/19..Notice of extension of period of Administration .. to 20/08/2020..posted on the CH website under M*l*d*n Ltd I suspect that whatever the outcome, the length of time already spent and now further extended by another 18 months, will be the final nail in the hope of any worthwhile returns. It wont be a surprise to anyone what I and many others feel about who is responsible here, or that they will hold their hands up and admit they were hoodwinked by a bunch of criminals who took us via FC for a ride. The fact that these lowlifes are still trading is particularly galling.
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adrian77
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Post by adrian77 on Feb 26, 2019 13:13:00 GMT
I can't believe they have got an 18 month extension and even that may not be the end of it... I was in this one but after a bit of DD I thought it was dodgy and sold up - as to why FC did not notice this one was problematic is beyond me!
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Post by brightspark on Feb 26, 2019 16:56:55 GMT
Yes not only do they have an 18 month extension but FC have not yet even had the courtesy to inform that this was the case. Such a letdown from a company which 5 years ago was one I would recommend to others. Now I would not give it the time of day for the way they have handled this loan from the moment it started to go sour. Can kicking, foot dragging ad infinitum into a labyrinthine Administration which so far has yielded nothing to the many long suffering lenders. It stinks.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Feb 26, 2019 20:36:21 GMT
Some might ask why have FC failed / refused to report this scam to the fraud squad at the Met Police?
It seems that the whole enterprise was set up to obtain a large sum of cash from a never to be repaid "8 month short term loan" on the London hotel which was then leased / sub let to an inter linked company and providing rent free living accommodation for various family members.
All this at the same time the borrower changes name / country of residence / status and gets to buy the Con**** Apart***** in Eastbourne outright (which is still open and generating cash that FC cannot touch) free of any security or charge registered by FC.
Bonuses all round for Samir and the rest of the FC crew whilst nothing for loyal lenders.
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blender
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Post by blender on Feb 26, 2019 22:34:56 GMT
Some might ask why have FC failed / refused to report this scam to the fraud squad at the Met Police? It seems that the whole enterprise was set up to obtain a large sum of cash from a never to be repaid "8 month short term loan" on the London hotel which was then leased / sub let to an inter linked company and providing rent free living accommodation for various family members. All this at the same time the borrower changes name / country of residence / status and gets to buy the Con**** Apart***** in Eastbourne outright (which is still open and generating cash that FC cannot touch) free of any security or charge registered by FC. Bonuses all round for Samir and the rest of the FC crew whilst nothing for loyal lenders. Generally platforms will not do this because: It's bad PR It does not get the lender's money back It's not the platform that has lost money from any suspected fraud - it's the lenders.
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Post by skooldaze on Feb 27, 2019 13:14:43 GMT
I asked about why FC haven't updated about the admin court case:
The court case surrounding this loan is being brought by the administrators of the company, and Funding Circle have no standing in relation to the claim and therefore, no ability to comment on it.
Given that the administrators have been appointed to investigate all matters in order to obtain the best possible recovery for investors, any developments will be included in the next progress report, which is prepared independently by the administrators to update creditors on the progress made.
As stated in our last loan comment to investors, the last progress report states that the administration has been extended as anticipated in the previous report, to allow the administrator time to continue their investigations. The next progress report is expected by the end of March 2019. Once received, an update will be provided to investors via the loan comments section of your 'My Portfolio' tab.
------------- My response it that I have given money / contract is with the p2p not the adminstrators or borrowers
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Post by brightspark on Feb 27, 2019 17:50:43 GMT
Some might ask why have FC failed / refused to report this scam to the fraud squad at the Met Police? It seems that the whole enterprise was set up to obtain a large sum of cash from a never to be repaid "8 month short term loan" on the London hotel which was then leased / sub let to an inter linked company and providing rent free living accommodation for various family members. All this at the same time the borrower changes name / country of residence / status and gets to buy the Con**** Apart***** in Eastbourne outright (which is still open and generating cash that FC cannot touch) free of any security or charge registered by FC. Bonuses all round for Samir and the rest of the FC crew whilst nothing for loyal lenders. There is actually nothing to stop anybody reporting this to the Fraud Actionline as a suspected fraud.
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Post by skooldaze on Mar 1, 2019 16:47:22 GMT
Any views on my post.
Surely FC can't say - well FC need to wait for the adminstrators report in March (then the following 6 months).
They are acting like it's nothing to do with us (and yes I know that's what the are acting like all the way long), but surely they are out of their T&C's here?
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adrian77
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Post by adrian77 on Mar 1, 2019 18:46:29 GMT
Sure does ! Shame FC were blind to this possibility as I said it looked dodgy to me and I am no expert unlike FC!
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Post by brightspark on Mar 1, 2019 20:37:27 GMT
You could argue that if evidence of fraud is available, FC by their inaction in not reporting suspicion are effectively complicit.
Bearing in mind the relatively large sums of money involved in these loans it continues to surprise me that no large investor/losers seem to have pursued the matter with the police. Investors can hardly be afraid that such action might damage their chance of any recovery as the monies look well and truly lost.
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ptr120
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Post by ptr120 on Mar 18, 2019 15:23:40 GMT
With days to go until the next update should be made available, any bets on what it'll contain?
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rogerthat
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Post by rogerthat on Mar 18, 2019 15:44:36 GMT
With days to go until the next update should be made available, any bets on what it'll contain?
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Post by skooldaze on Mar 21, 2019 10:06:35 GMT
We'll get it quicker from Companies House but here's a sneak peak... We have received a further progress report from the Administrator for the period 21st August 2018 to 20th February 2019. The document has been prepared independently by the Administrator to update creditors on the progress that has been made since the last update. The report has been filed at Companies House, and is available to download from their website. The report explains that the Administrator continues to work towards marketing and realising the property for the best possible price. To help achieve this, the Administrator continues their investigations into a number of matters, including managing litigation proceedings in relation to the purported tenants of the property. To protect your interests and help ensure you get the best recovery possible, the report does not provide details on anything that may prejudice the Administrator’s position in any investigations or claims that may be carried out. As a result we continue to be limited in the information we can provide to you at this stage. The report states that the administration has been extended as anticipated in the last report to allow the Administrator time to continue their investigations. The next update will be when the Administrator submits a further progress report 6 months from now, which will be in October 2019. The RAG rating on this loan remains Amber.
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