rogerthat
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Post by rogerthat on Sept 26, 2019 10:34:30 GMT
<link removed by mod as it identifies borrower>
Unless ive misread c £153K has been swallowed up in expenses up to 18/09/19
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Sept 26, 2019 16:20:13 GMT
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Unless ive misread c £153K has been swallowed up in expenses up to 18/09/19 yes but at administrators charge rates that's only 750 hours
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Post by Badly Drawn Stickman on Sept 26, 2019 16:33:02 GMT
<link removed by mod as it identifies borrower>
Unless ive misread c £153K has been swallowed up in expenses up to 18/09/19 yes but at administrators charge rates that's only 750 hours Unless FC break with the convention that recovery fees are not deducted from repayment (covered by that annoying 1% fee), they can spend as much as they like as long as they get a full recovery.
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sussexlender
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Post by sussexlender on Oct 11, 2019 13:22:39 GMT
Guess we will soon get the "there is no news " update on this lot of dishonest borrowers together with the updated bill from the Administrators.
The Eastbourne hotel is still operating and taking cash. Anyone know if the London site on Se*** S**** R*** which was promoted as a short term loan of 8 months by the brilliant minds at FC (and resulted is us being conned out of our investment cash) is still open?
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adrian77
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Post by adrian77 on Oct 11, 2019 14:20:49 GMT
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rogerthat
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Post by rogerthat on Oct 11, 2019 14:35:18 GMT
Guess we will soon get the "there is no news " update on this lot of dishonest borrowers together with the updated bill from the Administrators. The Eastbourne hotel is still operating and taking cash. Anyone know if the London site on Se*** S**** R*** which was promoted as a short term loan of 8 months by the brilliant minds at FC (and resulted is us being conned out of our investment cash) is still open? Any idea what its called..Google reckon there are 128 hotels in 7 S Road ! PM me if you know..im tempted to post the google link but on second thoughts ...
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sussexlender
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Post by sussexlender on Oct 11, 2019 19:22:45 GMT
Oh! Hallo! I'm awaiting payment on this one too! What a disgrace. Nearly 3 years since the original posting on this shocking and clearly disingenuous loan promoted by the smug fat cats at FC.
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Post by brightspark on Oct 15, 2019 19:50:13 GMT
I have asked FC for an October update but still nothing. Considering that the latest report by the Administrator was lodged at Companies House on 24/9/2019 for public scrutiny you would have thought FC could have got round to saying just the odd word by now about their perception of how things were or were not progressing.
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Post by skooldaze on Oct 16, 2019 15:39:27 GMT
They said October didn't they - what more customer service do you want!
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Post by brightspark on Oct 17, 2019 16:30:51 GMT
FC stated "The next update will be when the Administrator submits a further progress report 6 months from now, which will be in October." As the Administrator statement was provided to Company House on 24 September it is not unreasonable that their next update should appear shortly after.
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keitha
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Post by keitha on Oct 19, 2019 16:09:39 GMT
FC stated "The next update will be when the Administrator submits a further progress report 6 months from now, which will be in October." As the Administrator statement was provided to Company House on 24 September it is not unreasonable that their next update should appear shortly after. I Agree entirely
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rogerthat
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Post by rogerthat on Oct 23, 2019 19:45:08 GMT
We were also promised an update on the Liverpool Hotel which hasn't materialised either
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Post by brightspark on Oct 24, 2019 9:41:15 GMT
Promises are easy to give but in the case of FC it would appear more difficult to keep. Pundits predict that FC has around 5 more years of cash burn before it hits the buffers. Looks like we are in for a long ride on this one!
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Post by brightspark on Oct 28, 2019 16:46:05 GMT
New update out. Cut and paste of the Administrators latest report lodged at CH at end of September.
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Post by skooldaze on Oct 29, 2019 9:03:08 GMT
Not being funny but I can't really see any actual difference in the updates?
October update
We have received a further progress report from the Administrator for the period 21 February 2019 to 20 August 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. The report provides that the litigation in relation to the purported tenants of the property was settled by way of a Tomlin Order during the course of a two day trial period set down to hear the matter on 15 and 16 October 2018. This settlement provided for the payment of a sum of money on or before 31 December 2018. That payment was not made and so the Administrator instructed its solicitors to make an application to lift the stay and enter judgement on the litigation proceedings in their favour declaring that the purported tenancy was a sham. The application is currently proceeding and the hearing of that application has been set to take place by the end of January 2020, being the earliest available date for a hearing. The report states that the Administrators are unable to provide an accurate estimate of either the quantum and timing of a return to Funding Circle due to the ongoing litigation. The Administrator has also applied to Court to extend the term of the Administrator's appointment an d the court granted an order extending the term to August 2020. The next update will be when the Administrator submits a further progress report 6 months from now, which will be in March. The RAG rating on this loan remains Amber.
April Update
04 Apr 2019
We have received a further progress report from the Administrator for the period 21 August 2018 to 20 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. The report provides that the litigation in relation to the purported tenants of the property was settled by way of a Tomlin Order during the course of a two day trial period set down to hear the matter on 15 and 16 October 2018. This settlement provided for the payment of a sum of money on or before 31 December 2018. That payment was not made and so the Administrator instructed its solicitors to make an application to lift the stay and enter judgement on the litigation proceedings in their favour declaring that the purported tenancy was a sham. The application is currently proceeding and it is anticipated that a hearing of the application will take place prior to the next progress report. The report states that the Administrators are unable to provide an accurate estimate of either the quantum and timing of a return to Funding Circle due to the ongoing litigation. The next update will be when the Administrator submits a further progress report 6 months from now, which will be in October. The RAG rating on this loan remains Amber.
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