min
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Post by min on Jun 22, 2019 18:36:05 GMT
As I said before when I borrowed money from the bank they knew exactly where their money had gone - sounds to me as if there was not accountability for the FS money whatsoever. Also how relevant are the other assets as I don't think FS have any claim on them? Sounds to me as yet another piece of meaningless spin twaddle meant to promote a positive development when in fact there is none and the chance of any future recovery is nil - just my opinion. Companies have to keep detailed accounts for 7 years, including all bank transactions. If these do not exist then directors can (and should be) prosecuted. Might not get our money back but might deter others from ‘obtaining money by false pretenses’. And all you get for failing to keep records is a 6 year ban from being a director. E.g. www.gov.uk/government/news/six-year-ban-for-failing-to-keep-company-records
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min
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Post by min on Jun 22, 2019 18:40:41 GMT
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adrian77
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Post by adrian77 on Jun 22, 2019 19:25:55 GMT
the link refers to an Aussie site - I read that in the UK a lot of fraud cases don't even go to trial and of those that do many collapse. FS have been shafted good and proper and our only hope is to believe in Karma because the courts just aren't going to do anything here as I see it.
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iRobot
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Post by iRobot on Jun 22, 2019 20:46:26 GMT
As I said before when I borrowed money from the bank they knew exactly where their money had gone - sounds to me as if there was not accountability for the FS money whatsoever. Also how relevant are the other assets as I don't think FS have any claim on them? Sounds to me as yet another piece of meaningless spin twaddle meant to promote a positive development when in fact there is none and the chance of any future recovery is nil - just my opinion. Re: the bank 'knew', how did they know? Serious question, did they come and check or did you give them updates? Did you borrow from the same bank you operated your business with? (And therefore they had some built-in audit facility by tracing your transaction.) As for the other assets, the earlier update may cast a light: " We do know that the borrower owns two further properties (which we have a charging order over) and therefore the trustee will work to dispose of these properties."
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min
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Post by min on Jun 22, 2019 21:30:45 GMT
the link refers to an Aussie site - I read that in the UK a lot of fraud cases don't even go to trial and of those that do many collapse. FS have been shafted good and proper and our only hope is to believe in Karma because the courts just aren't going to do anything here as I see it. Whoops.My bad. Found this, “For offences where the offence involves a calculated, professional fraud, which has taken place over a significant length of time, sentences might range from 4-7 years, where the amount is over £500,000. That sentence can be a lot shorter where the figure is below £100,000.” Point is, as I see it is that a crime has been committed and yet nothing is being done.
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adrian77
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Post by adrian77 on Jun 23, 2019 7:49:46 GMT
Both and they insisted on regular updates allied with a charge on my house which they made quite clear they would take it if need be (in fact I am sure they would have enjoyed that!) All receipts and payments through a dedicated account - any doubts about my posting just try approaching your bank for a similar development! Sounds a tad different to how FS work or hopefully worked. This may possibly explain the list of problematic property loans we have of which certain characters appears to me to be wider than the Watford Gap.
Lytham St Annes really worries me (I may be wrong and not for the first time) but I can see well over £1m going south here.
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arby
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Post by arby on Jun 23, 2019 8:25:53 GMT
Both and they insisted on regular updates allied with a charge on my house which they made quite clear they would take it if need be (in fact I am sure they would have enjoyed that!) All receipts and payments through a dedicated account - any doubts about my posting just try approaching your bank for a similar development! Sounds a tad different to how FS work or hopefully worked. This may possibly explain the list of problematic property loans we have of which certain characters appears to me to be wider than the Watford Gap. Lytham St Annes really worries me (I may be wrong and not for the first time) but I can see well over £1m going south here. Also explains the difference in interest rate being charged too...
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bg
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Post by bg on Jun 23, 2019 9:06:50 GMT
As I said before when I borrowed money from the bank they knew exactly where their money had gone - sounds to me as if there was not accountability for the FS money whatsoever. Also how relevant are the other assets as I don't think FS have any claim on them? Sounds to me as yet another piece of meaningless spin twaddle meant to promote a positive development when in fact there is none and the chance of any future recovery is nil - just my opinion. Wow, so you've suddenly decided to ramp up the gearing! Only last year you said you only ever dealt in cash!
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song
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Post by song on Jun 23, 2019 10:43:32 GMT
Wow, so you've suddenly decided to ramp up the gearing! Only last year you said you only ever dealt in cash!You certainly get these clever ones off the bridle easily: Adrian77. One assumes you can still borrow cash from a bank.( How Pathetic )
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arby
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Post by arby on Jun 23, 2019 11:44:40 GMT
Wow, so you've suddenly decided to ramp up the gearing! Only last year you said you only ever dealt in cash!You certainly get these clever ones off the bridle easily: Adrian77. One assumes you can still borrow cash from a bank.( How Pathetic ) So you'd class drawing out cash from an ATM from a credit card as dealing only in cash? 😂
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adrian77
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Post by adrian77 on Jun 23, 2019 12:17:28 GMT
I was trying to answer a genuine question - I last borrowed money to develop about 30 years ago and my answer was in the past tense - time flies. I bought my last property about 6 months ago for cash and the one before that for cash and the one before that for cash etc etc etc. I have a buyer for my latest development so will be buying another one with the proceeds for yes you have guessed cash.
I mentioned this because this development game is very tough and speaking personally I just generally don't make enough profit to cover 20% in interest - mind you I do a lot better than many FS funded investors e.g. Whitehaven - or maybe not!
Just because I have raised genuine and widely held concerns there is no need for these attempts to smear and misquote me. I am a big boy 6'4" and can take it - not that other members have sussed what is behind these negative posts.
Let us just see what St Annes, Rishton Barnsoldwick etc come in at...
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 23, 2019 15:51:59 GMT
the link refers to an Aussie site - I read that in the UK a lot of fraud cases don't even go to trial and of those that do many collapse. FS have been shafted good and proper and our only hope is to believe in Karma because the courts just aren't going to do anything here as I see it. Whoops.My bad. Found this, “For offences where the offence involves a calculated, professional fraud, which has taken place over a significant length of time, sentences might range from 4-7 years, where the amount is over £500,000. That sentence can be a lot shorter where the figure is below £100,000.” Point is, as I see it is that a crime has been committed and yet nothing is being done.Precisely min, precisely. And WHY is nothing being done one might well ask?
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09dolphin
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Post by 09dolphin on Jun 23, 2019 22:24:19 GMT
I think all lenders know why nothing has been done. FS would appear to be guilty of at best gullibility and at worst gross stupidity because they believed whatever they were told and chose to ignore evidence that the borrower was lying.
Where is the proof that the assertions of the borrower were based on fact. I would suggest that the borrowing for the Aframe were about as spurious as you can get and if I had made a loan based on the assertions FS obviously believed without an iota evidence I would be really fed up with FS. Such a shame FS can be scammed so easily.
However I do think FS should consider claiming against the person or company who valued the site. I do look forward to FS continuing to seek any sort of recovery plus I still don't understand why the site was sold at public auction for 30K when it had been valued for 350K with the former pub demolished according to the obviously inaccurate description FS used for the renewal of the initial loan. Would I consider using the valuer to assess the value of my property - well of course I would but I'd be very dubious about any valuation they gave if I was buying a property. I do hope the valuer decides to sue me for libel.
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adrian77
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Post by adrian77 on Jun 24, 2019 7:05:11 GMT
below is an interesting arctile about suing valuers etc good thing for FS to read as it describes how valuations can be inflated! www.theguardian.com/money/2008/apr/12/property.housepricesMuch as I blame FS and feel for the victims of this shambles I suspect legal action will get nowhere. I think the valuer will have a let-out clause and FS have failed to have the need for proof of spending in their contract and even if they get a judgement it has to be enforced = I Just think the money has gone and FS have been kippered - not impressed!
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invester
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Post by invester on Jun 24, 2019 7:10:46 GMT
That's being too generous to FS.
The later tranches of this loan were either mis-sold, or they were negligent in their duties. So they should be refunded.
Did any big hitters take further action on this?
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