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Post by seisman on Sept 19, 2023 1:30:56 GMT
somo Dear SOMO Representative. I know what I'm about to say is not directly relevant to this thread but there is a reference to cg-recovery.com which I feel needs to be aired. I have considered joining SOMO as a lender for some time, but I was aware you were not regulated for P2P loans, although I see you are regulated for other parts of the business. Given that The FCA has failed to properly regulate most P2P platforms, I now take the view that reputation is far more important than regulation. However, I see from your post in his thread on Sept 13th 2023 at 4:25 PM that you use a company called cg-recovery.com as receivers, although I don't recognise the name jonathan gribit. I feel I should make you aware that cg-recovery is causing lenders in failed P2P platform FundingSecure a great deal of anguish. Cg-recovery took on the administration of FundingSecure in Oct 2019 and for 6 months they behaved honourably in the interests of lenders. They then turned against the lenders, and they have demonstrated a persistent disregard for lenders money. Lenders were invited by Edward Avery-Gee to take legal action against FundingSecure in administration. We did, and we won our case on March 31st 2021, however, Edward Avery-Gee has largely ignored that ruling and is using any available means he can to frustrate lenders for as long as possible. He is withholding several million pounds of lender money and using unjustified reasons for retaining that money. Personally, he is holding over £100k of my ring-fenced money in loans that were recovered by receivers over 2 years ago. Many P2P lenders now consider cg-recovery a fraudulent company and I would recommend staying clear of the company until such time as they mend their ways and pay out the money owed to lenders in FundingSecure. Hello, well at least there is someone else out there to compare notes with! Would you mind kindly providing the name of the law firm you used and any other useful information we may find of help in dealing with CG&Co on a legal basis for the best interests of the protected party (P) the borrower and to ensure the investors get the right information that is suppressed from them, etc. Most appreciated!
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Post by seisman on Sept 19, 2023 2:06:42 GMT
Well said SoMo! "a person who has been convicted and jailed for fraud" - that says it all about your father matey. The long and short of it is that these borrowers choose to default on their loans. They ignore emails, letters and phone calls. In this case, the borrower has even been to jail for his crimes. Despite that complacency and arrogance, they never take responsibility. I have got a solution for you and won't even charge you for my guidance: pay the money back which you borrowed from SoMo lenders and all your problems will be solved. Simples. Neither SoMo nor any other lender has ever caused me a single problem in my entire life. Why? Because I don't borrow money I don't pay back. Hello p2pfan! Firstly, insulting a pensioner aged 83, someones father who you dont even know is just simply rude! Secondly, You, have no idea what you are talking about re these borrowers CHOOSE to default on their loans! Long and short of it is, you believe that stupidity because it suits your bigoted opinions! - NO ONE wishes to default on loans and lose their hard earned money and property and homes, uproot families and lose everything!, what utter nonsense! Thirdly, no email letter or phone call has been ignored by the borrowers or guarantor or solicitors, in fact the contrary is applicable in this matter! - dont get quoting what you do not know about factually! Fourthly, In this case the borrower has not been to jail, he has not committed any crimes!, thats slanderous! .... the guarantor went to jail and he has the right to go to jail the same as he has the right to appeal his sentence when he wishes and to present his evidence of wrongful arrest prosecution and suppression of evidence that would have cleared his name!, the evidence is his evidence and he can use it how he chooses and for when he chooses! - its a free country and the wrongs of the lender cannot be side-stepped in any way because of the matter of someone losing a court case and going to jail! - the lender and their legal teams on these forums may try smoke and mirrors to mislead people but people are not stupid and will eventually see the truth of matters as facts come forth, you do not hold any facts you just blart out your mind! utter nonsense and lack of knowledge of material facts! Sixthly, is that a word?, NO ONE asked YOU for your guidance, in reality, you have no standing to offer us any on any of the subjects you have imposed the workings of your mind on! Heres some guidance for YOU, come read the papers, see who is telling the full truth of repayment of loan ability or not and then you can spread the word on here!, until then ....... simples! Seventhly, is this a word?, good for you on no problems in your life! YOU are truly blessed! , on the other hand, 100's of property deals over 50+ years and later ... meeting Social Money Limited t/a the Bridgecrowd! Have a good evening, stay blessed and do come see the papers, you may learn something worth your time to put on here that offers some knowledge that you can share and be inclusive that adds value to the P2P community at large! Open invitation!
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Greenwood2
Member of DD Central
Posts: 4,247
Likes: 2,692
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Post by Greenwood2 on Sept 19, 2023 11:20:52 GMT
If your Father(?) had paid back the loan when it was due six long years ago we would all have been happy. Why didn't he just pay it back when due, before any default proceedings were started, if you had the money all the time?
Or if you are a third party and were offering to buy the property for £2.5M to allow the loan to be paid back, why didn't the sale take place? Wouldn't the borrower sell to you?
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Post by seisman on Sept 19, 2023 15:08:37 GMT
Posted by Greenwood23 hours ago
If your Father(?) had paid back the loan when it was due six long years ago we would all have been happy. Why didn't he just pay it back when due, before any default proceedings were started, if you had the money all the time?
Or if you are a third party and were offering to buy the property for £2.5M to allow the loan to be paid back, why didn't the sale take place? Wouldn't the borrower sell to you?
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Dear Greenwood2
1. Open Invitation - Come and read the paperwork!
2. You are very vocal and a real protagonist on here, the real issue is an early default, prior to the repayment date, and when an extension had been agreed with the CEO Mr alexander, so no early default was ever anticipated - the day before the loan was originally due for repayment!
3. Phnoe records and screen shots exist as do letters of confirmation - please do come take a look and then voice who and why it has dragged on for the last 6 unhappy years and why a pensioner is also suffering so unfairly and a lender can get away with unlicensed lending and NOT PAYING THE INVESTORS ACROSS THE LAST 6 YEARS!
4. YOU, should request in writing from CG&Co why they refused to accept the funds through Solicitors - I invite you to write to Bond Adams Solicitors for them to share the files, we will give consent when your letter arrives! - GO ON Greenwood2! - Find out the truth dont just sit and moan and blame us, find out who to blame!, and then shout it from the rooftops!
5. We invited every single investor to our offices to view evidence, to join in a legal action to make claim for not only interest but damages, you moan about a few thousand you have in this loan! - we lost millions because of the actions of this lender! But, thats not where the value of damage is done, money is unfaithful and comes and goes, the real damage is to the people, the misery and harms and loss of life to families and futures, the kids and grandkids, for what and who?
6. OZBOY, SteveT and others who regularly like the posts you make are symptomatic of not doing anything to clean the industry up, yet you all moan when the lenders take the mickey out of everyone but you are so afraid of standing up for your rights you become, cattle, scared of the headlights! and why??, Because you are afraid of loss, the loss of your money, you become puppets to the lenders who misbehave and you blame the borrowers and believe the stories put about by who? and why?
7. Everyone knows the property market in the UK has risen over the last 10 years, yet this property with the lenders charge on it has fallen over 52% by a dodgy valuation used in court and now its bids are up somewhere around £2million behind the scenes, that over £900k more than was used in the fraudulent settlement papers in court! but still £500k less than the exchanged contract at £2.5million which the owner is entitled to, thats £1.4million to state the difference we are losing equity of! - well you go lose that Mr Greenwood2 and you see what hurt is!, but see the human element of the pensioner who has lost that through sophisticated games before you accuse from an uninformed basis, you are clearly intelligent so why act dumb?
8. Stop this in the marketplace, you will find your money goes further and you get it back from these platforms, its P2P why should the investor or the borrower lose anything, the platforms are intermediaries only, introducers between partues, so why do they get involved in LPA operations and represent on their platforms that your money is ringfenced in dormant non trading entities such as Social Money (Holdings ) Limited - which was formed two years after being falsely promoted when this loan wa sinvested in, but who held your money ringfenced Mr Greenwood2??
9. YOU are to blame MR Greenwood2 for your unhappness with this loan, we wish we did the due diligence prior and found out about no licensing, no mortgage permissions and a company promoted byu the directors of the lnder, relied upon as a term of doing business - did not ever exist! , this is false promotion and guess what Mr Greenwood, its illegal! Fraudulent! and makes the Directors who promote personally liable for any reliance and loss - are you a victim of loss? , have you sufferred? , if not, politely , please stay quiet on here, if you have lost then why have you not got in touch with us?
10. The answer is, you are either a secret member of the lender, a supporter of fraudulent promotion of non existent firms and terms, or you are just like the other moaners on here, that cannot be bothered to set about improving things for the P2P market place, as you are just looking for an easy ride and reliant on the platforms making you money without accepting responsibility to turning a blind eye to regulation breaches and law breakers, that you never assist to be caught, rules and laws that are criminal breach levels to be enforced - when you could and should!
11. The borrower has been out of his mind legally speaking since 18 Jan 2018, following the car accident, aged now 83 unwell and still in recovery (how old are you?) so he has been taken advantage of but wants to complete his sale, he could be sued for non completion but we have not sued him, why, because he can complete his sale, why is not completed, ask the GEE's at CG&CO, they are lapping up the life of luxury off other peoples sufferring and assets here, ask for their costs on this matter see what charges have been billed! - bet you have not earned those sums from this case!
12. Time to stand up and be counted, why dont you help and assist the truth to come out and justice for all invested in the loan!?, not just moan!
13. We will never give up, which will help YOU, you should add value to that not shoot the help down!
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Greenwood2
Member of DD Central
Posts: 4,247
Likes: 2,692
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Post by Greenwood2 on Sept 19, 2023 15:35:43 GMT
Come where? Why not just post the documents on here then we can discuss. Or set up a dropbox that we can all access or a FB page where you can set them all out.
Somo don't do mortgages they do bridging loans, this one was a short term up to six months loan while the property was sold or a re-mortgaged. Now overdue by six years! Should the borrower be excused from paying it back because he got older in the meantime? So did I.
I am not a secret anything I have openly said I am one of the lenders on this loan, so the borrower owes me money indirectly, hence if you are posting on here (on their behalf) I would like to know why they have failed to pay the loan back. Just in plain English not in legalised obfuscation.
Did the borrower have the money? Did he turn up at Somo's offices with a wheelbarrow of money (or a bank transfer) and they refused to accept it? Actual funds that is.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on Sept 19, 2023 19:30:22 GMT
Posted by Greenwood23 hours ago
If your Father(?) had paid back the loan when it was due six long years ago we would all have been happy. Why didn't he just pay it back when due, before any default proceedings were started, if you had the money all the time?
Or if you are a third party and were offering to buy the property for £2.5M to allow the loan to be paid back, why didn't the sale take place? Wouldn't the borrower sell to you?
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Dear Greenwood2
1. Open Invitation - Come and read the paperwork!
2. You are very vocal and a real protagonist on here, the real issue is an early default, prior to the repayment date, and when an extension had been agreed with the CEO Mr alexander, so no early default was ever anticipated - the day before the loan was originally due for repayment!
3. Phnoe records and screen shots exist as do letters of confirmation - please do come take a look and then voice who and why it has dragged on for the last 6 unhappy years and why a pensioner is also suffering so unfairly and a lender can get away with unlicensed lending and NOT PAYING THE INVESTORS ACROSS THE LAST 6 YEARS!
4. YOU, should request in writing from CG&Co why they refused to accept the funds through Solicitors - I invite you to write to Bond Adams Solicitors for them to share the files, we will give consent when your letter arrives! - GO ON Greenwood2! - Find out the truth dont just sit and moan and blame us, find out who to blame!, and then shout it from the rooftops!
5. We invited every single investor to our offices to view evidence, to join in a legal action to make claim for not only interest but damages, you moan about a few thousand you have in this loan! - we lost millions because of the actions of this lender! But, thats not where the value of damage is done, money is unfaithful and comes and goes, the real damage is to the people, the misery and harms and loss of life to families and futures, the kids and grandkids, for what and who?
6. OZBOY, SteveT and others who regularly like the posts you make are symptomatic of not doing anything to clean the industry up, yet you all moan when the lenders take the mickey out of everyone but you are so afraid of standing up for your rights you become, cattle, scared of the headlights! and why??, Because you are afraid of loss, the loss of your money, you become puppets to the lenders who misbehave and you blame the borrowers and believe the stories put about by who? and why?
7. Everyone knows the property market in the UK has risen over the last 10 years, yet this property with the lenders charge on it has fallen over 52% by a dodgy valuation used in court and now its bids are up somewhere around £2million behind the scenes, that over £900k more than was used in the fraudulent settlement papers in court! but still £500k less than the exchanged contract at £2.5million which the owner is entitled to, thats £1.4million to state the difference we are losing equity of! - well you go lose that Mr Greenwood2 and you see what hurt is!, but see the human element of the pensioner who has lost that through sophisticated games before you accuse from an uninformed basis, you are clearly intelligent so why act dumb?
8. Stop this in the marketplace, you will find your money goes further and you get it back from these platforms, its P2P why should the investor or the borrower lose anything, the platforms are intermediaries only, introducers between partues, so why do they get involved in LPA operations and represent on their platforms that your money is ringfenced in dormant non trading entities such as Social Money (Holdings ) Limited - which was formed two years after being falsely promoted when this loan wa sinvested in, but who held your money ringfenced Mr Greenwood2??
9. YOU are to blame MR Greenwood2 for your unhappness with this loan, we wish we did the due diligence prior and found out about no licensing, no mortgage permissions and a company promoted byu the directors of the lnder, relied upon as a term of doing business - did not ever exist! , this is false promotion and guess what Mr Greenwood, its illegal! Fraudulent! and makes the Directors who promote personally liable for any reliance and loss - are you a victim of loss? , have you sufferred? , if not, politely , please stay quiet on here, if you have lost then why have you not got in touch with us?
10. The answer is, you are either a secret member of the lender, a supporter of fraudulent promotion of non existent firms and terms, or you are just like the other moaners on here, that cannot be bothered to set about improving things for the P2P market place, as you are just looking for an easy ride and reliant on the platforms making you money without accepting responsibility to turning a blind eye to regulation breaches and law breakers, that you never assist to be caught, rules and laws that are criminal breach levels to be enforced - when you could and should!
11. The borrower has been out of his mind legally speaking since 18 Jan 2018, following the car accident, aged now 83 unwell and still in recovery (how old are you?) so he has been taken advantage of but wants to complete his sale, he could be sued for non completion but we have not sued him, why, because he can complete his sale, why is not completed, ask the GEE's at CG&CO, they are lapping up the life of luxury off other peoples sufferring and assets here, ask for their costs on this matter see what charges have been billed! - bet you have not earned those sums from this case!
12. Time to stand up and be counted, why dont you help and assist the truth to come out and justice for all invested in the loan!?, not just moan!
13. We will never give up, which will help YOU, you should add value to that not shoot the help down! "6. OZBOY, SteveT and others who regularly like the posts you make are symptomatic of not doing anything to clean the industry up, yet you all moan when the lenders take the mickey out of everyone but you are so afraid of standing up for your rights you become, cattle, scared of the headlights! and why??, Because you are afraid of loss, the loss of your money, you become puppets to the lenders who misbehave and you blame the borrowers and believe the stories put about by who? and why?"Don't understand this at all, bit thick me, please explain.........
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SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
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Post by SteveT on Sept 20, 2023 5:34:14 GMT
7. Everyone knows the property market in the UK has risen over the last 10 years, yet this property with the lenders charge on it has fallen over 52% by a dodgy valuation used in court and now its bids are up somewhere around £2million behind the scenes, that over £900k more than was used in the fraudulent settlement papers in court! but still £500k less than the exchanged contract at £2.5million which the owner is entitled to, thats £1.4million to state the difference we are losing equity of! - well you go lose that Mr Greenwood2 and you see what hurt is!, but see the human element of the pensioner who has lost that through sophisticated games before you accuse from an uninformed basis, you are clearly intelligent so why act dumb?
Good news if true (big if). Hopefully should leave enough, after deducting the 6 years of legal costs, to repay capital in full. Maybe even a little of the rolled interest, now up to over 80% of the original loan.
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rob3583
New Member
Posts: 4
Likes: 5
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Post by rob3583 on Sept 20, 2023 19:35:54 GMT
Seisman, give it a rest. Next you will be accusing the Judge of taking back handers. You could always sell the Van Gogh!
Your behaviour has only lined the pockets of solicitors and barristers at the expense of everyone else involved.
It is time for YOU to put your long trousers on and accept the ruling.
Fare well.
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goofy115
Member of DD Central
Posts: 77
Likes: 69
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Post by goofy115 on Sept 29, 2023 8:20:05 GMT
The borrower has made a part repayment on the loan so for those in this one check your accounts.Not exactly what I was expecting but very welcome none the less.
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iRobot
Member of DD Central
Posts: 1,657
Likes: 2,450
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Post by iRobot on Oct 2, 2023 12:45:40 GMT
The borrower has made a part repayment on the loan so for those in this one check your accounts.Not exactly what I was expecting but very welcome none the less. Replacement update issued today: " A proposed purchaser has made a non refundable deposit of £91,000 and this has been credited to your account pro rata. A full update will be be sent to your registered email address this week." I did think it strange the borrower was still involved. AFAIK they haven't a pot to pee in, so the probability of them coming up with somewhere between £1.5M and £2.0M seemed very, very low.
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goofy115
Member of DD Central
Posts: 77
Likes: 69
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Post by goofy115 on Oct 2, 2023 14:40:03 GMT
Me too.The update issued last week (now removed) was lacking in clarity. Interesting side note - the pro Rata amount issued last week is considered a payment towards our initial investment rather than the interest accrued.
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mah
Member of DD Central
Posts: 328
Likes: 365
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Post by mah on Oct 8, 2023 11:22:42 GMT
As per the latest update, emails were sent to all on 03/10, however, nothing for me (not even in spam folder).
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iRobot
Member of DD Central
Posts: 1,657
Likes: 2,450
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Post by iRobot on Oct 8, 2023 13:31:47 GMT
As per the latest update, emails were sent to all on 03/10, however, nothing for me (not even in spam folder). Email received but I did have to nudge Simon / SoMo for it. (NDA signed back in Jul-2020 if that has any bearing.)
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michaelc
Member of DD Central
Posts: 4,891
Likes: 2,767
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Post by michaelc on Oct 8, 2023 18:36:36 GMT
The borrower has made a part repayment on the loan so for those in this one check your accounts.Not exactly what I was expecting but very welcome none the less. Replacement update issued today: " A proposed purchaser has made a non refundable deposit of £91,000 and this has been credited to your account pro rata. A full update will be be sent to your registered email address this week." I did think it strange the borrower was still involved. AFAIK they haven't a pot to pee in, so the probability of them coming up with somewhere between £1.5M and £2.0M seemed very, very low. So you're either in this loan or you have been provided the information by someone or some people who are. As per many of your posts.
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goofy115
Member of DD Central
Posts: 77
Likes: 69
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Post by goofy115 on Dec 22, 2023 14:24:50 GMT
The sale of the property has concluded and the sale proceeds should now be available in your account.
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