adrian77
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Post by adrian77 on Sept 6, 2019 8:56:30 GMT
Agreed - it also points to an extremely poorly designed computer system as you would expect all such loans to be linked and updated with a single post - what happens now - copy and paste for such sub-loan - it is 2019!
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susan
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Post by susan on Sept 9, 2019 10:23:58 GMT
I am sure that I am not the only one who invested fairly deeply – this is my largest loan left (unless you add up all my art loans)
The first charge looked a good investment – there was talk about selling the land separately.
Update soon I hope.
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sapphire
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Post by sapphire on Sept 18, 2019 8:00:19 GMT
fundingsecure Further to your recent newsletter, I think actions speak louder than words. If you would like to build confidence with investors that the new management has turned over a new leaf and invest in your new product & loans, bite the bullet and take responsibility *ASAP* for the previous shortcomings on this loan, rather than continuing to kick the can down the road. This loan is now more than 20 months overdue and the last update was more than 6 weeks ago.
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adrian77
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Post by adrian77 on Sept 23, 2019 18:58:13 GMT
And just where is this comprehensive update?
To paraphrase since June "cock all effective action whilst awaiting a court hearing" - brilliant!
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bg
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Post by bg on Sept 23, 2019 19:19:59 GMT
And just where is this comprehensive update? To paraphrase since June "cock all effective action whilst awaiting a court hearing" - brilliant! Well you did conveniently edit out the part of the update that said they "submitted a Particulars of claim for Possession as part of the ongoing repossession and disposal of the security."
Unfortunately FS have to follow the laws of the land when repossessing property.
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michaelc
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Post by michaelc on Jan 27, 2020 19:15:36 GMT
Update now available.
Shame the previous updates across all loans weren't of this quality.
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adrian77
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Post by adrian77 on Mar 6, 2020 18:36:53 GMT
Just read the latest C* & co update - appears the "promise" by FS to stand behind the Barnoldswick cottage and Burnley terrace has gone for a Burton - if my maths are correct FS have simply handed this character £20K + £65K = £85k of our money and that is before the farmhouse farce is taken into play!
well done mrc - it appears your hunch about Burnley and the Barnoldswick cottage being the same borrower was correct
This is appalling surely there is some legal action we can take?
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11025
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Post by 11025 on Mar 8, 2020 18:29:54 GMT
Just read the latest C* & co update - appears the "promise" by FS to stand behind the Barnoldswick cottage and Burnley terrace has gone for a Burton - if my maths are correct FS have simply handed this character £20K + £65K = £85k of our money and that is before the farmhouse farce is taken into play! well done mrc - it appears your hunch about Burnley and the Barnoldswick cottage being the same borrower was correct This is appalling surely there is some legal action we can take? Definitely , this unperfected charge and the promise not standing all sound mighty convenient for FS and the borrower . I can't believe c* & co are just advocating to roll over and forget it. An investigation and action needs to be taken. Oh sorry , I forgot the fca didn't think anything to do with fs was worth investigating .
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arby
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Post by arby on Mar 8, 2020 19:41:55 GMT
Any money paid back to the lenders in this loan likely comes out of the pocket of other lenders. I'm not saying that shouldn't happen, I'm saying that given the mess we're in, there likely is no perfect solution
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adrian77
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Post by adrian77 on Mar 8, 2020 20:33:12 GMT
we certainly are in a mess but can we take legal action against these directors - to me it is a clear breach of contract allied with gross negligence (at best) - I wish FS had handed me £85K or whatever for nothing in return...FS get scammed and the decent investors end up paying for this is addition to the numerous poorly performing loans whilst scammers laugh all the way to the bank!
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arby
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Post by arby on Mar 8, 2020 21:58:57 GMT
That's a fair summary.
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Post by ron on Apr 11, 2020 20:18:24 GMT
Just read the latest C* & co update - appears the "promise" by FS to stand behind the Barnoldswick cottage and Burnley terrace has gone for a Burton - if my maths are correct FS have simply handed this character £20K + £65K = £85k of our money and that is before the farmhouse farce is taken into play! well done mrc - it appears your hunch about Burnley and the Barnoldswick cottage being the same borrower was correct This is appalling surely there is some legal action we can take? Actually, if the new 5% FS charge on all recoveries was confirmed (which I doubt), surely those investors in the Barnoldswick and Burnley, whose charge was not perfected and that FS promised to repay in full (capital + interest), will actually recover something, pari passu with the other unsecured creditors...
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Post by overthehill on Aug 28, 2020 16:57:52 GMT
Im assuming this is loan 8010286828, 585k , another one with a long sordid past of which I have no intention of reading. C&G haven't even confirmed if the property is repossessed yet or anything for that matter from their last note in January.
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The Receivers have advised that both the building and valuation surveyors have now attended the property, and we expect their reports imminently. Once received, we will provide further details of the proposals made by the borrower and the offer made from a third party, and confirm the Receivers’ recommendations. "
Every loan is like trying to follow an episode of Twin Peaks - The Return (didn't watch the originals)
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sqh
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Post by sqh on Aug 15, 2023 8:38:50 GMT
Latest Updates on 1st Charge Barnoldswick (8010286828)
11/08/2023 Following previous updates in this matter we have received a number of emails from Investors regarding this loan. These have been reviewed by our solicitors and their advice (without waiving privilege) remains that we should proceed as they have previously advised, that is to apportion the sale proceeds to the separate pieces of land so that those in the second charge loan will receive approximately 20% of the net sale proceeds, however given the contentious nature of this matter, we have been further advised to keep the matter open for a further 28 days to allow Investors to challenge this position. Following the expiry of the 28 day period further legal advice will be sought.
11/07/2023 As previously advised, there has been an issue raised in connection with the Baroldswick Loans which have required further investigation and legal advice.
After taking legal advice, it has become apparent that these loans were not first and second charges in the way in which they were presented on the Platform. The Barnoldswick Loan was over a Property and some Adjoining Land. The Adjoining Land was purchased first, using the loan advertised as “a second charge loan”. The Property was subsequently purchased using the “First Charge loan”.
The charge registered was an “all monies” charge and therefore relates to both loans. In the circumstances, we have been advised that the net proceeds of sale should be apportioned as between the Property and the Adjoining Land. Using the purchase values it is clear that 20% of the Net Proceeds of Sale must be apportioned to the Second Charge Loan.
We intend on keeping this matter open for the next fourteen days, following which we will recalculate the net proceeds of sale and update the Platform in due course thereafter.
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sqh
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Post by sqh on Aug 15, 2023 8:57:11 GMT
Latest Updates on 1st Charge Barnoldswick (8010286828) 11/08/2023 Following previous updates in this matter we have received a number of emails from Investors regarding this loan. These have been reviewed by our solicitors and their advice (without waiving privilege) remains that we should proceed as they have previously advised, that is to apportion the sale proceeds to the separate pieces of land so that those in the second charge loan will receive approximately 20% of the net sale proceeds, however given the contentious nature of this matter, we have been further advised to keep the matter open for a further 28 days to allow Investors to challenge this position. Following the expiry of the 28 day period further legal advice will be sought. 11/07/2023 As previously advised, there has been an issue raised in connection with the Baroldswick Loans which have required further investigation and legal advice. After taking legal advice, it has become apparent that these loans were not first and second charges in the way in which they were presented on the Platform. The Barnoldswick Loan was over a Property and some Adjoining Land. The Adjoining Land was purchased first, using the loan advertised as “a second charge loan”. The Property was subsequently purchased using the “First Charge loan”. The charge registered was an “all monies” charge and therefore relates to both loans. In the circumstances, we have been advised that the net proceeds of sale should be apportioned as between the Property and the Adjoining Land. Using the purchase values it is clear that 20% of the Net Proceeds of Sale must be apportioned to the Second Charge Loan. We intend on keeping this matter open for the next fourteen days, following which we will recalculate the net proceeds of sale and update the Platform in due course thereafter. I find the advice baffling on 3 points. 1. There is an explicit statement of priority stated on the 1st charge loan. 2. The 2nd charge loan is named "2nd Charge Barnoldswick (2861004433)" and the 1st charge loan is named "1st Charge Barnoldswick (8010286828)" 3. The 2nd charge loan offers a higher rate. To give them equal status goes against the principles of secured lending, not just FS, not just P2P lending, but all secured lending.
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