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Post by banffy on Feb 29, 2024 16:31:56 GMT
Yes got £601 back no idea what that is for and if there is going to be any more as it says partial payment.
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Post by jay2 on Feb 29, 2024 16:47:00 GMT
It's unclear yes, but I guess they mean partial in the sense of the full amount of the loan hasn't been repaid, and what we just got is all we're ever going to get! ...especially given the badly worded October 2021 (!!!!) update: "The borrower was unable to satisfy the full amount of the previously agreed settlement, but put forward a lower offer in full and final in able to release the charges secured on the boats. The Joint Administrators sought advice from a valuations expert regarding the potential recoveries from enforcement action and they were advised to accept the final offer from the borrower." The table lists the funds received as being on 11-10-21, so that appears to be the full and final settlement. Happy to be proved wrong!
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dh1
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Post by dh1 on Feb 29, 2024 17:00:59 GMT
There is other information available here: link
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iRobot
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Post by iRobot on Feb 29, 2024 17:20:50 GMT
Some thoughts...
I'd hope the CC are keeping an eye on the monies received on this one; eg: if the £340k marked as 'Settlement Funds Received 21-10-21' was actually the sum received on that date, what happened to the two payments received as per the 27-10-20 and 07-08-20 updates?
We've seen that 'Indemnity Sum' before and, true to form, it works out at 7.5% of the net proceeds. Best guess is that some or all of that £23k may be returnable if it isn't needed for other purposes.
'Settlement' - don't recall seeing that one elsewhere. I can't imagine it's related to the costs of realising the returns on these specific loans otherwise it would have been known and shown in the earlier Feb-22 breakdown. At £65k (over 20% of the net receipts) it's a significant sum. (There's a similar % 'Settlement' charge against the Lennymuir loan - so not unique to these boats.) Again, hopefully the CC are all over this and can encourage greater clarity from CG&Co.
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Post by jay2 on Feb 29, 2024 17:24:48 GMT
Re-reading it again it also mentions the "full and final" was "to release the charges secured on the boats", so does that mean the borrower has kept the boats too??
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Post by overthehill on Feb 29, 2024 18:49:01 GMT
Is the settlement charge not the percentage that Fundingsecure illegally kept for completed loans with no asset sale or not fully redeemed, as per email received 22/12/23, and now to be refunded. I had refunds today on some loans.
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iRobot
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Post by iRobot on Feb 29, 2024 19:22:46 GMT
Is the settlement charge not the percentage that Fundingsecure illegally kept for completed loans with no asset sale or not fully redeemed, as per email received 22/12/23, and now to be refunded. I had refunds today on some loans. Yep - think you may well be correct. The sums certainly back you up. Now that I'm back at a big screen, it's looking a bit clearer; I'd failed to appreciate that the £65k sum was across both of the Power Boat loans. Now I've taken that into account it does exactly tie in with the % received today. (Would still hope / expect the CC to be on top of the other point raised - ie: does the £340k include the two partial payments received in 2020?)
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Post by jay2 on Mar 4, 2024 16:16:51 GMT
Does anyone else understand the update that just came out about the "Settlement" number? I can't make head or tail of it..!! The figure was listed in the "Less" category as a negative number, but the note says it increased the balance to disburse to a number that wasn't on the breakdown. If it increased the pay out, why wasn't it shown in the Received section? I can only see two repayments for this loan - one in May 2023 and the one last week. Totally baffled...!!
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iRobot
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Post by iRobot on Mar 4, 2024 16:58:20 GMT
The figure was listed in the "Less" category as a negative number, but the note says it increased the balance to disburse to a number that wasn't on the breakdown. For others, the full update is: That £257,640.50 figure is the £192,574.84 'Balance to disburse' figure from the 30/05/2023 update plus the £65,065.66 'Settlement' figure, also shown on that update. As per Ace 's comment above, the settlement figure was dropped from these loans and others, in line with FS' / CG&Co's comms last December. Why CG&Co couldn't have issued an updated breakdown to reflect this just shows a lack of communication skills. It must surely have been apparent that a payment 'out of the blue' would generate enquiries in the absence of adequate explanation. This does seem fairly typical of Insolvency Practitioners, though. Their communication skills - and understanding / consideration of what should be communicated to creditors / lenders - is poor. From the lenders' perspective, it can feel like it's bordering on arrogance: " Don't question what we're doing; just take what you are given and be grateful for it."
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Post by jay2 on Mar 4, 2024 17:15:46 GMT
Ah ok... Thanks. Now I understand!
So they paid 75% of the full and final settlement they received in October 2021 (less costs) to us in May 2023 (!!!).
The other 25% they withheld until it was confirmed that it should come to us not FS. They told us about the decision in December 2023 and they've now just got round to paying us back that 25%...
Do we know what the £22,867.50 "Indemnity Sum" shown on the May 2023 breakdown is? The note there says "This is a sum to enable certain funds to be moved at this stage".
Will that also be released to us? Who was it indemnifying against what?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 4, 2024 17:19:43 GMT
Ah ok... Thanks. Now I understand! So they paid 75% of the full and final settlement they received in October 2021 (less costs) to us in May 2023 (!!!). The other 25% they withheld until it was confirmed that it should come to us not FS. They told us about the decision in December 2023 and they've now just got round to paying us back that 25%... Do we know what the £22,867.50 "Indemnity Sum" shown on the May 2023 breakdown is? The note there says "This is a sum to enable certain funds to be moved at this stage". Will that also be released to us? Who was it indemnifying against what? Its funds being retained as cover for the QT case, in case the admins legal advice that allows them to distribute funds outside the those specifically frozen in relation to the case ie those in the client account & any loans with tranches after claim point, turns out to be incorrect. They will be release once the QT case is determined or its scope defined unless they fall within the claim. Lenders & admin from the claimant.
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Post by jay2 on Mar 4, 2024 17:22:25 GMT
Ah, ok, thanks.
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Post by overthehill on Mar 4, 2024 17:40:43 GMT
Ah ok... Thanks. Now I understand! So they paid 75% of the full and final settlement they received in October 2021 (less costs) to us in May 2023 (!!!). The other 25% they withheld until it was confirmed that it should come to us not FS. They told us about the decision in December 2023 and they've now just got round to paying us back that 25%... Do we know what the £22,867.50 "Indemnity Sum" shown on the May 2023 breakdown is? The note there says "This is a sum to enable certain funds to be moved at this stage". Will that also be released to us? Who was it indemnifying against what?
Retained indemnity sums on 'affected' loans are related to the quistclose case. You should get that back as well!
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Post by jay2 on Mar 4, 2024 19:36:29 GMT
Cool! 2027?
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merlin99
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Post by merlin99 on Mar 5, 2024 9:11:46 GMT
These loans were the ones that hurt me the most as I had been drawn in by the offer of enhances interest. So even with some of the capital returned there is no chance of ever getting paid the interest.
I've long got over the hurt but I still want to see the directors of FS hung, drawn and quartered.
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