merlin99
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Post by merlin99 on Feb 3, 2022 11:39:42 GMT
I mentioned the Reading property (6147432141) earlier and am curious. Was this loan written off by the administrators, if so does anyone know why? And wasn't there some naughtiness involving a director and a member of his/her family?
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grumpsimus
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Post by grumpsimus on Feb 24, 2022 18:40:14 GMT
The latest update indicates that FS have recovered £340,000 from this Loan after nearly 6 years. So after costs we might get roughly 50% back. However, at the present rate of progress it will probably be another 6 years before it is actually paid!
Another brilliant FS investment.
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11025
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Post by 11025 on Feb 24, 2022 19:33:16 GMT
The latest update indicates that FS have recovered £340,000 from this Loan after nearly 6 years. So after costs we might get roughly 50% back. However, at the present rate of progress it will probably be another 6 years before it is actually paid!
Another brilliant FS investment.
Begs the question , what could have been returned had this been defaulted and dealt with in a proper and timely manner ?
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Post by bracknellboy on Feb 24, 2022 21:26:39 GMT
The latest update indicates that FS have recovered £340,000 from this Loan after nearly 6 years. So after costs we might get roughly 50% back. However, at the present rate of progress it will probably be another 6 years before it is actually paid!
Another brilliant FS investment.
all true, though I calculated it at a bit more like 45%, but in terms of P2P recoveries the difference is but a mere approximated rounding error. Frankly, I had 'written this off' at least in my head and spreadsheet (mostly for my own sanity). While I 'only' had £1k in it, the unexpected return of something which is more than just a rounding error, will be welcomed. Which is very different from saying that is is "appreciated", (at least in this context and using my own lexicon).
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adrian77
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Post by adrian77 on Feb 25, 2022 9:59:46 GMT
Personally this is much better than I thought possible so hopefully I was wrong - can I ask is this over one ot two boats - any news on the second boat - I thank you
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squid
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Post by squid on Feb 25, 2022 10:58:58 GMT
Personally this is much better than I thought possible so hopefully I was wrong - can I ask is this over one ot two boats - any news on the second boat - I thank you This applies to each boat i.e. £680,000 in total.
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adrian77
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Post by adrian77 on Feb 25, 2022 11:29:53 GMT
Wow - call me a born-again slaphead! This is far more than I was expecting - in fact I am staggered these now "old" boats are worth anywhere near this...
I just hope this is not even more flannel.
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jonno
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nil satis nisi optimum
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Post by jonno on Feb 25, 2022 11:32:24 GMT
Wow - call me a born-again slaphead! This is far more than I was expecting - in fact I am staggered these now "old" boats are worth anywhere near this... I just hope this is not even more flannel. You're a born again slaphead
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adrian77
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Post by adrian77 on Feb 25, 2022 16:41:41 GMT
thanks - I hope I am a slaphead and investors get 35% or whatever of their money back and that I am not going to be offered an apology when this one is finalised...it has 122 pages of comments which I think is the record.
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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 Feb 25, 2022 17:59:33 GMT
thanks - I hope I am a slaphead and investors get 35% or whatever of their money back and that I am not going to be offered an apology when this one is finalised...it has 122 pages of comments which I think is the record. For what? Posts per thread, no ... post per loan thread, no (200 pages for Lendy loan), posts per FS loan thread, yes, it does indeed win the Premiership
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11025
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Post by 11025 on Apr 8, 2022 9:01:25 GMT
Anyone know when or if we might see funds from this ?
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merlin99
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Post by merlin99 on Apr 8, 2022 9:08:59 GMT
Anyone know when or if we might see funds from this ? You could try a letter to Father Christmas. Being facetious I know is not clever but I could not help it in this case. Think the main problem is legal stuff getting in the way. So until all this clears the courts we are stuffed. However we have been stuffed all along with these loans so perhaps we wont notice a bit more!
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r1200gs
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Post by r1200gs on Apr 8, 2022 10:07:21 GMT
Anyone know when or if we might see funds from this ? I'm afraid that getting repaid does not mean you get repaid. I believe all repayments are held until this mysterious Quistclose trust nonsense is settled, then we either get our money back or somebody else does. I have £28,000.00 repaid which is full capital and interest, but actually being given the money is a step too far. It seems to me that as long as their is money there, people are going to be fighting over it and that includes the administrators themselves. Giving it to us is a last resort when all other options have failed.
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merlin99
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Post by merlin99 on Jul 29, 2022 11:37:38 GMT
Anyone know when or if we might see funds from this ? You could try a letter to Father Christmas. Being facetious I know is not clever but I could not help it in this case. Think the main problem is legal stuff getting in the way. So until all this clears the courts we are stuffed. However we have been stuffed all along with these loans so perhaps we wont notice a bit more! Any news anybody? Is Mal still paying into the kitty or has he stopped? I know that there is still legal stuff going in general but is there any news regarding these two loans? The reason I ask this is because this time last year one of the boats was seen being tested out in the Solent but no mention this year.
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mah
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Post by mah on Sept 2, 2022 17:00:03 GMT
I mentioned the Reading property (6147432141) earlier and am curious. Was this loan written off by the administrators, if so does anyone know why? And wasn't there some naughtiness involving a director and a member of his/her family? Sorry, didn't see this post earlier.
Yes, it was a complete write off as per the latest update :
"Following a formal review it has been confirmed that the documentation is insufficient to effect a recovery. The loan will therefore shortly be closed with no funds returned."
I think the next post about a recovery of £340K is for the Boats ? It actually made me jump and look at the FS website :-(
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