11025
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Post by 11025 on Jun 3, 2023 16:36:18 GMT
sympathy for the people in this one - they have been well and truly sunk Looks to me that 2 boats were reovered ? £1.2m lent and under £193K recovered - 84% loss fantastic! As a matter of interest why have Brabners been paid over £11K - just what have done for this - all they had to do was serve possession - or maybe deal with sleight of hand which FS failed to stop? Also what the hell is this £65K settlement - am I missing something ? I thank you I have raised this with CG . It has been shown to our detriment that fs were very sparing with the truth and now CG appear to be upholding that tradition. Secured lending and fca regulation - what a sh1tshow. Weirdest thing is if I tried even a fraction of what we know has gone on with fs I'd be in court and probably banged up before I could blink...
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11025
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Post by 11025 on Jun 5, 2023 12:42:07 GMT
I hope you are all sitting down - as after being repeatedly rogered by fs it appears the admin have decided they will have a go at it... If the nigel shown is who I think it is then I can begin to understand the way we have been hung out to dry. Not made clearer - blatant deception in my book. Just received from CG See below: An update was posted on 29/10/2021 (see below) this mentions both boats.The update on 24/02/2022 was not a final calculation as this was by way of illustration as to the potential return.
The borrower already had an existing loan secured against a different boat and the settlement was for both loans.
I can only apologise that it was not made clearer.
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adrian77
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Post by adrian77 on Jun 6, 2023 8:38:11 GMT
I should cocoa
I am still very confused about whether there are 1 or 2 boats
Are you saying these figures are projections and not actual ones or in another word fantasy ones?
If FS have one boat I really don't believe they will get anything like the figure quoted and that is assumming she still has a damn engine
Just how much are 7+ year old powerboats that have been thrashed and lefT for several years without maintenance (presumbly) worth?
After doing my research - cock all!
If £340K was recovered that is a much better figure than I expected but I am just plain confused as to what is happening here...
I thank you
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ilmoro
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Post by ilmoro on Jun 6, 2023 9:09:22 GMT
I should cocoa I am still very confused about whether there are 1 or 2 boats Are you saying these figures are projections and not actual ones or in another word fantasy ones? If FS have one boat I really don't believe they will get anything like the figure quoted and that is assumming she still has a damn engine Just how much are 7+ year old powerboats that have been thrashed and lefT for several years without maintenance (presumbly) worth? After doing my research - cock all! If £340K was recovered that is a much better figure than I expected but I am just plain confused as to what is happening here... I thank you Sorry this reminds me of this www.youtube.com/watch?v=OSlfttDnurw 2 boats!!! ... a very small Navy. The words "different boat", as in not the same boat is the clue. Two loans, two different boats, one settlement split across both. The first earlier update/figures was the projection, the second longer set of figures is the actual settlement & the money paid out. (it includes settlement, indemnity & expense contrib which are recent innovations) You dont have to believe, thats what they got, but for two boats £340,000 to the borrower obviously (and I wouldnt necessarily assume they were trashed/unmaintained)... note the inclusion of 'settlement' which AIUI means it is not a distressed sale but an agreed redemption of the loans.
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adrian77
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Post by adrian77 on Jun 6, 2023 9:32:25 GMT
As you clearly know everything that has happened here what is the £65K settlement?
Thanks
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r1200gs
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Post by r1200gs on Jun 6, 2023 9:52:24 GMT
I should cocoa I am still very confused about whether there are 1 or 2 boats Are you saying these figures are projections and not actual ones or in another word fantasy ones? If FS have one boat I really don't believe they will get anything like the figure quoted and that is assumming she still has a damn engine Just how much are 7+ year old powerboats that have been thrashed and lefT for several years without maintenance (presumbly) worth? After doing my research - cock all! If £340K was recovered that is a much better figure than I expected but I am just plain confused as to what is happening here... I thank you Sorry this reminds me of this www.youtube.com/watch?v=OSlfttDnurw 2 boats!!! ... a very small Navy. The words "different boat", as in not the same boat is the clue. Two loans, two different boats, one settlement split across both. The first earlier update/figures was the projection, the second longer set of figures is the actual settlement & the money paid out. (it includes settlement, indemnity & expense contrib which are recent innovations) You dont have to believe, thats what they got, but for two boats £340,000 to the borrower obviously (and I wouldnt necessarily assume they were trashed/unmaintained)... note the inclusion of 'settlement' which AIUI means it is not a distressed sale but an agreed redemption of the loans. Does this settlement fee not encourage the administrators to let borrowers get the asset(s) back on the cheap?
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ilmoro
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Post by ilmoro on Jun 6, 2023 10:15:38 GMT
As you clearly know everything that has happened here what is the £65K settlement? Thanks Not everything, just what I can read AIUI Charges accrued during the course of the loan which are payable on settlement but not insolvent recovery. No idea the basis for them being applicable.
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adrian77
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Post by adrian77 on Jun 6, 2023 10:18:40 GMT
quite possibly - as I said there is possibly something very wrong here - you never know!
Hang on are asking if the borrowers got the boats back for £65K so in effect the settlement was £340k - £65K = £275K - now that is a very intelligent question!
I know I am being pedantic but that is how I am - and it is not a bad thing in my career but as I see it all we have is words about what happened here and unless I am mistaken no physical proof
Maybe I have missed it but was this 'settlement' figure a realisation value from a forced sale or a cash settlement from the borrower Nigel (yeah I trust him!) said in the update they were advised to accept the settlement offer and then he states the realisation proceeds will be posted so has he ignored the advice to accept the settlement from the borrowers or maybe he is not being quite as clear as he could be?
Whatever decent people have been shafted over this and it should never have happened
This level of 'communiction' is totally bloody unacceptable
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ilmoro
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Post by ilmoro on Jun 6, 2023 11:13:50 GMT
quite possibly - as I said there is possibly something very wrong here - you never know! Hang on are asking if the borrowers got the boats back for £65K so in effect the settlement was £340k - £65K = £275K - now that is a very intelligent question! I know I am being pedantic but that is how I am - and it is not a bad thing in my career but as I see it all we have is words about what happened here and unless I am mistaken no physical proof Maybe I have missed it but was this 'settlement' figure a realisation value from a forced sale or a cash settlement from the borrower Nigel (yeah I trust him!) said in the update they were advised to accept the settlement offer and then he states the realisation proceeds will be posted so has he ignored the advice to accept the settlement from the borrowers or maybe he is not being quite as clear as he could be? Whatever decent people have been shafted over this and it should never have happened This level of 'communiction' is totally bloody unacceptable The borrowers paid £340k for the boats (Note the plural in the update screenshot). The £65k is deducted from that by the admins along with realisation costs, their fees, cost contribution, & a QT indemnity. All the information you need is contained in the various posts by 11025 The screenshot update clearly says the settlement is from the borrower, an offer was made, the admins took advice and when that was that they wouldnt do any better from a forced sale they took it. Note the date of payment predates the update, so the update states what happened not what might happen. Seems pretty clear to me. Legally administrators are required to get the best outcome and need to be able to demonstrate that if challenged. The issue is whether that is for everyone or whether creditors interests eg an extra £65k, outweigh those of lenders. Its certainly not transparent. Yep, comms are awful.
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11025
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Post by 11025 on Jun 6, 2023 11:41:24 GMT
In a nutshell,
This should have been done and dealt with years ago , the borrower has read the situation then played everyone like a fiddle and we as usual only find out after the event.
This case was decided in my favour by the FOS but fs conveniently entered into admin shortly after and it couldn't be enforced.
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Post by beepbeepimajeep on Jun 6, 2023 13:28:55 GMT
In a nutshell, This should have been done and dealt with years ago , the borrower has read the situation then played everyone like a fiddle and we as usual only find out after the event. This case was decided in my favour by the FOS but fs conveniently entered into admin shortly after and it couldn't be enforced. Spot on, and sorry to hear about succcessful FOS complaint that was nerfed by administration. Not in the least bit surprising. Seems like nobody but us investors will suffer for this, which imo is completely wrong
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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 6, 2023 14:55:36 GMT
In a nutshell, This should have been done and dealt with years ago , the borrower has read the situation then played everyone like a fiddle and we as usual only find out after the event. This case was decided in my favour by the FOS but fs conveniently entered into admin shortly after and it couldn't be enforced. Unfortunately, there is/was an army of Lenders who never wanted to Default anything on any of the Platforms. Many/most/ALL of them have obviously never owned and/or run a business. Think I'll donate my crystal balls to medical science. Mar 30, 2017 at 5:09pm runtley likes thisQuoteEditlikePost OptionsPost by ozboy on Mar 30, 2017 at 5:09pm Apologies if there's already a thread on this but I couldn't find it so obvs starting this one. I know that Defaulting this Loan means a rather difficult (impossible) Asset to sell, however, I mean, NO contact in 20 days from the Borrower AND over five months late.
Time to Default, wot think you peeps?Expected end 15/10/2016 25/03/2017 We have not received an update from the borrower. We will push for an update and post as soon as received. 18/03/2017 We have received no updates this week. We will be in touch early next week and will post an update then. 10/03/2017 In a call today with the borrower, they were optimistic about securing a long-term investment with any of 2 interested parties. They are trying to secure a non-refundable deposit which would enable them to repay all outstanding interest.
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adrian77
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Post by adrian77 on Jun 6, 2023 15:03:29 GMT
Ozboy you were 100% correct - yes in life you simply have to take difficult decisions
I am still not convinced we got the whole truth over this one but if it had been defaulted 6 years ago then maybe the recovery would have been higher. Of course that is assuming these assets were properly dealt with and to me that is a big if
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Post by beepbeepimajeep on Jun 6, 2023 19:23:11 GMT
Updates on this loan were absolutely ridiculous, like this gem.
"31/10/2017
Confirmation received that the bankers draft has cleared - funds to be transferred once AML requirements satisfied."
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Post by martin44 on Jun 6, 2023 19:48:33 GMT
I cant believe this saga is still running, if i remember correctly i was in the first speedboat loan that crashed and was paid back in full by the insurance company, i then declined to go into the second one.. what a farce/ripoff.
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