ilmoro
Member of DD Central
'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 Jan 29, 2024 14:42:21 GMT
3.5 years of interest on 1.3 million pounds, that's going to be a chunk of change that the administrators have apparently just pocketed, a little bonus. 5% per year compounded? I understand that there is a clause allowing FS to stop all interest payments to lenders if the asset is sold, but this was surely meant to cover the interim period before the money was paid to lenders. Surely this was anticipated to cover days or maybe weeks for a functional company - not 3.5 years in administration?! I'm pretty sure that no judge would uphold that as a fair term and condition in these circumstances. Now, where's the judge? It's not a clause, it's how the law works AIUI. The debt is discharged at the point the property is sold so there is no further obligation on the part of the borrower, the contract is ended so interest no longer accrues even if the debt isnt cleared. Interest was being earned while cash was held in the CA. It is not entirely clear what happens to this cash. It appears to be in the CA There is also the recent dear CEO letter on the subject of interest on client funds where the FCA expects the sums claimed by platforms to only be related to costs, the rest should go to lenders. FS remains a regulated business.
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adrian77
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Post by adrian77 on Jan 29, 2024 16:04:45 GMT
very true and the obvious question is why the hell not - do the CC know?
I pre-booked a major contract today and I told the managing surveyor I want a detailed list of all works
and all costs - hello FS this is how the real world works!
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r1200gs
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Post by r1200gs on Jan 30, 2024 10:20:23 GMT
Anybody seen any loot yet?
I'll believe this is completed when the cash is on my account, even then I think it needs to be put offshore and in somebody else's name just to be sure.
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r1200gs
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Post by r1200gs on Jan 30, 2024 10:45:56 GMT
Oh look, there's a shocker, just in.
"We had previously advised that withdrawals will be processed this week on Tuesday. We are currently experiencing technical difficulties and are unable to process payments at this time. The position is being kept under review and we hope to be in a position to move forward as soon as possible."
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Post by overthehill on Jan 30, 2024 10:46:57 GMT
Spoke too soon.
A company which has your money goes into administration and then you get kicked in the balls again when they appoint unfit administrators way out of their depth.
"We had previously advised that withdrawals will be processed this week on Tuesday. We are currently experiencing technical difficulties and are unable to process payments at this time. The position is being kept under review and we hope to be in a position to move forward as soon as possible"
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agent69
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Post by agent69 on Jan 30, 2024 10:57:45 GMT
Spoke too soon.
A company which has your money goes into administration and then you get kicked in the balls again when they appoint unfit administrators way out of their depth.
Collateral?
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adrian77
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Post by adrian77 on Jan 30, 2024 11:36:01 GMT
I worked on the bacs system when in IT
I don't believe a bloody word of this and here's why
the bacs system has not gone done so the problem is with CG - even if their system is down have they ever heard of a telephone but they can email us. Either they have the money in the relevant account of they haven't
If they have the money available then just what is the problem? If they haven't then why the bloody hell not?
I do wonder it this a pathetic excuse to hold onto OUR money happy for a technical IY expert to criticise my logic
Happy for C&G to tell me what the problem is - dont worry about being too techincal chaps as I will understand it,,,,
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iRobot
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Post by iRobot on Jan 30, 2024 11:55:28 GMT
I worked on the bacs system when in IT I don't believe a bloody word of this and here's why the bacs system has not gone done so the problem is with CG - even if their system is down have they ever heard of a telephone but they can email us. Either they have the money in the relevant account of they haven't If they have the money available then just what is the problem? If they haven't then why the bloody hell not? I do wonder it this a pathetic excuse to hold onto OUR money happy for a technical IY expert to criticise my logic Happy for C&G to tell me what the problem is - dont worry about being too techincal chaps as I will understand it,,,, Why assume it's BACS? Seems a costly option when FP / OB is available. And regardless of the payment method used, I've known the 'technical difficulties' line to be trotted out when the 'difficulty' isn't truly 'technical' but rather the person with the correct approval credentials have not been available to press the magic button... (The truly technical possibilities for a system failure are too myriad to list, but if I had to place a bet on just where in the chain the failure may be then, ignoring the human one above, I'd go for an expired encryption certificate.)
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r1200gs
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Post by r1200gs on Jan 30, 2024 13:55:37 GMT
I doubt I'm the only one to be concerned that this has nothing to do with technical issues or the right person being their to press the button. After 3.5 years of worry this is just cruel. I feel sick with worry and doubt I'm alone.
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taffy
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Post by taffy on Jan 30, 2024 14:29:48 GMT
I doubt I'm the only one to be concerned that this has nothing to do with technical issues or the right person being their to press the button. After 3.5 years of worry this is just cruel. I feel sick with worry and doubt I'm alone. F/S went into administration on 23 October 2019. Sorry, it`s not 3.5 years but 4.5 years. I`m sure that makes you feel better! Back to rounding up the sheep, after this F/S & FCA mess, I`m quite at home with them.
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michaelc
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Post by michaelc on Jan 30, 2024 14:31:36 GMT
I doubt I'm the only one to be concerned that this has nothing to do with technical issues or the right person being their to press the button. After 3.5 years of worry this is just cruel. I feel sick with worry and doubt I'm alone. I'm very sorry to hear that and I'm sure you are not alone. I have "lost" a non-trivial annoying amount so I'm not sick with worry and I put lost in quotes as I mix it in with other investments that have gained so view the overall picture rather than individual gains/losses. I do think people should be mindful that there will be people here who for whatever reason have lost much more than they wanted to. Maybe some were daft investing so much but we nevertheless should show some humility as most are.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jan 30, 2024 17:43:02 GMT
"Technical Issue" now overcome. Payments have been processed. Yippee
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Post by scotty on Jan 30, 2024 17:46:51 GMT
I doubt I'm the only one to be concerned that this has nothing to do with technical issues or the right person being their to press the button. After 3.5 years of worry this is just cruel. I feel sick with worry and doubt I'm alone. 'Further to the previous update we have now been able to process the requested withdrawal payments. There may be some additional delay with international payments'.
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Post by overthehill on Jan 30, 2024 18:06:15 GMT
Treating each diminished payment from FS or any of the other delinquents in administration as a day to celebrate and a win has an inherently bleak big picture for most i.e. taken for a ride, invested too much money, in too many loans, in the wrong loans, didn't sell quick enough - myself included.
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r1200gs
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Post by r1200gs on Jan 31, 2024 11:10:27 GMT
Oh dear god, the relief this morning when I checked my phone is enormous, never will I be so stupid ever again.
Sincere condolences to those in the lower ranking loans, but I expect you are feeling relieved to finally close the book on this complete and utter shambles. I know my last loan is likely a 100 percent loss but I just wish they would get on and end it.
Good luck to all.
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