metoo
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Post by metoo on Mar 22, 2024 23:39:43 GMT
It makes me unhappy to see that in auto lend I ended up with 6 x £50 on some loans which I would have preferred to avoid. You have 24 hours to review each AutoLend and cancel the pledge if you wish.
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metoo
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Post by metoo on Jul 23, 2023 2:19:58 GMT
The FCA is accountable to Treasury and through them to Parliament. The FCA will become concerned if constituency MPs start asking awkward questions. Thanks to Duck's efforts there are quite a few MP's who have been made aware of the situation and I know my MP contacted the chairman of the Treasury Select Committee at the time. Unfortunately the legal case meant that little could be done but hopefully, now that is over, things can start to move. There will be a time to follow this up in the near future. Be sure to stay tuned.
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metoo
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Post by metoo on Jul 14, 2023 13:35:25 GMT
For Sentence - Resume - 14:09
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metoo
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Post by metoo on Jul 7, 2023 14:33:21 GMT
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metoo
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Likes: 410
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Post by metoo on Jul 6, 2023 13:23:30 GMT
I understand application to vary bail conditions was granted, and the case is not under appeal.
Sentencing is due tomorrow at 2pm in front of His Honour Judge Griffith.
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metoo
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Post by metoo on Jun 18, 2023 1:11:51 GMT
My private message seems not to have worked.. Clem, I will send you a message later today. Clem, if you are reading this forum, please note that you will need to log in to see PMs sent to you. After logging in, look at the top bar of the forum and click on "Messages".
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metoo
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Post by metoo on Jun 14, 2023 3:15:43 GMT
Thank you for all your time put into this, it is much appreciated.
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metoo
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Post by metoo on Jun 10, 2023 18:01:29 GMT
Good luck to you also. Interesting times.
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metoo
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Post by metoo on Jun 10, 2023 17:30:54 GMT
There was an email from Kuflink's CEO explaining about how they use the law firm on 1 Jun. Kuflink does quite a lot of pure bridging loans. I think this approach is relevant to bridge loans, where the borrower will need a refinance at term. Impressed by this. Good to focus the borrowers on a how they will exit these loans, particularly where interest is retained. Some use lawyers, some engage directly with the borrowers, others may have been rather naive or lax.
Development loans have different issues, but I think CP is proactively engaged with the progress of their loans. Lawyers aren't much use in the first instance there. Over-runs are very common with property development in general. The few that end up in receivership have specific issues.
What matters first is the individual loan risk. Many of the P2P platforms that have already failed had extremely high risk loans, as well as incompetence.
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metoo
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Post by metoo on Jun 10, 2023 15:15:42 GMT
what do you think recovery proceeds are ?are they what is left of the original loan minus costs/fees/legals/etc?.look at LY,MT,FS,etc to see what recovery proceeds are and who pays for it all.you will see lenders distribution right there at the bottom of the pile.platforms make a lot of money from loan extensions and default fees lenders while continue to accrue interest. unless there is a full recovery that interest is the first thing thats gone It is true that CP can deduct all out-of-pocket expenses, receivers' fees, etc from recovery proceeds, plus 10% of the recovery amount (Terms 16 viii). However, it is in CP's interests to try to deliver the best outcome they can for lenders. Otherwise their business will not succeed. The founders stand to profit from the value of their shares if the business succeeds, rather than from covering the cost of loan recoveries in those loans that go bad. The quality of loans on CP is generally much better than those on LY, MS, FS, and the alignment of interests with lenders is better. The borrower interest rate on those other platforms was substantially higher, so they were high-risk lenders of last resort. People should definitely understand the risk warnings, and only invest in what they understand and are comfortable with.
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metoo
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Post by metoo on Jun 10, 2023 2:19:21 GMT
for me the ease with which p2p platforms extend and extend loans and the updates that come with this before finally defaulting a loan is what pis*es me off as a lender can mostly anticipate this even with the little bit of info we are given. the platforms seem to keep it going for as long as possible and then just call in the receivers {charged to us of course}and continue to churn out loans because growth is the main objective here.ok DD seems well and good when it comes to presenting these loans but what are they doing when it comes to loan repayments/collections.how many people do they have working on this or is just leave it and we will appoint receivers when the time comes.of course we will still get our fees/costs etc and the lenders can pay for every thing along the way. Rocky, I don’t agree. I am sure recoveries are rather important to CP, and they are proactive in trying to resolve loans that go bad. Unfortunately these things really do take a long time, and sometimes there may not be a full recovery. Lenders don’t pay for receivers, though they are paid first from recovery proceeds. They are not the first resort, only being appointed when necessary, precisely because they are expensive.
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metoo
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Post by metoo on Jun 8, 2023 15:17:14 GMT
Hi all I'm a collateral investor who due to personal issues couldn't look into the trial phase very attentively. 1. BDO team isn't answering to my request per email, any suggestions? Earlier emails (before the distribution) seems to have been answered. 2. Do you have a template or similar for a complaint against the FCA. Let me know if you arent the appropriate person to reach out or any advice. Thank you in advance, Clem My private message seems not to have worked.. Clem, I will send you a message later today.
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metoo
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Post by metoo on Jun 3, 2023 2:02:23 GMT
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metoo
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Post by metoo on May 23, 2023 22:16:48 GMT
It is also unclear as to when the FCA will start to reply to complaints. Email dated 28 February:
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metoo
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Post by metoo on May 23, 2023 22:07:58 GMT
Where does this leave us now with our claims against the FCA? It was their poor management of the register, which allowed changes to be made by the companies themselves, that enabled Collateral to be viewed as legit. Also, what about the website/database being trashed, and the cost to try and re-create it? Surely someone was at fault for this act? My suspicion is that the FCA will say because this was fraud, they are not liable. By law ("FSMA" s222), the FCA is never liable for damages (with a couple of exceptions that have never been invoked so far as I know). There is a complaints process and accountability however. Keep following this forum in the coming weeks for further developments.
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