09dolphin
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Post by 09dolphin on Feb 6, 2020 16:59:37 GMT
Will we get a breakdown of fees?
I also wonder why FS, when it was operational, didn't take action similar to the administrators. That's perhaps my biggest question.
I personally will just glad to be out of the shambles of a company called Loan Secure even if it takes some time.
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09dolphin
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Post by 09dolphin on Feb 3, 2020 11:16:47 GMT
My concern is that if money isn't flowing into RS where will they find money to finance loans, hence the better rates we can now achieve. Investment does seem to have dropped significantly over the past month or so. Specifically as there was in the order of 13million waiting to be assigned at the start of 20020 whereas it's now less than 6 million and decreasing.
OK I know RS have potentially deep pockets but a loss making company will only be supported for a limited period by an investor or parent company before they decide to cut their losses - or for a specific amount they are prepared to use to support a fledgling company.
I am getting jittery although I'm comfortable for perhaps more couple of months.
I am watching RS bearing in mind the number of P2P companies who are no longer trading and who have led to significant losses for investors.
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09dolphin
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Post by 09dolphin on Jan 29, 2020 19:51:42 GMT
Contrary to the information given by FS when this loan was first offered my understanding is that the loan was actually against a secured loan that had already been taken against the land by a director of the company which already owned the land.
Chances of any return whatsoever are minimal
I
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09dolphin
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Post by 09dolphin on Jan 29, 2020 19:36:02 GMT
It seems to me that people who "invested" 3+ years ago in FS are likely to have profits that will mainly protect them from an overall loss. People who have "invested" in FS in the past 2-3 years are likely to have an overall loss and people who "invested" in the 12 months before administration will be the biggest losers.
What I find really distressing is that some Forumites appear to find this acceptable.
What does it say about out morality when it becomes acceptable in our society for people to "invest" in an apparently respectably valued asset by a "professional" to find that is now worth only 50% or less of the valuation. How is that actually possible? What does it say about our government when the professional body which is supposed to regulate financial trading appears to have failed so abysmally?
Frankly I am appalled by the failure of governance but perhaps I should just shrug and say this is the society we now live in.
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09dolphin
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Post by 09dolphin on Jan 24, 2020 14:02:16 GMT
I have concerns about the security of the administrators dealing with information linking me to my bank account. Obviously FS took AML checks several years ago which seems to have been lost - hence the need for additional checks.
I have received a 2nd email asking for details of my bank account again after sending a page from my statement by "tracked" Royal Mail to the administrators at Funding Secure's address. The "tracked" post confirms it was delivered.
My bank have advised me to take extra security precautions as a result of the administrators losing information already sent and have advised me against resending information which links me to my bank account.
I assume the administrators will charge us in the order of £100.00 per hour for them to deal with their inefficiency.
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09dolphin
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Post by 09dolphin on Jan 3, 2020 17:15:32 GMT
Can you pls confirm the ticket ID? We've been a bit short staffed over the last month, but will get back to you this week. I share your frustration and I too am considering withdrawing. The last straw was RBS making a decision on my behalf to allow a payment holidays without an adequate explanation or any consultation. Perhaps even worse was the fact that the borrower then didn't honour their commitment to bring their account up to date in early December and they remain in arrears in January. RBS remain silent. I'm tired of RBS telling me that they are sending emails daily when payments are late but they appear to make no other effort to secure any sort of repayment. I'm tired of RBS appearing to be ineffectual in chasing late payments some of which are many months late. Obviously RBS are a lender of last resort but if they were more open when lenders get into difficulties I'd be more prepared to consider continuing to lend. What I find really frustrating is that RBS seem incapable of effective communication with people who lend money
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09dolphin
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Post by 09dolphin on Dec 27, 2019 18:51:13 GMT
I accept that any return of my capital will likely be pence rather than the £s I invested. I accepted this some considerable time ago - well before the platform went bust.
What I really don't want to see is the people who borrowed money on assets which were questionable having benefited or continuing to benefit from my "investment" . I would be happy to spend a percentage of the money invested seeing this doesn't happen purely because I feel somewhat outraged.
Does anyone know if the present and recent past directors of FS will be affected or impacted by their abysmal failures, or if they will walk away from a problem of their creating without any impact on them personally.
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09dolphin
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Post by 09dolphin on Dec 20, 2019 20:35:48 GMT
Thanks DF for your help. Have installed another browser and now able to access all usual information
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09dolphin
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Post by 09dolphin on Dec 19, 2019 19:46:45 GMT
When considering investing in new loans I have been unable to access information in the "Discussion" and "Loan Offers" tab since early in December.
Are other experiencing this or is it a browser issue. I normally use Firefox but if it's browser issue which browser would enable me to access the previously available information. I can still access the information in these categories for loans I invested in up to early December.
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09dolphin
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Post by 09dolphin on Nov 30, 2019 8:25:58 GMT
I have an ISA account with RS for 2 separate tax years. I do have 5 and 1 year loans + rolling loans at really good rates. From the information I can see in my account they are merged. which I know is impossible. Obviously I'm missing something but I don't know exactly how to solve the problem and view my 2 accounts separately. It is definitely my intention to transfer my 2018/2019 ISA to another provider as I'm not comfortable with my level of exposure at the moment but if the rates of interest hold up I may start another ISA account with RS in the next financial year.
Can anyone tell me how to view these accounts as 2 separate accounts? I am thinking of transferring my ISAs to another provider as the new investment rates are unacceptable to me for the rate of interest and the risk. Thank you in advance for any advice or suggestions.
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09dolphin
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Post by 09dolphin on Nov 27, 2019 7:32:32 GMT
I'm not sure what my position is regarding money in my "available account". Specifically money not invested but it was available to be invested by myself before the site went bust. I had assumed that this was money protected but with all the other issues coming to light I'm beginning to wonder. Can anyone tell me if this money is "safe" or if this money can be "grabbed" by other creditors.
I know I was stupid in leaving money in what I thought were clients accounts, therefore are ringfenced and client accounts are normally safe as houses. Knowing the answer will decrease my stress levels even if it's not the answer I want to hear.
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09dolphin
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Post by 09dolphin on Nov 20, 2019 18:42:05 GMT
This is not a criticism but I only read about the fundraising by chance which directly led to my contribution.
To make life easier for those who may want to contribute to a "Fighting Fund" for "investors" perhaps a separate thread would be appropriate?
I'm sure that there are other people like me who use the internet in a very limited way and didn't know you could opt out of the "contribution" you make to Crowdfunding. But then I am rather elderly and only use the internet in a very limited way. Perhaps it's better to just read the contributions on the Forum, say nothing and see what transpires.
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09dolphin
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Post by 09dolphin on Nov 20, 2019 18:25:52 GMT
Posted my contribution on the Crowdfunding website just now. I'm pretty sure that there will need to be further funding tranches (a familiar phrase well known to "investors" in FS so everyone will know exactly what I mean).
Can I suggest that an account is created for the Action Group. I know I look after the pennies but what seems to be a surcharge on a deposit using Crowdfunding could be better spent by the Action Group IMHO.
I am not actually that familiar with social media so if I am being a bit of a prat please understand as I am quite old and haven't that much experience in the wild world of the internet.
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09dolphin
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Post by 09dolphin on Nov 18, 2019 19:20:37 GMT
If lenders complete the forms as the administrators request are we not saying we are creditors? To claim we are creditors seems to me to significantly weaken our position when we actually have a 1st charge against an asset - unless of course a 1st charge hasn't been registered.
Obviously I could be wrong but what I do know is that creditors have a very weak case, although a well defined legal case, to claim against assets when a company is in administration. Creditors normally receive a proportion of the amount they claim which may be secondary to other claims.
Personally I think people with loans should seek their own legal advice rather than rely on administraors I've not read this anywhere on this forum but I am personally happy to commit 1 -1.5% of my "invested" money to a "fighting fund". What say other investors
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09dolphin
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Post by 09dolphin on Nov 14, 2019 17:17:44 GMT
I am a simple soul who has a pot of money (less than 10% of my assets) that I was comfortable spending and for the last 5 to 10 years I hoped to get a better return than the about 1 - 1.5% available via normal savings accounts. I should add that I knew P2P accounts were risky and I knew about 1 - 2 years ago that FS were in real trouble, not because I am wise or business educated but because I do have common sense. I only have about .75% of that money still stuck in FS and I'm still stuck with various Zombie loans. All the same the money I do still have "invested" in FS Zombie loans I am loath to lose.
There are so many views posted about the administration of FS and I find it quite confusing. So much so that I think inertia is a viable alternative for a few weeks before I make firm decisions. I'm looking forward to seeing just one or two threads suggesting what the various alternatives are available (perhaps about Christmas time) when things have settled down a bit and we have a lot more information.
Can I also say that I'm pleased that some loans are now being classed as defaulted ie the Powerboat loan that should have been defaulted a few years ago in my view.
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