adrian77
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Post by adrian77 on Nov 1, 2023 11:46:37 GMT
Above is latest "news" talk about being pro-active! Surely they could have planned for this in advance?
If I remember correctly the 4 main investors get 75% of this and we get the leftovers Would be nice to know how much this will be but I expect after various expenses - not bloody much!
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adrian77
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Post by adrian77 on Oct 30, 2023 13:38:07 GMT
quite possibly - I regard SD and MC as part of the "etc" and to be two cheeks of the same...not sure who is the more problematic
I think there is a case for Fraud here - we have been shafted out of millions with all these improbable valuations, misleading information and loans we were told had a first charge e.g. B***wick cottage. Lytham St Annes etc where this was not true. I now deal in cash but whenI had commercial loans there was no way the bank would not have easily repossessed my properies as they seemed quite capable of drawing up sound legal documents...
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adrian77
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Post by adrian77 on Oct 30, 2023 12:13:45 GMT
I should cocoa!
this borrower is an associate of Stuart D*y etc - is this coincidence - has Carol V had plastic surgery!
We were sold this loan as having a first charge as security - well it hasn't and there is no excuse for that and in my book that is fraud...
Clearly something something is very badly wrong here and with the entire FS loanbook and Hackett has not exactly acted in a professional way here and that is being generous...
My theory is that this lender was a front man for D*y who basically worked with somebody within FS to control the whole loanbook - no idea who that might have been!
Whatever has happened here; the bottom line is that this bloke was given £0.75m of our money and I am unsure just how much we are likely to get back
What the hell is dificult in taking a first charge on an expensive farmhouse and realising the asset if the loan is not repaid? Anwer nothing unless of course the legal advice was not "properly taken" for whatever reason
Why the hell the police are not investigating this is beyond me...
I need a drink and a metaphorical cat to kick
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adrian77
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Post by adrian77 on Oct 28, 2023 10:19:16 GMT
it corrected in 2008 and I am still recovering from it....
yes many factors at play here but I certainly foresee a short-term correction - if I knew exactly I would be very wealthy and sadly I'm not
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adrian77
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Post by adrian77 on Oct 26, 2023 9:53:49 GMT
Very true - there is no way I would build new now - programmes such as Building The Dream make me laugh with their costings - personally I think this is very irresponsible by the producers. yes the UK housing market is in a mess with 2 competing factors - very high demand paid for by borrowed money with people ever more in debt - nasty...
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adrian77
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Post by adrian77 on Oct 25, 2023 10:35:36 GMT
Very good question - wish I knew!
I buy houses for profit as well as my main home so depends on what you want
My feeling (guess!) is to wait until at least a 10% fall in average prices and to see what is happening with interest rates - if they are still going up then I would wait for a further fall in house prices to possiby 20%.
Also I would wait until after the election - if Labour boost spending then I can foresee the £ falling and they will be forced to put rates up.
IMHO - the ratio of mortgages to average income is far too high and once people are forced to sell there will be a mini panic on the other hand there is massive demand but that is only supported by the large amount of cash available to fund it and I am not sure how long that will last
Personally I blame a lot of the overheating on this QE rubbish rather than taking painful decisions at the time
Just my thoughts and I may be 100% wrong so would appreciate other polite responses
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adrian77
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Post by adrian77 on Oct 24, 2023 13:20:42 GMT
Overall I agree with the above - I am a dealer/developer. I have sold most of my properties as I think the UK housing market is going to "correct" I paid £13,250 for my first house! The amount of money the bank etc will lend is just silly if not morally irresponsible True there is huge demand but interest rates are much higher now and people with a £400K house with a £200K mortgage probably felt pretty secure but if the value goes down my £100K and he mortgage up by 50% then maybe not...
Nothern Rock, Spain , US etc have all had mega problems and I believe the UK will as well although not as bad
I may be wrong but I have zero debt and no regrets about selling up...
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adrian77
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Post by adrian77 on Oct 12, 2023 15:45:39 GMT
Here's what I wrote in 2020
As mentioned Mr James L friend of our favourite art dealer is involved here - owned the land recovered and sold to the builders? Also common thread between other FS problematic loans and a finance broker/director
Just what the hell has been going on here - something is very very wrong here....
Luckliy I sold my investment in this one - sorry for the current investors who have clearly been shafted and if FS were doing their job properly this should never have happened
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adrian77
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Post by adrian77 on Sept 24, 2023 13:50:37 GMT
100% - to me this is all smoke and mirrors - Am I wrong to say the bottom line is that the administrators are going to do well out of this and we lenders badly...
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adrian77
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Post by adrian77 on Sept 23, 2023 18:14:46 GMT
you wrote the above in August - QED
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adrian77
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Post by adrian77 on Sept 23, 2023 11:11:07 GMT
true but in my book this is also fraud/deception and they should be charged with it...
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adrian77
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Post by adrian77 on Sept 22, 2023 17:01:45 GMT
As I see it this is business and sadly most people who can control the purse strings do so for their own ends - bit like MPs and expenses.
As to why this is taking so long beats me - all they had (in theory) was assets with a charge over them and all they had to do was realise them
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adrian77
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Post by adrian77 on Sept 20, 2023 16:46:35 GMT
In now - make sure it is zero zero and not O (OH) O
I had a message from Google saying somebody had been having a nibble at my password file - should have checked it earlier...
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adrian77
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Post by adrian77 on Sept 20, 2023 15:42:23 GMT
Tried to log in but can't uyes used F**** and F****X anybody else had this problem or can advise I thank you
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adrian77
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Post by adrian77 on Sept 20, 2023 11:10:07 GMT
Had a quick reread of this one - I see Mr *ickles is involved you know a friend of our favourite borrower Mr *ar Originally I said that many of these building projects were problematic which was undoubtably correct However Sir Ozboy and others questioned the ethics of what was going on here which I never initially realised
Mr *ickles keeps cropping up and I feel his significance is key - some days I get out my pen and paper and try to make sense of just what is happening here. I have reached a POSSIBLE conclusion which is this the entire loan book of FS (with the agreement of certain directors was basically under the control of a cabal of borrowers who had a track record of "problematic" loans.
This would explain many things not least why there was this mystery £0.5m injection from Belize and why perfecting charges etc was not done very well!
Sadly for them somebody talked and the rest is history....
This may be total gonads so I am accusing anybody of anything in particular but clearly there is something very,, very wrong here.
At least we had the FCA involved as they have shown their expertise in declaring no people were debanked for their political views - not sure which is the bigger farce this ludicrous statement or FS...
Give me a break!
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