r1200gs
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Post by r1200gs on Feb 4, 2024 10:37:16 GMT
Any thoughts on what percentage of loan will be paid back to lenders here and possible timeline? Cheers I'm very curious as well, it's really quite shocking that the whole thing is so opaque that we really can't have a clue as to how much or when, or if.
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r1200gs
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Post by r1200gs on Feb 4, 2024 9:55:20 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.
Even I could sense the tension, how much did you have in it, don't answer that... What is the other loan ?
I'll answer, no reason why not. I had 20k in the first loan but put in perspective, about a years income. The other loan I had remaining was The Dell, now written off. There's now precisely nothing showing at all. And so, it ends.
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r1200gs
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Post by r1200gs on Jan 31, 2024 11:15:44 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. From sale of the building, taffy. Speaking of sheep, I think a nice hike in the Welsh countryside might be in order to restore some mental health now this diabolical mess has finally ended.
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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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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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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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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 29, 2024 12:46:09 GMT
if we take simple interest at 4% - should be easy enough on such a large sum I make that 1,300,000 x 4/100 x 3.5 = £182K on simple interest alone - tasty! Not much of an incentive to get this money back to its rightful owners, is it? In fact, given their clear purpose in life is to maximise their own income then this term is clearly not in the interests of the investors. Don't worry, I expect the FCA to leap to our defence at any moment, and point out that they fecked up by allowing this situation to arise in the first place. Probably. Not!
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r1200gs
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Post by r1200gs on Jan 29, 2024 11:39:07 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?
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r1200gs
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Post by r1200gs on Jan 25, 2024 13:52:54 GMT
Why did the lower priority development loan tranches receive capital repayment before the 1st ranking loan received its interest in full? That’s not how I recall FS loans working (though it was a long time since I had one repay) Because the interest stopped when the property was sold, at least that is what I was led to believe. While not wishing to appear greedy, it seems to me that this was a pretty arbitrary decision when the lenders had not been repaid and interest was accruing on the website, and when the administrators were pocketing the interest from the bank for 3 years! My reading of the loan says that I continued to accrue interest at the expense of lower ranking loans until I was repaid, not FS administrators receiving funds. But then I'm no lawyer, but on the other hand the administrators don't appear to be either.
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r1200gs
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Post by r1200gs on Jan 24, 2024 11:16:38 GMT
I can't believe it has finally happened! 39.15% interest which over 74 months works out at 5.5% annualized. When I first invested in this loan I thought about all the things that could possibly go wrong: 1) The borrower might not repay. 2) The three separate RICS valuers giving it a valuation of £4m+ could be slightly off. 3) FundingSecure could go bankrupt. 4) There could be fraud involved. 5) There could be some unknown problem with the building. I decided that given the low LTV of the first ranking tranche that I should be well covered if any of these eventualities came to pass. Never in a million years did I think they would ALL occur, yet somehow I have still managed to come out okay. This highlights the importance of margin of safety when investing in P2P loans. Anything other than low LTV 1st charge loans are to be avoided like the plague. I am shocked to see other platforms are still able to attract investors to their 2nd/3rd/4th/5th charge/tranche loans with high LTVs. The people investing in them are playing with fire and likely to get burned. Usually there is only a couple of percentage points difference between the 1st charge and subsequent charges interest rates, yet the risks are multiple times greater. I'll be glad never to have to think about FundingSecure again. An absolute farce from start to finish. It still boggles my mind that so many clowns/frauds/liars/cheats were able to coalesce in such a way as to create this abomination. The only solace is that none of them will ever achieve fulfilment in their lives. They are more like desperate animals acting on instinct in search of their next meal, than reasoned human beings acting rationally to build genuine long-term success. What a miserable existence that must be for them. All under the watchful eye of the FCA as this extortionate administration has been and continues to be. I was in the first charge to the tune of 20k. My heart felt sympathies to the holders of the other charges, I know what it feels like.
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r1200gs
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Post by r1200gs on Jan 24, 2024 9:33:19 GMT
finally paid back. not sure if i am up or down on this one though.happy for investors who had many Ks stuck in this farce of a loan and glad its out of the way now. What? Where did you get this from? Update - and there's the money in available funds. Finally!
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r1200gs
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Post by r1200gs on Jan 23, 2024 12:08:15 GMT
So............ will we get paid this week then? Answers on a postcard. Only if they run out of excuses not to pay you. I think that before handing out funds to us they actually hold an emergency meeting and brainstorming session on ways they can possibly dream up to justify not paying out. SOMEBODY THINK OF SOMETHING, ANYTHING, ANYBODY!? The funds from the tower block have been sitting there since July 2020, here we are in January 2024.
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r1200gs
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Post by r1200gs on Jan 18, 2024 12:05:37 GMT
I think Quantuma have already worked that the administration will cost as much as possible.
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r1200gs
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Post by r1200gs on Jan 17, 2024 17:23:31 GMT
Distributing of funds to us only happens when all other options are exhausted. Now well over three years since the 1.3 million for the tower block was received. When that comes to the wire, expect them to invite a bun fight for those funds.
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