rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jan 17, 2022 0:33:30 GMT
I agree this is all very unsatisfactory from the point of view of ordinary lenders. Remember the two rules of insolvency - it all takes longer that you thought possible and you always get back less than you expect.
To a layman , that all reads very plausible but to that same layman I suppose it might depend on your definition of what an 'ordinary' lender is and by definition therefore, ask how many types of lenders are there ?
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jan 11, 2022 16:58:54 GMT
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jan 11, 2022 16:56:32 GMT
Rest assured there are two hopes for this one on any returns, other than the 1st ranked charge...and one is Bob
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jan 11, 2022 0:19:40 GMT
A tranche of that council tower block with first priority has been repaid in full, or at least enough recovered to pay capital and interest in full. Just goes to show, you need a loan with an LTV of something like five percent and first rank to have a decent chance of recovery with this crowd, and even then persons unnamed are pulling every legal trick in the book to stop even that getting paid out. What was I even THINKING, second charge and LTV of 70 percent! Pfffft! 70% ! bluddy luxury Wring your hanky out and man up ..the biggest chunk of mine is at 49%..a 1st legal charge by definition but in actual fact a 2nd legal charge by rank. And no, I'm not expecting anything back either Symantics eh ! dont you just luv em
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jan 10, 2022 20:11:39 GMT
There is also a major article in the Times business section Out of curiosity and if you have access, could you post it on here ?..or on DD central..thanks
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jan 8, 2022 13:38:42 GMT
Probably not going to help us much. The FCA are going after them for claiming to be FCA regulated when they weren't (+ some disappearing funds transfered to Director's personal bank accounts) . The FCA are unlikely to come into any criticism for that. In our case, the FCA can be critised for not regulating or adequately monitoring (or even checking on) a business that they had approved for regulation. They're not going to open themselves up to that. In our case, the FCA can be critised for not regulating or adequately monitoring (or even checking on) a business that they had approved for regulation.
That's precisely the point I'm trying to make. Do I recall that the FCA did in fact inspect and/or instruct FS to make some changes before FS scuttled their own ship ? Wasn't the Reading loan to a relative ? As for disappearing funds..........
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jan 8, 2022 13:04:15 GMT
Well well..in the DT today www.telegraph.co.uk/investing/news/brothers-charged-fraud-collapsed-peer-to-peer-lender/"The Financial Conduct Authority has brought charges of fraud and benefiting from the proceeds of crime against Peter and Andrew Currie, who ran an unregulated peer-to-peer loans firm called Collateral until it collapsed into administration in 2018." Dim I may be..but is that insinuating they were not FCA authorised to trade ..and if so, does that help our cause ? (as FS was)
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 14, 2021 12:12:35 GMT
I'm no FB fan either but it's the place to be if you want to keep your finger on the pulse. At least now I have a better understanding of this Quistclose bull and of course it is indeed somebody fighting to get their hands on my returned capital and interest by claiming they have more right to it than I do. Don't know what I am surprised really, nobody has any incentive to return money to lenders and all the incentive in the world to make sure it goes elsewhere. After watching David Baddiel on the 'advantages' of FB last night, I think I'd rather keep my fingers firmly off the pulse thanks, if that's what comes with it.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 13, 2021 22:42:15 GMT
Is the FSAG website now obsolete or mothballed ?...I thought it was set up for those that didn't use, or didn't want to use FB. Last post seems to be early September. If it is defunct, for reasons of time required or additional workload needed that could be better spent elsewhere, that[s fine and wholly understandable but a definitive statement to that effect would be appreciated. Mucho P2P Its not mothballed, and can still be used. The administrators are particularly quiet with the CC due to the quistclose issue, which is being worked upon, hence we cant say much at all!!! Thats why it looks like we have been quiet. There are plans brewing in the background from FSAG for when the quistclose issue is resolved. Thanks for the reply
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 7, 2021 18:36:36 GMT
Not quite sure why an email posted 4 hours ago, has seemingly just appeared in my inbox but:- has anyone else received an 'invite' from Andy regarding
Invitation to tomorrow's event about regulatory failure at the FCA; and our Regulators Watch group
Andy Agathangelou
? I have a link but not sure whether to post it
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 7, 2021 17:55:22 GMT
Is the FSAG website now obsolete or mothballed ?...I thought it was set up for those that didn't use, or didn't want to use FB. Last post seems to be early September. If it is defunct, for reasons of time required or additional workload needed that could be better spent elsewhere, that[s fine and wholly understandable but a definitive statement to that effect would be appreciated. Mucho P2P Is it worth joining the FSAG Facebook group? Is there any useful information on there that is not on here? Well quite..my point precisely. I speak for myself only in saying I loathe FB more than I hate that pompous squirt Macron and that really is saying something but it seems 'announcements' on there seem to take more precedence than in this place. I did join FB initially against my better judgement (though my losses to date and seemingly yet to follow, suggest my judgement was carp anyway) But then I didn't expect to be dealing with a bunch of low life crooks sanctioned by the FCA at the outset either. It's what comes with FB that I hate.. The only reason I brought this up is because I got an email saying one of the CC had made a post on FB (not the first time by any means)...and as I don't spend every minute of the day with my face glued to a mobile phone wanting to know what the world is up to, I was wondering why this 'official' site doesn't seem to garner the same attention.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 7, 2021 12:13:22 GMT
Is the FSAG website now obsolete or mothballed ?...I thought it was set up for those that didn't use, or didn't want to use FB. Last post seems to be early September. If it is defunct, for reasons of time required or additional workload needed that could be better spent elsewhere, that[s fine and wholly understandable but a definitive statement to that effect would be appreciated. Mucho P2P
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 2, 2021 1:24:27 GMT
24/03/2019 The borrower, and their solicitor, have continued dialogue regarding the expected refinance - but no funds and no final date has yet been made. In the meantime, the borrower has continued to pay small amounts - insufficient to renew the loan but made as a sign of good faith. These funds are held in our client account pending the final outcome. Separate to this we are in discussion with the receiver as to the best way to proceed.
28/07/2018 Although a further payment has been made it still does not bring the loan up-to-date. We are waiting for independent proof of the refinancing, failing which additional steps will be taken by the receiver to formally recover the debt.
05/07/2018 We have received an update from the receiver - confirming further payments will be forthcoming from the borrower - who is still progressing with alternative funding. All the while the borrower continues to pay down the interest due, the receiver recommends allowing additional time for the refinance to be arranged.
25/05/2018 Three things are happening in parallel: Borrower has paid part of the interest due and has committed to continual payments Borrower is progressing with alternative financing Receiver is working with valuer and agent to market the property. Further updates will be made as soon as information is available.
Of course, like the 'Client Account' it could all be codswallop but that is what I have.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 1, 2021 10:14:25 GMT
"UPDATE: The trial of this matter was listed to commence on 3 November 2021 for three days. Prior to the trial, a last minute offer of settlement was received from the defendants; however, this did not provide any certainty of payments, and the decision was therefore made to continue to trial. On the first day of the trial, settlement was negotiated and reached with the defendants, which was subsequently approved by the Court. This settlement necessitates a lump sum payment of £646,300 being due by late January 2022. If payment is not received by the relevant date, the defendants will incur various penalties. Counsel advice was sought with regard to settlement, and it was agreed that this would provide the best outcome for investors in the circumstances, due in particular to the defence that had been raised by the defendants surrounding the existence of a commission payment that was not fully disclosed during the lend."At first glance this is a good outcome, the £646k settlement should cover lenders' initial £503k of invested capital, a markedly better situation than most defaulted loans. However, this was one of FundingSecure's seemingly safer loans, £503k lent against a £1.2 million residential home with a full valuation document. The last interest payment was over 3 years ago and so the total amount oustanding to lenders on this loan is in excess of £750k. It would seem likely that a forced sale of the property would recover far in excess of the £646k settlement, especially with house prices rising significantly since the £1.2 milllion valuation was noted, which makes it infuriating that such an action has been advised against due to an undisclosed commission payment that FundingSecure was presumably aware of at time of loan draw down. Cant stop...MOT on car in an hour but...in the unlikely situation Funding Secure ever told the truth, it was stated by them that the borrower made some interim payments against this loan. As I know where this property is, and noting the point above re: house prices, do the CC have any thoughts before this saga is concluded ? It's a substantial property and if accurate, received one of the better valuations at the time.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Nov 29, 2021 10:08:59 GMT
Loan Reference: 2986994099
UPDATE:
The last update advised of possession issues surrounding the property, which would be lengthy and costly. The Receivers subsequently received a global offer from an unrelated third party, in relation to a sale of all three properties at a level of £550,000. This offer was reviewed by the Receivers, and their instructed agents, who considered all factors, to include the position with the first charge holders on the properties (whereby defaults and arrears have been accruing) which reduces the net proceeds that would be available to FS. The Receivers therefore recommended the offer for acceptance, as the best available outcome for FS and investors. As a result, contracts have now been exchanged and the sale is due to complete in late December 2021.
|
|