rogerthat
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Post by rogerthat on Oct 21, 2021 14:43:47 GMT
URGENTFrom Transparency Task Force - Chelsea Houghton We are sending an open letter to the Chancellor of the Exchequer, and we’d like to know if you wish to be added as a co-signatory. If so, please reply with your name, job title and organisation exactly as you wish it to appear in the list of co-signatories. Email to: chelsea.houghton@transparencytaskforce.org We are expecting a highly respected national newspaper to be covering this story on Monday. We’re up against a bit of a deadline because of that, so please reply ASAP and by Friday at 12pm. Silly question but then I'm full of those...any preferred subject matter in title line..?
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rogerthat
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Post by rogerthat on Oct 2, 2021 22:08:11 GMT
As the decision on the FOS website explains FC repaid my net loss plus interest @8% because as the FOS complaint progressed, I was able to show substantial misrepresentations in the loan promotion that FC could not deny. In that case they repaid me probably so the Ombudsman did not go into details in the final decision....which gets published. If you want to know what the misrepresentations were....PM me if yr interested. Im not writing a skeleton complaint but I'll give you the heads up. BTW if anybody reads the loan promotion, then carefully considers what happened, you will see many statements in the loan promotion simply weren't true. As far as I recall FC repaid approx 61% of the original capital with no interest. Can you confirm that your FOS complaint recovered the (your) missing 40% principal invested ? Was the 8% interest on your original 100% capital or just the 40%..(the reason I ask is..."Please also note that the repayments for this loan are interest only, with the principal to be repaid in full at the end of the 8 month term" Incidentally..I note on my FC loanbook portfolio that these loans are currently accredited with an A graded risk band. I stand to be corrected but im (almost) sure that these were 'marketed' as A+ Lastly, I'm wondering why your interest on whatever amount you got back (awarded) was 8%..were the original loans were at 10% ? [ see below] Late Edit...Has this got anything got anything to do with my previous sentence. "We are still awaiting the credit approved offer and will update investors once it has been received. We can confirm that interest on this loan has increased by 2% which is applicable from the date of expiry. 05 Aug 2016 18:31:27" (from the repayments tab) Thanks
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rogerthat
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Post by rogerthat on Sept 15, 2021 10:33:15 GMT
The property has been listed for auction with Allsop on 30 September 2021, with a guide price of £350,000. It is understood that pre-auction offers have been received however, there will be no offers accepted prior to the auction. An update following the auction will be provided accordingly.
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rogerthat
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Post by rogerthat on Aug 27, 2021 11:04:02 GMT
Update 30/07/21 Phase 1...An application to set aside the statutory demand has been filed by the borrower. Solicitors are dealing with this matter and a response will be filed accordingly Indeed.... and it's at the High Court in Liverpool tomorrow
Very useful contact info on the listing:
"Any media representative or any other member of the public wishing to witness a hearing being conducted remotely should contact EMAIL ADDRESS for information on how to be joined into the hearing."
Thanks
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rogerthat
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Post by rogerthat on Aug 23, 2021 15:47:44 GMT
Received at 15.38 today.. I write further to our previous correspondence with you to provide you with an update following the deferral of your complaint. The FCA’s Enforcement investigation into FundingSecure Ltd is ongoing. Unfortunately, I am unable to provide you with specific details about the ongoing investigation because there are limits on the information the FCA can share due to confidentiality obligations set out in section 348 of the Financial Services and Markets Act 2000 (FSMA), and for policy reasons which are explained on our website. As the FCA’s investigation is ongoing, the investigation of your complaint will remain deferred, in accordance with paragraph 3.7 of the Complaints Scheme. We will update you in six months or on the conclusion of the Enforcement action (whichever is sooner) about whether your complaint will remain deferred. Yours sincerely Dean Harwood Complaints Manager
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rogerthat
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Post by rogerthat on Aug 6, 2021 11:26:36 GMT
Sorry about this folks but I managed to screw up the title of this thread. It should read "The Funding Secure Con." No reflection on Funding Circle intended. If you wanted to..and as you're the Original Poster..you can edit the title by using the dropdown options on the right hand side...
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rogerthat
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Post by rogerthat on Aug 3, 2021 17:26:31 GMT
We don't know if the borrower actually received all the money from the secondary loans. It is possible that the directors fabricated some or all the secondary loans in order to pay the interest. I also suspect that the high cost of storage (£2,500 +VAT per month) will include insurance. My understanding is that the directors and nobody else had access to the storage, without a director present. If some books have gone missing then the administrators should have informed the police. My understanding is that the directors and nobody else had access to the storage, without a director present. If some books have gone missing then the administrators should have informed the police.
I believe that is the yarn FS spun but:- I'm probably barking up the wrong tree here (wont be the first time) and I cant produce any tangible proof but I seem to recall reading a statement or comment somewhere in the distant past to the effect..access was (legally or illegally ) gained to the store by an individual/s by bluff. Or maybe that was another spoof spun by FS themselves Sorry if that is Blytonesque..but the thought wont leave my head.
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rogerthat
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Post by rogerthat on Aug 2, 2021 20:52:48 GMT
I am not sure if this is the right topic to post in. But when are the FCA going to do something about this. The last updates were horrendous and showed just how vulnerable us investors were to the fraudulent lending and borrowing here. FCA just say they are investigating but what does that mean ? I do not believe for 1 second that FS were a little naive with the valuations and lending. They were in it from the start and it is not beyond the realms of possibility that there has been some large sums handed back to FS in offshore or in bitcoin. This company was looked into, monitored and given the green light by FCA to give the lenders the confidence to lend to them. So sad and angry at all this. This has changed my life and destroyed my future, friendships and can't see it ever being addressed. It would have been easier for me to uptick your comment and move along. It wont be a shred of comfort to you but rest assured you are not alone. I notice this is your first post..have you sent a complaint to the FCA ?..it wont make you feel any better or get any immediate answer as any outcome is delayed pending 'investigations' . However, it is never too late until the fat lady sings. There are some helpful and far more knowledgeable people on here than I, all in the same boat. Should you wish, sing out and I'm sure someone will point you in the right direction. p.s...If you do send a complaint in (online) you may or should receive an email acknowledgement of receipt (one assumes the FCA are still in existence)
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rogerthat
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Post by rogerthat on Aug 2, 2021 20:18:21 GMT
Is that fact or speculation? speculation. + Is it worth the effort? Well..if it had been 50p or even £50, I suppose not..just suck it up and move on.. But actually it was £2000.00 so I'll leave it to you on whether you think trying to retrieve anything at all is worth it.
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rogerthat
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Post by rogerthat on Aug 2, 2021 11:21:31 GMT
I note, in the discussions re. Connective Lending, they state: "As mentioned we do have commercial insurance in place for defective title" Presumably, hopefully, the administrators have investigated this in relation to FS. If FS didn't have this, it was yet another example of their gross incompetence. Bloody puter conking out so ive just lost most of a post..hoorah I hear..so this might appear in stages. Has the insurance or lack of it been actually confirmed or otherwise...would it have been a pre-requisite to achieve FCA accreditation ? (another FCA failing possibly) Does anyone know the date FS actually achieved accreditation? What gets my pantaloons in a twist is this..as Plod was involved surely this became a criminal case..theft / fraud being the obvious but not necessarily the only offences. This was the crook that was the facilitator/go between over the Art loans ? One presumes he has a fixed abode and/or not living in a tent... you never know but Plod should. Surely to God he has some assets somewhere ? Has he been prosecuted ? What's the craic on these '3 other property loans ? Leave it at that for now
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rogerthat
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Post by rogerthat on Jul 30, 2021 16:33:06 GMT
Borrower never paid any interest to renew these loans and that Interest which has been paid to Investors in the Italian Books historically, totalling almost £1.8m was paid from FundingSecure’s own funds pre Administrationabout the only good news in this I wonder how that was allocated then..because ive never received a penny. However, ive just thought..didn't these loans go back a long way..maybe I caught a renewal ? As for smelling something..it's an extremely 'in-depth' response...almost like a used car salesman's pitch
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rogerthat
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Post by rogerthat on Jul 30, 2021 16:10:29 GMT
Update 30/07/21
The review date of the possession claim was heard on 30 June 2021; however, the result of the review is still awaited, which is not unusual following the recommencement of possession action in the current climate.
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rogerthat
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Post by rogerthat on Jul 30, 2021 16:08:50 GMT
Update 30/07/21
As per the previous update, the property has sold and a breakdown of the costs, to include the return to investors will be provided in due course.
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rogerthat
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Post by rogerthat on Jul 30, 2021 16:06:40 GMT
Update 30/07/21 Phase 1...An application to set aside the statutory demand has been filed by the borrower. Solicitors are dealing with this matter and a response will be filed accordingly
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rogerthat
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Post by rogerthat on Jul 30, 2021 16:03:33 GMT
Update 30/07/21
The litigation in this matter is ongoing. (cant find the farmhouse but same update applies)
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