sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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Post by sqh on Sept 5, 2022 19:10:19 GMT
How about giving every household a basic amount of energy at last year's price and then leaving the energy suppliers to impose an unlimited charge on extra units.
For Electricity 6 units per day at 25p/kwh. No 5% Vat. 25p standing charge. Extra units would be very expensive. Call them luxury units and charge 20% Vat on these.
The Basic units would be included in CPI, but Luxury units wouldn't.
Pros: 1. It should encourage everyone to limit their usage. Environmentalists would love that. 2. It helps to keep inflation down. 3. The government washes their hands of the problem and passes responsibility to the suppliers. 4. The government gets a nice revenue from those who can afford it, or those who are stupid. 5. The Government doesn't need to subside energy.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Aug 16, 2022 8:17:00 GMT
I would get a battery, but last time I looked into it, I found out they didn't last very long before wearing out, so I didn't persue it. I would be interested to hear what the latest thinking is on batteries for solar. I also recommend Aldis heated throw👍 I'm also wondering if a battery system is feasible. My panels produce very little excess power in winter and my electric bill for Mar-Oct is c.500 units. I could save all those units with batteries but the system cost doesn't justify it. If the unit price hits £1, I would reconsider. What does make sense is an Immersion heater diverter. My Solic 200 has repaid itself several times over.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Jul 26, 2022 16:58:04 GMT
Er yes! But he did wait until his main loan (65% of his total investment) repaid before deciding to stab us. I have avoided this question for fear of offending people genuinely working hard on our behalf (here and on other failed platforms) and to whom I am grateful, but the question was, given the secrecy involved - how do we know that those people are truly looking after our best interests and are not looking after their own interests and to hell with anyone else? I didn't want to ask the question for fear of look like a paranoid fool. Not so paranoid after all. These platforms failed because of dishonesty and greed, it's not gone away and the secrecy is enabling it to continue. I am damned sure this is the tip of an iceberg and nobody can be trusted. The bloody wild west while the FCA turn a blind eye. When the Credit Committee was formed in Nov 2019 it was based on the 5 largest investors. In order to achieve a majority of lenders rather than creditors on the CC, most lenders gave a proxy to one of 4 persons. That worked and meant the CC was formed in favour of lenders 4 against 1. I believe Spencer Tarring had just enough invested to get elected to the CC without any proxies. If lenders had distributed their proxies more evenly we may have been able to get a 5-0 result. What then happened was unforeseen. The administrators forced a blanket ban on the CC, preventing any discussion to lenders. I've never understood why and how it has stuck. One thing is for sure, administration of P2P platforms is not suited to normal company administration and the FCA should step in to cover the outrageous costs of administrations and receiverships.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Jul 26, 2022 15:51:07 GMT
So, somebody please feel to tell me I have this wrong - somebody appointed to look after our interests is actually a mole stabbing us in the back? Yes/no? Er yes! But he did wait until his main loan (65% of his total investment) repaid before deciding to stab us.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Jul 11, 2022 21:14:11 GMT
So according to the update, this company signed an agreement with FS to use the money for underwriting loans.
Under what scenario could any claim be made against other lenders money rather than a creditor charge against FS.
. all the loans underwritten using this money have gone bad
. the money was used for the wrong loan(s)
. the money was not used for underwriting purposes
This stinks of lawfare and treating lenders like garbage. I don't see why lender's accounts and money are frozen.
If this claim succeeds against lender's money , it obviously leaves the FS pot much healthier for creditors to feast on. Is that the strategy ?
It is very clear in the T&C's 4. Investing in Loans 4.1 If you decide to lend using our platform, then in order to ensure that your funds are readily available for disbursement to Borrowers, you must first pay the total amount you wish to lend into the FundingSecure Client Deposit Account by bank transfer or direct debit from your bank account. Please always quote your username as a reference on the bank transfer. All payments you make with your username included will be displayed as a credit in your FundingSecure Account. The FundingSecure Client Deposit Account is separated from the business of FundingSecure meaning your funds are kept secure until a Loan is activated (in accordance with clause 4.8).
The QT claimant already had a Client Deposit Account and knew the deposit process, so what reason did he have to do things differently ?
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Jul 11, 2022 16:39:45 GMT
Is this only relevant to money currently in the e-wallet (is that the same as client account?) What about funds which might be recovered in the future? My understanding is that it's not just any cash in your E-Wallet, it also includes any loans in your E-Wallet. It seems like a desperate attempt to undermine lenders ring-fenced funds. The Quistclose Claim is also in breach of T&C's 4.1. (Investing in Loans) If you reveal your Username and E-Wallet balance that could also be a breach of FS T&Cs.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Jul 8, 2022 22:02:37 GMT
Hi all Ive lost a lot of money in the Col/Lendy/FS/MT farce. It seems the only way I can mitigate my losses is to claim capital loss against my capital gains. The problem is I dont have any capital gains. I was thinking of investing in the stock market (a passive fund) outside of an ISA. Then if/when the fund increases in value, sell it all and then offset gains. I suppose I would have to plough a lot into the market - and then make some hefty gains - to get above the CG allowance (£12,300)? I dont know what Im asking really. Ive lost so much money. Does my plan make sense - or not? What are others doing to mitigate losses. Any advice/guidance gratefully received. Thanks The best way to recover some losses is maintain pressure on the FCA via THE CHEESE FUND. EG, See p2pindependentforum.com/post/454310
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Jun 18, 2022 20:35:55 GMT
What happens if Bitcoin goes negative, are holders liable to make up the difference?
I remember oil futures went sharply negative in April 2020.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Jun 4, 2022 12:34:04 GMT
Admin This platform has become a predominantly "Chat" forum . Can you please provide a simple option to ignore the Chat thread? There is a lot of useful P2P information on this forum, so it is important to maintain its integrity. EDIT: To be clear I'm not saying that Chat should be removed, I just want a simple means of masking from view, if desired. A header option to show all except chat would be ideal.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on May 26, 2022 14:56:00 GMT
is the FSAG still going if so maybe they could enlighten lenders on what the heck is going on here. or is it all NDAs and other sh*t.why is this farce being allowed to continue. vultures everywhere taking their fill of what is after all and what has/is paying for the whole bloody circus. return our funds held in the e wallets and tell the quistclose person to claim against us all on a case by case basis.how much is this person claiming for ? they got shafted just like the rest of us and should stop this rubbish and take their losses the way we have all had to. You need to complain here: www.insolvencydirect.bis.gov.uk/ExternalOnlineForms/InsolvencyPractitionerComplaint.aspxWho do you wish to complain about Insolvency Practitioner 1 First name Edward Last name Avery-Gee Firm CG and G Recovery Limited Email edward.gee@cg-recovery.com Telephone 0161 358 0210 Authorising Body IPA What is your connection to the insolvencyOther I'm a Lender to many P2P borrowers via FundingSecure Ltd. I'm not a creditor. What has happenedI made many loans to many P2P borrowers via a P2P platform FundingSecure Ltd. Each loan is individual and money in each loan is ringfenced according to FCA regulations. FCA regulations also stipulate that a P2P platform (ie FundingSecure Ltd) must wind-down that loan portfolio in a controlled manner. The directors of FundingSecure Ltd appointed CG Recovery Limited to wind-down the loan portfolio. Why do you think the IP is at faultThe IP is inherently unable to maintain the FCA regulations. I believe there are too many loans for the IP to process effectively. Some of my loans have been badly handled resulting in poor recovery. (eg loans # 7346187926 and # 2490058515 where costs were excessive). Loan # 2572470208 hasn't been reported to the police, despite serious criminal anomalies. Costs associated with each loan get cross-contaminated. A 5% excess charge has been taken and not returned on many loan recoveries. The IP is withholding money due to me on some of my loans due to a Quistclose claim. When you complained to the Insolvency Practitioner, what happenedThe IP is saying that a claim by one creditor is preventing the IP from making ongoing payments. That claim is supposedly a tentative Quistclose claim and outside of FCA regulation. Two years ago the IP requested that I took legal action to define the 5% excess charge. A court case found in favour of the lenders (including myself). The IP has ignored this.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Apr 11, 2022 17:28:27 GMT
Re L******K Live 12th April. WARNING
There are very serious issues with this loan, and CrowdProperty should withdraw it. They have been warned.
The background is that this is a FS loan where the borrower has manipulated the FS administrator and the land registry and holds ransom strips which means the development is not as it appears.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Mar 3, 2022 6:56:23 GMT
"This means investors are not able to make purchases or redemptions in the fund until further notice." Which could be a long time.
At least the fund name clearly explains where it's investing. It's 66% Russia. Jupiter Emerging European Opportunities is 54% Russia. I wonder what other funds have misleading names.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Mar 1, 2022 12:01:39 GMT
I think NATO should offer countries an intermediate level of membership. Currently, membership seems to be all or nothing. If Ukraine had NATO air support membership without "Boots on the Ground" membership, this conflict would be very different.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Feb 9, 2022 16:47:50 GMT
The solar panels on a single UK house produce more power on a sunny day in April.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Feb 3, 2022 23:31:37 GMT
The energy price rise is very disproportionate. Probably aimed at getting us to switch to air source heat pumps. My next boiler maybe oil fired.
Electricity rate 21p to 28p/kWh up 33% Electricity Daily Standing Charge 25p to 45p up 80%
Gas rate 4p to 7p/kWh up 75% Gas Daily Standing Charge 26p to 28p up 8%
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