sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Dec 7, 2021 0:00:19 GMT
I don't know anything at all about the FS history behind tomorrow's CP loan that various posters have referred to above. I was considering invest a fairly significant sum in tomorrow's loan - as CP's caps mean I can't invest much in other, smaller loans - but now I'm worried about the borrower/development. What was the situation with this development please? Is there a thread on these forums about it I can read up on? Thanks. Hi p2pfan, I was never a lender with FS so I was very lucky to be unaffected by their collapse. CrowdProperty did their own due diligence with the Gains***ough flats development in Abe*g**e and they are obviously very happy with the builder's credentials. You can read CP's view on the affair here (scroll to the Borrower and Project Team section): www.crowdproperty.com/projects/7479-gainsborough-park-st-georges-road-abergele-ll22-9arI've been investing with CP for 2 years and not had any losses whilst earning 7 to 8% interest. I haven't come across a better P2P platform, but then I am only invested in about 15 different platforms. Regarding the builder, I've never seen any actual evidence that suggests the builder (B***y **ods) was at fault for the original FS project's demise. It seems he made a shrewd move in buying up a part-completed development from the administrators, that he'd invested a lot of time and money into, and which he lost when FS stopped funding tranches and collapsed into administration. He managed to buy back Gains***ough from the admins at a knock-down price, and wanted to finish the development, so fair play to him IMHO. So in a nutshell, I have much faith in CP's DD and no problems with Mr ***ods, so I will be investing tomorrow. As always, YMMV. B**** **ods was not the only director of the company that collapsed. There are other director connections to AC #327 and Lendy DFL012, both disasters.
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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
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Post by sqh on Dec 6, 2021 16:39:23 GMT
I don't know anything at all about the FS history behind tomorrow's CP loan that various posters have referred to above. I was considering invest a fairly significant sum in tomorrow's loan - as CP's caps mean I can't invest much in other, smaller loans - but now I'm worried about the borrower/development. What was the situation with this development please? Is there a thread on these forums about it I can read up on? Thanks. p2pfan Remember this! p2pindependentforum.com/post/431223In Summary, this borrower was a director of company that had an FS loan on the A****** development. The company went bust and the borrower bought the development back from the receiver at a large discount. FS lenders lost c. £1m
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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.
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Post by sqh on Nov 4, 2021 17:53:56 GMT
Thought I would bring this one back to life, regarding receivers being appointed after the property was sold & then paid out of the proceeds. Need to keep this on the list of anomalies. Don't forget what happened with this one, if ever Administrators are brought to account criston I raised the calculations with the administrators. The response was we've done nothing wrong, but they obviously have. In fact their calculations are total nonsense and they won't even accept that their basic maths are wrong. I then raised a complaint with the IP but I heard nothing more. I have a reference no. C21/071842. It probably needs more lenders to complain. IP Complaints form link: www.insolvencydirect.bis.gov.uk/ExternalOnlineForms/InsolvencyPractitionerComplaint.aspxEdward Avery-Gee IPA 12410 Jonathan Avery-Gee ICAEW 1549
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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.
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Post by sqh on Nov 1, 2021 11:57:22 GMT
FS estimated value of project at time loans were made: £2.035m, LTV: 46.4% Sold for £0.6m, less than 30% of estimated value. Nett returned to first charge lenders: £0.565m (presently held by FS in administration pending resolution of Quistclose). First charge outstanding loan: £0.945m (holders of supplemental loans, ranked after first charge, totalling £0.3795m, will be wiped out). Nett returned to first charge lenders: 59.79% Another winner from F*cking Scumbags! These properties should have sold for substantially more, but my understanding is that there was/is a large amount owed for development rights (CIL or S106). This should have been identified by the solicitors acting for FS and ultimately lenders. If anyone knows the name of the acting solicitors please PM me.
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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.
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Post by sqh on Oct 24, 2021 23:01:17 GMT
I don't know what loans you're in, but I've counted at least 18 loans that should return at least 50% of their capital, 3 of which should return all capital, interest and default interest for FS.
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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.
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Post by sqh on Oct 21, 2021 16:34:41 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..? rogerthat Have you submitted a "CALL FOR EVIDENCE" ? If not then you wouldn't have received the email text. It is so important that lenders submit complaints and "CALLS FOR EVIDENCE"
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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.
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Post by sqh on Oct 21, 2021 11:40:40 GMT
URGENT
From 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.
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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 Oct 21, 2021 11:39:56 GMT
URGENT
From 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.
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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 Oct 18, 2021 10:05:25 GMT
what the hell is happening here ! This new holder has been subjected to several applications for compulsory strike off etc etc- we have been down this path before! The administrators are completely out of control. Remember they are acting for the creditors NOT lenders, even though the lenders are having to pay their wages. Yes we are 2nd charge for some of the money lent and that money went straight into the borrowers pockets, with no monitoring of the development. The T8 lender is also very unhappy with the actions of the administrators, and has complained to the IP, but they've taken no action to date. The FCA are ultimately to blame for the total mess, they should never have authorised FS to be put into administration, without a coherent winddown plan.
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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 Oct 16, 2021 22:21:29 GMT
I'm not sure that the whole £3.2m was released. Do we know for sure if that is the case? I've visibility of records that show T7 (1337547203) was drawn down 22/08/19 for £365k and my own notes suggest a T8 (2167441571) for £360k was to be taken on (or around) 27/09/19 - that is less than a month before FS called in the Administrators so maybe that T8 didn't get released. For T1-T7 lenders, that T8 would effectively represent a near 13% 'overhead' - so I expect they'll be hoping it wasn't released! Now it all makes sense. I think T8 got released in March 2020. It was arranged by the administrator and has priority. If it hadn't been released then FS may have failed to fulfil their commitment to the borrower. The borrower had a year or more to get the site finished, but let himself and lenders down. This was an award winning development, which should be much nearer completion. It appears the borrower downed tools due to Covid-19 and never got restarted and the money from Tranche 8 hasn't been spent.
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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
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Post by sqh on Oct 16, 2021 16:26:29 GMT
Now available for offers over £2m. Needs to make more than that, and probably will. The current CCL valuation suggests a GDV of £5.03m. The original one from FS in July 2017 was for £5.02m Not much movement in two years given that prices for new builds in the Fife area have generally risen 20-25% over that period. Surely that original valuation couldn't have been overstated by 25% - could it??? I agree it should fetch more than the 'offers over' price of £2m but with £3.2m of lenders' capital outstanding on this, will it fetch in excess of 50% more? (Almost a moot point but lenders' interest currently sits at around £940k and is increasing by a little over £1k per day) I'm not sure that the whole £3.2m was released. Do we know for sure if that is the case?
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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.
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Post by sqh on Oct 16, 2021 12:01:52 GMT
Now available for offers over £2m. Needs to make more than that, and probably will.
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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
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Post by sqh on Oct 15, 2021 2:53:09 GMT
It seems then that, if it can be established that the monies that the plaintiff lent via FS became part of the 'common pool' of funds available for loan, a Quistclose trust may not apply. Apply or not, it would be good to know a) to which specific loan the application is being made, and b) how much this legal action is costing, funding for which will no doubt eventually come from our pockets, one way or another. My understanding is that the plaintiff had various loans, (at least 15 and of widely varying amounts) in the same way as other lenders on the site. He was very well known to one of the directors and was asked to lend money to FS. The question of a Quistclose trust didn't arise until after the plaintiff's largest loan was repaid on 17th Nov 2020. I'm also aware of another lender who was invited to lend the same amount to FS (as claimed by Quistclose) at around the same time. That was a straightforward loan to the company FS.
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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
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Post by sqh on Oct 8, 2021 13:38:58 GMT
What I find appalling is the very directors who created this mess unashamedly aim to enrich themselves further. When I think of the loan misrepresentations, poor due diligence, over-valuations, fictitious pledges etc, I can't help but shake my head. It was of no great surprise that the last few substandard loans prior to wind-down attracted negligible bids. The emergence of the so-called orderly wind-down produced nothing but delays for a whole year plus a pittance recovery for the Newcastle loan. Then came the final nail in the coffin; the legal blunder with a borrower, which precipitated administration. The JA including the directors now wish to team up with a conflict administrator, apparently 'a partner', to raid the trust assets. Given the dreadful level of enforcement proceeds, expect scraps, if any, to fall from the masters' table if we spectate. One cannot complain in the future as the outcome of the ruling is binding. MT is right up there with Lendy and FS. The FCA is complicit in this scandal so lenders have to battle for their hard-earned funds. 1. The FCA didn't warn lenders that administration costs must be paid for by lenders. If lenders are having to pay for mistakes made in other loans then it's not P2P. 2. Lender funds are ringfenced, so administrators can't help themselves to lender funds. 3. The FCA should not allow a P2P platform to go into administration, unless the FCA are prepared to cover the costs of administration. I think these 3 facts form the basis for a legal claim against the FCA.
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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 Oct 6, 2021 22:07:35 GMT
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