ozboy
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Post by ozboy on Jun 24, 2019 12:59:06 GMT
"The problems come about by unrealistic valuations and over optimistic expectations.Loans should always be no more than 50% of their current valuations and never against GDV ALL loans should be first charge only. Valuations should be carried out at each 6 month term if renewed and also 3 months in and every 3 months on longer loans."
You're an effing Genius Godanubis ! (Just a gentle rib, I know you know that. )
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ozboy
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Post by ozboy on Jun 23, 2019 15:51:59 GMT
the link refers to an Aussie site - I read that in the UK a lot of fraud cases don't even go to trial and of those that do many collapse. FS have been shafted good and proper and our only hope is to believe in Karma because the courts just aren't going to do anything here as I see it. Whoops.My bad. Found this, “For offences where the offence involves a calculated, professional fraud, which has taken place over a significant length of time, sentences might range from 4-7 years, where the amount is over £500,000. That sentence can be a lot shorter where the figure is below £100,000.” Point is, as I see it is that a crime has been committed and yet nothing is being done.Precisely min, precisely. And WHY is nothing being done one might well ask?
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ozboy
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Post by ozboy on Jun 20, 2019 17:54:14 GMT
It's "Kipper" time!!!!! (as in being done up like.) gc
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ozboy
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Post by ozboy on Jun 20, 2019 12:30:28 GMT
"Effectively the High Court appointed BDO." If so, on whose effective recommendation we wonder?!!!! Greenwood2
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ozboy
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Post by ozboy on Jun 20, 2019 12:11:42 GMT
I have said it several times now. BDO may be a necessary evil, they're doing a good job (?!) given the circumstances blah blah, and it's no fault of their own that the friendly FCA parachuted them into a goldmine, in which they have now found diamonds as well. But they need to be Audited on what they have done, it's not exactly all stacking up is it? It would be more than worth the cost, trust me.
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ozboy
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Post by ozboy on Jun 20, 2019 10:43:55 GMT
And as I have said elsewhere, there needs to be prosecutions and jail terms, blatant lying and outright Fraud has and is being committed on a grand scale. But that's alright, whilst The FCA and RICS sip on their Pimms.
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ozboy
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Post by ozboy on Jun 20, 2019 10:38:49 GMT
Thank you duck, you and Others are doing extraordinary work for which we are all VERY grateful.
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ozboy
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Post by ozboy on Jun 18, 2019 15:55:30 GMT
Questions directed to The FCA, not BDO, don't cost us anything, and I believe the questions are relevant to the bigger picture.
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ozboy
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Post by ozboy on Jun 17, 2019 21:42:08 GMT
Jan 10, 2017 Post by ozboy on Jan 10, 2017 at 12:17pm [ under PBL157/PBL158 - Lendy ]
Seems to me that shoddy & misleading Valuation Reports are OK and acceptable on here then, no-one seems to be getting too bothered about it?
Until, of course, the Loan defaults and money is lost because of sales problems stemming from dubious Planning Permissions which were not commented on, or worse, completely omitted.
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ozboy
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Post by ozboy on Jun 17, 2019 21:11:37 GMT
Good point. It is difficult to do your own due diligence when collateral valuations (I'm looking at you RICS!) are so off. I recall hearing astounded groans when bricks and mortar assets, with a LTV of 70% or lower were losing money in administration. Then we had assets losing it with 50% LTV. Now we have a AC loan being valued at 12% when the forced sale RICS valuation was much bigger than the loan if it defaulted. I don't care how sophisticated you are. Having professional figures so wildly out makes this just gambling. The industry relies on professional valuations. If lenders are cynical about them, then it undermines the whole P2P reason for being. May I refer you to the Topic "The C****t" under Lendy, where The Valuations ConScam kicked off originally, and some years back. PBL157/PBL158
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ozboy
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Post by ozboy on Jun 17, 2019 20:42:02 GMT
Valid point. On a number of occasions, I have attempted to ascertain why BDO was deemed suitable for the administration/liquidation of CUK. Till date, a credible response has not been provided by those responsible for this mess. The recently appointed administrators of Lendy have commenced their work with monthly updates while the JA here expect investors to be satisfied with information on a few loans after a year or so. Interesting! I too have asked the same question 7d7 - " Why did The FCA choose BDO?" I also asked what "system" and/or "criteria" The FCA had in place (if any!) as to who they parachute into these goldmines, as well as asking why such Administrator work does not go out to Tender or similar so "Best Price" is obtained for what is always very expensive Administration. Possibly/probably stupid questions but The FCA have also still to provide me with an answer. Also, it seems that BDO have very little, if any, experience in P2P - we are paying extortionately for their learning curve. So they can set themselves up in future as "The P2P Administration Experts."
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ozboy
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Post by ozboy on Jun 10, 2019 8:15:29 GMT
They don't need a fully functional application. Once the database was recovered it's a matter of hours/days to write queries to extract the data into the required format, even with no prior knowledge of the database schema. I agree, but for some reason this does not seem to be happening. I've said it before, we need some sort of independent "Audit" of BDO are doing, and have done, and WHY they have done/are doing whatever it is they're doing, and have done . We're being kippered.
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ozboy
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Post by ozboy on Jun 8, 2019 16:14:40 GMT
All the usual suspects, calling again for the boats to be sold immediately, even though they have all acknowledge it will only result in losses of 80-90% for lenders.
What do they care, they have very little or nothing at all invested in the loans.
I won't be posting any more on this loan thread as I am not a lender on this loan and alternative opinions aren't tolerated.
Perhaps the actual lenders should be given the chance to vote (as with Assetz capital) on the best course of action going forward. Do the actual lenders agree with the 'Sell the damn boat/s now' comments?
I'm an actual Lender. Sell the damn boat/s. Start advertising and marketing it/them now.It will focus the Borower wonderfully, and IF they have any intention whatsoever of settling, they'll find the money. It's called a Litmus Test. EDIT / PS: And should have been done over two years ago, when i kicked off this thread. OzBoy knows best!
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ozboy
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Post by ozboy on Jun 7, 2019 14:19:55 GMT
And the phrase " Pulling your plonker" springs to mind, and I certainly know when mine is. Advertise, market and sell the boat/s now.EDIT / PS: And there's a fatal flaw in what you surmise arby, you're assuming we are being told the truth!
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ozboy
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Post by ozboy on Jun 7, 2019 13:08:40 GMT
"We continue to believe that the best approach is to work with the borrower."I'm not sure if I fully understand but it seems that FS hold this belief because the borrower has a contract with someone that states that they wanted to invest in something but this someone hasn't got any money, however, they are connected somehow to someone else that owes them money for something but it seems that that someone else hasn't got any money either. Someone wanting it without the funds to back that want is still a better avenue than one which has no-one wanting it... 🤨 Rubbish. Garbage. It's not a better avenue. NOBODY is going to stump up a Million Squids+ now for a boat that is years old and old technology. For just once be realistic arby, don't your arms ever get tired from waving the (threadbare, torn & shredded) FS flag? Sell the damn boat/s now.
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